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Market gains for second day in a row

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Key benchmark indices logged small gains in a lackluster session of trade. The barometer index, the S&P Sensex, rose 33.83 points or 0.13% to settle at 26,350.17. The 50 index gained 12.60 points or 0.16% to settle at 8,126.90. Both the and the hit their highest closing levels in more than two weeks. The market gained for the second day in a row today, 28 November 2016.

The rose 33.83 points or 0.13% to settle at 26,350.17, its highest closing level since 11 November 2016. The index rose 97.65 points, or 0.37% at the day's high of 26,413.99. The index fell 133.12 points, or 0.51% at the day's low of 26,183.22.

The 50 index gained 12.60 points or 0.16% to settle at 8,126.90, its highest closing level since 11 November 2016. The index rose 32.20 points, or 0.4% at the day's high of 8,146.50. The index fell 47.80 points, or 0.59% at the day's low of 8,066.50.

Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,666 shares rose and 923 shares declined. A total of 177 shares were unchanged. The Mid-Cap index rose 0.97%. The Small-Cap index gained 0.66%. Both these indices outperformed the Sensex.

The total turnover on amounted to Rs 2999.73 crore, higher than the turnover of Rs 2608.36 crore registered during the previous trading session.

Among sectoral indices on BSE, the S&P Auto index (up 0.46%), the S&P Consumer Discretionary Goods & Services index (up 0.61%), the S&P Realty index (up 1.91%), the S&P Basic Materials index (up 0.76%), the S&P Telecom index (up 4.04%), the S&P FMCG index (up 1.23%), the S&P Teck index (up 0.57%), the S&P Metal index (up 0.96%), the S&P Power index (up 1.74%), the S&P Energy index (up 0.57%), the S&P Oil & Gas index (up 1.06%), the S&P Industrials index (up 0.65%), the S&P Utilities index (up 1.41%), and the S&P Healthcare index (up 0.55%), outperformed the Sensex.

The S&P Consumer Durables index (down 1.2%), the S&P Capital Goods index (up 0.02%), the S&P Bankex (down 1.16%), the S&P IT index (down 0.15%), and the S&P Finance index (down 0.59%) underperformed the Sensex.

Index heavyweight and cigarette major ITC gained 2.08% to Rs 233.50. The stock hit a high of Rs 234.20 and low of Rs 227.80 in intraday trade.

Telecom stocks gained. Idea Cellular (up 3.33%), MTNL (up 3.57%), Reliance Communications (up 2.14%) and Tata Teleservices (Maharashtra) (up 3.52%) gained.

Bharti Airtel rose 5.19% after the firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquistion of Econet Wireless' entire 4.2% stake in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%. The announcement was made on Saturday, 26 November 2016.

Shares of Bharti Infratel rose 2.34%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Shares of most of the public sector banks dropped and private sector banks were mixed after the central bank announced measures to drain excess liquidity after the government's recent move to withdraw legal tender status of Rs 500 and Rs 1,000 bank notes. Among public sector banks, Bank of Baroda (down 2.92%), State Bank of India (down 2.82%), Bank of India (down 2.72%), Punjab National Bank (down 2.25%), Corporation Bank (down 1.54%), Indian Overseas Bank (down 0.4%), IDBI Bank (down 0.44%), Canara Bank (down 0.43%) and Union Bank of India (down 2.06%) edged lower. Indian Bank rose 0.46%.

Among private sector banks, RBL Bank (up 0.91%), Axis Bank (up 0.31%), and Kotak Mahindra Bank (up 0.07%) edged higher. HDFC Bank (down 0.32%), Yes Bank (down 1.59%), ICICI Bank (down 1.73%) and IndusInd Bank (down 2.39%) edged lower.

The Reserve Bank of India (RBI) stated on Saturday, 26 November 2016, that with the withdrawal of the legal tender status of Rs 500 and Rs 1,000 denomination bank notes (specified bank notes) beginning 9 November 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead, the central bank said. In view of this, it has been decided to absorb a part of this surplus liquidity by applying an incremental cash reserve ratio (CRR) as a purely temporary measure, the bank said.

