Nifty Tips For Monday 17 December 2012

The 30-share Sensex gained 92 points to close at 19322.22, and the 50-share Nifty added 32 points to close at 5882.65. Fertiliser shares rallied after the government approved a new policy to encourage investment in urea manufacturing, in a move seen expediting USD 6.5 billion in projects that have been held back. The top gainer was FACT (up 16.12 %) followed by National Fertilizers (up 1.62 %), Rashtriya Chemicals & Fertilizers (up 2.39 %) and Chambal Fertilisers (0.81 %).

Rupee Updates :-

The rupee fell to its lowest in more than a week in late trade on Friday on suspected heavy dollar buying by a large state-run bank that several dealers said appeared to be on behalf of defense-related state-run company.

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Gujarat Gas tanks on stake sale to GSPC

Shares of Gujarat Gas Co. Ltd. plunged on Thursday in a rising market after BG Group Plc sold its 65% stake in the company to GSPC for Rs. 24.64bn. GSPC will acquire BG's 65.12% stake in Gujarat Gas at Rs. 295 per equity share. On Wednesday, Gujarat Gas scrip closed at Rs. 336.70 on the Bombay Stock Exchange (BSE), down by 2.15% from the previous close. It is down Rs 32 or 9.5% from the last close.

It touched a low of Rs. 297.50 earlier after opening at Rs. 320. Gujarat Gas stock has fallen amid high trading volumes on BSE. Traded volumes on the counter stood at 4.5 lakh shares versus a two-week average of 74,000 shares. On the other hand, shares of Gujarat State Petronet Ltd. (GSPL) have gained 2%. GSPL is part of the GSPC group. GSPL was at Rs. 82.60, up Rs. 1.60 from the previous close after touching a day's high of Rs. 83.25.

RUPEE UPDATES :- 

The rupee on Thursday rose above the Rs 52 level by gaining 28 paise to fresh five-and-half month high of 51.88 against the American currency in early trade on persistent dollar selling by exporters amid hopes of further reforms measures.

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