03:30pm Market
Closing
The Sensex rose 109.19 points or 0.42 percent to close at
26108.53 and the Nifty climbed 32.40 points or 0.42 percent to 7780.60.
About 1336 shares
have advanced, 1501 shares declined, and 117 shares are unchanged.
02:55pm Crompton in
focus
Avantha Group-owned
Crompton Greaves is likely to sell part stake in its demerged consumer products
business, sources told CNBC-TV18.
Crompton Greaves on Thursday had announced the demerger of
its consumer products business unit into a separate company and also opened
doors for foreign investors by raising the investment limit to 100 percent of
the paid-up equity share capital.
According to sources, the group may sell up to 10 percent
stake in the demerged consumer products entity to private equity players, with
valuations standing at around Rs 8000 crore. So far, Bain has emerged as the
only serious PE player in talks to acquire stake.
02:40pm Zee
Entertainment rallies
The Sensex gained
more than 200 points in last hour of trade while Zee Entertainment climbed
nearly 4 percent.
Zee slightly missed street expectations on topline and
bottomline front but operational performance was higher than expectations
during July-September quarter. Consolidated net profit fell 3.7 percent to Rs
227.6 crore in second quarter of current financial year 2014-15 due to lower
subscription revenue and sports division losses. Profit in the year-ago period
was Rs 236.3 crore.
Net profit was expected at Rs 235 crore on revenue of Rs
1,160 crore for the quarter, according to the average of estimates of analysts
polled by CNBC-TV18.
Consolidated total income from operations increased
marginally to Rs 1,118 crore from Rs 1,101 crore on year-on-year basis.
Advertising revenue in Q2 increased 7 percent on yearly basis to Rs 625.94
crore while subscription revenue declined over 7 percent to Rs 424.45 crore
from Rs 458.12 crore during the same period.
2:25pm Market Check
The Sensex shot up
180.51 points or 0.69 percent to 26179.85 and the Nifty jumped 52.55 points or
0.68 percent to 7800.75.
About 1282 shares have advanced, 1390 shares declined, and
103 shares are unchanged.
02:20pm Top Gainers
Shares of HDFC Bank, Mahindra and Mahindra and BHEL topped
the buying list in the Sensex, up 3-4 percent followed by ICICI Bank, HDFC,
Larsen and Toubro, State Bank of India, Axis Bank, Bharti Airtel, Hero
Motocorp, Tata Steel and Cipla with 2-2.7 percent gains.
Index heavyweights
ITC and Reliance Industries climbed nearly a percent.
02:00pm Market Check
Equity benchmarks
extended gains with the Sensex rising 166.02 points to 26165.36 and the Nifty
climbing 48.90 points to 7797.10. The broader markets gained too; the CNX
Midcap advanced 0.8 percent.
Banks stocks drove the major gains in benchmarks with BSE
Bankex rising over 2 percent while technology stocks pulled the BSE IT index
down by 3.5 percent.
Sunil Singhania of Reliance MF says he expects growth to
return to the Indian markets. He is looking at a 20 percent earnings growth
over the next five years and valuation wise, India is not as expensive as other
emerging markets.
It’s a twin blow for the tech sector. TCS tanked more than 7
percent after dollar revenue growth missed expectations. Management told
cnbc-tv18 that softness in certain businesses may continue for two more
quarters. HCL Technologies too took a hard knock on similar growth worries;
dollar revenue for Q1 came in lower than estimate; the stock lost 9 percent.
The rupee recovered marginally to 61.53 after falling to
7-month low of 61.83 yesterday. Fresh selling of dollars by exporters and banks
resulted in rupee recovery.
It is a mixed day for global markets. European markets
gained more than 1 percent while Asian markets like Japan and Taiwan Weighted
fell another 1-1.5 percent after yesterday's blow. A comment from hawkish
Federal Reserve official James Bullard on Thursday that the Fed should continue
bond buying lifted sentiment and surprised many observers. More information
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