Stocks to watch: Biocon, Reliance Infrastructure, SRF
Equities are seen extending losses Thursday as inflation worries will continue to keep sentiment nervous. Global cues are not supportive either, which will add to the gloom.
By ET Online |
MUMBAI: Equities are seen extending losses Thursday as inflation worries will continue to keep sentiment nervous. Global cues are not supportive either, which will add to the gloom.
Crude oil prices continued to correct Thursday because of increase in US fuel inventories and fuel price hike in Asian countries. US light crude for July delivery was at fell to $121.84 a barrel, having settled down $2.01 on Wednesday at $122.30, its lowest settlement in almost a month.
The rupee weakened to 42.88 down 0.11 paise against the dollar from its previous close of 42.77/78 per dollar on Wednesday. It is likely to ease further with FIIs off-loading positions from the stock market on concerns of higher inflation and slowing growth.
The government on Wednesday announced a slew of measures to help the troubled aviation industry, which is expected to report losses of Rs 8,000 crore during this fiscal on account of rising fuel prices. Government has permitted airlines to continue with their ground-handling operations till December this year, while it will start a new Performance Navigation System at Mumbai and Delhi Airport, from August 1 to ease congestion and bring down the air traffic delays by 50 per cent. It has also set the same deadline for appointment of Ombudsman by all airlines to address passenger complaints and problems. It has also formalised a 10 member group of airlines and airports operators' to discuss ways to reduce airport charges.
Biocon has launched a new drug delivery platform by introducing pre-filled syringe devices for two of its lifesaving drugs for kidney and cancer patients. These syringes were launched in collaboration with US-based firm Safety Syringes. The stock ended at Rs 460.25, down 0.57 per cent on the bourses.
Fitch Ratings on Wednesday placed Reliance Infrastructure on negative rating watch, indicating that the ratings may be downgraded or remain at the current level. The move follows Fitch's ongoing review of Reliance Infra's business after the company said it plans to expand business via greenfield ventures.
SRF has commissioned three wind turbine generators for a capacity of 4.65 MW in Tamil Nadu. With this the entire project of 13.95 MWof wind power has been commissioned. The project will generate wind energy to be used for captive purpose.
Crude oil prices continued to correct Thursday because of increase in US fuel inventories and fuel price hike in Asian countries. US light crude for July delivery was at fell to $121.84 a barrel, having settled down $2.01 on Wednesday at $122.30, its lowest settlement in almost a month.
The rupee weakened to 42.88 down 0.11 paise against the dollar from its previous close of 42.77/78 per dollar on Wednesday. It is likely to ease further with FIIs off-loading positions from the stock market on concerns of higher inflation and slowing growth.
The government on Wednesday announced a slew of measures to help the troubled aviation industry, which is expected to report losses of Rs 8,000 crore during this fiscal on account of rising fuel prices. Government has permitted airlines to continue with their ground-handling operations till December this year, while it will start a new Performance Navigation System at Mumbai and Delhi Airport, from August 1 to ease congestion and bring down the air traffic delays by 50 per cent. It has also set the same deadline for appointment of Ombudsman by all airlines to address passenger complaints and problems. It has also formalised a 10 member group of airlines and airports operators' to discuss ways to reduce airport charges.
Biocon has launched a new drug delivery platform by introducing pre-filled syringe devices for two of its lifesaving drugs for kidney and cancer patients. These syringes were launched in collaboration with US-based firm Safety Syringes. The stock ended at Rs 460.25, down 0.57 per cent on the bourses.
Fitch Ratings on Wednesday placed Reliance Infrastructure on negative rating watch, indicating that the ratings may be downgraded or remain at the current level. The move follows Fitch's ongoing review of Reliance Infra's business after the company said it plans to expand business via greenfield ventures.
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SRF has commissioned three wind turbine generators for a capacity of 4.65 MW in Tamil Nadu. With this the entire project of 13.95 MWof wind power has been commissioned. The project will generate wind energy to be used for captive purpose.
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