Nifty reclaims 7750, Infosys gains, HDFC falls
The government has cut the natural gas
prices to USD 3.06/mm Btu from USD 3.82/mm Btu. The move will benefit fertilizer,
power and steel companies who heavily rely on natural gas. This reduction will
ease their working capital burden. This
cut is not a shocker as it was expected, Former Chairman of ONGC . However, it is much
lower than expected, he adds hoped the price would be about USD
3.25/mmBtu. ONGC will still find it
viable to produce gas as its operating costs are minimal, He is equally
positive on companies like GAIL , which is into upstream operations. Buzzing: Shares of Natco Pharma gained 4.5
percent intraday as it has approved the sale of Save Mart Pharmacy Stores
located in USA. The company at its meeting held on March 30, 2016, approved the
sale of Save Mart Pharmacy Stores located in USA, which is a non-core business
of the company. The Save Mart Pharmacy Stores is being owned by Natco Pharma
Inc., a wholly owned subsidiary of the company.
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The market gained some strength after
opening flat. The Sensex rose 74.30 points to 25412.88 and the Nifty reclaimed
7750 level, up 18 points to 7753.20. Hero Motocorp, Bajaj Auto, Lupin, Sun
Pharma, Infosys, Vedanta, Tata Power and UltraTech Cement were early gainers
while ONGC, Adani Ports, Coal India, HDFC, SBI, Idea Cellular and PNB were
losers. The Indian rupee has opened marginally higher at 66.35 per dollar today
against previous close of 66.37. Mohan Shenoi of Kotak Mahindra Bank said,
"USD-INR is expected to gradually drift lower on year end remittances and custodial
inflows. USD-INR trading range for today is 66.15-66.45/dollar."
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