IT stocks may gain after positive economic data in the US. Data yesterday showed fewer Americans than projected filed applications for unemployment benefits last week, a sign that the labor market is showing resilience. The Thomson Reuters/University of Michigan final index of consumer sentiment in November unexpectedly rose to 75.1 from 73.2 a month earlier. The Conference Board's index of US leading indicators, a gauge of the economic outlook for the next three to six months, rose for a fourth straight month in October, reflecting gains in factory orders and applications to build new homes. The US is the biggest outsourcing market for the Indian IT firms.
Sugar stocks will be in focus on media reports that the Allahabad High Court on Wednesday, 27 November 2013, warned of consequences of closed sugar mills in Uttar Pradesh.
Taking a grim view of the social consequences of non-functioning of most of the private sugar mills and a number of state-owned ones in Uttar Pradesh, the Allahabad High Court on Wednesday, 27 November 2013, reportedly asked the state government to find a just and equitable solution.
According to reports, a Division Bench comprising Chief Justice D Y Chandrachud and Justice Dilip Gupta said, "We hope and trust that the issues will merit consideration at the highest level to arrive at a suitable solution."
Alstom T&D India will offer 1.69 crore equity shares of Rs 2 each of the company through an institutional placement programme (IPP) to qualified institutional buyers on 29 November 2013, the company said in a regulatory filing to stock exchanges. The price band for the issue shall be Rs 159-174 per equity share, it said. This is part of company's effort to meet Sebi's norm of minimum 25% public shareholding in the private sector listed companies.
MRF will announce its year-ended September 2013 results today, 28 November 2013.
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Adani Ports and Special Economic Zone (APSEZ) reportedly signed a memorandum of understanding with the Belgian Port of Zeebrugge to act as a strategic entry port for the lucrative European market. APSEZ will collaborate with the Belgian port to explore joint business opportunities between the two ports along with other forms of trade, shipping, railway infrastructure across India and Europe, reports added.
Varun Shipping Company will be watched after a media report suggested that the Directorate General of Shipping is set to suspend the company's licence to operate Indian-registered ships after it failed to come up with a credible financial package to pay several months of wage arrears for its crew and for the mandatory dry-docking of its ships for safety surveys.
Zenith Birla (India) has given notice of lock-out, effective from 12 December 2013, to all concerned authorities for its unit at Khopoli in Raigad district.
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