India : Nifty ends above 8300 for 1st time in 10 months
Fri Jul 01 2016
Rajesh Sharma (2003 articles)

India : Nifty ends above 8300 for 1st time in 10 months

The Sensex closes up 145.19 points or 0.5 percent at 27144.91, and the Nifty was up 40.60 points or 0.5 percent at 8328.35. About 1559 shares have advanced, 1157 shares declined, and 139 shares are unchanged. ONGC, BHEL, L&T, GAIL and Dr Reddy’s were top gainers while TCS, Coal India, Adani Ports and HDFC were losers.
Gold prices rose for the second straight day today, gaining Rs 200 to Rs 30,550 per 10 grams at the bullion market today, driven by a firm global trend and persistent buying by jewellers at the domestic spot market.Silver too continued its rising streak for the fourth day in a row and reclaimed Rs 44,000 per kg mark by surging Rs 1,300 to Rs 44,600 per kg on increased offtake from industrial units and coin makers.Analysts said the firming global trend where gold climbed on speculation that central banks would support their economies in the wake of Britain’s vote to quit the European Union buoyed sentiment here.

Reliance Defence and Engineering has received RBI approval to exit the corporate debt restructuring package.Anil Ambani-led Reliance Infrastructure has acquired nearly 35 percent in Pipavav Defence and Offshore Engineering Co, which has been renamed as Reliance Defence and Engineering.

Sources said the Reserve Bank of India (RBI) has cleared Reliance Defence exiting the CDR package.

The company’s debt to the tune of Rs 6,000 crore will be refinanced with maturity of 20 years while interest cost on the debt would be reduced to 11 percent, sources added.

The global oil market should see supply and demand in balance by 2017 though it will remain structurally well-supplied for the next couple of years, US Energy Secretary Ernest Moniz said today.

Speaking to reporters after meeting with Saudi Arabia’s Energy Minister Khalid al-Falih at the G20 energy meeting in Beijing, Moniz said the two men agreed that despite short-term production impacts, oil supply still exceeds demand.

“Unless there are big surprises we are still in a situation of more production than demand. The gap is narrowing as global demand grows slowly,” Moniz said.

“His (Falih’s) statement is that balance in supply and demand will probably be reached in the end of this year. That’s reasonable, but it could also go into next year.”

However, when that balance comes, there will still be large supplies due to historically high reserves, he added.

Hinduja Group flagship company Ashok Leyland today reported a 7 percent increase in total sales at 11,108 units in June 2016.

The company had sold 10,429 units in June last year.

Sales for its heavy and medium commercial vehicles rose 8 percent to 8,685 units last month as against 8,016 units in the year-ago period, the company said in a BSE filing.

Light commercial vehicle sales remained flat at 2,423 units compared with 2,413 in June last year.

Mahanagar Gas eyes return to profit growth of 7-8% on sales push

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.