Indian markets open flat as euphoria over favourable German constitutional court ruling on a bailout fund for the eurozone appears to have faded a little. The focus will be on what Fed policymakers decide to do later today. An announcement on further monetary easing is expected.
While the Sensex is marginally trading higher at 18023.95, up 0.13 percent; the Nifty is absolutely flat at 5435. However, while strong FII flows and global risk appetite pushed Sensex beyond 18,000 and Nifty past 5,400, IIP data continues to be bleak. That investments had stagnated was known, but even consumption is starting to ease.
After the dismal IIP numbers the Commerce and Industry Ministry will hold a high-level meeting of State Chief Secretaries and Principal Secretaries to give a fillip to the manufacturing sector. Meanwhile, apex industry body CII has expressed their deepest concern on the industrial production numbers and asked for early implementation of non-legislative policy measures, they too have stressed on the need to cut interest rates by the Reserve Bank in order to boost the sentiment.
Oil retailer BPCL gained 1% ahead of meeting of cabinet committee on political affairs today to decide on fuel price hike.
Sesa Goa tanked another 2% after the news that the Union Ministry of Environment and Forest (MoEF) has suspended environmental clearance of 93 Goa mines
Stocks in news
The PSU sector is likely to remain buzzing ahead of the Cabinet Committee on Economic Affairs (CCEA) meet on Friday to consider some big ticket decisions on disinvestment in five major public sector undertakings
Cabinet may mull cable TV services FDI cap hike to 74%. Not to extend October 31 deadline for TV digitalization
Inter ministerial group (IMG) on coal block allocations concludes. IMG to submit its report on September 15
The Department of Telecom may not oppose Malaysia based-Axiata Group's proposal to raise its stake in Idea Cellular by 1 percent to nearly 21 percent. Axiata, which holds 19.98 percent stake in Idea Cellular, had sought permission to hike stake in the Indian operator by acquiring shares in open market transactions but the Home Ministry opposed to the proposal on security grounds and asked DoT to give its comments on the likely security vulnerability with respect to Axiata's proposal.
Reliance MediaWorks clarifies that Rs 30 crore as debt to Digital Domain Media instead of Rs 140 crore (reported in various media) which has filed for bankruptcy.
Jaiprakash Associates Limited (JAL) has paid $523.5 million, equivalent to Rs 2,890 crore to the bondholders to redeem foreign currency convertible bond (FCCB) that was raised in 2007. The company had raised $400 million through FCCB, which was due to be redeemed on September 12, 2012.
L&T Construction has bagged orders worth Rs 1,065 crore which include two major engineering, procurement and construction (EPC) projects in the Petroleum, Chemicals, Petrochemicals Investment Region (PCPIR) of Dahej, Gujarat.
Godrej Properties Ltd announced that it has sold the first phase of its housing project comprising 695 flats in Gurgaon in one day. Company had yesterday launched the 21- acre housing project in Gurgaon comprising 1,200 flats with an investment of up to Rs 600 crore. The company expects a revenue of Rs 1,200 crore from this project over the next five years.