Market Live: Benchmark indices open at record highs; Nifty above 10,600 | Indian Share Market

Indian Share Market


Market Live: Benchmark indices open at record highs; Nifty above 10,600

Benchmark indices open at record highs; Nifty above 10,600, Sensex up 160 pts
Sobha surged 10 percent post strong operational performance in Q3. Prestige Estates also gained 3.5 percent.

Shares of Jindal Steel & Power (JSPL) touched 52-week high of Rs 270.30, surging 13 percent in early trade as company planning to raise Rs 1,000 crore.

The company will raise Rs 1,000 crore through qualified institutional placement (QIP) route in February, said by Chairman Naveen Jindal.

Speaking to CNBC-TV18 Jindal adds the company will also raise equity for Oman operations.

We have always been a standard account, it is just out of some technical issues of Reserve Bank of India (RBI) — because they have very strict guidelines – few banks had become non-performing assets (NPAs). No bank has lost a single rupee with JSPL and no bank will lose a single rupee with JSPL, he said.

Raw material prices have gone up and steel prices have also improved and there is a good demand for all our products.  So we are very confident that going forward things are going to be much better, he added.

We are going to be raising only about Rs 1,000 crore and utilising it mostly for some debt repayment and to clear payments of all our suppliers and creditors, said Jindal.

Will require around Rs 1,000-1,500 crore from banks for working capital, he further mentioned.

The rupee strengthened by 8 paise to trade at 63.28 against the US dollar in opening session today on selling of the greenback by exporters and banks amid gains in stocks which scaled record levels.

Currency dealers said continued foreign fund inflows and weakness in the greenback against other currencies overseas supported the rupee.

Furthermore, a higher opening in the domestic equity market gave the uptrend some momentum, they added.

On Friday, the rupee ended at a 32-month high of 63.37, up 4 paise on steady unwinding of the American currency by exporters.

9:35 am Buzzing: Shares of Larsen and Toubro (L&T) touched 52-week high of Rs 1,330.10, rising more than 1 percent in early trade as it has won orders worth Rs 2,265 crore.

The Transportation Infrastructure and Water & Effluent Treatment businesses of L&T Construction have jointly bagged three EPC orders worth Rs 2,265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA).


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