Nik's Diary
The
Indian markets open flat with a positive bias tracking marginally positive
opening in SGX Nifty, which is higher by 0.2%. US markets moved mostly higher
on Friday, despite a relatively quiet day in terms of news. The gains on the
day, resulted in the Dow and the S&P 500 reaching new record closing highs,
while the Nasdaq rose to another twelve-year high. European markets too rose on
Friday after companies like ArcelorMittal and BT Group Plc reported better than
expected results and data showed German exports recovered as expected in March,
boosting hopes of economic revival. Meanwhile positive global cues and
better-than-expected IIP numbers helped Indian shares end notably higher on
Friday. The BSE Sensex and NSE Nifty rose by 0.7% each after government data
showed India's industrial output grew by 2.5% in March compared to a
contraction of 2.8% in the year-ago period. Markets were flat on the special
trading session held by exchanges on Saturday during which BSE tested its
disaster recovery software.
Diesel
price hiked by `1/litre
Shares of state-run state oil firms such as
BPCL, HPCL and IOC rallied 1-2 per cent on Saturday after
they raised diesel price by Re 1 per litre from today. At 11:20 am; BPCL was trading 0.9
per cent higher at Rs 418.80. It hit a low of Rs 418 and a high of Rs 422.50.
HPCL was trading 1.5 per cent higher at Rs 317. It hit a low of Rs 315 and a
high of Rs 318.70. IOC pared some of its opening gains and was trading 0.8 per
cent higher at Rs 308.05. The stock rose to a high of Rs 312.60 and a
low of Rs 307.30 in trade today. Tracking the momentum, Prakash Gaba recommends
buying BPCL for a target of Rs 425. While Vijay Bhambwani, author, ceo,
bsplindia.com has an intraday target of Rs 438 on the stock. The Re 1 hike
accounts for two months as companies had skipped raising the fuel price by 50
paise previous month because of political considerations. ET had first reported
about it on May 8. Source:
Economic Times
MM union leaders at Nashik plant calls off hunger strike
The
indefinite hunger-strike by two union leaders of Mahindra &
Mahindra was called off last night after 'positive' talks with the
management. Mahindra Employees Union's Vice-President Amol Sonawane and General
Secretary Praveen Shinde were on fast from the last ten days demanding new wage
agreement. The hunger strike was withdrawn after positive talks
between union leaders, management and deputy labour commissioner R S
Jadhav, said General Secretary of the Union Praveen Shinde. The company will
put in place a new wage agreement soon and has also agreed to promote workers
in certain categories, he said. The company could not be contacted for
comments. The hunger strike by two union leaders had not affected production at
the plant as other workers were reporting to work, he added. Source: Moneycontrol
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