A bout of volatility was witnessed as key benchmark indices trimmed losses after opening lower. A Supreme Court ruling on Monday, 25 August 2014, that termed all coal block allocations made since 1993 as illegal dampened sentiment. The barometer index, the S&P BSE Sensex was currently down 43.17 points or 0.16% to 26,393.85. The market breadth indicating the overall health of the market was negative.
TCS gained after the company announced a partnership with Cloudera, a leader in enterprise analytic data management powered by Apache Hadoop, certifying TCS' global team of Big Data experts through the Cloudera Certified Professional (CCP) program. Tata Power Company dropped after the company said that the Supreme Court has on 25 August 2014 stayed the payment of the compensatory tariff by Procurers as was allowed as per Appellate Tribunal for Electricity (APTEL)'s interim order. Jaiprakash Associates rose after the company's board of directors at its meeting held on Monday, 25 August 2014, inter alia, approved the sale of company's 1.5 million tonnes per annum (MTPA) cement grinding unit at Panipat, Haryana.
At 9:20 IST, the S&P BSE Sensex was down 43.17 points or 0.16% to 26,393.85. The index dropped 105.19 points at the day's low of 26,331.83 in early trade. The index fell 4.54 points at the day's high of 26,432.48 in early trade.
The CNX Nifty was down 17 points or 0.22% to 7,889.30. The index hit a low of 7871.65 in intraday trade. The index hit a high of 7,900.50 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 749 shares declined and 678 shares rose. A total of 44 shares were unchanged.
The BSE Mid-Cap index was down 8.37 points or 0.09% at 9,272.73. The BSE Small-Cap index was down 2.46 points or 0.02% at 10,252.92. Both these indices outperformed the Sensex.
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TCS gained 0.55% after the company after market hours on Monday, 25 August 2014, announced a partnership with Cloudera, a leader in enterprise analytic data management powered by Apache Hadoop, certifying TCS' global team of Big Data experts through the Cloudera Certified Professional (CCP) program. TCS' products are also validated through the Cloudera Certified Technology Program (CCTP), which was created to simplify technology buyers' adoption of Apache Hadoop platforms and applications that have been tested, validated and certified to work with a Cloudera enterprise data hub.
Tata Power Company dropped 4.26% after the company said before market hours that the Supreme Court has on 25 August 2014 stayed the payment of the compensatory tariff by Procurers as was allowed as per Appellate Tribunal for Electricity (APTEL)'s interim order and has further asked APTEL to expedite the case hearings and take a final decision on the subject matter quickly. As the case is already being heard by the APTEL, the company would await a quick resolution of this issue through the required judicial process. The formal order of the Supreme Court is awaited.
Tata Power's wholly owned subsidiary, Coastal Gujarat Power (CGPL), which has an operating 4000 megawatts (MW) imported Coal based Ultra Mega Power Project (UMPP) at Mundra, Gujarat, Haryana as a Procurer had filed for stay of the interim order of the Appellate Tribunal for Electricity (APTEL) which upheld that compensatory tariff be payable after March 2014 as per order of Central Electricity Regulatory Commission (CERC).
HPCL rose 0.24%, The company after market hours on Monday, 25 August 2014 in a clarification issued with regard to news item titled "HPCL eyes tie-up with Reliance to expand oil retailing biz" said that at this stage, it is too preliminary to comment on this subject news item. In case of any development which would impact the company materially, it would keep the stock exchange advised appropriately, HPCL said.
Jaiprakash Associates rose 0.68% after the company's board of directors at its meeting held on Monday, 25 August 2014, inter alia, approved the sale of company's 1.5 million tonnes per annum (MTPA) cement grinding unit at Panipat, Haryana for a tentative consideration of around Rs 360 crore subject to adjustments for net working capital and financial indebtedness taken over, as of the closing date of the transaction.
In a ruling that may come as a blow to several companies, the Supreme Court on Monday, 25 August 2014, deemed all coal block allocations made since 1993 as illegal. The allocations had no objective criteria and no fair and transparent procedure, the judges said, adding they were impermissible. The quashing of these allocations still remains to be decided in further hearings. The court suggested the appointment of a panel of retired apex court judges to help the court in this matter. The case will be heard on 1 September next. The Supreme Court further disallowed exploitation of captive mines by ultra mega power projects, adding that captive mines cannot be used for commercial purposes.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire on Thursday, 28 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 127.33 crore on Monday, 25 August 2014, as per provisional data from the stock exchanges.
Most Asian stocks declined today, 26 August 2014. Key benchmark indices in Indonesia, Japan, Hong Kong and China fell 0.12% to 0.5%. Key benchmark indices in Taiwan, Singapore and South Korea rose 0.04% to 0.51%.
US stocks gained on Monday, 25 August 2014, with S&P 500 index closing at a record high and moving above 2,000 mark in intraday trade for the first time, buoyed by financials and biotechnology stocks.
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