The CRR remains unchanged at 4% of outstanding net demand and time liabilities (NDTL). On the increase in NDTL between 16 September 2016 and 11 November 2016, scheduled banks shall maintain an incremental CRR of 100%, effective the fortnight beginning 26 November 2016. This is intended to absorb a part of the surplus liquidity arising from the return of specified bank notes (SBNs) to the banking system, while leaving adequate liquidity with banks to meet the credit needs of the productive sectors of the economy. As the incremental CRR is intended to be a temporary measure within RBI's liquidity management framework to drain excess liquidity in the system, it shall be reviewed on 9 December 2016 or even earlier, the central bank said. The central bank has separately revived the Guarantee Scheme to enable deposit of SBN balances at the RBI or at currency chests and get immediate value. This measure should also facilitate banks' compliance with the incremental CRR, the central bank said.

Reliance Industries (RIL) dropped 0.72%. 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.

Tata Steel dropped 0.15%. Tata Steel UK announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of 100 million subject to due diligence and corporate approvals. The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries. The announcement was made after market hours today, 28 November 2016.

Tata Steel UK has invested 1.5 billion of capital over the last nine years. The company's boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments.

In the current year, the company is pursuing 85m worth of capital investments covering a range of sustenance and improvement schemes. Tata Steel has recently approved schemes focused on improving manufacturing capability to enable the production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbot's power plant. Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with company's strategy to enhance premium product focus for UK strip products supply chain.

Separately, Tata Steel announced that the company at its meeting held on Friday, 25 November 2016, decided to convene an extraordinary general meeting (EGM) on 21 December 2016, pursuant to the special notice & requisition dated 10 November 2016, received from Tata Sons, promoter and principal shareholder of the company, holding 29.75% of the paid-up ordinary share capital of the company, to consider and if thought fit, to pass the resolutions viz. removal of C. P. Mistry as director of the company and removal of Nusli N. Wadia as director of the company. The announcement was made after market hours on Friday, 25 November 2016.

Meanwhile, the gained for the second day in a row today, 28 November 2016. The gained 490 points or 1.89% in two sessions from a close of 25,860.17 on 24 November 2016. The has fallen 1,580.04 points or 5.65% in November 2016 so far (till 28 November 2016). The has risen 232.63 points or 0.89% in calendar year 2016 so far (till 28 November 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,855.56 points or 17.13%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,727.11 points or 9.37%. The is off 3,674.57 points or 12.23% from a record high of 30,024.74 hit on 4 March 2015.

Overseas, European markets were trading lower amid continued political uncertainty in Italy. Investors are increasingly worried over the upcoming referendum in Italy that could potentially lead to the fall of the Italian government and raise possible concerns over the recapitalization of the banking system. Most Asian stocks rose as oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016, to discuss production cuts to shore up prices. But Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.

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

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Market gains for second day in a row

Key benchmark indices logged small gains in a lackluster session of trade. The barometer index, the S&P BSE Sensex, rose 33.83 points or 0.13% to settle at 26,350.17. The Nifty 50 index gained 12.60 points or 0.16% to settle at 8,126.90. Both the Sensex and the Nifty hit their highest closing levels in more than two weeks. The market gained for the second day in a row today, 28 November 2016.

Key benchmark indices logged small gains in a lackluster session of trade. The barometer index, the S&P Sensex, rose 33.83 points or 0.13% to settle at 26,350.17. The 50 index gained 12.60 points or 0.16% to settle at 8,126.90. Both the and the hit their highest closing levels in more than two weeks. The market gained for the second day in a row today, 28 November 2016.

The rose 33.83 points or 0.13% to settle at 26,350.17, its highest closing level since 11 November 2016. The index rose 97.65 points, or 0.37% at the day's high of 26,413.99. The index fell 133.12 points, or 0.51% at the day's low of 26,183.22.

The 50 index gained 12.60 points or 0.16% to settle at 8,126.90, its highest closing level since 11 November 2016. The index rose 32.20 points, or 0.4% at the day's high of 8,146.50. The index fell 47.80 points, or 0.59% at the day's low of 8,066.50.

Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,666 shares rose and 923 shares declined. A total of 177 shares were unchanged. The Mid-Cap index rose 0.97%. The Small-Cap index gained 0.66%. Both these indices outperformed the Sensex.

The total turnover on amounted to Rs 2999.73 crore, higher than the turnover of Rs 2608.36 crore registered during the previous trading session.

