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Last Updated : Feb 10, 2016 11:57 AM IST | Source:

Nifty nears 7200, Sensex continues to fall; Infosys, Reliance up

Hindalco, Tata Motors, Adani Ports, Dr Reddy's Labs and ICICI Bank are top losers while Infosys, Reliance, Sun Pharma and HUL are gainers in the Sensex.

Moneycontrol Bureau

11:55 am Telecom minister:
Stating that Internet cannot be allowed to be monopoly of few, Telecom Minister Ravi Shankar Prasad today slammed Facebook's Free Basics programme and said such differential pricing modes are "plainly not acceptable". The minister said the Trai's order on differential pricing for data services has enhanced India's image in the Net community world over and established its maturity. "We are expanding digital India into nook and corner of the country, and taking extraordinary steps to empower the people through technology, to create a knowledge economy. The very concept of differential pricing on data, whether it is Free Basics or any other mode, is plainly not acceptable," Prasad told PTI.

11:45 am Boardroom:
Anil Sardana, CEO & MD Of Tata Power in an interview to CNBC-TV18 spoke about the third quarter performance, generation at Mundra and Arutmin mine stake sale.

He said the company was getting closer to the Arutmin mine stake sale and is likely to be completed in six months. The price would stay at USD 510 million, he said.

Tata Power's operational performance was quite ahead of estimates in the third quarter on Friday. Consolidated profit plunged 87.6 percent year-on-year to Rs 24.5 crore in Q3, hit by regulatory expenses of Rs 601 crore and exceptional loss of 187.15 crore. Forex loss and lower other income also impacted bottomline.


11:30 am IPO: The initial public offer of software provider Quick Heal Technologies was subscribed 77 percent on the second day of the offer. The Rs 451-crore IPO received bids for 78,35,850 shares against the total issue size of 1,01,37,557 shares, data available with the NSE till 1700 hours showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 27 percent, while non institutional investors received 10 percent subscription. On the other hand, retail investors portion was oversubscribed 1.38 times, according to the NSE data. Quick Heal has already raised Rs 133.9 crore through issue of shares to 10 anchor investors.

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Selling pressure continues on Dalal Street ahead of Union Budget on February 29. The Sensex is down 222.14 points or 0.9 percent at 23798.84 and the Nifty is down 70.35 points or 0.9 percent at 7227.85. About 390 shares have advanced, 1655 shares declined, and 93 shares are unchanged.

Hindalco, Tata Motors, Adani Ports, Dr Reddy's Labs and ICICI Bank are top losers while Infosys, Reliance, Sun Pharma and HUL are gainers in the Sensex.

Gold prices drifted by 0.51 percent to Rs 28,291 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels, even as metal strengthened overseas. Analysts attributed the fall in gold futures to profit-booking by participants at existing levels.

A firming trend overseas where gold traded near a seven-month high as investors assessed the outlook for the US monetary policy amid swings in financial markets and concern that global growth is slowing, capped the fall, analysts said.

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First Published on Feb 10, 2016 11:00 am
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