GE Power India surged 7% to Rs 485 on the BSE in intra-day trade after the company received contract worth of Rs 271 crore from Bharat Heavy Electricals (BHEL) for supply of components and services for 2 thermal power projects in Tamil Nadu.

“The company has been awarded a contract worth approximately Rs 271.1 crore (i.e. approximately US $ 40 million) by Bharat Heavy Electricals (BHEL) to supply components and services for the supercritical steam generator island packages,” GE Power India said in a BSE filing.

Reliance Industries (RIL) hit a two-month high of Rs 1,084, up 1.8% in intra-day trade on Friday, extending its Thursday’s 1% gain on the BSE after the company said it commissioned the first phase of Para-xylene (PX) plant at Jamnagar, Gujarat.

The stock was trading at its highest level since October 21, 2016. It hit a 52-week high of Rs 1,129 on September 26, 2016 in intra-day trade.

Mumbai: A sudden spurt in buying at the fag end of the trading lifted markets higher on Thursday as the Sensex rebounded over 155 points to end at almost two-week high of 26,366 as December derivatives contracts expired amid recovery in the rupee.

The broader NSE Nifty,too, regained the key 8,100-mark. The rupee strengthened by 18 paise against the dollar at 68.06 (intra-day), which helped sentiment improve. Marked by volatility, the rally was supported by gains, mainly in consumer durables, oil and gas, metal, auto, power, IT and PSU stocks, which turned attractive at current levels after recent losses.

Why were Rs 1000 and Rs 500 notes demonetised by the government? Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public.

The monetary policy regulator also refused to give any details about the time it will take to replenish the currency notes. “The query is in the nature of seeking future date of an event which is not defined as information as per Section 2(f) of the RTI Act,” RBI said in response to an RTI query.

Global tech giant Microsoft ruled the roost in 2016 in the world of technology making acquisitions and profits all over. With hundreds of millions of devices running Windows 10, Microsoft had reportedly earned billions of dollars of revenue in the past year. Microsoft also made a big acquisition, LinkedIn along with a launch of the Slack competitor called Teams. But most importantly, after Satya Nadella took over as the CEO of the company, its focus on Cloud computing has reaped huge dividends and will continue doing so. Interestingly, once a closed software system, Microsoft also embraced open source in this period. The result can be seen in its amazing new product launches.

Mumbai: A group of private equity (PE) and hedge funds representing minority shareholders of Reliance Infratel Ltd, the telecom tower arm of Anil Ambani’s Reliance Communications Ltd (RCom), have demanded that RCom buy their stakes back before going ahead with its majority stake sale to Brookfield Infrastructure Group, two people aware of the development said on condition of anonymity.

The National Stock Exchange (NSE) on Wednesday filed draft papers with market regulator SEBI for its much-awaited IPO. The IPO is expected to be one of the biggest in recent times, with an estimated size of over Rs, 10,000 crore.

The initial public offer will see existing shareholders offloading 20-25 per cent shares to the public through the OFS route.

Giving a major fillip to its innovation-packed product line-up, Chennai-based auto major TVS Motor Co has been granted an Indian patent for automatic hybrid transmission (AHT) system for two-wheelers. The invention for which exclusivity has now been provided by Chennai patent office is related to a system involving a combination of a fixed speed transmission mechanism (FSTM) and a continuously variable transmission mechanism (CVTM).

The spree of reduction in interest rates on term deposits continued, with ICICI Bank on Tuesday cutting rates on one- and two-year retail deposits by 10 basis points (bps) to 6.9% and 7%, respectively. The bank also slashed the rate on three-year deposits by 25 bps to 6.75%.

ICICI Bank’s interest rate for one-year money is now at par with that of State Bank of India (SBI).

Over the weekend, ITC made price hikes in Gold Flake Regular and Premium (69mm) and Navy Cut (74mm) brands. The price for Gold Flake (69mm) has been increased to Rs 90/pack of 10 cigarettes (vs Rs 79 earlier) and for Navy Cut the price has been increased to Rs 89/pack of 10 cigarettes (vs Rs 78 earlier). We had highlighted earlier in our channel check note that some of the channel partners were anticipating the price hike in these brands. We maintain Outperform with a TP of Rs 304.

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