Market extends rally; Sensex zooms over 300 pts, Nifty eyes 7850

Moneycontrol Bureau10:55 am Buzzing: Share prices of Tasty Bite Eatables rose 18.5 percent intraday post robust fourth quarter numbers announced by the company. The company's (Dec-Mar) Q4 net profit jumped 87 percent to Rs 5.8 crore against Rs 3.1 crore, in the same quarter last fiscal. The total income of the company increased by 38 percent at Rs 62.9 crore versus Rs 45.5 crore. The EBITDA was up 71 percent at Rs 12 crore versus Rs 7 crore and EBITDA margin rose 360 bps at 19.2 percent versus 15.6 percent.10:30 am Boardroom: Bolstered by uptick in systematic investment plans (SIP), Sam Ghosh, ED & Group CEO of Reliance Capital expects nearly 15-20 percent growth in the company’s mutual fund business' assets under management (AUM) during FY17.

In an interview to CNBC-TV18, Ghosh says the 3.1 percent gross non-performing assets posted in the commerical finance business is largely due to stress in commercial vehicle financing business. However, it has almost peaked and things will likely improve from here.

Ghosh says the company is plans to unlock value in the commercial finance business and looking for a strategic partner, accordingly.

The market has extended its rally with the Nifty comfortable above 7800. The 50-share is up 96.50 points or 1.2 percent at 7829.95. The Sensex is up 324.89 points or 1.3 percent at 25553.39. About 1343 shares have advanced, 498 shares declined, and 74 shares are unchanged.

NTPC, Bajaj Auto, HDFC twins and ITC are top gainers in the Sensex.

Thyrocare Technologies debuted at Rs 665 per share on the NSE, 49 percent premium to its issue price at Rs 446.

The initial public offering (IPO) of Thyrocare was oversubscribed 73.55 times in a price band of Rs 420-446. The issue was open for bidding from April 27-29.

Thyrocare competes with diagnostics chains such as Dr Lal PathLabs, SRL Diagnostics, Metropolis Healthcare and Apollo Clinic.

Spot gold edged lower, but remained supported in the face of a firm dollar as investors bet a weaker US payroll report would push out the timing of any rate hike.

The US economy added the fewest number of jobs in seven months in April and Americans dropped out of the labour force, leaving some economists anticipating only one interest rate hike this year. But encouraging annual wage growth data helped the dollar to revive.