Key benchmark indices edged higher on the last trading session of the week after BJP's prime ministerial candidate for this year's Lok Sabha elections Mr. Narendra Modi promised policy implementation and said that he favoured introducing a nationwide goods and services tax (GST) in a speech delivered on Thursday, 27 February 2014. Dovish remarks from Federal Reserve Chairwoman Janet Yellen before the Senate Banking Committee on Thursday, 27 February 2014, also aided gains on the domestic bourses as the barometer index, the S&P BSE Sensex, moved past the psychological 21,000 mark. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets over the past few years. The Sensex attained 5-week closing high. The 50-unit CNX Nifty settled at its highest level in more than five weeks. The Sensex garnered 133.13 points or 0.63%, off 20.39 points from the day's high and up 130.46 points from the day's low. The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Wednesday, 26 February 2014.
Index heavyweight Reliance Industries (RIL) dropped in choppy trade after Arvind Kejriwal's Aam Aadmi Party (AAP) intensified its attack on RIL Chairman and Managing Director (CMD) Mukesh Ambani, accusing him of being involved in a Rs 6530-crore money-laundering operation. Pharma stocks edged higher on renewed buying, with Cadila Healthcare, Lupin and Dr. Reddy's Laboratories hitting record high. Shares of power finance companies gained. Fertiliser shares declined.
L&T gained in volatile trade after the company said its construction division has won new orders worth Rs 5220 crore across various business segments in January and February 2014. Bharat Heavy Electricals (Bhel) edged higher for the second day in a row after the company on Wednesday, 26 February 2014, said it has won a contract worth Rs 321 crore for setting up a 206 megawatts hydro electric project in Punjab. Jaiprakash Power Ventures jumped after the company said that a meeting of the board of directors of the company will be held tomorrow, 1 March 2014, to consider the recommendations of the Committee of Directors/Audit Committee aiming at reduction of debt and unlocking the shareholders' value. Among auto stocks, Tata Motors scaled record high. Maruti Suzuki India (MSIL) declined after the company provided clarification on Gujarat project on Thursday, 27 February 2014.
Among IT stocks, Infosys scaled a record high after its BPO unit -- Infosys BPO -- on Thursday, 27 February 2014, unveiled its Process Progression Model TM (PPM), a holistic and innovative framework to accelerate optimization and end-to-end transformation of business processes.
The market breadth, indicating the overall health of the market was negative.
A bout of volatility was witnessed as key benchmark indices trimmed gains after an initial rally. The Sensex moved past the psychological 21,000 mark. Key benchmark indices retained positive zone in early afternoon trade. Key benchmark indices trimmed intraday gains in early afternoon trade. Key benchmark indices moved in a narrow range in positive zone in afternoon trade. A bout of volatility was witnessed as the key benchmark indices recovered from lower level after trimming intraday gains in mid-afternoon trade as European stocks rose in early trade there. Volatility ruled the roost as the key benchmark indices trimmed gains after hitting fresh intraday high in late trade. The the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, trimmed gains after the hitting five-week high.
The market sentiment was boosted by data showing that foreign funds were net buyers of Indian stocks on Wednesday, 26 February 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 567.10 crore from the secondary equity markets on Wednesday, 26 February 2014, as per the data from the Securities & Exchange Board of India (Sebi). The stock market was closed on Thursday, 27 February 2014, on account of Mahashivratri.
The S&P BSE Sensex garnered 133.13 points or 0.63% to settle at 21,120.12, its highest closing level since 24 January 2014. The index jumped 153.52 points at the day's high of 21,140.51 in late trade. The index rose 2.67 points at the day's low of 20,989.66 in early trade.
The CNX Nifty garnered 38.15 points or 0.61% to settle at 6,276.95, its highest closing level since 23 January 2014. The index hit a high of 6,282.70 in intraday trade. The index hit a low of 6,228.10 in intraday trade.
The BSE Mid-Cap index rose 31.39 points or 0.49% to settle at 6,500.42 and the BSE Small-Cap index rose 8.77 points or 0.14% to settle at 6,445.04. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market was negative. On BSE, 1,334 shares dropped and 1,332 shares rose. A total of 167 shares were unchanged.
