Equity benchmarks continued to consolidate after yesterday's sharp run as investors awaited more quarterly earnings. The broader markets marginally outperformed benchmarks. Endurance Technologies surged 22 percent on debut. The stock opened at Rs 572 per share against issue price of Rs 472 per share.
10:34 am Earnings Poll: Hindustan Zinc, a subsidiary of Vedanta Resources Plc, is likely to report a 35 percent degrowth year-on-year in profit at Rs 1,491 crore for July-September quarter, according to average of estimates of analysts polled by CNBC-TV18.
Total income from operations may fall 17 percent to Rs 3,365 crore in the quarter ended September 2016 compared with Rs 4,033.5 crore in same period last year, impacted by lower sales volumes despite higher realisations.
Operating profit is seen declining 21 percent to Rs 1,700 crore and margin may contract 320 basis points to 50.5 percent in same period due to sharply lower refined zinc and lead metal production.
10:16 am IPO: Varun Beverages has set a price range of Rs 440-445 each for its planned initial public offering (IPO), which is targeting to raise between USD 165 million and USD 167 million, according to a term sheet of the deal obtained by IFR.
Varun Beverages is offering up to 25 million shares, comprising 15 million primary and the rest secondary shares, representing 13.7 percent of the expanded capital, the terms showed.
The company will have a market value of about USD 1.2 billion after the IPO, which will be open for subscription between October 26-28, the terms showed. The shares will start trading on or around November 8.
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10:00 am Market Check
Equity benchmarks continued to consolidate after yesterday's sharp run as investors awaited more quarterly earnings. The broader markets marginally outperformed benchmarks.
The 30-share BSE Sensex was down 26.22 points at 28024.66 and the 50-share NSE Nifty fell 4.75 points to 8673.15. About 1307 shares advanced against 640 declining shares on the BSE.
Endurance Technologies surged 22 percent on debut. The stock opened at Rs 572 per share against issue price of Rs 472 per share.
BHEL and GAIL topped the buying list, up 3-4 percent followed by Reliance Industries, Sun Pharma, Lupin, Axis Bank, ONGC and L&T.
ITC, ICICI Bank, HDFC Bank, TCS, Tata Motors, HDFC and HUL saw profit booking.