1:50 pm Subsidy burden woes: Shares of Gail India fell 2 percent intraday on subsidy
burden concerns. The state-run natural gas transmission company has told
CNBC-TV18 that Oil Ministry has asked it to pay Rs 500 crore subsidy for
September quarter. The amount will be accounted for subsidy payment in the
third quarter ending December 2014.
There was no subsidy sharing (with
oil marketing companies) in July-September quarter as against Rs 500 crore in
June quarter and Rs 700 crore in the year-ago period. Its zero subsidy sharing
also boosted profitability in Q2 as net profit more than doubled sequentially
to Rs 1,303 crore.
Net sales grew by 5 percent to Rs
14,063 crore in the quarter ended September 2014 compared to Rs 13,337 crore in
the same quarter last year.
1:30 pm Result impact: Shares of L&T slipped around 3.5 percent intraday as its
revenue growth in September quarter were not impressive.
However, brokerages are still
enthused about the stock. CLSA maintains a buy rating as it believes domestic
economy is already showing some signs of revival which bodes well for the core
business of L&T.
Macquarie also rates it outperform
with a target of Rs 1922 per share stating Q2 performance was reasonable given
extremely tough operating environment. According to the firm, L&T is
set for turnaround in a number of subsidiaries.
Citi remains neutral on the stock
hoping L&T will benefit immensely from domestic economic recovery and 10
percent revenue growth is more likely in FY15.
Don't miss: Rail stocks up, Suresh Prabhu takes charges to head ministry
The market is slipping away
succumbing to selling pressure. The Sensex is down 89.36 points at 27779.27 and
the Nifty is down 26.15 points at 8310.85. About 1293 shares have advanced,
1449 shares declined, and 115 shares are unchanged.
ITC and Sun Pharma are up over 3
percent each, while Coal India, BHEL and Hero MotoCorp are top gainers in the
Sensex. Among the losers are ONGC, L&T, Tata Motors, Hindalco and GAIL.
Asian shares gained on Monday after
US jobs data pointed to solid economic growth, with Hong Kong leading the gains
after regulators set a date for a long-awaited trading link between the Hong
Kong and Shanghai stock exchanges to open.
MSCI's broadest index of
Asia-Pacific shares outside Japan rose 1.2 percent, led by 1.8 percent gains in
Hong Kong. Chinese stocks rose after regulators announced that the long-awaited
pilot programme allowing cross-border investment between the Shanghai and Hong
Kong stock markets will launch on November 17. More information please visit
this site www.bigprofitbuzz.com
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