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Thursday, 30 October 2014

Sensex up 200 pts, Nifty hits 8150; YES Bank at new high

12:30pm Coal e-auction

The government has begun the process of shortlisting agencies to develop e-auction platform for de-allocated blocks and it will approach information technology companies for the same.

Agencies will be invited to give infrastructure proposal of e-auction method. Sources told CNBC-TV18 that Mjunction and MSTC will be amongst few companies that will be approached to prepare the e-auction platform.

Meanwhile, the coal ministry is working on collecting database of mines and assets.

Compensation will have to be made to prior allottees on investment made until March 2014. Letters have already been issues to allottees asking for details of assets.

Watch accompanying video for further details

12:00pm Equity benchmarks extended gains in noon trade with the Sensex rising 205.05 points to 27303.22 and the Nifty climbing 62.75 points to 8153.20. About 1393 shares have advanced, 1167 shares declined, and 113 shares are unchanged.

Technology stocks rallied after stellar performance reported by Tech Mahindra that surged 4.30 percent. Tech Mahindra surprised the street with scond quarter dollar revenue growth at 5.2 percent and a constant currency growth higher than peers.

HCL Technologies too gained 4 percent followed by Infosys and TCS with 2 percent rally.

Dr Reddy's Labs, Gail, Reliance Industries, DLF, HDFC, and Larsen and Toubro jumped 1-3 percent followed by ICICI Bank, ITC, HDFC Bank, ONGC, Axis Bank, HUL and Wipro with more than 0.5 percent upmove.

However, Mahindra and Mahindra, Tata Motors, SBI, Tata Power, Bajaj Auto, BHEL and Sesa Sterlite fell 0.2-0.8 percent.

In the midcap space, DCM Shriram, Symphony, Puravankara Projects, Emami (post Q2 earnings) and Jaypee Infra rallied 6-7 percent while State Bank of Bikaner, Pipavav Defence, Raymond, HMT and State Bank of Travancore fell 4-6 percent.

YES Bank hit a record high of Rs 655.10, up more than 2 percent after reporting 30 percent growth in profit and 27.4 percent growth in net interest income in second quarter Y-o-Y. More information please visit this site www.bigprofitbuzz.com

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