Friday, 30 September 2016

Nifty, Midcap remain higher; ICICI Prudential lists at Rs 329

ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.


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ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.

ICRA on Sugar: Despite the government has imposed stock-holding limits on sugar mills, prices of the sweetener in the domestic market are likely to remain firm in the next 3-4 quarters due to tight stock position, says a report.
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According to credit rating agency ICRA, sugar prices have remained firm and increased from around Rs 31,500/million tonnes in March to Rs 36,000/million tonnes in August and continue to hover around the same price in September, 2016.

This has been supported by an expected decline in the sugar production, actual decline in the domestic sugar stocks during sugar year (SY) 2015-16, and also a global sugar deficit scenario, which drove up international sugar prices, the report said. 

Buzzing: Shares of Eros International Media rose by nearly 5 percent after the entertainment firm said it has tied up with UAE's largest film distribution and exhibition network, Phars Film.

Eros International Media yesterday announced its association with Phars Film.

The partnership allows the two companies to jointly co-produce Malayalam films and explore theatrical rights between themselves, the company said in a BSE filing.

The deal licenses Eros to tap distribution of all Malayalam movies produced jointly in India while Phars Film will present the same overseas where it enjoys a dominant market share, it added.

Oil Update: Oil futures fell on profit booking after rising nearly 6 percent the day before on a surprise move by OPEC to curb crude output.

The Organization of the Petroleum Exporting Countries agreed to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria.

But how much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia. Also read - Buy, sell, hold: 3 stocks analysts are bullish on, negative on 1

Market Check Equity benchmarks as well as broader markets remained higher on positive global cues and ahead of expiry of September futures & options contracts.

The 30-share BSE Sensex was up 121.69 points at 28414.50 and the 50-share NSE Nifty gained 37.15 points at 8782.30. The market breadth remained strong as about 1369 shares advanced against 503 declining shares on the BSE.

Reliance Industries and ONGC remained strong, rising 1-2 percent whereas ICICI Bank fell nearly a percent after subdued listing of insurance subsidiary. ITC, HUL, Axis Bank, Bharti Airtel, Wipro and Dr Reddy's Labs were down 0.3-0.8 percent.

ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.




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