PSU OMCs sizzle on buzz of fuel price hike
DATE: 13/09/2012
The key benchmark indices strengthened to scale intraday highs in mid-morning trade. The BSE Sensex was up 54.46 points or 0.30%, up 60.52 points from the day's high and off 8.19 points from the day's high. Index heavyweight Reliance Industries (RIL) was firm. Index heavyweight and cigarette maker ITC slipped. The market breadth was positive.
State-run oil marketing companies (PSU OMCs) gained on reports that the cabinet committee on political affairs (CCPA) will today evening discuss raising diesel, cooking gas and kerosene prices. Shares of state-run upstream PSU firms also rose on hopes of lower subsidy burden as and when fuel prices are raised. ICICI Bank rose after the private sector bank cut deposit rates. L&T extended Wednesday's gain triggered by the firm's division securing an order for manufacture & installation of ITER's Cryostat for International Fusion Energy Project.
Asian stocks were mostly higher on Thursday ahead of the U.S. Federal Reserve's decision later in the day, as investors remained cautiously optimistic for further stimulus action to bolster the world's largest economy.
At 11:21 IST, the BSE Sensex was up 54.46 points or 0.30% to 18,054.49. The index gained 62.65 points at the day's high of 18,062.68 in mid-morning trade. The index shed 6.06 points at the day's low of 17,993.97 in morning trade.
The S&P CNX Nifty was up 12.80 points or 0.24% to 5,443.80. The index hit a high of 5,447.45 and a low of 5,425.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,297 shares rose and 1,068 shares fell. A total of 102 shares were unchanged.
The total turnover on BSE amounted to Rs 701 crore by 11:25 IST compared with Rs 466 crore by 10:25 IST
Among the 30-share Sensex pack, 17 gained while the rest declined.
Index heavyweight and cigarette maker ITC slipped 0.15% to Rs 269. The stock had scaled a record high of Rs 271.50 on 30 August 2012. ITC had reported strong Q1 June 2012 results. ITC's net profit jumped 20.21% to Rs 1602.14 crore on 15.34% growth in net sales to Rs 6652.21 crore in Q1 June 2012 over Q1 June 2011. Despite series of tax hikes, ITC's performance in cigarettes business remains robust and displays pricing power for the company.
Index heavyweight Reliance Industries (RIL) gained 0.82% to Rs 804.05, off day's low of Rs 794. RIL has bought back 3.9 crore shares for about of Rs 2793.51 crore till 4 September 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013. RIL chairman Mukesh Ambani said at the company's Annual General Meeting in June 2012 that the company's buyback program represents a highly accretive use of cash by the company and it will supplement earnings growth from operations, for higher EPS (earnings per share), in the near future.
RIL on 27 August 2012 said it has scheduled a planned maintenance turnaround of one of the diesel hydrotreater units of the DTA refinery at its Jamnagar, Gujarat complex for a period of approximately two and half weeks starting 28 August 2012. This opportunity will also be utilised to carry out other maintenance and inspection jobs during the shutdown period, RIL said in a statement. During the period the other diesel hydrotreating unit of the DTA refinery along with other units including crude processing levels are planned at normal levels, RIL said.
State-run oil marketing companies (PSU OMCs) gained on reports the cabinet committee on political affairs (CCPA) may meet today, 13 September 2012 to consider raising diesel, cooking gas and kerosene prices.
BPCL (up 1.78%), HPCL (up 1.60%) and Indian Oil Corporation (up 1.15%) advanced.
ICICI Bank rose 1.32% after the private sector bank cut deposit rates by 50 basis points and the revised rates were effective 11 September 2012. The bank cut rates across maturities ranging from 91 days to less than five years.
L&T rose 1.26%, with the stock extending Wednesday's 2.84% gain triggered by the firm's division securing an order for manufacture & installation of ITER's Cryostat for International Fusion Energy Project.
+POWERED BY: CAPITAL MARKET NEWS
Cryostats, cryostat manufacturers, cryostat suppliers in India. Huber India is the best manufacturing company it provides the services like cryostat manufacturers and suppliers.
ReplyDelete