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A weak opening on the cards

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Trading of 50 index futures on the stock exchange indicates that the could slide 58 points at the opening bell.

In overseas stock markets, Asian stocks were trading lower as crude oil prices dropped after Saudi Arabia suggested the world's biggest producers didn't need to reduce output. US stocks ended a holiday-shortened session with gains on Friday, 25 November 2016 with major indexes extending their string of record closes and chalking up their third straight weekly advance. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 372.88 crore on Friday, 25 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 997.84 crore on Friday, 25 November 2016, as per provisional data.

Reliance Industries (RIL) will be in focus. In its clarification with regard to news item titled "Two killed, six injured in fire at Reliance refinery", the company after market hours on Friday, 25 November 2016 said there was an unfortunate flash fire in one of the units under a planned maintenance shutdown in its DTA refinery at Jamnagar. While the Reliance fire brigade extinguished the fire swiftly, this has resulted in injuries to 8 contract workers, who are being provided necessary medical treatment. Inspite of timely medical help provided by Reliance medical staff, unfortunately two of them succumbed to their injuries. All operations of the refinery continue to be normal, RIL said.

Engineering and construction major L&T announced that its wholly owned subsidiary, L&T Hydrocarbon Engineering unveiled a high-tech spool base facilities at L&T's fabrication facility at Kattupalli in Chennai on 25 November 2016. These facilities are being employed to execute a prestigious lump sum turn key (LSTK) contract that has been bagged from ONGC for a subsea installation by a consortium of J. Ray Mc Dermott S.A., Berlian McDermott & L&T Hydrocarbon Engineering in international competitive bidding. The announcement was made after market hours on Friday, 25 November 2016.

Bosch said that based on the proposal and action plan submitted by the company, the Rajasthan State Pollution Control Board has vide its letter dated 24 November 2016, extended the abeyance order revoking the consent given to operate the company's Jaipur plant for further period of three weeks upto 17 December 2016. The company would co-operate with the authorities for early resolution of the matter, Bosch said. The announcement was made after market hours on Friday, 25 November 2016. It may be recalled that the Jaipur plant of Bosch was served with an order dated 27 October 2016 by Rajasthan State Pollution Control Board revoking the consent given to operate the Jaipur plant for alleged non-fulfillment of certain conditions with respect to waste water treatment and re-use of the treated water. The company, had therefore, closed the operations at the plant from 28 October 2016. Bosch at that time had put the estimated production loss at about Rs 2.5 crore per day due to closure of operations at the said plant. Jaipur plant's license was valid up to 28 February 2017, the company had said at that time.

Aurobindo Pharma said that its French subsidiary Arrow Generiques SAS, announced the signing of an agreement to acquire select commercial products in France from Teva. Arrow Generiques will acquire the right, title and interest in products calcium and calcium vitamin D3, including the use of the OROCAL trademark. The transaction is subject to the approval of the European Commission. Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France, and focus on maximizing their potential. Arrow Generiques and Teva intend to ensure continuity of the supply of the products to the market. This acquisition will enable Arrow Generiques to continue to increase its branded products portfolio and leverage its position as a key player in the drug market. Arrow Generiques is a pharmaceutical company with focus on selling generics on the retail and hospital markets in France since 2002. The announcement was made after market hours on Friday, 25 November 2016.

Trading for the week closed on a buoyant note on Friday, 25 November 2016 as key benchmark indices surged led by gains in IT and pharma stocks. The Sensex jumped 456.17 points or 1.76% to settle at 26,316.34, its highest closing level since 11 November 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 08:13 IST