Stock Market

Sensex, Nifty sluggish; Europe mixed, Reliance gains strength


Chillicious Bureau

2:40 pm Order win:

Power equipment maker Transformers and Rectifiers said it has bagged order worth Rs 103 crore from Power Grid Corporation of India Ltd to supply power transformers.

“Transformers and Rectifiers (India) Ltd has been awarded the order for…power transformers up to 220 kV class amounting to Rs 103 crore from Power Grid Corporation of India Ltd (PGCIL),” the company said in a filing to BSE.

The said order falls under the normal course of business, it said.

The company neither has any interest in the entity that awarded the order nor fall within related party transactions, it added.

With this order, the company’s order book as on date stands at Rs 960 crore, it said.

2:20 pm Buyback offers: Mining giant NMDC and manganese miner MOIL today said their share buyback programmes worth close to Rs 8,400 crore will open next week on September 19.

A major portion of the proceeds from the offer will go to the government, which owns 80 percent in both the PSUs and is eying to meet its disinvestment target of Rs 56,600 crore for the current fiscal ending March 2017.

In separate regulatory filings, both the public sector undertakings (PSUs) informed about the ‘Letter of Offer’.

The buyback offers will open on September 19 and will close on September 30, 2016.

Also read – Overweight on India, see room for 50 bps rate cut by RBI: HSBC

2:00 pm Market Check

Equity benchmarks remained lacklustre on mixed global cues as investors waited for the outcome of two-day Federal Reserve policy meeting on September 21.

The Sensex was up 28.24 points at 28400.47 and the Nifty up 8.35 points at 8734.95 while the market breadth remained positive as about 1417 shares advanced against 1192 declining shares on the BSE.

Reliance Industries extened gains in afternoon trade, up 1.35 percent. However, Infosys fell 0.6 percent after Vishal Sikka, MD & CEO says he sees some challenges in BFSI, but won’t have any negative impact overall. He expects Q2 to be better than Q1.

European seesawed as global markets trod carefully amid nerves over central bank action. The US Federal Reserve meets on September 20, although the chances of a rate hike remain slim; market expectations for a Fed rate hike next week were 15 percent, according to the CME Group’s FedWatch tool.