Markets rallied for the second consecutive day on Friday as investors cheered the government’s estimate of 5.5% economic growth in 2014-15 amid strong global cues. A rally in IT stocks after Accenture Plc raised its revenue forecast for the current fiscal also boosted sentiment.
A clutch of investors lead by former director and co-founder Ajay Singh is set to pick up a significant stake in the embattled SpiceJet, leading to an immediate capital infusion of Rs. 1200-1500 crore in the budget carrier that is staring at a shut down.
The government on Thursday released draft rules for e-auction of cancelled coal mines in an approach paper that is open for public consultation. The coal ministry has sought comments from stakeholders by Monday.