The Union Government has finally announced hike in minimum support price of Wheat to Rs 1080 per quintal, ahead of harvesting season of rabi crops. The decision, to revise MSP, was taken in the recent meeting of the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, chaired by Finance Minister Pranab Mukherjee, in the absence of Prime Minister Manmohan Singh. The hike of 8 per cent in wheat prices, despite reservation by Planning Commission and Finance Ministry, would effective on crop marketed from April onward.
After trading flat during the previous trading hour, the Sensex bounced back into the positive zone on the back of buying action witnessed across frontliners.
The market was trading sluggishly due to lack of cues. Oil & gas, metal and FMCG stocks went up, while select power and IT stocks declined.
BSE Midcap and Smallcap index gained 0.52% and 0.46%, respectively.
The 30-share index, BSE Sensex, today (Jan 30) belled the day at 9,111.12 after losing 125.16 points.
The key benchmark indices were trading lower on heavy selling by funds following a weak global trend.
Selling pressure has emerged across most sectors and power, capital goods and pharma lead the decline.
At 11:38 a.m., the Sensex was down 45.10 points at 9,191.18 levels and the Nifty has slumped 13.45 points to 2,810.50 levels.
Mr. Shrikant Chouhan, technical analyst, Kotak Securities, said, “The overall breadth of the market remains weak but if the Nifty is able to sustain above 2,790 then it may reach 2,925 levels also.”
Stock market analysts have suggested investors to ‘sell’ ICICI Bank stock with a target of Rs 397 as the stock is experiencing heavy selling pressure at higher levels.
According to them, interested investors can sell the stock with a strict stop loss of Rs 418.
Today (Jan 30), the stock opened at Rs 401, as against its last closure at Rs 408.40 on the Bombay Stock Exchange (BSE) on Thursday (Jan 29). Current EPS & P/E ratio stood at 37.03 and 10.82 respectively. The share price has seen a 52-week high of Rs 1300 and a low of Rs 282.15 on BSE.
Bharat Heavy Electricals (BHEL) has announced its financial results for the third quarter of current financial year.
India’s largest power equipment manufacturer has posted a marginal 2.4 percent growth in net profit for Q3 ended December 31, 2008 on account of high raw material costs and increased wage revision.
Its net profit stood at Rs 790.56 crore against Rs 771.90 crore for the quarter ended December 31, 2007.
Yuvarajyam president and Chiranjeevi’s youngest brother Pawan Kalyan has tied the nuptial knot with his live-in companion of eight years, Renu Desai on Wednesday.
Pavan and Renu have a 5 year old son Akira Nandan. Renu had also worked with Pavan Kalyan in two Telugu movies ‘Badri’ and ‘Johnny’.
The marriage, which was performed as per Arya Samaj rituals, took place at Pavan’s house in the upmarket Jubilee Hills in the city.
The Union Government has finally announced hike in minimum support price of Wheat to Rs 1080 per quintal, ahead of harvesting season of rabi crops. The decision, to revise MSP, was taken in the recent meeting of the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, chaired by Finance Minister Pranab Mukherjee, in the absence of Prime Minister Manmohan Singh. The hike of 8 per cent in wheat prices, despite reservation by Planning Commission and Finance Ministry, would effective on crop marketed from April onward. 
After trading flat during the previous trading hour, the Sensex bounced back into the positive zone on the back of buying action witnessed across frontliners. 
The key benchmark indices were trading lower on heavy selling by funds following a weak global trend. 
Stock market analysts have suggested investors to ‘sell’ ICICI Bank stock with a target of Rs 397 as the stock is experiencing heavy selling pressure at higher levels.
Bharat Heavy Electricals (BHEL) has announced its financial results for the third quarter of current financial year.
Yuvarajyam president and Chiranjeevi’s youngest brother Pawan Kalyan has tied the nuptial knot with his live-in companion of eight years, Renu Desai on Wednesday. 
