Friday March 14, 01:00 PM
Consolidating gains... |
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By Equitymaster.com
Markets held on to their gains during the previous trading hour on the back of sustained buying activity in the index heavyweights. However, the overall market breadth is negative with losers outnumbering gainers by a ratio of 1.1 to 1 on the NSE. Barring select auto, pharma, engineering and telecom stocks, buying is being witnessed across sectors.
The BSE Sensex is trading at 15,560 (up 202 points) while the NSE Nifty is trading at 4,674 (up 62 points). The rupee is trading at 40.46 to the dollar.
As per a leading business daily, NTPC has outlined an investment to tune of Rs 130 bn for adding 2,700 MW capacity in FY09. The expansion plans will be funded by a mix of equity and debt in the ratio of 30:70. The company is seeking 3 m tonne LNG import from Nigeria to support its expansion plans. NTPC had already signed an agreement with the Nigerian government under which it would set up two big power plants in that country in return for natural gas to feed its plants in India. The company is also looking for such agreements with some other African nations and third world countries in the near future. The move is in line with NTPC's ambitious plan to become a 50,000 MW company by 2012. The stock is trading higher by 3%, while its peer Tata Power (TTPW.BO, news) is trading lower by 2%.
As per a leading business daily, Union Bank of India (UBI) has entered into a strategic tie-up with financial services provider IDBI (IDBI.BO, news) Capital Market to offer online trading services to its customers. The tie-up is in line with the bank's efforts of enhancing its non-fund offering. The bank is currently implementing a massive expansion programme and also launching new products. After remaining stagnant at 7% of total income for four fiscals, UBI's fee income has improved to 8.8% of total income in FY08. The moves are in line with the bank's objective to increase proportion of non-fund based other income stream going forward, by ensuring proportionate growth in its fee income. The stock (up 1%), along with its peers PNB (up 1%)and Bank of Baroda (up 2%), is trading firm.
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