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Last Updated : Jul 12, 2016 10:47 AM IST | Source:

Sensex, Nifty off day's high; Quess Corp soars over 50% on debut

Quess Corp has stellar listing today, rallying more than 50 percent in opening. It traded at Rs 494.75 against issue price of Rs 317.

Moneycontrol Bureau

10:45 am Interview:
India's commercial vehicle industry is likely to grow by 15-20 percent in FY17, Ashok Leyland CFO Gopal Mahadevan says. 

Mahadevan said the company is hopeful of growing at at least industry rate despite two months of declining growth.

"First quarter is too early to judge the company's performance," he added.

He is also hopeful that the Euro-IV (will be implemented across the country on April 1, 2017) norms will lead to pre buying in fourth quarter of FY17.

The company has already received orders for 3,600 buses and the execution is expected in FY17.

The market share of the company in bus segment has risen to 36 percent from 33 percent.

10:30 am Buzzing:
Edelweiss Financial Services shares gained 4 percent intraday after the company received approval from the insurance regulator to set up general insurance company.

"The Insurance Regulatory & Development Authority of India (IRDAI) has accepted the registration application form IRDA /R1, for setting up a general insurance company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary," says the company in its filing.

This is the first step of regulatory clearances required for carrying on the business as general insurance company in India.

10:15 am FII View:
Surendra Goyal of Citi says he expects Citi coverage universe Q1FY17 earnings to be flattish (YoY).


"Earnings, ex-commodities, are expected to be up 6 percent (YoY) versus a sharp decline in Q4FY16. Q1FY17 earnings are nearly 23 percent of our FY17 expectation," he explains.

He remains constructive with nearly 6 percent upside to 1-year target of 28,800 for the Sensex. "The Sensex is up 10 percent over the past 3 months and we would see enhanced buying opportunities on any dips," Goyal says.

Also read - June CPI seen flat at 5.75%; May IIP to contract by 0.12%

10:00 am Market Check

Equity benchmarks as well as broader markets continued to trade higher with marginal gains, tracking positive global cues.

The Sensex rose 59.17 points or 0.21 percent to 27685.86 and the Nifty advanced 17.45 points or 0.21 percent to 8485.35. About 1015 shares advanced against 805 declining shares on BSE.

Quess Corp has stellar listing today, rallying more than 50 percent in opening. It traded at Rs 494.75 against issue price of Rs 317. However, Thomas Cook, the owner of Quess Corp, declined 1.6 percent.

ICICI Bank, HDFC Bank, Maruti Suzuki, Bharti Airtel, NTPC and Tata Steel were gainers in morning trade, up 1-2 percent while Coal India and BHEL fell over a percent. TCS, Sun Pharma, Infosys, Dr Reddy's Labs, Lupin and Cipla were also down on profit booking.

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First Published on Jul 12, 2016 10:00 am
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