SENSEX NIFTY
Jul 04, 2014, 11.00 AM IST | Source: Moneycontrol.com

Sensex flat, midcap outshines; Dr Reddy's gains, HDFC slips

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent each. About 1284 shares have advanced, 711 shares declined, and 85 shares are unchanged.

10:00
Moneycontrol Bureau
Live Market Commentary

11:00am Infosys' Q1 earnings on July 11

Infosys' operating profit may lag consensus estimates when India's second-largest IT services exporter reports quarterly results on July 11, Thomson Reuters StarMine's SmartEstimates shows.

StarMine's SmartEstimates, which places a greater emphasis on forecasts by top-rated analysts, expects Infosys to report an operating profit of Rs 3,327 crore (USD 558 million) in the quarter, compared with a consensus mean estimate of Rs 3,404 crore, reports Reuters.

10:50am Prestige Estates, Siemens on buyers' radar

Prestige City Properties, an arm of the Bangalore-based real estate developer Prestige Estates, bought an 8-acre land parcel in the IT city for Rs 345 crore from Siemens.

In a statement to the exchange, Siemens said, “As part of our continuous asset optimisation exercise within Siemens, we have sold the land parcel in Bangalore today to Prestige City Properties. The proceeds of the sale is approximately Rs 345 crore."

The company is planning to fund land buy with internal accruals and will also undertake some debt. In an interview to CNBC-TV18, Irfan Razack, CMD of the company said the debt to equity ratio is likely to remain comfortable at 0.7-0.8x. It is hoping to launch project in the area as soon as all approvals are clear.

10:40am Videocon Industries gains 7%

Videocon Industries' direct to home service provider arm Videocon d2h is firming up plans to launch IPO in FY14.

The company had received the permission from market regulator Sebi in March 2013 for its proposed Rs 700-crore IPO but did not launch the same due to bad market conditions.

"We are engaged with our advisors and investment bankers. We have appointed Axis Capital among others to advise us on the same. We are planning the IPO this financial year itself," Videocon director Saurabh Dhoot.

10:30am Shree Renuka Sugars' open offer fails

Shree Renuka Sugars' open offer has failed as the company has been able to acquire only 1,750 shares out of over 24 crore shares due to higher share price compared with the offer rate.

In February, the company had announced sale of 27.5 percent stake in the company to Singapore-based agri-business major Wilmar International for Rs 517 crore through a preferential allotment of fresh equity, triggering mandatory open offer by both Wilmar and existing promoters.

10:20am Bharti Airtel in News

The Reserve Bank of India said foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest upto 74 percent of the paid up capital of Bharti Airtel under the portfolio investment scheme.

The Reserve Bank has stated that the company has passed resolutions at its board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs.

10:10am Market Expert

Tirthankar Patnaik of Religare Capital Markets sees the Nifty climbing to 7800 by Budget day as overall sentiment remains bullish.

In an interview to CNBC-TV18, Patnaik says the priority of the government should be to stay the fiscal prudence course and rationalisation of subsidies will be key to the government being able to achieve its fiscal targets. Patnaik is betting on a staggered hike in LPG and kerosene prices.

10:00am Equity benchmarks continued to consolidate for the second consecutive day with the Sensex rising 42.05 points to 25865.80 and the Nifty gaining 11.75 points to 7726.55.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent each. About 1284 shares have advanced, 711 shares declined, and 85 shares are unchanged.

Dr Reddy's Labs topped the buying list, up 2 percent followed by Bharti Airtel, Reliance Industries, HDFC Bank, Axis Bank, Hero Motocorp, Tata Power, NTPC and Cipla with 0.5-1 percent.

However, shares of L&T, HDFC, M&M, Wipro, Sesa Sterlite, Hindalco, Coal India and Maruti fell 0.2-0.7 percent.

09:09
Bharti, Tata Steel, Tata Power, Wipro and NTPC are top gainers in the Sensex. Among the losers are Hindalco, HDFC, ONGC, GAIL and ITC.

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