MUMBAI: The Indian rupee strengthened on Wednesday boosted by losses in the dollar against major currencies overseas but traders would be watching the local sharemarket open for further direction. The currency was trading at 47.62/63 dollar, from previous close of 47.73/74.

Oil prices edged higher again on Wednesday after Tuesday’s retreat, with US crude futures heading towards $72 a barrel after a surprise drawdown in US crude inventories last week.

Bharti Airtel plans to bid for the Sri Lankan network of Luxembourg-based operator Millicom. The network, Sri Lanka’s third-largest, has two million subscribers and is worth $150-$200 million. Shares of the telecom giant are likely to be in action on account of this news.

Shares of Reliance Industries will be watched after reports that the company will take a 67 percent in Krishna Godavari Gas Network Ltd for gas distribution in Hyderabad.

India’s steel ministry has approved the sale of 8.38 per cent of leading miner, NMDC Ltd, which could fetch up to Rs 12000 crore. Shares of the company will witness an upside on the news.

Rural Electrification Corp is likely to raise around Rs 2900 crore from a follow-on public offering towards the end of the current fiscal by issuing around Rs 17 crore shares.

Shares of Unitech will see some action after reports that the realty firm aims to raise Rs 500 crore by selling 20-25 land parcels by the end of the fiscal.

Ackruti City is in the process of selling 15 parcels of land for Rs 400-500 crore to tackle credit woes. It is also planning to place shares to qualified institutional investors in the next two to three months.

Tata Motors is in talks with State Bank of India for a counter-guarantee for a UK government guarantee it is seeking for a loan for its Jaguar Land Rover units.

source: economic time

Tags: stocks in news

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