The total turnover on BSE amounted to Rs 2643 crore, higher than Rs 1823.42 crore on Wednesday, 26 February 2014.
Index heavyweight and cigarette major ITC fell 0.78% to Rs 326 in volatile trade. The stock hit a high of Rs 331.55 and low of Rs 325.
Index heavyweight Reliance Industries (RIL) dropped in choppy trade after Arvind Kejriwal's Aam Aadmi Party (AAP) intensified its attack on RIL Chairman and Managing Director (CMD) Mukesh Ambani, accusing him of being involved in a Rs 6530-crore money-laundering operation. The stock was off 1.67% at Rs 797. The stock hit a high of Rs 814 and low of Rs 794.
RIL on Thursday, 27 February 2014, said that allegations that foreign direct investments in certain Indian companies by Biometrix, a Singapore-based company, are "laundered monies" invested in India are completely false. These false and baseless allegations are being repeatedly made in the media and in judicial proceedings and have been already responded to, RIL said. The allegations made by Prashant Bhushan on Thursday, 27 February 2014, are highly defamatory, false, irresponsible and devoid of any merit or substance whatsoever, RIL said. These false allegations have been repeatedly made and their regurgitation in the media is fuelling an orchestrated, politically-motivated campaign against the company, RIL said.
The investments by Biometrix were open, transparent and perfectly legitimate transactions in full compliance with the extant regulations, RIL said. These investments in the Indian companies were made by Biometrix out of loans raised from ICICI Bank, Singapore branch, RIL said. ICICI Bank has confirmed this fact to the regulators, RIL said. Regulatory authorities have fully investigated the matter and have found no substance in the allegations of money laundering, RIL said. The insinuation that this money was from "gold plating" from KG-D6 is completely irresponsible and false, RIL said.
The allegations that ill-gotten laundered money or profits have either been made or that these have been deposited in the accounts of RIL Chairman and Managing Director (CMD) Mr. Mukesh Ambani through Singapore or otherwise are false, RIL said. The allegations relating to surrender of D-29 and D-30 blocks and transfer of Mr Chaubey are also false and irresponsible, RIL said. The company is refraining from making any further comment at this stage since the allegations relating to Biometrix are a part of judicial proceedings, RIL said.
Pharma stocks edged higher on renewed buying. Sun Pharmaceutical Industries (up 2.52%), Glenmark Pharmaceuticals (up 3.15%), Cipla (up 2.4%) and Wockhardt (up 4.31%) gained
Cadila Healthcare rose 3.99% to Rs 1,048 after striking a record high of Rs 1,053.15 in intraday trade.
Lupin gained 3.91% to Rs 998 after striking a record high of Rs 1,001 in intraday trade.
Dr. Reddy's Laboratories rose 2.17% to Rs 2,895.55 after hitting record high of Rs 2,939.80 in intraday trade.
Ajanta Pharma gained 2.06% to Rs 1,040 after hitting record high of Rs 1,064.65 in intraday trade.
Aurobindo Pharma rose 2.44% to Rs 524.95 after hitting record high of Rs 539.70 in intraday trade.
Capital goods stocks edged higher on renewed buying. Crompton Greaves (up 2.11%), Siemens (up 2.97%), ABB India (up 1.39%) and Punj Lloyd (up 0.19%) gained.
Bharat Heavy Electricals (Bhel) edged higher for second day in a row after the company on Wednesday, 26 February 2014, said it has won a contract worth Rs 321 crore for setting up a 206 megawatts hydro electric project in Punjab. The stock jumped 3.46%.
L&T rose 0.88% to Rs 1,106.25. The stock hit high of Rs 1,113.35 and low of Rs 1,085. L&T during market hours today, 28 February 2014, said that L&T Construction has won new orders worth Rs 5220 crore across various business segments in January and February 2014.
Jaiprakash Power Ventures jumped 12.26%. Jaiprakash Power Ventures during market hours today, 28 February 2014, said that a meeting of the Board of Directors of the company will be held tomorrow, 1 March 2014, to consider the recommendations of the Committee of Directors/Audit Committee aiming at reduction of debt and unlocking the shareholders' value.
