Market Outlook for the day – Current chart patterns suggests continuation of up move in the next session.
Reliance Industries Ltd, along with its partner British Petroleum (BP), plans to invest about Rs 800 crore to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast.
Cipla Ltd has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million.
Havells India has undertaken a sub-division of its equity shares of Rs 5 into Rs 1 each after getting the mandatory approval from its board.
Shriram Transport Finance Company will raise Rs. 500 crore through issue of non-convertible debentures. Interest rates will range from 11 to 11.5 per cent depending on the tenure. The minimum investment amount will be Rs. 10,000. The issue will open on July 2 and close on July 22.
Markets started with a strong note in the morning trade. Fall in crude prices as the supply disruption fears from Iraq eased as government forces launched a pushback against a Sunni militant takeover of large areas of the country also boosted the sentiments. The northward movement was majorly supported by the stocks from Power, Capital Goods, Bank and Healthcare sectors. The BSE Mid-Cap index was up 1.89% and the BSE Small-Cap index was up 1.80%, both these indices outperformed the Sensex.