Market Wrap-Up
Post four consecutive sessions of losses—markets on the day of August series
F&O expiry impelled in the final hour of trade clocking gains of about half a
percentage point after instigating and trading in the negative terrain for
most part of the day amid cautious global markets ahead of the Jackson Hole
meeting and the first quarter GDP number for FY13. Reports
from Germany, Japan and South Korea deepened concerns that the global
economy is slowing which added to the woes of the global indices. Domestic
markets that flouted in the final hour of trade parked the benchmark Nifty
and the Sensex above their crucial levels of 5300 and 17500 respectively at
5315.05 and 17541.64 correspondingly.
Domestic Update
Parliament was adjourned till noon amid din as BJP persisted with its
demand for Prime Minister Manmohan Singh's resignation provoking
Congress members to raise slogans. The deadlock in both Lok Sabha and
Rajya Sabha over the CAG report on coal block allocation issue entered its
seventh day as the Houses met after a day's break on account of Onam.
Amid din over CAG report on coal block allocation issue, the Lok Sabha
passed a bill that would allow the government to set up AIIMS-like
institutes across the country by a notification.
As India seeks to control high inflation, RBI Governor D Subbarao has said a
little sacrifice in growth is "inevitable" amid efforts to bring down prices to
acceptable levels.
Sector Update
Government made it clear that no further extension will be given to the
mandatory cable digitization in the four metros of Delhi, Mumbai, Kolkata
and Chennai. According to the law enacted by Parliament, over 12 million
homes with television in metros have to move to digital signals by October
31 this year.
The Food Ministry is looking to sell additional three million tonne wheat in
the open market to bulk consumers such as flour millers, a move aimed at
containing price rise and offloading surplus stocks.
India is expected to see renewable energy capacity addition of 30,000 MW,
with significant contribution from wind power, over the next five years. At
the end of 12th Five Year Plan (2012-17), the country is expected to have
total renewable energy generation capacity of 55,000 MW. India has
renewable generation capacity of about 25,000 MW.
The Micro, Small and Medium Enterprises (MSME) Ministry said it has not
received any proposal to dilute guidelines related to foreign direct
investment in the single-brand retail sector.
Union Ministry of Environment and Forest has directed two mines
operating close to Bhagwan Mahaveer Wildlife Sanctuary in Goa to stop
their operations.
The government has allowed cement companies to do away with
disclosures such as capacity and production figures. This is due to the
recent revision in Schedule VI of the Companies Act--which has a clause on
exempted disclosures on installed capacity and production statistics of
manufacturing companies to align reporting norms with global standards.
Corporate Update
With the advent of festival season India's largest lender – the State Bank of
India has embarked upon a special campaign to ramp up its home loan
book. It is going to reduce the processing fee for home loans to Rs.1000 per
loan irrespective of the size. The offer would be made available from
September 01 onwards.
Elgi Equipments has acquired 100% stake in Rotair S.p.a. The acquisition
is through its subsidiary Elgi Compressors Italy.
Indian fertilisers and petrochem firm Deepak Fertilisers has abandoned
plan to build a USD 350 million plant at Port Bonython, South Australian
Mining minister Tom Koutsantonis said.
Orchid Chemicals sold its penicillin and penem business to US-based
Hospira Inc for USD 200 million.
Global player British Telecom began sale of a part of its over 23% stake in
IT major Tech Mahindra in the open market.
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