Lanco Infratech rose 2.69% after the company said it has emerged as the successful bidder for an EPC contract of about Rs 3960 crore from Tamil Nadu Generation and Distribution Corporation. The announcement was made on Thursday, 27 February 2014.
Mahindra & Mahindra (M&M) rose 0.84% to Rs 970.50. The stock was volatile. The scrip hit high of Rs 975 and low of Rs 949.75. M&M's consolidated net profit fell 1.93% to Rs 1230 crore in Q3 December 2013 over Q3 December 2012. Consolidated gross revenue and other income rose 8.5% at Rs 20679.90 crore in Q3 December 2013 over Q3 December 2012. On a like to like basis, consolidated revenue rose 11.7% in Q3 December 2013 over Q3 December 2012. M&M announced the consolidated financials after trading hours on Wednesday, 26 February 2014.
The net profit after tax and minority interest for Q3 December 2013 includes a gain of Rs 256.5 crore that accrued on completion of the first part of the transaction in the auto components business with CIE Automotive S.A., Spain. The net profit after tax and minority interest for Q3 December 2012 included a deemed divestiture profit of Rs 275.6 crore as a result of dilution of (M&M)'s holding due to a QIP issue by its subsidiary Mahindra & Mahindra Financial Services, M&M said. Translation of rupee to dollar is a convenience translation at the average exchange rate for the twelve month period ended 31 December 2013, the company said.
Mahindra CIE Automotive (formerly known as Mahindra Forgings) and Mahindra Hinoday Industries ceased to be subsidiaries effective 4 October 2013, on account of their divestment as part of the transaction in the Auto Components business with CIE Automotive S.A., Spain, hence their revenues and profits are consolidated only upto Q2 September 2013, M&M said.
The M&M group as on 31 December 2013 comprised of 119 subsidiaries, 7 joint ventures and 12 associates.
Maruti Suzuki India (MSIL) slumped after the company provided clarification on Gujarat project on Thursday, 27 February 2014. The stock lost 4.5% to Rs 1,586.90. The stock hit high of Rs 1,665 and low of Rs 1,573. MSIL on Thursday, 27 February 2014, clarified that the Suzuki Motor Corporation's (SMC) subsidiary in Gujarat (Sub) would operate on the basis that while it would not make any losses, it would also not accumulate any cash surpluses. The cost of production of vehicles, produced by the Sub, would be calculated in an identical manner to that followed by MSIL in Haryana, and as would have been done if the Gujarat project had been executed by a 100% subsidiary of MSIL.
The capital expenditure needs of the Gujarat Sub would be met by the depreciation amount available with the Sub, by an amount generated as net surplus from the car pricing and by SMC infusing fresh equity, to the extent necessary. The capital expenditure needs of the Sub would be determined jointly by MSIL and the Sub, consistent with the production needs of MSIL from the Gujarat project, MSIL said.
Further, if the contract manufacturing agreement expires, and in case is not extended by mutual consent, the assets of the Gujarat Sub would be transferred to MSIL at a fair value to be determined by independent valuation, the company said.
Ashok Leyland slipped 0.32%.
Tata Motors gained 3.96% to Rs 416.30 after hitting a record high of Rs 418 in intraday trade.
Motherson Sumi Systems rose 3.66% to Rs 232.25 after hitting record high of Rs 234.85 in intraday trade.
IT stocks were mixed. HCL Technologies rose 0.32%. Wipro dropped 1.18%.
Infosys rose 0.42% to Rs 3,820 after scaling a record high of Rs 3,832.10 in initial trade. Infosys BPO, a subsidiary of Infosys, on Thursday, 27 February 2014, unveiled its Process Progression Model (PPM), a holistic and innovative framework to accelerate optimization and end-to-end transformation of business processes. PPM brings together multiple transformation levers and competencies developed by Infosys, to help clients progress their business processes in a phased way and maximize efficiency and effectiveness of each process, Infosys said. The new framework maps the progress of each process against pre-defined client-centric benchmarks to deliver enhanced value and improved business outcomes for clients, Infosys said.
Among the gainers from the IT pack, TCS surged 4.02%.
