 "Pre Market: Sugar stocks, Hero Motocorp, RIL, SpiceJet in focus")
Markets are likely to open in the positive territory tracking strength in the Asian peers on the back of firm US job data. However, investors will remain cautious ahead of the Union Budget to be presented in the forthcoming week.
GLOBAL MARKETS
Japanese stocks rose to a fresh 15-year high on Friday and the dollar was on the front foot again on upbeat US data, but continuing uncertainty over the weighed on the euro.
Japanese stocks rose to a fresh 15-year high on Friday and the dollar was on the front foot again on upbeat US data, but continuing uncertainty over the weighed on the euro.
US weekly jobless numbers released overnight proved better than expected, diffusing some of the pressure on the dollar that followed dovish-sounding minutes from the last Federal Reserve policy meeting.
The minutes had dented expectations for an early interest rate hike by the Fed, driving U.S. debt yields and the dollar lower.
The early indicator SGX Nifty is quoting at 8,920.50 level down by 4.50 points.
STOCKS TO WATCH
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Sugar stocks are likely to remain in focus after the Cabinet Committee on Economic Affairs on Thursday cleared a proposal to extend a subsidy of Rs 4,000 a tonne on export of 1.4 million tonnes of raw sugar in the 2014-15 crop year (which began last October and runs till end-September this year).
The Munjal family, which raised Rs 1,800 crore by selling a 3.3 per cent stake in Hero MotoCorp on Wednesday, is likely to announce a takeover of Pipavav Defence by this weekend. Also, the promoters of Hero MotoCorp, Munjals, on Thursday sold another tranche of theirequity holding worth Rs 944.76 crore. On Wednesday, the Munjals had sold shares worth Rs 1,865.44 crore.
Power Grid Corporation of India (PGCIL) has again bid aggressively for the latest power transmission projects, discomfiting private bidders.
The Union government on Thursday cracked down on illegal information leaks from the petroleum and natural gas ministry. Delhi Police detained two employees of the ministry and three other persons for allegedly leaking confidential information. One of them is an employee of Reliance Industries Ltd (RIL), the country's largest private sector oil company.
The Union government on Thursday cracked down on illegal information leaks from the petroleum and natural gas ministry. Delhi Police detained two employees of the ministry and three other persons for allegedly leaking confidential information. One of them is an employee of Reliance Industries Ltd (RIL), the country's largest private sector oil company.
The KG Basin Isolated Wells Consumers Association (KGBICA), an association of gas-based small and medium industries located in the interior rural areas of Andhra Pradesh, is opposing Oil and Natural Gas Corporation Limited (ONGC)’s proposal to re-auction the isolated gas wells instead of extending the current gas supply agreements (GSAs) with the allottee industries.
Bharat Electronics Limited (BEL), the public sector defence undertaking based in Bengaluru, is set to commence mass production of Akash Missile System (AMS) for the Indian Army, a top company official said.
SpiceJet is expected to receive its first tranche of Rs 400 crore funding from new investors led by Ajay Singh on Monday (February 23), company officials told Business Standard. The development comes with the Competition Commission of India (CCI) clearing the change of ownership proposal from Kalanithi Maran to Singh on Thursday.
IFCI, an Indian state-run lender, might sign an agreement to sell part of its 5.5 per cent stake in the nation's biggest stock exchange in three days.