Among sectoral indices on BSE, the S&P Auto index (up 0.46%), the S&P Consumer Discretionary Goods & Services index (up 0.61%), the S&P Realty index (up 1.91%), the S&P Basic Materials index (up 0.76%), the S&P Telecom index (up 4.04%), the S&P FMCG index (up 1.23%), the S&P Teck index (up 0.57%), the S&P Metal index (up 0.96%), the S&P Power index (up 1.74%), the S&P Energy index (up 0.57%), the S&P Oil & Gas index (up 1.06%), the S&P Industrials index (up 0.65%), the S&P Utilities index (up 1.41%), and the S&P Healthcare index (up 0.55%), outperformed the Sensex.

The S&P Consumer Durables index (down 1.2%), the S&P Capital Goods index (up 0.02%), the S&P Bankex (down 1.16%), the S&P IT index (down 0.15%), and the S&P Finance index (down 0.59%) underperformed the Sensex.

Index heavyweight and cigarette major ITC gained 2.08% to Rs 233.50. The stock hit a high of Rs 234.20 and low of Rs 227.80 in intraday trade.

Telecom stocks gained. Idea Cellular (up 3.33%), MTNL (up 3.57%), Reliance Communications (up 2.14%) and Tata Teleservices (Maharashtra) (up 3.52%) gained.

Bharti Airtel rose 5.19% after the firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquistion of Econet Wireless' entire 4.2% stake in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%. The announcement was made on Saturday, 26 November 2016.

Shares of Bharti Infratel rose 2.34%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Shares of most of the public sector banks dropped and private sector banks were mixed after the central bank announced measures to drain excess liquidity after the government's recent move to withdraw legal tender status of Rs 500 and Rs 1,000 bank notes. Among public sector banks, Bank of Baroda (down 2.92%), State Bank of India (down 2.82%), Bank of India (down 2.72%), Punjab National Bank (down 2.25%), Corporation Bank (down 1.54%), Indian Overseas Bank (down 0.4%), IDBI Bank (down 0.44%), Canara Bank (down 0.43%) and Union Bank of India (down 2.06%) edged lower. Indian Bank rose 0.46%.

Among private sector banks, RBL Bank (up 0.91%), Axis Bank (up 0.31%), and Kotak Mahindra Bank (up 0.07%) edged higher. HDFC Bank (down 0.32%), Yes Bank (down 1.59%), ICICI Bank (down 1.73%) and IndusInd Bank (down 2.39%) edged lower.

The Reserve Bank of India (RBI) stated on Saturday, 26 November 2016, that with the withdrawal of the legal tender status of Rs 500 and Rs 1,000 denomination bank notes (specified bank notes) beginning 9 November 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead, the central bank said. In view of this, it has been decided to absorb a part of this surplus liquidity by applying an incremental cash reserve ratio (CRR) as a purely temporary measure, the bank said.

The CRR remains unchanged at 4% of outstanding net demand and time liabilities (NDTL). On the increase in NDTL between 16 September 2016 and 11 November 2016, scheduled banks shall maintain an incremental CRR of 100%, effective the fortnight beginning 26 November 2016. This is intended to absorb a part of the surplus liquidity arising from the return of specified bank notes (SBNs) to the banking system, while leaving adequate liquidity with banks to meet the credit needs of the productive sectors of the economy. As the incremental CRR is intended to be a temporary measure within RBI's liquidity management framework to drain excess liquidity in the system, it shall be reviewed on 9 December 2016 or even earlier, the central bank said. The central bank has separately revived the Guarantee Scheme to enable deposit of SBN balances at the RBI or at currency chests and get immediate value. This measure should also facilitate banks' compliance with the incremental CRR, the central bank said.

Reliance Industries (RIL) dropped 0.72%. 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.

Tata Steel dropped 0.15%. Tata Steel UK announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of 100 million subject to due diligence and corporate approvals. The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries. The announcement was made after market hours today, 28 November 2016.

Tata Steel UK has invested 1.5 billion of capital over the last nine years. The company's boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments.

In the current year, the company is pursuing 85m worth of capital investments covering a range of sustenance and improvement schemes. Tata Steel has recently approved schemes focused on improving manufacturing capability to enable the production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbot's power plant. Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with company's strategy to enhance premium product focus for UK strip products supply chain.

Separately, Tata Steel announced that the company at its meeting held on Friday, 25 November 2016, decided to convene an extraordinary general meeting (EGM) on 21 December 2016, pursuant to the special notice & requisition dated 10 November 2016, received from Tata Sons, promoter and principal shareholder of the company, holding 29.75% of the paid-up ordinary share capital of the company, to consider and if thought fit, to pass the resolutions viz. removal of C. P. Mistry as director of the company and removal of Nusli N. Wadia as director of the company. The announcement was made after market hours on Friday, 25 November 2016.

