Nifty reclaimed 10,050 level ahead of earnings season that will be kicked off by TCS on Thursday.
9:50 am IMF downgrades India: The downgrade in India's growth for the current fiscal by 0.5 percent to 6.7 percent is a "blip" in a much positive long-term picture of its economy, a top official of the International Monetary Fund has said.
The latest IMF report lowered India's growth projection to 6.7 percent in 2017, 0.5 percentage points less than its previous two forecasts and attributed it to demonetization and introduction of the GST.
"The downgrade for this year's looks like a blip in a much positive longer-term picture," Maurice Obstfeld, Economic Counsellor and Director of Research Department at the International Monetary Fund (IMF) told reporters after the release of its flagship World Economic report.
The latest IMF report lowered India's growth projection to 6.7 percent in 2017, 0.5 percentage points less than its previous two forecasts and attributed it to demonetization and introduction of the GST.
"The downgrade for this year's looks like a blip in a much positive longer-term picture," Maurice Obstfeld, Economic Counsellor and Director of Research Department at the International Monetary Fund (IMF) told reporters after the release of its flagship World Economic report.
9:43 am Buyback: Shares of Sree leathers touched 52-week high of Rs 207.60, gaining 10 percent in morning as it is going to consider the proposal of buyback of shares.
The company's board meeting is scheduled to be held on October 14, to consider, approve and take on record the proposal for buyback of equity shares of the company.
The board will also consider the quantum & mode of buyback, constitution of buyback committee, for the purpose of buyback and other incidental matters thereto.
9:36 am Gas reforms: Oil Minister Dharmendra Pradhan yesterday said India will offer investment opportunities worth USD 300 billion in the hydrocarbon sector over next 10 years so as to keep pace with the country's energy demand.
He also said a group of experts is being set up to advice the government on issues related to energy.
Besides, he added, a Cabinet proposal is being finalised for a gas platform for having market driven prices.
"In the next 10 years, India is offering project scope of USD 300 billion (in hydrocarbon sector) looking into our future demand," Pradhan said in a media interaction at India Energy Forum, organized by CERA Week.
9:31 am Indian Economy: India's economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), the World Bank says in its latest report.
As a result, growth is expected to slow from 8.6 percent in 2015 to 7.0 percent in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3 per cent by 2018, the World Bank said in its South Asia Economic Focus, a biannual economic update.
While sustained growth is expected to translate to continued poverty reduction, more focus could be made to help benefit the informal economy more, said the report released here ahead of the annual meeting of the International Monetary Fund and the World Bank.
9:25 am Buzzing: Shares of PSP Projects touched 52-week high of Rs 463, advancing 12 percent in the early trade on Wednesday on the back of contract win worth Rs 1,575 crore.
The company has received letter of intent from Surat Diamond Bourse for main contract works at Surat Diamond Bourse.
9:20 am IPO opens: The USD 1.7 billion initial public offering of state-owned General Insurance Corporation of India has opened for subscription on Wednesday, with a price band of Rs 855-912 per share.
The IPO, which constitutes 14.22 percent of post-offer paid-up equity share capital, comprises of fresh issue of 1.72 crore equity shares and an offer for sale of 10.75 crore shares by promoter - President of India.
A discount of Rs 45 on the offer price is being offered to retail individual bidders and eligible employees.
The company is expected to raise Rs 10,661.85-11,372.64 crore (USD 1.6-1.7 billion) at price band of Rs 855-912 per share.
The largest ever public issue by an insurance company will close on October 13, 2017.
GIC intends to utilize net proceeds of the fresh issue towards augmenting the capital base to support growth of business and to maintain current solvency levels; and general corporate purposes.
9:15 am Market Check: Equity benchmarks extended yesterday's gains in opening trade, with the Nifty reclaiming 10,050 level ahead of earnings season that will be kicked off by TCS on Thursday.
The 30-share BSE Sensex was up 96.14 points at 32,020.55 and the 50-share NSE Nifty gained 28.60 points at 10,045.55.
