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Extending declines for the fifth trading day, the benchmak indices settled Tuesday's session lower led by losses in financial, telecom and pharma stocks. Mixed trend seen in global markets following Federal Reserve Chairwoman Janet Yellen's speech and Bank of Japan's monetary policy meeting along with deadly incidents in Germany and Turkey also impacted sentiment. The S&P BSE Sensex ended at 26,307, down 67 points, while the broader Nifty50 closed at 8,082, down 22 points.

Positionally, Nifty is rangebound between 8060/8230 levels and just managed to hold the lower range. Breach of 8060 level would lead to further downside. Intraday Supports are at 8060/8000 levels & Resistance at 8150/8180 levels.

Company News

• Bajaj Hindusthan Sugar Ltd plans to sell its co-generation power business to its group company Lalitpur Power Generation Company Ltd (LPGCL) for about Rs 1,800 crore. The company’s board today “considered approval of sale and transfer of its co-generation power business with an aggregate capacity of 449 MW at 14 locations to LPGCL for a lumpsum consideration in cash of about Rs 1,800 crore as a going concern on slump sale basis in accordance with the business transfer agreement to be entered into with LPGCL.
• MIC Electronics Ltd has been granted a patent by the Controller General of Patents, Designs & Trademarks, Intellectual Property of India, for its solar rechargeable lantern for 20 years from August 25, 2008. This Solar LED product is portable and embedded with multiple applications and advantageous for rural habitants.
• Oil and Natural Gas Corporation has tied up with Hughes Communications India to revamp and upgrade its existing satellite network across India.Hughes India will implement the JUPITER System to augment its existing C‐Band Network with the latest HTS (High-throughput satellite) technology, delivering reliable multi‐service data, voice, and video traffic with high spectral efficiency across nearly 200 offshore and onshore oil and gas platforms, drilling rigs and vessels, including enterprise managed services in locations spread across the country.
• Welspun Enterprises Ltd'sboard of directors will meet tomorrow to consider buyback of equity shares of the company.
• Sun Pharmaceutical has completed the acquisition of 85.1 per cent stake in Russia-based JSC Biosintez.The company has also “voluntarily requested” the United States Food and Drug Administration to withdraw approvals given to 28 Abbreviated New Drug Applications (ANDAs).
• Tata Motors-owned Jaguar Land Rover announced the launch of new Range Rover Evoque 2017 range priced between ₹49.10 lakh and ₹67.9 lakh (ex-showroom, Delhi). With the introduction of the Ingenium 2 litre diesel engine, the 2017 Model Year New Range Rover Evoque becomes the first Land Rover in India to get the much awaited power-train. The model will be available in six variants.

 

Economy News

National Bank for Agriculture and Rural Development (Nabard) has planned to provide RuPay cards to over 34 million farmers in villages across India. These cards will be provided through cooperative banks and farmers' credit cooperative societies. Nabard has already asked credit societies and cooperative banks to open saving accounts directly or under Jan Dhan. Through RuPay cards, farmers can buy seeds, fertilisers and other farming equipment. Nabard has already planned to deploy 200,000 point-of-sale (PoS) machines in 100,000 villages, for which it has allotted funds of Rs 120 crore. These PoS machines will be installed by commercial banks. Nabard will give Rs 6,000 per equipment incentive to the commercial banks for purchase of PoS machines.

Over Rs 3,185 crore of undisclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high-value currencies by the government Official sources said the taxman carried out a total of 677 searches, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings. The department, they said, has seized cash and jewellery worth over Rs 428 crore during the same period even as the new currency seized (majorly Rs 2,000 notes) is valued at about Rs 86 crore.