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Equity Research Report: Religare Morning Digest

Rebound in Nifty is expected to continue, 8010-8050 are next important levels to watch for in the near term.
29 Sep 2014 | 07:00 AM

Corporate News: 

India Cements' board of directors approved the proposal to demerge Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team into a wholly-owned subsidiary of the company, by transferring its net assets at cost. The effective date of transfer will be 1 January 2015.

HDFC Bank rose 2.47% (NSE) on reports that the Foreign Investment Promotion Board will decide on 1 October 2014 a fresh proposal seeking enhancement of foreign investment limit in the bank.

JSW Energy signed a MOU with Jaiprakash Power Ventures for buying three operational plants.

 

Economy News

Standard & Poor's raised the outlook for India's "BBB-minus" rating back to "stable" from "negative," saying Prime Minister Narendra Modi government's "strong" mandate would allow it to implement fiscal and economic reforms.


Market Roundup 

Indian stocks edged higher in choppy trade after global credit rating agency Standard & Poor's (S&P) revised upwards its outlook on India's sovereign credit rating to stable from negative. S&P said that the stable outlook for the next 24 months reflects the rating agency's view that the new government has both the willingness and capacity to implement reforms necessary to restore some of India's lost growth potential, consolidate its fiscal accounts and permit the Reserve Bank of India to carry out effective monetary policy. Among the sectoral indices on BSE, the Bankex jumped 1.91%, BSE Realty index jumped 2.27%, BSE Metal index rose 2.49% BSE Capital Goods index and BSE Power index rose 1.56% and 1.22% respectively.

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