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Tuesday, 28 October 2014

Sensex ends up 128 pts; Ranbaxy & Sensex rise 5-6%

03:30 Market closing

The market ended with some smart gains as trading picked up pace in the last few hours. The Sensex closed up 127.92 points at 26880.82 and the Nifty was up 35.90 points at 8027.60. About 1509 shares advanced, 1371 shares declined and 111 shares were unchanged.

Sun Pharma was up 5 percent. Cipla, SBI, Tata Power and GAIL were top gainers in the Sensex. Among the losers are Hero MotoCorp, Bahrti Airtel, HUL, Dr Reddy's Labs and Reliance.

03:20 pm Results

Power and automation technologies major ABB India missed street expectations on every parameter in third quarter of current calendar year 2014. Net profit rose by 25 percent to Rs 45 crore during the quarter from Rs 36 crore in the year-ago period.

"The company maintained a healthy double digit growth in profit on the back of improved execution, better productivity and continued savings from operational excellence initiatives while tight market liquidity conditions and high cost of capital continue to weigh on earnings," said ABB in its filing.

The company follows calendar year (2014) as its financial year.

3:00 pm Oil import

Hit by uncertainty over oil supplies from West Asia, India is keen to diversify its imports and wants to buy crude from the US, Oil Minister Dharmendra Pradhan has said.

The new strategy is being planned to guard against disruption in supplies from its biggest sources in the Middle East -- Iraq and Syria -- as they are caught in problems relating to Islamic State movement.

Asia's second-biggest energy user, which spent USD 143 billion on import of crude oil in 2013-14, wants the US to extend its policy of allowing gas exports to crude oil as well.

"I met officials from the US recently and asked them to allow oil exports to India. We are keen to import oil from the US, which currently does not allow oil exports," Pradhan told PTI. India wants to reduce its reliance on the Middle East nations for meeting its oil needs and instead wants to tap Latin American countries including Mexico and Russia. 

02:30pm Interview

Sharad Sharma, Managing Director, State Bank of Mysore expects the public sector lender’s NII growth to improve to 12-14 percent in the second half of FY15.

Speaking to CNBC-TV18 about the financial performance of the bank in the quarter gone by, he said that the bank is now focussed on retail growth and its net interest margin is stable at 3-3.1 percent.

The bank is looking at gross NPA of around 4 percent by FY15-end, he said. Further, there has been a steady reduction in slippages over last three quarters.

Meanwhile, the bank is not planning to move on rates in the next three months. Also, it has no merger plans in the foreseeable future, he added.

02:00pm Market Check

Equity benchmarks extended gains in afternoon trade with the Sensex rising 109.70 points to 26862.60 and the Nifty climbing 34.15 points to 8025.85 supported by banking & financials, healthcare and Tata group stocks.

About 1396 shares have advanced, 1336 shares declined, and 115 shares are unchanged.

Ranbaxy Labs surged 7 percent after reporting a profit of Rs 478 crore in September quarter compared to loss of Rs 454 crore in the year-ago period due to no settlement provision, lower expenses and higher sales. Sun Pharma, which is going to become the owner of Ranbaxy soon, rallied 5 percent.

India's largest lenders State Bank of India and ICICI Bank rallied 2 percent each. Cipla, Gail India and Tata Power too gained more than 2 percent followed by HDFC, Tata Motors and Mahindra & Mahindra with over a percent gain.

However, Hero Motocorp, Bharti Airtel, BHEL and HUL fell 1-2 percent. Reliance Industries, Infosys, ONGC, Axis Bank, Dr Reddy's Labs and Maruti declined over 0.5 percent. More information please visit this site

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