MUMBAI: Stocks are headed for a northward journey for a second straight day Tuesday buoyed by the euphoric sentiment across global markets as a US plan to get rid of the bad assets in the banking sector sparked hopes for stability in the financial system.

Shares of Tata Tea will witness some action on reports that the tea manufacturer will consolidate its beverage businesses into a single entity to simplify operations and raise funds. The stock ended 3.66 per cent higher at Rs 553 on the BSE.

DLF Assets, owned by the promoters of real estate firm DLF Ltd, is in talks with banks and financial institutions to raise about Rs 2500 crore as debt to pay back its parent firm. DLF shares closed 2.16 per cent lower at Rs 167.40.

Transport services company Arshiya International has deferred its plans of setting up a
Rs 150 crore free trade warehousing zone in Oman and is channelling funds into India. The stock ended 2.08 per cent higher at Rs 49.

The UB Group plans to enter the tourism industry by promoting its Four Seasons winery at Baramati in the western state of Maharashtra as a lifestyle destination. It plans to
invest 1 billion rupees in the venture over the next few years. Shares of United Breweries closed 1.25 per cent lower at Rs 86.85.

Shares of oil marketing companies are likely to bein the limelight after the government issued oil bonds worth Rs 10,000 crore to the them to compensate for their under-recoveries on the sale of petroleum products during the current financial year.

Indian Oil Corporation has been issued oil bonds worth Rs 5,817.27 crore, while Bharat Petroleum Corporation has been issued bonds worth Rs 2,144.32 crore. Hindustan Petroleum Corporation has got bonds worth Rs 2,038.41 crore. Prior to this, bonds worth Rs 60,967 crore had already been issued.

source :Economictimes

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