Indian markets are seen opening on a firmer note on better global cues. Wall Street indices ended in the green after US Federal Reserve chief Janet Yellen warned in a congressional testimony that the US housing market slowdown poses a fresh risk to growth. The crisis in Ukraine eased after President Vladimir Putin called on pro-Russia groups in eastern Ukraine to postpone a planned referendum on independence. The Dow Jones Industrial Average closed up 0.7%, S&P 500 advanced 0.6% while Nasdaq Composite was down 0.3%.Back home, and FIIs yesterday bought Rs 119 crs in cash markets which was quite contrary given the fall in the markets. However they continue to be sellers in futures markets as they sold Rs 512 crs & Rs 339 crs in index & stock futures resp. On Wednesday, Sensex declined 184 points (0.8%) to close at 22323 and Nifty fell 1% to close at 6652. There was weakness in the global market and nearness of Union election results pulled down the market.
IRB Infra: Shares in IRB Infrastructure Developers has strengthened by 7.03% to Rs 124 in an otherwise weak market after the company said it has bagged an order worth around Rs 2,300 crore from National Highways Authority of India (NHAI).The company has emerged as a selected bidder and received a letter of award from NHAI for the project of four laning of Kaithal - Rajasthan border section of NH-152/65 from km 33.250 to km 241.580 in the state of Haryana to be executed as BOT (Toll) on design, build, finance, operate and transfer basis pattern under NHDP Phase – IV, IRB Infrastructure said in a statement.
Allahabad Bank: Shares in Allahabad Bank plunged 8.69% to Rs 95.05, the day’s lowest level on the NSE, after the bank said its NPAs, as a percentage of total assets, increased to 5.73% in the March quarter from 5.47% at the end of December quarter.Net NPAs, however, declined in the March quarter to 4.15%, down from 4.19% three months earlier, Allahabad Bank said in a statement.Meanwhile, the state-owned bank has reported a 25% year-on-year jump in net profit at Rs 158 crore for the quarter ended March 31, 2014, on the back of higher interest come. The bank had posted a profit of Rs 126 crore in the same quarter last year.
Infosys: Shares in Infosys corrected nearly 3.15% to Rs 3,064.45 after UBS downgraded the stock to 'sell' citing the longer-than-expected turnaround time at the IT outsourcer. The global investment bank lowered its target price on Infosys by 32% to Rs 2,750, saying excessive focus on profit margins in sales-driven business could hurt Infosys' market share, the Bloomberg report suggests.
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IRB Infra: Shares in IRB Infrastructure Developers has strengthened by 7.03% to Rs 124 in an otherwise weak market after the company said it has bagged an order worth around Rs 2,300 crore from National Highways Authority of India (NHAI).The company has emerged as a selected bidder and received a letter of award from NHAI for the project of four laning of Kaithal - Rajasthan border section of NH-152/65 from km 33.250 to km 241.580 in the state of Haryana to be executed as BOT (Toll) on design, build, finance, operate and transfer basis pattern under NHDP Phase – IV, IRB Infrastructure said in a statement.
Allahabad Bank: Shares in Allahabad Bank plunged 8.69% to Rs 95.05, the day’s lowest level on the NSE, after the bank said its NPAs, as a percentage of total assets, increased to 5.73% in the March quarter from 5.47% at the end of December quarter.Net NPAs, however, declined in the March quarter to 4.15%, down from 4.19% three months earlier, Allahabad Bank said in a statement.Meanwhile, the state-owned bank has reported a 25% year-on-year jump in net profit at Rs 158 crore for the quarter ended March 31, 2014, on the back of higher interest come. The bank had posted a profit of Rs 126 crore in the same quarter last year.
Infosys: Shares in Infosys corrected nearly 3.15% to Rs 3,064.45 after UBS downgraded the stock to 'sell' citing the longer-than-expected turnaround time at the IT outsourcer. The global investment bank lowered its target price on Infosys by 32% to Rs 2,750, saying excessive focus on profit margins in sales-driven business could hurt Infosys' market share, the Bloomberg report suggests.
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