Morning briefing: Market woes continue as sensex slides by 500 pts, Nifty below 7,700

GN Staff | September 4, 2015



The stock markets are on course for a fourth straight week of declines. At 9.40 am the Sensex went down by 516.93 points, or 2.01%, to 25,247.85, while the 50-share CNX Nifty of the National Stock Exchange dropped by 153.80 points, or 1.97%, to 7,669.20. Traders are cautious as US will announce monthly jobs report on Friday which may confirm whether the Federal Reserve will raise rates or not. The next Fed meeting is on 16-17 September.

ONGC buys 15 per cent stake in Russia's Vankor oil field and gets right over supply

Oil and Natural Gas Corp (ONGC) has bought a 15 per cent stake in Russia's second- largest oil field from Rosneft for about $1.35 billion. Vankor, which started production in 2009, holds recoverable reserves of about 500 million tonnes.The 15 per cent stake in oil field in East Siberia will give OVL about 3.5 million metric tonnes of oil a year.

Lalu Yadav to meet Mulayam today
A day after the Samajwadi Party (SP) walked out of the grand alliance of regional parties in poll-bound Bihar, RJD chief Lalu Prasad Yadav will meet SP supremo Mulayam Singh Yadav to resolve all issues. Hours after SP made the announcement, JD(U) chief Sharad Yadav rushed to the residence of SP chief Mulayam Singh Yadav in New Delhi to sort out the matter. He later said the alliance in Bihar will continue in the same form. "There was an alliance, there is an alliance and the alliance will remain," he said.

PM and RSS chief to address key BJP-RSS review meet today

Prime minister Narendra Modi is likely to address the key BJP-RSS coordination meet, which concludes today. RSS chief Mohan Bhagwat, who is also likely to address the meet. The prime minister is likely to be given feedback when he attends the BJP-RSS meet being held at a Madhya Pradesh government guest house in Vasant Kunj in Delhi. On Thursday - the second day of the meet - country's national security and education scenario figured prominently during discussions between leaders of the BJP and the RSS.

EPFO may invest 10-15% in CPSE ETF

The Employees’ Provident Fund Organisation (EPFO) is likely to invest 10-15% of its equity allocations in the central public sector enterprises’ exchange-traded fund (CPSE ETF) every year following direction from the finance ministry. the EPFO will pump in between Rs.5,000 crore and Rs.6,000 crore in the stock market and 10-15% of this for CPSE ETF will translate into Rs.500-900 crore per year.

SC seeks information on action taken on SIT’s report on black money
The supreme court on Thursday asked the government to inform it about the implementation of the recommendations made by the special investigation team (SIT) on black money by the next hearing (October 28). The court also asked justice M.B. Shah-led SIT to submit its fourth report by October 7.

Vinod Dasari appointed Siam president
Auto industry lobby Society of Indian Automobile Manufacturers (Siam) on Thursday said Vinod Dasari, managing director of Ashok Leyland Ltd, has been elected its president. He takes over from Vikram Kirloskar.

Earth has three trillion trees, reveals Yale-led study
A study led by researchers at Yale University in the US has revealed that there are more than three trillion trees on Earth which is seven and a half times more than was estimated earlier. At the same time, the study showed the number of trees has decreased by nearly 46% since human civilization began. The researchers collected tree density information from more than 400,000 forest plots around the world, which included national forest inventories and peer-reviewed studies of tree counts.

UAE pledges investment step-up, eyes smart cities, infrastructure
The UAE has said it is keen to tap opportunities in smart cities and the infrastructure sector. The visiting foreign minister of UAE, Sheikh Abdullah bin Zayed Al Nahyan, in his meeting with prime minister Narendra Modi said his country attaches the highest importance to comprehensive strategic partnership with India.  the UAE has agreed to increase investments in India to $ 75 billion (about Rs 5 lakh crore) and raise the bilateral trade to nearly $ 100 billion in five years. The two-way trade stood at about $ 60 billion in 2014-15.

Delayed maintenance work at Kudankulam nuclear power unit-I to be completed this month

Loading of fuel in the first unit of Kudankulam Nuclear Power Plant, shut down since June 24 for maintenance, was being delayed 'for some reasons' and would be completed by this month end.The loading of enriched uranium fuel in the 1000 MW Russian-made reactor would be completed by this month end and power generation resume thereafter. Meanwhile, the concrete laying for the fourth and fifth units of the KNPP would begin next year.

Separate wing for housekeeping in railways
In a structural change, Railways has formed a separate wing for housekeeping activities in the trains and at the platforms as part of its concerted effort to maintain the standards of cleanliness and hygiene.Currently, the housekeeping activities in the trains and at the stations were being managed by different departments of Indian railways. Housekeeping work involve cleanliness at stations, platforms, waiting rooms and coaches including toilets and bed linen. To begin with, integrated housekeeping would be done in Northern, South Central and Southern zones.
 

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