Tata Elxsi galloped 13.56% to Rs 589 after hitting record high of Rs 594 in intraday trade.
Metal and mining stocks were mostly higher. Sesa Sterlite (up 1.31%), JSW Steel (up 1.81%), Hindustan Zinc (up 0.65%), National Aluminum Company (up 1.55%) and Hindustan Copper (up 0.85%) edged higher.
Hindalco Industries surged. The stock jumped 6.86% to Rs 105.10. The scrip hit high of Rs 105.90 and low of Rs 98.55.
NMDC (down 0.16%), Steel Authority of India (Sail) (down 0.55%), Jindal Steel & Power (JSPL) (down 0.36%) and Tata Steel (down 1.55%) declined.
Tata Power Company fell 0.63% on equity dilution worries. Tata Power Company before market hours today, 28 February 2014, said that the company's Board of Directors at its meeting held on Thursday, 27 February 2014, has approved raising funds upto Rs 2000 crore by way of a rights issue of equity shares, subject to all applicable statutory and regulatory approvals.
The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the Rights Issue and other related matters shall be decided subsequently by a duly constituted Committee of the Board, Tata Power Company said.
Meanwhile, Tata Power Company, through its Indonesian subsidiary, PT Sumber Energi Andalan Tbk (SEA) has signed with the Bakrie group entity for the sale of SEA's 30% stake in PT Mitratama Perkasa (MP). The aggregate consideration for SEA's 30% stake in MP is approximately $120 million. The announcement was made on Thursday, 27 February 2014.
Prior to the sale, MP would be restructured to hold infrastructure assets in relation to PT Arutmin Indonesia (Arutmin) and Tata Power, through its subsidiaries, would continue to hold 30% stake in PT Kaltim Prima Coal (KPC) related infrastructure assets, Tata Power Company said in a statement.
It is a part of the $500 million Arutmin agreement which was announced by the company on 31 January 2014 regarding the sale of Arutmin and its associated infrastructure assets. Tata Power Company targets to complete the sale of MP in the next two months subject to getting the requisite approvals, the company said.
Jaiprakash Associates gained 3.83%. Ranbaxy Laboratories fell 1.22%. Tech Mahindra (up 2.98%) and United Spirits (up 0.85%) gained.
Tech Mahindra and United Spirits will replace Jaiprakash Associates and Ranbaxy Laboratories in the 50-unit CNX Nifty index. As per the changes announced on Thursday, 27 February 2014, by India Index Services & Products, which maintains the index, the changes will take effect on 28 March 2014.
UltraTech Cement shed 0.4%. With reference to the news item appearing in a leading financial daily titled "UltraTech looks to buy Jaypee's cement assets in Himachal", UltraTech Cement during market hours today, 28 February 2014, said that the company does not comment on market speculation.
Titan Company fell 1.16%. Titan Company after market hours on Wednesday, 26 February 2014, said that the company has entered into a joint venture agreement on Wednesday, 26 February 2014, with Montblanc Services B.V, Netherlands for establishing operations in India for carrying on single brand retail trade.
Pidilite Industries fell 0.49%. Pidilite Industries before market hours today, 28 February 2014, said that there is a change in shareholding pattern of Percept Waterproofing Services (PWSL) which was earlier a wholly owned subsidiary of Pidilite Industries and with this change in shareholding, the holding of Pidilite Industries in PWSL now stands at 80% of total paid up capital of PWSL.
Power Grid Corporation of India fell 0.63%. Power Grid Corporation of India after market hours on Wednesday, 26 February 2014 said that the company's board of directors at its meeting held on Wednesday, 26 February 2014, has declared an interim dividend of Rs 1.27 per share for the year ending 31 March 2014. The date on which interim dividend shall be paid/dispatched is 19 March 2014, the company said.
Shares of power finance companies gained. Power Finance Corporation jumped 6.71%.