Bharti Infratel, Bharti Airtel, Idea Cellular, GAIL, Petronet LNG, Vedanta, Aurobindo Pharma, NTPC and ONGC were early gainers while Yes Bank and Kotak Mahindra Bank were under pressure.
Nifty Midcap was up 0.6 percent on strong market breadth.
Adani Transmission, Uttam Galva, Lumax, Praj Industries, Mawan Sugars, RCF, National Fertilizers and GSFC gained 2-9 percent while Punj Lloyd fell 2 percent.
The Indian rupee opened higher at 65.22 per dollar against previous close of 65.28.
Asia markets rose today, taking cues from signs of confidence in the US.
The company's board meeting is scheduled to be held on October 14, to consider, approve and take on record the proposal for buyback of equity shares of the company.
The board will also consider the quantum & mode of buyback, constitution of buyback committee, for the purpose of buyback and other incidental matters thereto.
9:36 am Gas reforms: Oil Minister Dharmendra Pradhan yesterday said India will offer investment opportunities worth USD 300 billion in the hydrocarbon sector over next 10 years so as to keep pace with the country's energy demand.
He also said a group of experts is being set up to advice the government on issues related to energy.
Besides, he added, a Cabinet proposal is being finalised for a gas platform for having market driven prices.
"In the next 10 years, India is offering project scope of USD 300 billion (in hydrocarbon sector) looking into our future demand," Pradhan said in a media interaction at India Energy Forum, organized by CERA Week.
9:31 am Indian Economy: India's economic momentum has been affected by disruptions from the withdrawal of banknotes and uncertainties around the Goods and Services Tax (GST), the World Bank says in its latest report.
As a result, growth is expected to slow from 8.6 percent in 2015 to 7.0 percent in 2017. Sound policies around balancing public spending with private investment could accelerate growth to 7.3 per cent by 2018, the World Bank said in its South Asia Economic Focus, a biannual economic update.
While sustained growth is expected to translate to continued poverty reduction, more focus could be made to help benefit the informal economy more, said the report released here ahead of the annual meeting of the International Monetary Fund and the World Bank.
9:25 am Buzzing: Shares of PSP Projects touched 52-week high of Rs 463, advancing 12 percent in the early trade on Wednesday on the back of contract win worth Rs 1,575 crore.
The company has received letter of intent from Surat Diamond Bourse for main contract works at Surat Diamond Bourse.
9:20 am IPO opens: The USD 1.7 billion initial public offering of state-owned General Insurance Corporation of India has opened for subscription on Wednesday, with a price band of Rs 855-912 per share.
The IPO, which constitutes 14.22 percent of post-offer paid-up equity share capital, comprises of fresh issue of 1.72 crore equity shares and an offer for sale of 10.75 crore shares by promoter - President of India.
A discount of Rs 45 on the offer price is being offered to retail individual bidders and eligible employees.
The company is expected to raise Rs 10,661.85-11,372.64 crore (USD 1.6-1.7 billion) at price band of Rs 855-912 per share.
The largest ever public issue by an insurance company will close on October 13, 2017.
GIC intends to utilize net proceeds of the fresh issue towards augmenting the capital base to support growth of business and to maintain current solvency levels; and general corporate purposes.
9:15 am Market Check: Equity benchmarks extended yesterday's gains in opening trade, with the Nifty reclaiming 10,050 level ahead of earnings season that will be kicked off by TCS on Thursday.
The 30-share BSE Sensex was up 96.14 points at 32,020.55 and the 50-share NSE Nifty gained 28.60 points at 10,045.55.
Bharti Infratel, Bharti Airtel, Idea Cellular, GAIL, Petronet LNG, Vedanta, Aurobindo Pharma, NTPC and ONGC were early gainers while Yes Bank and Kotak Mahindra Bank were under pressure.
Nifty Midcap was up 0.6 percent on strong market breadth.
Adani Transmission, Uttam Galva, Lumax, Praj Industries, Mawan Sugars, RCF, National Fertilizers and GSFC gained 2-9 percent while Punj Lloyd fell 2 percent.
The Indian rupee opened higher at 65.22 per dollar against previous close of 65.28.
Asia markets rose today, taking cues from signs of confidence in the US.
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