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Key benchmark indices trimmed losses in mid-afternoon trade after hitting fresh intraday low in afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 310.52 points or 0.98% at 31,484.94. The Nifty 50 index was down 87.15 points or 0.88% at 9,817. Bulk of todays steep market slide was triggered by a sharp slump in index heavyweight and IT major Infosys. Sentiment was also hit as global stocks markets declined on rising doubts about US President Donald Trumps ability to deliver his economic agenda.
About 50 companies including Arrow Greentech, BSE, Bajaj Electricals, Bombay Burmah, CEAT, Colgate, Cummins India, Elecon Engineering, Excel Ind, Electrosteel Castings, Greaves Cotton, Gujarat Alkalies, HCC, IOC, Majesco, Jindal Saw, JK Lakshmi Cement, JSW Holdings, Jyothy Labs, Kokuyo Camlin, Mro-Tek, PTL Enterprises, R Systems, Ramco Cements, Ramco Systems, Titan Ind, Ujjivan and Welspun Corp will announce their Q1 numbers on Thursday.
LONDON, July 13, 2017 /PRNewswire/ -- "The seamless pipes market is projected to grow at a CAGR of 5.2% from 2017 to 2022, in terms of value" The seamless pipes market is estimated to be USD 183.79 billion in 2017 and is projected to reach USD 237.11 billion by 2022, at a CAGR of 5.2% during the forecast period. The demand for seamless pipes is majorly driven by the increasing demand for seamless pipes from the oil & gas sector.
Jindal Saw is on a debt reduction drive as they have been selling stake in several loss-making international subsidiaries and the company's focus now seems to be on making it a clear standalone entity.
Jindal Saw rose 6.60% to Rs 78.30 at 10:03 IST on BSE after the company said it reduced stake in foreign subsidiary Jindal Tubular to 19%.
While the government has plugged the problem of steel imports with levy of anti-dumping duty, value-added steel pipes are now being dumped into the country at a price 20 per cent cheaper than Indian producers.
Three companies — Jindal SAW, Essar Steel and Welspun Corp — have filed a preliminary petition for anti-dumping duty on imports of submerged arc welded (SAW) pipes from China with the Directorate of Anti-Dumping & Allied Duties (DGAD).
A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 163.57 points or 0.55% at 30,106.81. The Nifty 50 index was currently up 44.90 points or 0.48% at 9,351.50. The Sensex was trading above the psychologically important 30,000 mark. The Sensex and the Nifty, both, hit their record high levels in early afternoon trade.
About 150 firms such as ABB, Amrutanjan, Aurobindo Pharma, Bajaj Electricals, Bata India, Bombay Dyeing, Cairn India, Century Enka, Escorts, HeidelbergCement, JBM Auto, Jindal Saw, JK Tyre, Jyoti Structures, Lupin, Manappuram Finance, Nagarjuna Oil, Omaxe, Rane Holdings, Religare Enterprises, Talwalkars, Thangamayil, Torrent Power, Tata Teleservices (M), Uttam Galva Steels, Venky's (India) Wheels India and Zuari Global will release Q3 results on Thursday.
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