Financial Market Economic Snapshot
The road ministry has set in motion construction of 200 rail over bridges (RoBs) to replace level crossings on the national highways at an estimated expenditure of Rs 10,000 crore. The road ministry will solely fund the project. Though the need for setting up of RoBs was felt long back, the job never gathered the desired momentum primarily because of the funding issues between Railways and the Road ministry.
Nifty hold 8100 Level Today
After having RBI Policy market is faceing selling pressure on last few session. As our Financial Experts suggest that Nifty is likely to trade between 8000-8280. If Nifty moves above 8160, bounce back till 8250-8275 spot could be seen.
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- Nestle India has decided to take Maggi off the shelves late on Thursday after six states, including national capital Delhi, imposed a ban on the instant noodles following a controversy over food safety fears. At least 10 other states have sent samples of Maggi noodles for tests amid a widespread panic.
- Steel Authority of India (SAIL) has raised R420 crore at a coupon rate of 8.35% through bonds having a maturity of three years, sources said. Earlier, SAIL had issued short-tenure bonds in April at a coupon rate of 7.95%. In early May, it had put off the bond issue due to demand for higher yield by investors, said sources, indicating the company was planning to raise funds at 8.25-8.30% even as it received bids in the range of 8.43-8.72%.