10:30am Oberoi Realty jumps over 10%
Oberoi Realty bought Tata Steel’s defunct manufacturing plant in Borivali, a western suburb in Mumbai. Oberoi Realty jumped 10 percent while Tata Steel rose 2 percent after the real estate developer announced buying the 25-acre land for Rs 1155 crore through e-auction
"The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board declared Oberoi Realty Limited as the highest bidder of the auction on the basis of their final bid of Rs 1,155 crore, after several rounds of bidding," Tata Steel said in a statement
Oberoi Realty bought Tata Steel’s defunct manufacturing plant in Borivali, a western suburb in Mumbai. Oberoi Realty jumped 10 percent while Tata Steel rose 2 percent after the real estate developer announced buying the 25-acre land for Rs 1155 crore through e-auction
"The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board declared Oberoi Realty Limited as the highest bidder of the auction on the basis of their final bid of Rs 1,155 crore, after several rounds of bidding," Tata Steel said in a statement
10:20am Educomp Solutions up over 7%
Educomp Solutions said the board of directors on March 25 has accepted the letter of approval (LOA) issued by Corporate Debt Restructuring Empowered Group (CDR EG) approving the corporate debt restructuring proposal submitted by the company
10:10am Rupee at 8-month high
The rupee appreciated by 22 paise to 60.25 against US dollar, tracking weakness in dollar and strong inflow of foreign money. The strength seen in the Indian currency is just sentiment-driven because the underlying economy continues to be weak, believes market expert Jamal Mecklai. "The Indian market certainly looks cheap in dollar terms," he told CNBC-TV18 in an interview. Mecklai, CEO, Mecklai Financial Services cautioned that the high volatility makes it difficult time to take position in the rupee now. He further added that the Reserve Bank of India (RBI) is likely to intervene to curb the currency from falling too much into its 50s and thereby support exports. "We can't afford to let the exports side down because the Chinese currency is also weakening," he added
10:00am Equity benchmarks continued to witness buying interest with the Nifty holding the 6600-mark supported by banks, capital goods, metals and auto stocks.
The Sensex rose 72.53 points to 22127.74 while the Nifty climbed 21.85 points to 6611.60 amid volatility ahead of expiry of March series derivative contracts.
More than two shares advanced for every share declining on the Bombay Stock Exchange.
Tata Motors, Hindalco Industries and GAIL are top gainers, rising more over 2 percent followed by Maruti Suzuki, Tata Steel and Sesa Sterlite with 1.8 percent.
Top private sector lender ICICI Bank, petrochemical major Reliance Industries and engineering & construction major L&T gained nearly a percent. However, shares of ITC, TCS, HDFC Bank, Sun Pharma, Dr Reddy's Labs, Hero Motocorp and Cipla fell 0.3-1 percent.
Leave a Reply
Note: only a member of this blog may post a comment.