MARKETS LIVE: Sensex near record high, Nifty nears 10,650; Coal India up 5%
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SI Reporter |
New Delhi
Last Updated at January 9, 2018 15:26 IST
Benchmark indices continued gaining after hitting record highs for a third straight session on Tuesday as Coal India Ltd (COAL.NS) surged after price hikes, but broader gains were capped by losses in IT and financial sectors.
Coal India rose to its highest in 10 months after the company raised prices of non-coking coal across all its units. It expects an incremental revenue of about Rs 19.56 billion ($308 million) for the rest of the current fiscal year.
But caution prevailed ahead of the corporate results season kicking in this week. Tata Consultancy Services is due to post December-quarter results on Thursday, followed by Infosys on Friday.
Finance Minister Arun Jaitley is expected to present the federal budget for the 2018/19 financial year on Feb 1, amid investor concerns that the government could unveil some populist measures with heavier spending than this year.
3:26 PM
Cement stocks gain
Cement stocks are in focus after the companies raised cement prices in Mumbai by 9-20% in January. Major cement player like ACC, Ambuja Cements have raised cement prices in Mumbai by up to 13% in January.
3:14 PM Buzzing Stock
Tata Motors rose 1.7% after its Jaguar Land Rover unit’s sales rose 7% to a record 621,109 vehicles in 2017 but said it faced tough conditions in the UK due to weakening consumer confidence and a planned diesel tax rise on new cars.
2:55 PM
GVK Power at 52-week high on pact with CIDCO to develop Navi Mumbai Airport
GVK Power & Infrastructure (GVKPIL) was locked in upper circuit for the second straight day, up 5% at Rs 22.15 on BSE after the company on announced the signing of the concession agreement with City and Industrial Development Corporation (CIDCO) for the Navi Mumbai International Airport project.
The agreement was signed through a special purpose vehicle Navi Mumbai International Airport Private Ltd (NMIAL), a step down subsidiary of GVKPIL.
GVKPIL through its subsidiary Mumbai International Airport Private Limited (MIAL) holds 74%, while CIDCO holds the balance 26% in equity capital of NMIAL.
2:41 PM
Relief for Indian techies, US says no change in H-1B visa extension
In a relief for Indian techies, US authorities today said that the Trump administration is not considering any proposal that would force H-1B visa holders to leave the country.
The announcement by the US Citizenship and Immigration Services (USCIS) came days after reports emerged that the Trump administration was considering tightening H-1B visa rules that could lead to deportation of 7,50,000 Indians.
The reports had said it was mulling ending extensions for H-1B holders.
READ MORE2:22 PM
From domestic growth to global economy: Key risks for markets in 2018
Sustenance of healthy macro fundamentals and liquidity has driven valuation re-rating even without concurrent improvement in micros (earnings growth), in our view.
As regards the political landscape, in the first major state elections post GST implementation, the BJP, the ruling party at the center, has won Gujarat for the sixth straight term and Himachal Pradesh (HP) state elections with a comfortable majority.
Winning UP and Gujarat right after big structural reforms like demonetisation and GST, which have created short-term disruption, reaffirms Mr Modi's popularity and augurs well from the reforms perspective, in our view.
READ MORE2:05 PM Market Check
First Published: Tue, January 09 2018. 15:05 IST
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