Equity benchmarks recovered early losses with the Nifty rising over 8600 level on first day of November series. Select Tata Group stocks like Tata Motors and Tata Steel rebounded sharply on short covering after sharp sell-off in previous three consecutive sessions due to Tata-Mistry issue.
10:59 am Market Update: Equity benchmarks gained strength as the Sensex was up 43.90 points at 27959.80 and the Nifty up 25.05 points at 8640.30.
About 1499 shares advanced against 665 declining shares on the BSE.
10:47 am Interview: GMR Group said it has won an international arbitration against the Maldives government and has been awarded USD 270 million as compensation from the island nation after its contract to build an international airport in Male was arbitrary cancelled.
GMR Infrastructure, which owned GMR Male International Airport (GMIAL), said the arbitration award was given by a three-member international arbitral tribunal.
Speaking to CNBC-TV18 Sidharath Kapur, President Finance & Business Development of GMR Airports said that the award of money has come after a lot of struggle from the company’s side.
The original claim was for about USD 500 million and against that the award has come at USD 270 million, he said, adding that he is happy with the outcome.
10:37 am Poll: FMCG major Marico's second quarter profit is seen rising 18 percent year-on-year to Rs 177.2 crore and revenue may increase 2.3 percent to Rs 1,519 crore, according to analysts polled by CNBC-TV18.
Operating profit is likely to increase 12 percent to Rs 257 crore and margin may expand 140 basis points to 16.9 percent on yearly basis, led by lower copra prices. Gross margin is expected to expand by 200-300 bps.
Copra prices declined 24 percent YoY but increased 16 percent QoQ.
Analysts expect domestic volume growth at around 6-8 percent for the quarter.
Marico has initiated a weighted average price hike of 5 percent from July, 2016.
Analysts expect international business (20 percent of revenue) to grow 10 percent YoY.
10:20 am Loss of market cap: Tata group stocks lost ground for the third day on Thursday amid concerns about purported disclosure made by ousted group chairman Cyrus Mistry about huge write- down risks at some firms, taking the total market value erosion to over Rs 26,000 crore this week.
Barring TCS, rest of the other major group companies saw continued decline in stock price. TCS ended 0.68 percent higher on BSE.
Tata Motors scrip fell by 1.44 percent, Tata Power slipped 1.36 percent and Tata Steel went down by 0.44 percent.
Besides, Tata Teleservices plummeted 9.72 percent, Indian Hotels tumbled 5.81 percent, Tata Investment Corporation (5.43 percent), Tata Global Beverages (5.12 percent)), Tata Metaliks (4.74 percent)), Tinplate Company of India (3.98 percent)), Tata Coffee (3.33 percent)), Tayo Rolls (2.91 percent)), Tata Motors Ltd DVR (2.08 percent)) and Rallis India (2 percent)).
10:00 am Market Check
Equity benchmarks recovered early losses with the Nifty rising over 8600 level on first day of November series. Select Tata Group stocks like Tata Motors (up 2.6 percent) and Tata Steel (up 1.7 percent) rebounded sharply on short covering after sharp sell-off in previous three consecutive sessions due to Tata-Mistry issue.
The 30-share BSE Sensex was down 17.84 points at 27898.06 and the 50-share NSE Nifty gained 7.65 points at 8622.90 while the broader markets outperformed benchmarks.
The BSE Midcap and Smallcap indices gained nearly 1 percent each on strong breadth. About two shares advanced for every shares declining on the exchange.
Tech Mahindra maintained its rally of 6 percent after strong dollar revenue growth of 5 percent QoQ in constanct currency.
Dr Reddy's Labs and Coal India climbed over 1.5 percent whereas ICICI Bank, HDFC, Infosys, ITC, TCS and Bharti Airtel were down 0.5-1.5 percent.
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