3:30 pm Market close
The market ended higher with some last minute buying. The Nifty closed above
8700-level. The 50-share index was up 84.15 points or 0.9 percent at 8711.55.
The Sensex ended up 271.13 points or 0.9 percent at 28805.10
3:20 pm Big deal?
Pipavav Defence & Offshore Engineering Co denied it was in talks to sell
a stake to Mahindra & Mahindra Ltd, after a media report said it was close
to clinching a deal.
A media report said techonology-to-automative conglomerate Mahindra would
purchase a stake in Pipavav for about Rs 3000 crore (USD 481.15 million), in a
phased transaction that would eventually see it own a majority share.
"There are no negotiations/agreements which the company has entered
into which requires disclosure under clause 36 of the listing agreement,"
Pipavav said in a regulatory statement.
03:10 pm Market check
The market is clenching back its gains. The Nifty is above 8700-level. The
50-share index is up 87.35 points or 1 percent at 8714.75. The Sensex is up
241.93 points or 0.8 percent at 28775.90. About 1582 shares have advanced, 1190
shares declined, and 233 shares are unchanged.
Dr Reddy's Labs, BHEL, Cipla, GAIL and Maruti are up 2-5 percent each while
HUL, Bajaj Auto, Bharti Airtel, Coal India and SBI are losers.
02:40pm Interview
Escorts posted a 21.5 percent decline in
its third quarter net profit to Rs 35.7 crore impacted by lower revenue and
operating income in tractor business. Total income fell 9.8 percent to Rs
1,046.4 crore during October-December quarter from Rs 1,159.6 crore in the
year-ago period due to 16.6 percent drop in tractor sales volumes.
Discussing the earnings, Bharat Madan, Group Financial Controller at
Escorts, said some cost-cutting exercises in the company have been bearing
fruit. He feels a normal monsoon prediction this year will be positive for the
industry. However, he does not see major jump in tractor sales in the
near-term.
Escorts is bullish on construction. The company is hopeful that a revival in
the infrastructure sector will actually push demand. “We are expecting the
topline to grow on the construction side definitely,” Madan said.
02:20pm FII View
Dismissing the recent market correction as a “bit of a reality check”, Richard
Gibbs of Macquarie said the India economy had several positives going for it
and added that foreign investors were now looking for strong leadership in the
Union Budget that takes later this month.
In an interview Sumaira Abidi, Gibbs said he was not worried by the recent
defeat of the BJP and said the central government still had a lot of political
capital left with which to push its reforms agenda.
02:00pm Market Check
The market picked up pace in the last half hour as the Nifty climbed over
8650 level again led by gains in select pharma and auto stocks. The broader
markets continued to outperform with the BSE Midcap and Smallcap indices rising
0.9 percent and 1.2 percent, respectively.
The Sensex rose 151.14 points to 28685.11 and the Nifty advanced 49.75
points to 8677.15. About 1537 shares have advanced, 1197 shares declined, and
244 shares are unchanged on the BSE.
Geoffrey Dennis of UBS is betting on India and China in 2015. As UBS moves
to a more defensive position in Europe due to Grexit fears, he says the most
secure EPS forecasts over 2015 are likely to be in India and China.
Global markets traded mixed. Investors remain cautious as concerns over
Greece linger after euro zone finance ministers failed to reach a deal with
Greece yesterday.
The rupee continued to trade above 62 a dollar and is headed for a fourth
consecutive fall against the dollar. Bond yields remained largely unchanged
ahead of the January CPI and December IIP data later today.
Dr Reddy's Labs and Cipla topped the buying list, up over 3 percent followed
by Maruti Suzuki with 2.5 percent gains. Hindalco Industries climbed 2 percent
after the company maintained its operating performance in Q3. Operating profit
jumped 46.7 percent to Rs 923 crore and margin expanded 200 basis points to
10.7 percent in Q3 on yearly basis.
HDFC Bank, L&T, Axis Bank, Hero Motocorp, NTPC, GAIL, BHEL and Tata
Power gained more than percent. However, ITC, State Bank of India, HUL, Bharti
Airtel, Sun Pharma, Coal India and Tata Steel were down 0.4-1.4 percent. More information
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