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Last Updated : Jul 22, 2015 02:26 PM IST | Source: Moneycontrol.com

Sensex, Nifty surge 1%; Lupin, Bharti, Vedanta laggards

Reliance, HUL, M&M, Bajaj Auto and HDFC are top gainers while Lupin, TCS, Bharti Airtel, Infosys and Vedanta are among losers.


Moneycontrol Bureau

1:50 pm FII view:
Sakthi Siva, Credit Suisse said India's return on equity appears to have bottomed at 13.7 percent in March & has since risen to 14.1 percent.


India, like Korea, has been associated with downgrades to 2015e consensus EPS, but has the second highest EPS growth in 2015e of 16.3 percent, she added.


"India's 53 percent premium on price-to-book versus return on equity (ROE) valuation model means that a recovery from the current 14.1 percent ROE to 19.8 percent already appears to be priced in," Siva said.

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"In July, we reduced India from a 1 percent overweight to a 1 percent underweight, with Axis Bank & HCL Tech remaining our top picks. The two most overvalued sectors are staples & healthcare and both are seeing downgrades to consensus EPS," she added.



1:30 pm Results:
Buoyed up by blockbuster films like Tanu Weds Manu Returns, Avengers, Fast & Furious, Piku and Dil Dhadakne Do PVR has posted its highest ever quarterly profit in April-June quarter. The company's consolidated net profit rose 680 percent to Rs 58.5 crore in the quarter ended June 30, 2015 from Rs 7.7 crore in year-ago period.


During the quarter, its total income also jumped 34.14 percent at Rs 486 crore against Rs 362.3 crore in corresponding quarter last fiscal. Margins were at 23.1 percent from Rs 15.1 percent on an annual basis.


This is much better than street estimates. As per a CNBC-TV18 poll, PVR's Q1 net profit was seen rising by a whopping 416 percent to Rs 39.7 crore while topline was expected to rise 21.7 percent at Rs 441 crore year-on-year.



Don't miss: FY16 earnings growth to be in high single digits, says Religare


The market continues to hold strong. The Sensex is up 241.69 points or 0.9 percent at 28423.83, and the Nifty is up 74.45 points or 0.9 percent at 8603.90. About 1605 shares have advanced, 979 shares declined, and 137 shares are unchanged.

Reliance, HUL, M&M, Bajaj Auto and HDFC are top gainers while Lupin, TCS, Bharti Airtel, Infosys and Vedanta are among losers.

Gold fell for a seventh session in eight, reflecting sustained downward pressure on the metal days after its steepest drop in almost two years, with more losses seen ahead as the demand outlook dims.

A looming hike in US interest rates has dented gold's appeal as an investment, encouraging more sellers in the market after Monday's 4-percent rout.



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First Published on Jul 22, 2015 01:00 pm
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