Rural Electrification Corporation (REC) rose 2.92%. REC after market hours on Wednesday, 26 February 2014, said that it has filed an amendment in the Shelf Prospectus dated 26 August 2013 for increasing the shelf limit to Rs 6000 crore from Rs 5000 crore, with the office of Registrar of Companies (RoC), NCT of Delhi and Haryana on 25 February 2014. The company has also filed Prospectus Tranche-ll for raising an amount of Rs 250 crore with an option to retain over-subscription upto Rs 809.3958 crore aggregating upto Rs 1059.3958 crore through public issue of tax free secured redeemable non-convertible bonds of face value of Rs 1000 crore, in the nature of debentures, during the fiscal year 2014, with the RoC, NCT of Delhi and Haryana on 25 February 2014. Further the Company has informed that, the public issue of tax free secured redeemable non-convertible bonds, in the nature of debentures of REC will open on 28 February 2014 for subscription and is scheduled to close on 14 March 2014.
BASF India jumped 5.31% to Rs 685.65 after hitting 52-week high of Rs 708 in intraday trade.
Unitech lost 2.13% to Rs 11.50 after hitting 52-week low of Rs 11.25 in intraday trade.
Fertiliser shares declined. National Fertilizers (down 2.71%), Rashtriya Chemicals and Fertilizers (down 0.16%), GSFC (down 1.22%), Deepak Fertilisers & Petrochemicals Corporation (down 2.85%) declined. Chambal Fertilisers & Chemicals was unchanged at Rs 38.15.
The Cabinet Committee on Economic Affairs today, 28 February 2014, approved the proposal of the Department of Fertilizers regarding modified New Pricing Scheme-III (NPS-III) for existing urea units. The implementation of the Modified NFS-III will compensate existing urea units for increase in fixed costs, etc, and thereby facilitate their continuing operations and regular supply of urea to farmers, a government statement said.
The Cabinet Committee on Economic Affairs also approved a proposal of the Department of Fertilizers regarding amendments to the New Investment Policy 2012 (NIP-2012) in the urea sector. The amendments are necessitated by the suggestion of Dr. Saumitra Choudhuri, Member Planning Commission and the response of various companies received by the Department of Fertilizers (DoF) after the notification of NIP-2012, the government said. Amendments in NIP-2012 will allow market forces to operate for new urea units. It is expected that this would attract investments in urea sector for required indigenous capacity addition and increased production of urea domestically, the government said. This would facilitate actual implementation of NIP- 2012, it added.
Indian government bond prices rose after dovish remarks from Federal Reserve Chairwoman Janet Yellen before the Senate Banking Committee on Thursday, 27 February 2014. The yield on 10-year benchmark federal paper, 8.83% GS 2023, was hovering at 8.8621%, lower than its close of 8.9158% on Wednesday, 26 February 2014. The bond and money markets were closed on Thursday, 27 February 2014, on account of Mahashivratri. Bond yield and bond prices move in opposite direction.
The Ministry of Corporate Affairs on Thursday, 27 February 2014, said that the government has issued notifications to give effect to Section 135 and Schedule VII of the Companies Act, 2013, which relate to CSR (Corporate Social Responsibility) related spending by companies. Mr. Sachin Pilot, Minister for Corporate Affairs, said that the concerned rules have been finalised after extensive consultations with all stakeholders. He elaborated that the rules provide for the manner in which CSR Committee shall formulate and monitor the CSR Policy, manner of undertaking CSR activities, role of the board of directors therein and format of disclosure of such activities in the board's report. The new CSR rules will be effective from 1 April, 2014.
The Ministry of Corporate Affairs said that some important new activities under CSR have been added, which include promoting preventive health care and sanitation and making available safe drinking water, setting up homes and hostels for women and orphans, setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups, ensuring ecological balance, protection of flora and fauna, animal welfare, agro-forestry, conservation of natural resources and maintaining quality of soil, air and water, livelihood enhancement projects among others. The new activities under CSR also include rural development projects.
Narendra Modi, the BJP's prime ministerial candidate, said on Thursday, 27 February 2014, that India's traders and grocery store owners must learn to compete with large modern stores and online retailers. "We should not worry about the challenges from global trade," he told a gathering of the Confederation of All India Traders. Rather, he said, small traders should emphasise on quality of their products to compete better and could enter into contracts with big online retailers to create "virtual malls in small shops".
