September 27, 2013 / 12:17 IST
Moneycontrol Bureau
Live Market Commentary
12:00 am Stock view: SP Tulsian of sptulsian.com is not too enthused on shipping stocks upmoves because of surge in Dry Baltic Index. "Generally you will not find the rally sustainable in those stocks. If somebody can keep a view of couple of months, the stock may see a price target of Rs 350 on the basis of financial performance. I am not going by Q1 numbers because the performance of a shipbuilder is never linear," he said in an interview to CNBC-TV18.
11:45 am Update: Generic drugmaker Mylan Inc has won US antitrust approval to buy Agila, a unit of India's Strides Arcolab, subject to divesting some products, the Federal Trade Commission said on Thursday, reports Reuters. The cabinet approved the deal on September 3.
The companies will have to divest assets needed to make 11 generic injectable drugs as a condition of approving the deal, the FTC said.
The deal for Agila, which is based in Bangalore, was valued at USD 1.6 billion when it was announced in February.
11:30 am FII view: Bhuvnesh Singh, Barclays Capital says that macro concerns will impact few parts of the market, largely financials, industrials and materials, he says. But on the other hand, rupee depreciation will help export-oriented sectors like IT, healthcare or import parity sectors like petrochemicals and energy, which could show an upmove, he adds.
According to him, FIIs are significantly overweight on India. One reason behind that is India’s correction has been largely on the back of currency over the past few months, he says. Second is the reasonable diversity between sectors, he adds. "All companies listed in India are not only oriented to Indian domestic economy, but have a significant part of the market which is more leveraged to external economy," Singh told CNBC-TV18.
11:20 am Buzzer: Shares of Bharti Airtel slipped around 3 percent in early morning trade on Friday on reports that the telecom department may slap a fine of Rs 725 crore on the company for offering 3G services in the circles where it does not have spectrum.
Bharti entered into intra-circle roaming pacts with other operators and used 3G airwaves without paying spectrum usage charges.
Last year, the department of telecom (DoT) had issued a notice to Bharti Airtel asking it to stop offering 3G service through intra-circle roaming pacts with other operators. It had imposed a penalty of Rs 350 crore (Rs 50 crore for each circle).
DoT had asked the operator to stop 3G services in seven circles,
Don't miss: Govt notifies implementation of GAAR rules from April 2016Selling pressure drags down the market pulling Nifty way below the 5900-mark. The Nifty is down 16.35 points at 5865.90. The Sensex is 5865.90, down 66.03 points.
About 908 shares have advanced, 661 shares declined, and 115 shares are unchanged.
ICICI Bank (down 3 percent), BHEL (down 2.3 percent), Bharti Airtel and HDFC twins are among the losers in the Sensex. Meanwhile, Hero MotoCorp, Sun Pharma, Sesa Goa, ONGC and Bajaj Auto are leading the Sensex.
Asian markets are mildly higher tracking the US markets. However a firmer yen and Japan's August inflation reading weighs on Nikkei.The dollar held on to modest overnight gains but on to track the end the week flat as uncertainty over the debt negotiations looms.
Commodities saw gold headed for its fifth straight weekly decline. Brent crude was stable between USD 108 -109/bbl.
