 "Markets marginally up amid consolidation; Sun Pharma up 2.2%")
Markets has maintained its early gains into afternoon deals with broader markets outperforming the bechnmark indices in today's trading session.
At 2:26pm, the 30-share Sensex of the Bombay Stock Exchange (BSE) was up 27.82 points at 21,278.94 and the National Stock Exchange (NSE) Nifty index was up 7.65 points at 6,321.45.
In the broader markets, the BSE mid and smallcap indices were up between 0.19-0.3%.
The rupee was trading at Rs 61.82 compared with previous close of Rs 61.88 per dollar. The Indian rupee was trading lower due to month end dollar demand from importers. Bearish sentiments in equity markets also contributed to the weakness.
Asian stocks remained subdued on Wednesday amid worries that the US Fed may further trim its monetary stimulus and ahead of central bank meetings in Thailand and Japan. Japanese central bank, The Bank of Japan, is widely expected to keep its policy rates on hold on Wednesday. The Nikkei was up 0.3%, Shanghai Composite gained 1.8% and Hang Seng was up 0.2% while Straits Times was trading flat with negative bias.
Healthcare, Metal and Realty indices were the top gainers among the sectoral indices on the BSE while FMCG was the top loser down 0.6%.
Capital goods stocks are in focus as sector heavyweight Larsen & Toubro will announce its December, 2013 qaurter later in the day. The stock is trading at Rs 1,007.80 down 0.35%.
Bharti Airtel was up nearly 1.2% on talk that the telecom major plans to sell its Africa tower business country-wise since it was not able to get a buyer for the entire business. The company plans to sell its Africa tower business starting with Nigeria.
FMCG majors ITC and Hindustan Unilever witnessed profit taking after recent gains. ITC and Hindustan Unilever were down 1-1.5% each.
Engineering major Larsen & Toubro was down 0.6% ahead of its third quarter earnings today.
Among other shares, Shares of Tilaknagar Industries were up over 3% at Rs 55 on talk that Kishore Chhabria-led Allied Blenders and Distillers (ABD) is looking to acquire majority stake in the company. To fund the acquisition, ABD has started raising $200 million.
Market breadth was marginally strong with 1,121 gainers and 932 losers on the BSE.
Deals corner
French power equipment maker Alstom's Indian arm has bagged a contract worth Rs 106 crore from Reliance Industries Limited for supplying equipment for the latter's Jamnagar refinery in Gujarat.
"Alstom T&D India was recently awarded a contract worth Rs 106 crore from Reliance Industries for supplying transformer packages for its Jamnagar refinery in Gujarat," the company said in a statement filed with the stock exchanges today. The contract was bagged by Alstom T&D in December 2013.
Results corner
HDFC, a housing finance provider, posted a 12% increase in net profit at Rs 1,278 crore for the quarter ended December 2013 as against Rs 1,140 crore in December 2012.
The total income rose 15% to Rs 6,031 crore as compared to Rs 5,250 crore in December 2012.
The loan book as of December 31, 2013 is at Rs 1.92 lakh crore.
At 1335 hours, HDFC's stocks on BSE were trading 0.2% higher at Rs 839 apiece.
Zee Entertainment posted consolidated net profit of Rs 213.6 crore for the quarter ended December 31, 2013 as compared to Rs 194 crore in the same period last year, up 10%.
Total Income of the group increased from Rs 975 crore to Rs 1,226 crore.
The advertising revenue increased 34.3% on a year-on-year basis.
EBITDA stood at Rs 290 crore, recording a gain of 11.3% over the same quarter last fiscal.
Smart moves
Shares of Just Dial has soared 10% to Rs 1,774, also its record high on the BSE, on back of heavy volumes. The counter has seen huge trading activity with a combined 1.53 million shares representing 3.26% of total free-float equity of the company changed hands till noon deals on the NSE and BSE.
Since December 9, 2013, the stock has rallied nearly 60% from Rs 1,120 on the BSE after index compiler FTSE said it will include the stock in its FTSE AllCap index, effective from the start of trading on December 23. The benchmark index S&P BSE Sensex has gained 0.50% during the same period.
