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The oil ministry has mooted a new allocation policy for the KG-D6 gas. If that goes through, the power sectors gain will be the fertilizer sectors loss.The Empowered Group of Ministers (EGoM) notice has been finalised by the oil ministry but the date of the meeting has still not been notified by government. EGoM is looking is at diverting KG-D6 gas supply to the tune of almost 10.79 mmscmd to the power sector. Nearly 9 mmscmd of that will be coming from the fertilizer sector which will of course impact the urea production in the country. The
urea production is expected to fall by 4.54 million metric tonnes and increase the subsidy burden by Rs 5,372 crore.
$700mln in Georgia
MARKET UPDATE: Nifty up by 150 pts and settle at 6094.00 Bank Nifty up by 360 pts at 12752.30
Tata Power has signed an agreement to develop two hydro projects in Georgia for the sale of power, primarily to Turkey, at an estimated cost of about USD 700 million, the company said in a statement on Friday.The hydro projects, expected to have an aggregate capacity of 400 megawatts, would be developed in three phases with the first phase expected to be completed before mid-2016.
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MARKET ANALYSIS
GAINS IN WORLD STOCKS AND STRONG INFLOW FROM FOREIGN INSTITUTIONAL INVESTORS (FIIS) SENT KEY BENCHMARK INDICES SURGING, WITH THE BAROMETER INDEX, THE S&P BSE SENSEX HITTING OVER 14 WEEK HIGH ABOVE THE PSYCHOLOGICAL 20,000 MARK. THE CNX NIFTY REACHED OVER 2-YEAR CLOSING HIGH ABOVE THE PSYCHOLOGICAL 6,000 MARK. THE MARKET GAINED IN FOUR OUT OF FIVE TRADING SESSIONS IN THE WEEK ENDED FRIDAY, 10 MAY 2013. THE S&P BSE SENSEX JUMPED 506.98 POINTS OR 2.59% TO 20,082.62, ITS HIGHEST CLOSING LEVEL SINCE 28 JANUARY 2013. THE CNX NIFTY ROSE 150.75 POINTS OR 2.53% TO 6,094.75, ITS HIGHEST CLOSING LEVEL SINCE 4 JANUARY 2011. THE S&P BSE MID-CAP INDEX GAINED 2.25%. THE S&P BSE SMALL-CAP INDEX ROSE 2.22%. BOTH THESE INDICES UNDERPERFORMED THE SENSEX. FROM THE 30-SHARE SENSEX PACK, 22 STOCKS ROSE AND 8 STOCKS FELL. FMCG MAJOR HINDUSTAN UNILEVER (HUL) ROSE 2.18% TO RS 584.90. THE STOCK HAD HIT RECORD HIGH OF RS 597 IN INTRADAY TRADE ON 30 APRIL 2013. THE COMPANY ON 8 MAY 2013, SAID THAT AS PER THE TENTATIVE SCHEDULE OF ACTIVITY, THE OPEN OFFER BY ITS PARENT FIRM UNILEVER PLC TO BUY ADDITIONAL 22.52% STAKE IN THE COMPANY AT RS 600 PER SHARE WOULD BEGIN ON 21 JUNE 2013 AND CLOSE ON 4 JULY 2013. UNILEVER PLC PLANS TO HIKE ITS STAKE IN HINDUSTAN UNILEVER TO 75% THROUGH THE OPEN OFFER FROM ITS CURRENT HOLDING OF 52.48%
EXPERT OPINION
NIFTY WEEKLY PIVOTS
NIFTY
Nifty looks Bearish Strategy: Sell on rise Support: 6020 Resistance: 6120
BANK NIFTY
Bank Nifty looks Bearish Strategy: Sell on rise Support: 12700 Resistance: 12800
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