Meanwhile, the gained for the second day in a row today, 28 November 2016. The gained 490 points or 1.89% in two sessions from a close of 25,860.17 on 24 November 2016. The has fallen 1,580.04 points or 5.65% in November 2016 so far (till 28 November 2016). The has risen 232.63 points or 0.89% in calendar year 2016 so far (till 28 November 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,855.56 points or 17.13%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,727.11 points or 9.37%. The is off 3,674.57 points or 12.23% from a record high of 30,024.74 hit on 4 March 2015.

Overseas, European markets were trading lower amid continued political uncertainty in Italy. Investors are increasingly worried over the upcoming referendum in Italy that could potentially lead to the fall of the Italian government and raise possible concerns over the recapitalization of the banking system. Most Asian stocks rose as oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016, to discuss production cuts to shore up prices. But Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.

Powered by Capital Market - Live News

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

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Business Standard
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Market gains for second day in a row

Key benchmark indices logged small gains in a lackluster session of trade. The barometer index, the S&P Sensex, rose 33.83 points or 0.13% to settle at 26,350.17. The 50 index gained 12.60 points or 0.16% to settle at 8,126.90. Both the and the hit their highest closing levels in more than two weeks. The market gained for the second day in a row today, 28 November 2016.

The rose 33.83 points or 0.13% to settle at 26,350.17, its highest closing level since 11 November 2016. The index rose 97.65 points, or 0.37% at the day's high of 26,413.99. The index fell 133.12 points, or 0.51% at the day's low of 26,183.22.

The 50 index gained 12.60 points or 0.16% to settle at 8,126.90, its highest closing level since 11 November 2016. The index rose 32.20 points, or 0.4% at the day's high of 8,146.50. The index fell 47.80 points, or 0.59% at the day's low of 8,066.50.

Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,666 shares rose and 923 shares declined. A total of 177 shares were unchanged. The Mid-Cap index rose 0.97%. The Small-Cap index gained 0.66%. Both these indices outperformed the Sensex.

The total turnover on amounted to Rs 2999.73 crore, higher than the turnover of Rs 2608.36 crore registered during the previous trading session.

Among sectoral indices on BSE, the S&P Auto index (up 0.46%), the S&P Consumer Discretionary Goods & Services index (up 0.61%), the S&P Realty index (up 1.91%), the S&P Basic Materials index (up 0.76%), the S&P Telecom index (up 4.04%), the S&P FMCG index (up 1.23%), the S&P Teck index (up 0.57%), the S&P Metal index (up 0.96%), the S&P Power index (up 1.74%), the S&P Energy index (up 0.57%), the S&P Oil & Gas index (up 1.06%), the S&P Industrials index (up 0.65%), the S&P Utilities index (up 1.41%), and the S&P Healthcare index (up 0.55%), outperformed the Sensex.

The S&P Consumer Durables index (down 1.2%), the S&P Capital Goods index (up 0.02%), the S&P Bankex (down 1.16%), the S&P IT index (down 0.15%), and the S&P Finance index (down 0.59%) underperformed the Sensex.

Index heavyweight and cigarette major ITC gained 2.08% to Rs 233.50. The stock hit a high of Rs 234.20 and low of Rs 227.80 in intraday trade.

Telecom stocks gained. Idea Cellular (up 3.33%), MTNL (up 3.57%), Reliance Communications (up 2.14%) and Tata Teleservices (Maharashtra) (up 3.52%) gained.

Bharti Airtel rose 5.19% after the firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquistion of Econet Wireless' entire 4.2% stake in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%. The announcement was made on Saturday, 26 November 2016.

Shares of Bharti Infratel rose 2.34%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Shares of most of the public sector banks dropped and private sector banks were mixed after the central bank announced measures to drain excess liquidity after the government's recent move to withdraw legal tender status of Rs 500 and Rs 1,000 bank notes. Among public sector banks, Bank of Baroda (down 2.92%), State Bank of India (down 2.82%), Bank of India (down 2.72%), Punjab National Bank (down 2.25%), Corporation Bank (down 1.54%), Indian Overseas Bank (down 0.4%), IDBI Bank (down 0.44%), Canara Bank (down 0.43%) and Union Bank of India (down 2.06%) edged lower. Indian Bank rose 0.46%.

