12:35pm Europe rebounds
European
markets like France's CAC, Germany's DAX and Britain's FTSE gained around a
percent in early trade.
12:30pm Interview
Two-wheeler
maker Bajaj Auto eyes very strong exports for October and November. According
to MD Rajiv Bajaj, in terms of sustainability, everything looks good right now.
“October
looks good in terms of what we are shipping out, orders of November look promising.
But in the last quarter everything just went right whether it was Sri Lanka,
Bangladesh, Egypt, Nigeria, Colombia, all these markets one or two of which
always played truant,” he adds.
The
company aims to recover its market share by June with the EBITDA margins
maintained at 20 percent.
The
overseas business of the company did well in Q2. Speaking to CNBC-TV18 post Q2
earnings, Bajaj says the company has entered Ghana and Argentina in recent
months.
Bajaj Auto
has planned two new launches over the next four months. The company expects its
Pulsar to clock 60,000-65,000 units per month going ahead.
12:00pm Market Check
Equity benchmarks were not showing any sign of
major move on either side. The Sensex fell 9.80 points to 26339.53 and the
Nifty declined 9.05 points to 7854.95. Banking and financials, and FMCG stocks
saw buying interest while metals, capital goods and power stocks were under
pressure.
The market
breadth was negative. About 1053 shares have advanced while 1417 shares
declined on the Bombay Stock Exchange.
Shane Lee,
Director, Economist & Strategist - Equity Research, CIMB is neutral on
India. However, he adds that the Indian market has held up rather well. But he
is waiting to see how things play out.
Shares of
Hindustan Unilever, Gail, ITC, Tata Motors, Axis Bank, BPCL and NMDC climbed
1-4 percent whereas Hindalco Industries, Sesa Sterlite, Mahindra and Mahindra,
Tata Power, Reliance Industries, UltraTech Cement and Cairn India slipped 1-4
percent.
In key
earnings today, second quarter is expected to be a strong for TCS and Hero
Motocorp. Dollar revenue of TCS may see a 7.3 percent sequential growth to USD
3,965 million with marginal improvement in margins while Hero may report a 43
percent growth in profit Y-o-Y.
In the
midcap space, Cyient, Tilak Finance, Emami, DB Corp and Religare Enterprises
gained 4-7 percent while Strides Arcolab, GSFC, Amtek Auto, Den Networks and
Persistent Systems lost 5-16 percent. More information please visit this site www.bigprofitbuzz.com
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