1:55 pm SEBI: Capital markets regulator Sebi has sought
clarification from the merchant banker of State Bank of Travancore on the
firm's proposed Rs 485-crore rights issue. Without disclosing the details, Sebi
said "clarifications (are) awaited from lead manager" for the
proposed rights issue. In rights issue, shares are issued to existing investors
based on their holdings at a pre-determined price and ratio.
According to the latest weekly update to the processing status of draft
offer documents filed with Sebi, the regulator said clarifications are awaited
on the proposed rights issue of State Bank of Travancore as on January 30 this
year. The status is updated on a weekly basis by the regulator and the next
update of the status, as on February 6, would be uploaded on Sebi's website the
next working day. Sebi said it might issue observations on State Bank of
Travancore document within 30 days from the date of receipt of satisfactory
reply from the lead merchant bankers to the clarification or additional
information sought from them.
1:40 pm Market outlook: The government needs to move faster
on the divestment process, as institutional investors are concerned about the
government’s approach to the fiscal deficit, feels Gautam Trivedi, MD &
CEO, Religare Capital. In an interview, Trivedi says market is having high
expectations from the Railway Budget as well as Union Budget. On the positive
side, he says foreign investor interest remains strong even as domestic
institutions have been booking profits. He expects corporate earnings to grow
10-15 percent this year. Trivedi is cautious on banks, particularly state-owned
banks, as he feels the fourth quarter numbers could be even worse than the
third quarter ones. HDFC Bank is his top pick in the banking space.
1:30 pm Result: NHPC disappointed street on Tuesday by
reporting a 30.6 percent decline (year-on-year) in profit at Rs 180 crore due
to higher interest cost.
Profit was expected at Rs 300 crore on revenue of Rs 1,378 crore for the
quarter, according to the average of estimates of analysts.
Net sales of the state-run hydro power generation company grew 3.9 percent
to Rs 1,167 crore during October-December quarter from Rs 1,123.4 crore in same
quarter last fiscal.
Operating profit declined 10.1 percent on yearly basis to Rs 561 crore and
margin slipped 740 basis points to 48.1 percent in the quarter gone by.
Analysts had expected operating profit at Rs 757 crore and margin at 54.9
percent for the quarter.
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The market continues to be under pressure. The Sensex is down 173.79 points
or 0.6 percent at 28948.48, and the Nifty is down 54.40 points or 0.6 percent
at 8743.00. About 1156 shares have advanced, 1450 shares declined, and 259
shares are unchanged.
Sesa Sterlite, Reliance, Tata Motors, ONGC and Bharti are top gainers in the
Sensex. Among the losers are Axis Bank, Bajaj Auto, M&M, HDFC and SBI.
Signalling strong demand for government bonds, overseas investors have put
in bids worth Rs 813 crore, oversubscribing a Rs 310 crore auction for debt
securities by more than two times.
The auction was held at 'nse-ebid' platform for allocation of investment limits in government debt securities worth Rs 310 crore (USD 50.2 million). The auction attracted bids for Rs 813 crore (USD 131.64 million), as per the bourse.
At the end of two-hour auction last evening, as many as 43 bids were made in
the auction, of which 21 were declared successful. The debt auction quotas give
overseas investors the right to invest in debt up to the limit purchased.
Foreign investors have so far put in over Rs 23,000 crore in the debt market
in 2015. The equity market has also seen similar trends with overseas fund
inflows of more than Rs 18,244 crore since the beginning of the year. More
information please visit this site www.bigprofitbuzz.com
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