Among private sector banks, RBL Bank (up 0.91%), Axis Bank (up 0.31%), and Kotak Mahindra Bank (up 0.07%) edged higher. HDFC Bank (down 0.32%), Yes Bank (down 1.59%), ICICI Bank (down 1.73%) and IndusInd Bank (down 2.39%) edged lower.

The Reserve Bank of India (RBI) stated on Saturday, 26 November 2016, that with the withdrawal of the legal tender status of Rs 500 and Rs 1,000 denomination bank notes (specified bank notes) beginning 9 November 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead, the central bank said. In view of this, it has been decided to absorb a part of this surplus liquidity by applying an incremental cash reserve ratio (CRR) as a purely temporary measure, the bank said.

The CRR remains unchanged at 4% of outstanding net demand and time liabilities (NDTL). On the increase in NDTL between 16 September 2016 and 11 November 2016, scheduled banks shall maintain an incremental CRR of 100%, effective the fortnight beginning 26 November 2016. This is intended to absorb a part of the surplus liquidity arising from the return of specified bank notes (SBNs) to the banking system, while leaving adequate liquidity with banks to meet the credit needs of the productive sectors of the economy. As the incremental CRR is intended to be a temporary measure within RBI's liquidity management framework to drain excess liquidity in the system, it shall be reviewed on 9 December 2016 or even earlier, the central bank said. The central bank has separately revived the Guarantee Scheme to enable deposit of SBN balances at the RBI or at currency chests and get immediate value. This measure should also facilitate banks' compliance with the incremental CRR, the central bank said.

Reliance Industries (RIL) dropped 0.72%. 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.

Tata Steel dropped 0.15%. Tata Steel UK announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of 100 million subject to due diligence and corporate approvals. The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries. The announcement was made after market hours today, 28 November 2016.

Tata Steel UK has invested 1.5 billion of capital over the last nine years. The company's boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments.

In the current year, the company is pursuing 85m worth of capital investments covering a range of sustenance and improvement schemes. Tata Steel has recently approved schemes focused on improving manufacturing capability to enable the production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbot's power plant. Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with company's strategy to enhance premium product focus for UK strip products supply chain.

Separately, Tata Steel announced that the company at its meeting held on Friday, 25 November 2016, decided to convene an extraordinary general meeting (EGM) on 21 December 2016, pursuant to the special notice & requisition dated 10 November 2016, received from Tata Sons, promoter and principal shareholder of the company, holding 29.75% of the paid-up ordinary share capital of the company, to consider and if thought fit, to pass the resolutions viz. removal of C. P. Mistry as director of the company and removal of Nusli N. Wadia as director of the company. The announcement was made after market hours on Friday, 25 November 2016.

Meanwhile, the gained for the second day in a row today, 28 November 2016. The gained 490 points or 1.89% in two sessions from a close of 25,860.17 on 24 November 2016. The has fallen 1,580.04 points or 5.65% in November 2016 so far (till 28 November 2016). The has risen 232.63 points or 0.89% in calendar year 2016 so far (till 28 November 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,855.56 points or 17.13%. From a 52-week high of 29,077.28 hit on 8 September 2016, the barometer index has fallen 2,727.11 points or 9.37%. The is off 3,674.57 points or 12.23% from a record high of 30,024.74 hit on 4 March 2015.

Overseas, European markets were trading lower amid continued political uncertainty in Italy. Investors are increasingly worried over the upcoming referendum in Italy that could potentially lead to the fall of the Italian government and raise possible concerns over the recapitalization of the banking system. Most Asian stocks rose as oil prices slid on unease about this week's meeting of Organization of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts. Major oil producers are scheduled to meet on Wednesday, 30 November 2016, to discuss production cuts to shore up prices. But Iran and Iraq have reportedly failed to agree to a reduction, raising jitters about the Vienna meeting's outcome. US stocks hit fresh records in a shortened trading session on Friday, 25 November 2016 as investors bet on a pickup in economic growth and rising corporate profits. Investors anticipate plans by President-elect Donald Trump to cut taxes, reduce regulations and spend on infrastructure will speed economic growth. In the latest economic data, Markit's flash November purchasing manager's index stood at 54.7, down fractionally from October's 54.8.

Powered by Capital Market - Live News

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

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