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Friday, March 28, 2014

INDIAN FACE 

INDIAN EQUITY BENCHMARK closed on a strong note as gains in index heavyweights lifted markets to record highs in the closing hour of trade. Adding to the positive sentiment was the gain in Rupee which was quoting at an eight month low at 59.88.

Further, PSU banks continue to see buying interest after the Reserve Bank of India has extended Basel-III norms implementation for banks to March 31, 2019.

Infotech Enterprises Limited announced that its board of directors has approved a resolution to change the company’s name to Cyient Limited.

GLOBAL FACE 
Asian stock market rose, led by Hong Kong as China's major banks this week reported solid profits for 2013, easing doubts around the sector's financial health.

European stocks market were higher, still supported by speculation the European Central Bank could annouce additional stimulus measures to boost growth.

U.S. Stock markets ended lower after lackluster housind data offset optimism stimming from better-than- expected U>S> growth weekly jobless
claims data, while opening Russia-Ukraine concerns watered down share prices.

Dr Reddy's gain on launch of generic cholesterol-lowering drug in US 

Dr Reddy’s Laboratories higher by 2% after it has launched generic version of Pfizer's Caduet tablets, a cholesterol-lowering drug, in US
market. The company has launched Amlodipine Besylate and Atorvastatin Calcium Tablets, a therapeutic equivalent generic version of Caduet tablets, in the US market, following the approval by the USFDA.

India Cements rises 8%, SC allows CSK to play in IPL 

India Cements seems to be celebrating the Supreme Court order on IPL spot-fixing scandal probe. Shares of the cement company rose 8 percent intraday on Friday as SC has granted Chennai Super Kings and Rajasthan Royals permission to play in the seventh edition of IPL.

Coal India sets December deadline to firm up power biz 

Coal India (CIL) has set a deadline of December 2014 to firm up its power business. The company is planning to invest Rs 10,000 crore
for a 1,600 MW plant at Sundargarh in Orissa.

Lakshmi Vilas Bank gains on fund raising plan 

Lakshmi Vilas Bank higher after it plans to raise Rs 505 crore through a rights issue from its existing shareholders. The bank has filed a draft letter of offer in connection with the proposed rights issue with the Securities and Exchange Board of India (Sebi) seeking in-principle approval of the issue, Lakshmi Vilas Bank said in a regulatory filing.

Sun Pharma to buy Standard Chartered's Mumbai Tower 

Sun Pharmaceutical is planning buy an office building in Mumbai's Goregaon suburb from Standard Chartered Bank for Rs 280 crore.It that has total built-up space of 2.20 lakh sq ft, including two basements. The deal is valued at Rs 12,700 per sq ft on a built-up space basis. The deal will be concluded in the next few weeks.





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