Moneycontrol Bureau3:30 pm Market closing: After a lot of struggle, the market has closed marginally lower. The Sensex closed down 57.64 points or 0.2 percent at 26667.96, and the Nifty ended 18.40 points or 0.2 percent at 8160.10. About 990 shares have advanced, 1568 shares declined, and 165 shares are unchanged.
Tata Motors, Tata Steel, SBI, Maruti and Adani Ports were top gainers while Sun Pharma, TCS, GAIL, ONGC and Reliance were losers in the Sensex. 3:15 pm Interview: India is looking to start a "significant" fund that will invest in distressed loans held by lenders, Minister of State for Finance Jayant Sinha said on Tuesday, as regulators strive to clean-up non-performing loans in the struggling sector.
"We will have a significant stressed assets fund," Sinha told reporters on the sidelines of a event by credit ratings agency CRISIL in India's financial capital, Mumbai.
"We expect a variety of funds - stressed debt fund, special situations fund, and NIIF (National Investment and Infrastructure Fund) - to then participate in equity investment in these stressed assets," he also said.
2:57 pm Ruchi Soya falls: Edible oil manufacturer Ruchi Soya Industries disappointed street by posting big loss of Rs 889 crore in January-March quarter against profit of Rs 19 crore in year-ago period, dented by lower revenue and loss at operating level (in major segments like oil, seed extraction and others).
Revenue declined 17.4 percent to Rs 8,048.7 crore during the quarter from Rs 9,738.9 crore in corresponding period of last fiscal due to lower growth across segments (except food products).
Operational performance was pathetic for the quarter as EBITDA (earnings before interest, tax, depreciation and amortisation) loss stood at Rs 840.2 crore against profit Rs 138.3 crore in year-ago period.The stock lost 4 percent.
2:45 pm Market recovers: Equity benchmarks recouped losses amid consolidation. The Sensex declined 19.41 points to 26706.19 and the Nifty fell 4.45 points to 8174.05.About 1564 shares declined against 923 advancing shares on BSE.2:35 pm Earnings: Ramky Infrastructure today reported standalone net profit of Rs 173.53 crore for the fourth quarter ended March, on the back of higher income.
However, the company had posted standalone net loss of Rs 82.65 crore in the corresponding quarter of FY 2014-15, Ramky Infrastructure said in a BSE filing.
Total income of the company during the quarter increased to Rs 867.03 crore, over Rs 336.17 crore in the year-ago period.
On the consolidated basis, the company reported a net profit of Rs 17.30 crore for the year ended March 31, 2016.
However, the company had reported a net loss after taxes, minority interest and share of loss from associates at Rs 482.96 crore for the year ended March 31, 2015.
Total income from operations increased to Rs 2,342.08 crore for the year ended March 31, 2016, over Rs 1,644.12 crore for the year ended March 31, 2015.2:21 pm BSE IPO: BSE, Asia's oldest stock exchange, plans to sell up to 30 percent stake in its much-awaited initial public offer (IPO), which is expected to hit the market this financial year.
The exchange plans to file draft papers with capital markets regulator Sebi in July.
BSE (formerly known as Bombay Stock Exchange) has already appointed Edelweiss Financial Services as the lead merchant banker and AZB & Partners and Nishith Desai Associates as legal advisors to the issue.
The exchange will hold an annual general meeting (AGM) on June 24 to seek shareholder's approval for the listing.
The total size of the issue will not exceed 30 percent, according to a notice of AGM.Also read - Tata Motors up 10%; analysts bet on JLR volume, India biz post Q4 nos2:00 pm Market Check
Equity benchmarks extended losses a bit in afternoon trade with the Sensex falling 107.50 points to 26618.10 and the Nifty declining 27.75 points to 8150.75. The market breadth remained negative as about two shares declined for every share rising on Bombay Stock Exchange.
With events such as a Fed rate hike and the Reserve Bank monetary policy lined up in June, shares could remain choppy in the near term, says Vibhav Kapoor of IL&FS.
But the medium term outlook remains strong even as two risks, a weak monsoon and Brexit, could upset the applecart.
Asian markets were mostly higher today, with China's Shanghai up more than 3 percent and Japan shares rising 1 percent after better-than-expected economic data. In Hong Kong, the Hang Seng index was 0.9 percent higher.
China shares may be getting a fillip from a Goldman Sachs report released today, which raises its probability estimate from 50 percent to 70 percent for A-share inclusion in the MSCI indexes. The MSCI will announce the results of its Annual Market Classification Review on June 15, which may see the A-share market included in the index.
European markets traded marginally lower as investors digested the prospect of a June US interest rate hike and key risk events this week including a European Central Bank meeting.
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