Friday, December 30, 2011
It was a weak closing on the last trading session of the year 2011, with the Sensex falling 89 points and the Nifty down 22 points
Headlines for the day
RIL falls below 700 mark for the 1st time since April 2007
CRISIL downgrades DLF debt rating
PSU shares in demand
GTL, GTL Infra rise as board approves debt recast
Steel Strips soars on commencing exports to Audi
SAIL and Japan’s Kobe Steel will invest Rs15bn in an equal JV plant in West Bengal to make 5 lakh tonnes of iron ore nuggets annually. (ET)
SBI, which had received a commitment from the government for capital infusion of Rs60bn in the current financial year, may opt for another round of fund-raising through a QIP in the next financial year. (BS)
NTPC has signed a power purchase agreement with MP Tradeco in Bhopal for supply of power from 50 MW solar PV power plant to be set up at Rajgarh in Madhya Pradesh. (BL)
Year’s end is neither an end nor a beginning, but a going on, with all the wisdom that experience can instill in us. - Hal Borland.
A turbulent 2011 is drawing to a close, leaving us with a whole host of troubles that need to be conquered. The hope is that 2012 will be better, especially in the latter half. For now though, one can only indulge in conjecture. Thankfully, the start of the last trading day of 2011 is likely to be positive on the back of healthy global cues.
US stocks closed higher following encouraging data on weekly jobless claims and pending home sales. European indices finished up. Asian markets are trading mostly higher this morning.
Markets are expected to open the last trading session of the year 2011 on a positive note led by gains across the globe.
Headlines for the day
JSPL replaces SIL in SPV to develop Gopalpur port
FinMin likely to ease NPA norms for textile sector: Sources
Tata Group identifies 3 new sectors to drive growth
SBI may opt for QIP in FY13
AI to issue Rs 7,500 cr worth of shares to its bankers
REC cuts size of FCCB issue
Power Finance Corporation (PFC) will start selling tax-free bonds today (December 30, 2011) to raise up to Rs1,000 crore.
'We will launch the offer to sell tax-free bonds worth up to Rs1,000 crore today. The offer will end on January 16,' PFC Director (Finance) R Nagarajan said.
The leading power sector lender has the approval to mop up Rs5,000 crore through issue of tax-free bonds. It has raised Rs967 crore already through private placement of these bonds in October and November.
Host of factors impact prices
Crude prices ended higher on Thursday, 29 December 2011 at Nymex. Prices were affected due to a host of factors. Better than expected economic data helped lift prices. On one hand, traders kept an eye on Iran where state news agency were saying that oil flow will stop from Strait of Hormuz if its sanction issues by European Union over nuclear programme continued. Partially offsetting that effect was the weekly inventory report on crude stockpiles that showed that the same unexpectedly rose last week. Prices also rose after the dollar weakened marginally.
Gold drops but silver ekes out small gains
Yellow metal prices ended lower for sixth straight session on Thursday, 29 December 2011 at Comex. Better than expected economic data at Wall Street lifted US stocks on Thursday thereby reducing the appeal of yellow metals against an alternate investment. Silver managed to eke out a small gain after staying weak earlier during the day.
The market may open higher on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 44 points at the opening bell. Asian stocks edged higher on the last trading day of 2011, as rising US home sales signaled the world's largest economy is weathering Europe's debt crisis.
Closer home, key benchmark indices fell for the third straight trading session on Thursday, 29 December 2011, as index heavyweight Reliance Industries (RIL) dropped more than 3%. The BSE Sensex lost 183.92 points or 1.17% to settle at 15,543.93, its lowest closing level since 20 December 2011.