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Global equities are in a sweet spot with rising asset turnover and pricing power helping shares of the real economy while higher bond yields and firming input costs will weigh heavily on the bond proxies in 2017. It is better to be upstream rather than downstream, it feels. Value and earnings revisions styles still seem appealing. Turned modestly bearish on India since December 2016 ,
Global equities are in a sweet spot with rising asset turnover and pricing power helping shares of the real economy while higher bond yields and firming input costs will weigh heavily on the bond proxies in 2017. It is better to be upstream rather than downstream, it feels. Value and earnings revisions styles still seem appealing. Turned modestly bearish on India since December 2016 ,
State-owned refiners BPCL, HPCL and IOC alongside a company floated by directors of drugmaker Sun Pharma were declared as winners of the much-hyped small oil and gas field discovery auction.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved award of 31 fields out of the 34 that had received bids. Bharat Petro Resources Ltd, a unit of Bharat Petroleum Corporation Ltd (BPCL), won as many as four of the fields while Hindustan Petroleum Corporation Ltd's subsidiary Prize Petroleum and Indian Oil Corporation (IOC) walked away with three each. Sun Petrochemicals Pvt, a privately-owned company formed by the directors of Sun Pharmaceuticals Industries Ltd, won the B-37 Cluster in Mumbai offshore, for which it was the sole bidder. It had bid for 6 out of the 46 fields that were auctioned last year.
DLF promoters in last leg of talks for Rs 12-14Kcr sale deal . Equity benchmarks rebounded in opening on Thursday after two-day losses, supported by PSU banks and technology stocks. The 30-share BSE Sensex was up 48.32 points at 28203.88 and the 50-share NSE Nifty rose 14.25 points to 8738.95. SBI gained 2 percent after cabinet approved merger of five associate banks with the bank. State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore rallied 6 percent each.
TCS rose 1.71 percent as the board of directors will consider buyback of shares on February 20. Infosys, Cipla, Tata Motors and Sun Pharma were other gainers while ITC, Bharti Airtel, Aurobindo Pharma, Bharti Infratel, Coal India, ICICI Bank and HDFC Bank were under pressure. The Indian rupee has opened lower by 4 paise at 66.94 per dollar against previous close of 66.90.
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