01:40pm
Hindustan Zinc in news
The government today submitted
before the Supreme Court that it is yet to get direction on Hindustan Zinc
(HZL) divestment from the finance ministry as the Finance Minister was
indisposed and not available for a discussion on the matter.
Further, the government has also clarified
before the apex court that a final decision in this regard is unlikely to take
place before 3-4 months.
Meanwhile the Supreme Court has also
pulled up the CBI and asked the investigative agency to submit the statues
update of the initial HZL divestment probe, which happened in 2002-03 under the
earlier NDA regime.
The next hearing for the case is
slated on October 14.
01:30pm FII View
Jyotivardhan Jaipuria, Bank of America Merrill
Lynch says aggregate Sensex PAT is expected to show growth of 12 percent on a
consolidated basis and 9.1 percent on standalone basis. There is also an
expected deceleration in sales growth to 4.8 percent, he adds.
"However, good news is that
forecast ex-energy PAT growth is strong at 16.4 percent. Secondly, EBITDA
margin is expected to continue showing improvement. This is consistent with our
view that earnings will recover gradually and show sharp growth from 2HFY16.
Near-term, we continue to expect market to be range-bound with negative bias
due to slower than expected reform pace," says Jaipuria.
01:00pm
Market Check
The market extended northward journey in
afternoon trade with the 30-share BSE Sensex rising 388.68 points or 1.48
percent at 26635.47 and the 50-share NSE Nifty hitting 7950 level, up 114.35
points or 1.46 percent at 7957.05 supported by banking and financials, oil and
gas, and capital good stocks.
More than two shares advanced for
every share declining on the Bombay Stock Exchange. Meanwhile, the rupee gained
47 paise to 60.92 a dollar compared to previous day's closing value.
Top lenders State Bank of India,
ICICI Bank, HDFC Bank, and Axis Bank, and housing finance company HDFC gained
2.4-3 percent followed by capital goods majors L&T and BHEL with 2.4
percent and 5.5 percent upmove.
Aluminium major Hindalco Industries
maintained its strong gains, up 5.5 percent after Alcoa's Q3CY14 earnings.
Cipla gained over 2 percent on collaboration with Teva Pharma for South African
market.
Among others, Tata Motors, ONGC, Reliance
Industries, TCS, Sun Pharma, Bharti Airtel, Maruti Suzuki, Tata Steel, Sesa
Sterlite, Tata Power and Gail India rallied 1-2 percent. However, Coal India,
NTPC, Wipro and Infosys were only losers.
SBI, Infosys, Force Motors, Hinduja
Global, Dr Reddy's Labs, ICICI Bank, Hindalco Industries and Jaiprakash
Associates were most active shares on exchanges. More Infromation Please visit
this site www.bigprofitbuzz.com
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