Indian markets are seen opening on front foot on constructive global setup. Wall Street climbed to record peaks on encouraging signals from the US labour market ahead of Friday’s non-farm payrolls report FIIs continue to pump in money in India on improved macros and formation of stable new government. Yesterday FIIs bought in all segments reflecting their positive mindset on Indian equities. IDFC Ltd shares will be in limelight after RBI granted in-principle approvals to IDFC and Bandhan Financial Services Pvt. Ltd to start new banks. On Wednesday, Sensex gained 105 points to close new all time high at 22551 and Nifty ended above 6750 mark. PSU Banks witnessed fresh buying in last hour of sessions. Continued FIIs buying interest, rally in the global market and drop in USDINR to 8-month low below 60. Realty, Pharma, Oil & Gas and Auto stocks witnessed smart rally. However Metal and FMCG stocks witnessed profit booking. PSU Banks gained on expectation that RBI could cut interest rate if inflation cools down. Bank of Baroda surged 6% to close at Rs780. PNB, Union Bank, Canara Bank, Syndicate Bank, Oriental Bank and Bank of India gained between 3-9%.
MARKET MOVERS
Kolte-Patil: Shares in Kolte-Patil Developers surged 5.53% to Rs 104 after the company said has acquired a 30-acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 160 crore.The company will develop a residential housing project, Kolte-Patil Developers said in a filing to the BSE.Meanwhile, the stock of realty developer has outperformed the market by appreciating 48% from Rs 71.25 on February 17, after the company entered into agreements for two redevelopment projects in Mumbai's western suburbs.Both Mumbai suburban redevelopment projects have total area of around 600,000 sq ft, the company said in a release. The benchmark S&P BSE Sensex has gained about 10% during the same period.
LIC Housing Finance: Shares of companies that have applied for a banking licence were in focus & closed higher by up to 4% after the Election Commission allowed the Reserve Bank of India (RBI) to issue new bank licences.IDFC, L&T Finance Holdings, LIC Housing Finance, Reliance Capital and IFCI werw all up on the Bombay Stock Exchange (BSE).In a letter to the RBI governor, the EC said the central bank might take "necessary action as deemed appropriate as permissible under provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and/or any other relevant law(s).
Aurobindo Pharma: Shares in Aurobindo Pharma closed higher by 4.51% to Rs 558.80, also its new high on the BSE, after the company said it has completed the acquisition of certain commercial operations of Actavis plc in Western Europe.The agreement to acquire the operations of Ireland-based Actavis, a global, integrated speciality pharmaceutical company, was announced in January 2014.“The company has acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven uropean countries. Actavis and Aurobindo have also entered into a long-term commercial and supply arrangement.
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MARKET MOVERS
Kolte-Patil: Shares in Kolte-Patil Developers surged 5.53% to Rs 104 after the company said has acquired a 30-acre land parcel at Kondhwa in Pune along with ASK Real Estate Special Opportunities Fund for Rs 160 crore.The company will develop a residential housing project, Kolte-Patil Developers said in a filing to the BSE.Meanwhile, the stock of realty developer has outperformed the market by appreciating 48% from Rs 71.25 on February 17, after the company entered into agreements for two redevelopment projects in Mumbai's western suburbs.Both Mumbai suburban redevelopment projects have total area of around 600,000 sq ft, the company said in a release. The benchmark S&P BSE Sensex has gained about 10% during the same period.
LIC Housing Finance: Shares of companies that have applied for a banking licence were in focus & closed higher by up to 4% after the Election Commission allowed the Reserve Bank of India (RBI) to issue new bank licences.IDFC, L&T Finance Holdings, LIC Housing Finance, Reliance Capital and IFCI werw all up on the Bombay Stock Exchange (BSE).In a letter to the RBI governor, the EC said the central bank might take "necessary action as deemed appropriate as permissible under provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and/or any other relevant law(s).
Aurobindo Pharma: Shares in Aurobindo Pharma closed higher by 4.51% to Rs 558.80, also its new high on the BSE, after the company said it has completed the acquisition of certain commercial operations of Actavis plc in Western Europe.The agreement to acquire the operations of Ireland-based Actavis, a global, integrated speciality pharmaceutical company, was announced in January 2014.“The company has acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven uropean countries. Actavis and Aurobindo have also entered into a long-term commercial and supply arrangement.
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