With the general elections fast approaching, Modi also laid out his economic views separately at a conference on the Indian economy on Thursday, 27 February 2014. "Speedy, yet sustainable economic growth that is inclusive of all is the need of the hour," he told a crowd of businessmen, bankers, economists and diplomats. As India is vast, he said there are no tailor-made solutions for the problems of the entire country. "The government must identify the strengths of each state and devise strategies accordingly," he said. Modi, chief minister of Gujarat, said he also favoured introducing a nationwide goods and services tax (GST), a long-pending reform expected to bring a uniform market, reduce costs of businesses and increase government revenue.
Modi answered only two questions from members of the audience, one of which was related to energy security. He said he preferred using the country's own natural resources such as solar energy and wind energy to energy imports.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday, 26 February 2014, defended his decision to repeatedly raise interest rates when he said that reducing inflation is the best way to foster stable growth. "We cannot wait until the public's expectations of inflation get more entrenched, and the inflationary spiral gains momentum," Mr. Rajan said in a speech, defending RBI's decision to raise key policy rate three times by a combined 0.75 percentage points since he took over as head of the central bank in September 2013.
Mr. Rajan indicated that he agreed with the recommendations of a central bank panel which had suggested the RBI start using a consumer price inflation target to determine monetary policy. The panel suggested that RBI should bring down the consumer price inflation rate to 8% by January 2015 and to 6% by January 2016. After that it should aim to keep it within two percentage points of 4%, the panel said.
Mr. Rajan said the gradual raising of interest rates now rather than later is the best way to slowly squeeze inflation out of the economy. "Rather than administer shock therapy to a weak economy, the RBI prefers to dis-inflate over time rather than abruptly, while being prepared to do what is necessary if the economy deviates from the projected inflation path," Mr. Rajan said. He said keeping inflation in check will also bolster the rupee and business confidence. "Greater public faith that inflation will be low will add stability to our currency, and prevent the kind of gyrations we saw last summer," he said.
Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
The India government will unveil data on gross domestic product (GDP) for Q3 December 2013 after trading hours today, 28 February 2014. The GDP grew at improved pace of 4.8% in Q2 September 2013, from 4.4% growth recorded in Q1 June 2013.
European stocks reversed initial gains on Friday, 28 February 2014, as investors awaited reports on American housing, consumer spending and economic growth. Key benchmark indices in UK and France were off 0.11% to 0.19%. In Germany, the DAX rose 0.03%.
Euro-zone inflation was unchanged in February, easing pressure on the European Central Bank to take further action to support the financial system and growth when its governing council meets next Thursday. Consumer prices grew 0.8% in February from a year earlier in the euro zone, the European Union's statistics office Eurostat said Friday, well below the ECB's target of just below 2%.
Asian stocks edged higher on Friday, 28 February 2014, after dovish remarks from Federal Reserve Chairwoman Janet Yellen before the Senate Banking Committee on Thursday, 27 February 2014. Key benchmark indices in Singapore, Hong Kong, Indonesia, China and South Korea were up 0.04% to 1.12%. In Japan, the Nikkei 225 was off 0.55%. The stock market in Taiwan was closed for Peace Memorial Day.
A meeting of China's lawmakers to set economic policy and growth targets begins next week in Beijing. The National People's Congress annual gathering begins on 5 March 2014. Trading in US index futures indicated that the Dow could drop 22 points at the opening bell on Friday, 28 February 2014. US markets edged higher on Thursday, 27 February 2014, with the benchmark S&P 500 closing at a fresh record as investors welcomed dovish remarks from Federal Reserve Chairwoman Janet Yellen before the Senate Banking Committee.
Yellen told senators it was difficult to tell how much of the recent decline in US economic growth was due to weather, adding the central bank might consider a pause in its reduction of bond buying if the weakness persists. The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion
In latest US economic news, the number of people applying for unemployment benefits rose last week to match the highest level of 2014, suggesting that progress in a gradually recovering US labor market has slackened off. However, the average of new claims over the past month, usually a more reliable gauge than the up-and-down weekly number, was unchanged at 338,250.
Orders for US durable goods fell 1% in January as demand tapered off for most big-ticket items except military hardware, the government said Thursday.
Powered by Capital Market - Live News
