MUMBAI: Equities are likely to remain subdued on Wednesday tracking declines in Asian markets. Oil's climb above $143 a barrel, the weakening rupee and the country's trade deficit widening in May will continue to weigh on sentiment.
Among stocks, the telecom counters will witness some action after the communication and IT ministry finalised a reserve price of about RS 2,260 crore for telecom firms willing to participate in a pan-India auction for third generation spectrum in the upcoming policy. This is exactly double the reserve price recommended by the Telecom Regulatory Authority of India.
Technology shares are expected to continue their upward march as the rupee weakened further against the US dollar, inching towards a fresh 15-month low. In early deals Wednesday, the rupee was at 43.36/37 per dollar, a shade weaker than 43.34/36 on Tuesday. It briefly fell to a low of 43.50 on Tuesday, it weakest since April 2, 2007.
Cement stocks will see some movement following reports that prices in certain parts of India are likely to go up by Rs 3 per 50-kg bag due to high raw material and transportation costs.
Shares of Amtek Auto will see an upside on reports that the company is likely to buy Germany light metal castings maker, KSM Castings in a deal worth 250 million euros. The company's shares ended 1.7 per cent lower at Rs 231.70 on Tuesday.
DHL plans to introduce logistics products with its Indian partner Blue Dart Express in a bid to tap the nearly Rs 1,900 crore express logistics market in the SAARC nations. Shares of Bluedart Express ended unchanged at Rs 645 in Tuesday's trade.
Kingfisher Airlines plans to save at least Rs 600 crore by directly importing aviation turbine fuel through oil companies and will start the arrangement with Reliance Industries. Shares of UB Holdings, the parent company of the airline, ended 10 per cent lower at Rs 287 on Tuesday with the airline under severe pressure in the wake of rising oil prices.
Among stocks, the telecom counters will witness some action after the communication and IT ministry finalised a reserve price of about RS 2,260 crore for telecom firms willing to participate in a pan-India auction for third generation spectrum in the upcoming policy. This is exactly double the reserve price recommended by the Telecom Regulatory Authority of India.
Technology shares are expected to continue their upward march as the rupee weakened further against the US dollar, inching towards a fresh 15-month low. In early deals Wednesday, the rupee was at 43.36/37 per dollar, a shade weaker than 43.34/36 on Tuesday. It briefly fell to a low of 43.50 on Tuesday, it weakest since April 2, 2007.
Cement stocks will see some movement following reports that prices in certain parts of India are likely to go up by Rs 3 per 50-kg bag due to high raw material and transportation costs.
Shares of Amtek Auto will see an upside on reports that the company is likely to buy Germany light metal castings maker, KSM Castings in a deal worth 250 million euros. The company's shares ended 1.7 per cent lower at Rs 231.70 on Tuesday.
DHL plans to introduce logistics products with its Indian partner Blue Dart Express in a bid to tap the nearly Rs 1,900 crore express logistics market in the SAARC nations. Shares of Bluedart Express ended unchanged at Rs 645 in Tuesday's trade.
Kingfisher Airlines plans to save at least Rs 600 crore by directly importing aviation turbine fuel through oil companies and will start the arrangement with Reliance Industries. Shares of UB Holdings, the parent company of the airline, ended 10 per cent lower at Rs 287 on Tuesday with the airline under severe pressure in the wake of rising oil prices.
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