Wednesday April 9, 03:30 PM
Peaks and valleys... |
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By Equitymaster.com
Markets recovered as buying was witnessed at lower levels to close well above the dotted line. Currently, 15 stocks on the NSE Nifty are trading in the red. Banking, engineering and power stocks led the pack of gainers. As regards global markets, while the Asian indices closed in the red, the European indices are witnessing a negative trend currently.
The BSE Sensex closed at 15,791 (up 203 points) while the NSE Nifty closed at 4,747 (up 37 points). The rupee was trading at 40.02 to the dollar
Tracking its Asian peers, the Indian bourses edged lower at the onset of the trading session but soon recovered from its lows and moved into the green. The market firmed up again in mid-afternoon trade after it pared most of its earlier gains in early afternoon trade. It continued with its upward journey to end way above the dotted line. The advances to decline ratio stood at 2.6: 1. HDFC Bank (HDBK.BO, news) (up 6%) and HDFC (up 5%) led the pack of gainers, while HUL and Dr. Reddy (REDY.BO, news) 's (both down 2%) led the pack of losers.
Yes Bank reported its 4QFY08 and FY08 results today. Interest income grew 123% YoY in FY08 on the back of 50% YoY growth in advances. Other income witnessed a 82% YoY jump aided by higher fee income contribution. Bottomline grew by 112% YoY due to better management of operating costs. The company has received shareholder approval for another QIP of 20 m shares in the coming quarters. The bank has received licenses to open 57 branches and 125 ATMs in FY09. The stock closed 5% higher, while HDFC Bank (up 6%) also closed firm.
ONGC Videsh (OVL), overseas arm of ONGC and Petroleos De Venezuela S.A. has signed a joint venture agreement for the San Cristobal Field in Junin, Orinoco region of Venezuela. The Orinoco belt holds one of the largest known accumulations of heavy oil in the world. Under this joint venture, OVL will have a participating interest of 40%, while PDVSA retains the remaining 60% in the San Cristobal field. They will jointly develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day. The Indian government recently approved ONGC Videsh's participation in the project with an investment of US$ 356 m. The joint venture would also explore the potential of discovering more hydrocarbons in the unexplored area of the project. In addition, the JV will explore employing enhanced oil recovery techniques to improve oil recovery rate in the field. With ever increasing demand for oil, this move would help ONGC access newer regions. Also many of ONGC's producing fields are maturing resource provinces and hence the JV would help the company to improve its recovery rate. ONGC closed 1% higher, while Reliance (up 2%) also found favour.
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