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Markets are likely to open on a positive note after receiving positive announcement from market regulator, SEBI.
An index of global stocks was near record highs on Friday while gold celebrated its biggest one-day rise in nine months as markets wagered policies would stay super loose in the United States, Europe and Japan for a long time to come.
Investors piled into bullion while selling U.S. government debt on the premise the Fed might be comfortable with higher inflation if it meant faster economic growth.
The Securities & Exchange Board of India (Sebi) on Thursday sought to breathe fresh life into the stock markets through a series of steps, including a mandatory 25% public holding in state-run companies and a 10% reservation for retail investors in share sales through the exchanges.
Currently, listed public sector companies need a minimum 10% public shareholding and the increase in the threshold will result in a string of equity issues, helping the cash-strapped government mop up over Rs 60,000 crore, based on current market price.
STOCKS TO WATCH:
The Securities & Exchange Board of India announced that over the next three years, the government will have to pare its stake in several PSU including Coal India, SAIL, Nalco and National Mineral Development Corporation.
Ratings agency ICRA diminished its tractor sales forecast for the current fiscal to 4-6 per cent from 8 per cent earlier. The agency said sun-normal monsoons in some parts of the country during February and March impacted Rabi crop as well as consumer sentiments.
Tata Motors-owned Jaguar Land Rover has announced an investment of 200 million pounds at its Halewood plant in the UK to support introduction of its upcoming SUV Discovery Sport.
Private equity (PE) firm WestBridge Ventures II LLC sold 1.5 million shares or around 1.2% stake in SKS Microfinance, India’s only listed micro-lender. As on 31 March, Westbridge had 5.22% stake or 6.6 million shares in SKS, while Kumaon Investment Holdings, a unit of WestBridge, held 3.53% or 4.5 million shares, making them the largest shareholders in the company.
PSU gas producers such as ONGC, Oil India are likely to be in focus after petroleum ministry proposed that higher gas price as per the Rangarajan formula could be allowed only for incremental production over and above the current levels.
