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Last Updated : Oct 19, 2015 02:11 PM IST | Source: Moneycontrol.com

Sensex rises over 150 pts, Nifty above 8250; FMCG & IT up

Reliance, Bharti Airtel, Sun Pharma, Infosys and Cipla are top gainers in the Sensex. Among the losers are ONGC, Tata Steel, Tata Motors, L&T and Bajaj Auto.


Moneycontrol Bureau

1:55 pm Call on telecom stocks:
The TRAI rule requiring telecom operators to pay one rupee for every dropped is good in theory, but hard to implement because of practical issues, says Suresh Mahadevan, MD and Head of Asia Telecom & Media Research at UBS AG. He is keeping his estimates for telecom companies Bharti Airtel and Idea unchanged. In an interview with CNBC-TV18, Mahadevan says that in the top 15 cities, there is genuine shortage of spectrum during peak hours. Also, for call drops when the call is made between two different operators, there will always be a dispute as to which operator was to blame. Mahadevan feels telecom operators are likely to contest the TRAI ruling.

1:45 pm Subsidy?
Under recovery for kerosene and LPG (cooking gas) for the quarter ended Sepetmber is seen around Rs 8000 crore, reports CNBC-TV18, quoting oil ministry sources. Of this, the government's share of the subsidy bill is around Rs 7300 crore. ONGC's share is seen at approximately Rs 600 crore, and OIL India's contribution is seen below Rs 100 crore. Government will pay Rs 12 per liter of kerosene subsidy, with ONGC and OIL India to pay the rest.

1:30 pm Buzzing: Shares of Lanco Infratech gained 9.8 percent intraday Monday as the power company will get income tax refund post Supreme Court's favourable order. Lanco Infratech said it got a favourable order from the Supreme Court on October 16 for its subsidiary Lanco Kondapalli Power (LKPL). The court has dismissed appeals filed by Andhra Pradesh Power Coordination Committee & AP Discoms and upheld orders passed by APTEL & APERC in favour of LKPL. As a result of this favourable order, LKPL is entitled for reimbursement of income tax of about Rs 175 crore paid for financial year 2001-2012. It is along interest till the date of payment after adjusting adhoc amount of Rs 70 crore already received.

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The market is surging ahead as IT, oil, pharma and FMCG stocks support. The Sensex is up 162.92 points or 0.6 percent at 27377.52 and the Nifty is up 37.40 points or 0.4 percent at 8275.55. About 1517 shares have advanced, 990 shares declined, and 149 shares are unchanged.


Reliance, Bharti Airtel, Sun Pharma, Infosys and Cipla are top gainers in the Sensex. Among the losers are ONGC, Tata Steel, Tata Motors, L&T and Bajaj Auto. 

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Gold prices on Monday eased below the Rs 27,000-mark by falling Rs 178 to Rs 26,972 per 10 grams in futures trade amid a weak global trend.

Analysts attributed the fall in gold futures to a weak global trend where it retreated from three-month high as signs of a buoyant US economy revived expectations that the Federal Reserve may raise interest rates and data showed that China expanded quicker than economists forecast in the third quarter.



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First Published on Oct 19, 2015 01:00 pm
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