Equities are likely to open higher on Wednesday tracking cues from global shores. However, with crude oil prices inching northward, gains may be limited. Volatility is also likely given the August series derivatives contracts expiry due on Thursday.
Oil prices continued to move upwards on Wednesday on concerns that Tropical Storm Gustav may disrupt supplies. Crude for October delivery was at $116.71 per barrel, up $1.16 from its previous close.
Meanwhile, rupee was a tad higher at 43.75/76 per dollar, from the previous close of 43.84/85.
Tata Sons, the unlisted holding company for Tata group firms, is considering options to sell part of its stake in India’s largest software exporter Tata Consultancy Services to fund the group’s expansion plans, especially in telecom. Currently, Tata Sons holds 74.81 per cent stake in TCS, which has a market value of nearly Rs 61,000 crore at Tuesday’s closing price.
ONGC Videsh, the foreign investment arm of the country’s largest exploration company, ONGC, on Tuesday put in a formal bid to acquire UK-based oil firm Imperial Energy at 1,250 pence per share. Imperial Energy, with assets in the Russian Federation and CIS countries, is valued at $2.58 billion at the bid price.
Domestic airlines like Jet Airways and SpiceJet are considering fare hikes ahead of the start of the peak travel season in September-October to cope with rise in jet fuel prices.
In yet another attempt to keep steel prices from rising further, the government may raise export duty on iron ore. The committee of secretaries reviewing prices of essential commodities is set to discuss a proposal to raise export duty on iron ore to 20 per cent from 15 per cent.
Country's largest steel producer SAIL will set up a Steel Processing Unit in Gwalior at an investment of Rs 83 crore to meet the rising demand of the the product. The unit is expected to be completed in 18 months and would have a production capacity of one-lakh ton per annum of TMT bars.
The promoters and two major shareholders of Firstsource Solutions have put their combined 68 per cent in the BPO firm up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction.
Cairn India is likely to sell its investments in Videocon Industries. At the current rate of Rs 272 per share, this investment us valued at Rs 72 crore.
With Trinamool Congress supremo Mamata Banerjee sticking to her principal demand on the return of the 400 acres set aside for the Singur vendor park, Tata Motors has told its Nano vendors that the company is working on a business plan to ensure they are not “financially hit” if the Nano project is shifted from Singur.
Realty giant DLF is planning to raise Rs 10,000 crore in next one year for its development projects.
Mumbai based HDIL may raise around Rs 1,000 crore to relocate slum dwellers for Mumbai airport project, say reports.
Shares of Nu Tek India, telecom infrastructure services provider offering rollout solutions for both mobile and fixed telecom networks, will list on the exchanges today. The company has fixed the issue price at Rs 192 per share. The issue was subscribed 1.63 times.
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