morning update

 

Indices at 10:00 am

Nifty50 13,990 ▲ 8 (0.0%)

Sensex 47,783 ▲ 37 (+0.0%)

Nifty Bank 31,351 ▲ 48 (+0.1%)

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In the news

 

Union Bank to raise ₹6,800 crore

       The state-owned bank has received a nod from shareholders to raise up to ₹6,800 crore in equity capital to fund business growth. 

The bank plans to raise the capital in the current fiscal. It is expected that PSU banks would raise ₹25,000 crore over the next three months to support credit growth. Shares of Union Bank were trading 0.4% higher today.

Government approves export of Akash missile

      To achieve the defense export target of $5 billion, the government has approved the export of the made-in-India Akash missile. 

Suppliers of propellants to such missiles such as Premier Explosives saw an uptick of 7.4% in its share price yesterday. Meanwhile, Solar Industries, the explosives maker, was trading flat.

 

Duty on clear float glass likely

      To create a level playing field, India could impose a countervailing duty on the imports of clear float glass from Malaysia. This glass is used in the construction, refrigeration, mirror and solar energy industries, among others.

Shares of glassmakers such as Asahi India and Saint Gobain saw strong buying action yesterday and rose 3-5% coupled with high volumes.

 

Nesco to revamp exhibition centre

 The owner and operator of the Bombay Exhibition Centre, Nesco Ltd. plans to modernise and   expand its exhibition facility in Mumbai with an investment of ₹325 crore, reports suggest. 

 The company which hosts several national and international exhibitions has a nearly 20%   market share. The stock was up 2% this morning.

 

Events in this week

         Thursday: Initial jobless claims (US)

      Friday: Auto sales volumes 

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Sectoral indices

Top gainers	Top losers
Nifty Pharma ▲ 1.1%	Nifty IT ▼ 0.3%
Nifty Realty ▲ 0.8%	Nifty FMCG ▼ 0.2%

 

Global markets	Today's movement
Nikkei 225 (Japan)	▼ 0.4
Hang Seng (Hong Kong)	▲ 0.3%
SSE Composite (China)	▲ 0.8%
Dow Jones (US) 24/12	▲ 0.2%

 

Fact of the day

The Asia Tiger Funds' stock symbol is GRR.

Source: Bloomberg

 

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Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

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