Sensex ranged; rupee recovers further, RComm top midcap gainer

Moneycontrol Bureau12:40 pm Tower sale deal: Shares of Reliance Communications, the Anil Dhirubhai Ambani Group company, rallied nearly 10 percent intraday after signing binding agreement with the US asset management company to sell tower business.It will receive an upfront cash payment of Rs 11,000 crore (USD 1.6 billion) on completion of the transaction, which will be solely used for debt reduction.12:15 pm Interview: Need to appoint more distributors and enrol more outlets in coming days, says Abhishek Singh, Director of Manpasand Beverages.

Manpasand Beverages pays their retailers a margin of 5-7 percent more than the competitors, said Singh.

Speaking to CNBC-TV18, he said that they faced problems due to demonetisation for the first 10-15 days.

He further said that the company will set up four new plants, which will be operational in the next 18 months.

However, we will maintain margins and sales growth at current levels, he said.Also read - Market may correct 10-15% in 3-6 months if DIIs sell: Ambit12:00 pm Market Check

The market remained rangebound in noon trade with the Sensex moving in a 80 points range due to lack of global as well as domestic cues. However, the rupee recovered further, rising 16 paise to 67.86 against the US dollar.

The 30-share BSE Sensex gained 42.42 points at 26350.40 and the 50-share NSE Nifty rose 12.00 points to 8094.40.

Reliance Industries, HDFC, Sun Pharma, Yes Bank, Welspun Corp, Indiabulls Housing, Kushal Trade, Coffee Day and Bharat Financial were most active shares on exchanges.

Reliance Communications was the biggest midcap gainer, up nearly 9 percent on hope of likely announcement of tower sale deal with US asset management company Brookfield this week, which will help the company pare its debt.

Among other midcaps, Reliance Power, M&M Financial, Adani Power and Torrent Pharma climbed 2-3 percent while CRISIL, Petronet LNG, Shriram City, Pidilite Industries and Bharat Forge lost 1-3 percent.