A sharp rally in shares of Just Dial has helped the company to make its entry into the list of the top-100 most valuable companies by market capitalization.
Shares of Tilaknagar Industries were up over 3% at Rs 55 on talk that Kishore Chhabria-led Allied Blenders and Distillers (ABD) is looking to acquire majority stake in the company. To fund the acquisition, ABD has started raising $200 million.
Tilaknagar has been keen to rope in investors to reduce debt, offloading stake is being seen as a move towards that end, according to a report in the Business Standard.
Suven Life Sciences has jumped to 5.57% to Rs 78.60 after the US Food and Drug Administration (USFDA) has classified the company's facility at Pashamylaram near Hyderabad as acceptable for manufacture and supply of active pharmaceutical ingredients, intermediates and formulations.
The company stated in a press release on Wednesday that the US health regulator gave its acceptance after inspection and review of the facility.
Shares of Finolex Cables were up 3.5% at Rs 87 after the company announced that it has received an order for optical fibre cable.
Finolex Cables Ltd has informed BSE that the Company has been awarded an advance purchase order of over Rs. 200 crores for Metal Free Optical Fibre Cable (OFC) of the National Optic Fibre Network ("NOFN") backbone project, the company said in a filing on the BSE after market hours on Tuesday
At 2:26pm, the 30-share Sensex of the Bombay Stock Exchange (BSE) was up 27.82 points at 21,278.94 and the National Stock Exchange (NSE) Nifty index was up 7.65 points at 6,321.45.
In the broader markets, the BSE mid and smallcap indices were up between 0.19-0.3%.
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Sun Pharma up 2.22%, Reliance 0.63%, ICICI Bank up 0.54%, Infosys up 0.36% and Tata Steel up 2.07% are the top Sensex heavyweights supporting the index currently.
The rupee was trading at Rs 61.82 compared with previous close of Rs 61.88 per dollar. The Indian rupee was trading lower due to month end dollar demand from importers. Bearish sentiments in equity markets also contributed to the weakness.
Asian stocks remained subdued on Wednesday amid worries that the US Fed may further trim its monetary stimulus and ahead of central bank meetings in Thailand and Japan. Japanese central bank, The Bank of Japan, is widely expected to keep its policy rates on hold on Wednesday. The Nikkei was up 0.3%, Shanghai Composite gained 1.8% and Hang Seng was up 0.2% while Straits Times was trading flat with negative bias.
Healthcare, Metal and Realty indices were the top gainers among the sectoral indices on the BSE while FMCG was the top loser down 0.6%.
Capital goods stocks are in focus as sector heavyweight Larsen & Toubro will announce its December, 2013 qaurter later in the day. The stock is trading at Rs 1,007.80 down 0.35%.
Bharti Airtel was up nearly 1.2% on talk that the telecom major plans to sell its Africa tower business country-wise since it was not able to get a buyer for the entire business. The company plans to sell its Africa tower business starting with Nigeria.
FMCG majors ITC and Hindustan Unilever witnessed profit taking after recent gains. ITC and Hindustan Unilever were down 1-1.5% each.
Engineering major Larsen & Toubro was down 0.6% ahead of its third quarter earnings today.
Among other shares, Shares of Tilaknagar Industries were up over 3% at Rs 55 on talk that Kishore Chhabria-led Allied Blenders and Distillers (ABD) is looking to acquire majority stake in the company. To fund the acquisition, ABD has started raising $200 million.
Market breadth was marginally strong with 1,121 gainers and 932 losers on the BSE.
Deals corner
French power equipment maker Alstom's Indian arm has bagged a contract worth Rs 106 crore from Reliance Industries Limited for supplying equipment for the latter's Jamnagar refinery in Gujarat.
"Alstom T&D India was recently awarded a contract worth Rs 106 crore from Reliance Industries for supplying transformer packages for its Jamnagar refinery in Gujarat," the company said in a statement filed with the stock exchanges today. The contract was bagged by Alstom T&D in December 2013.
Results corner
HDFC, a housing finance provider, posted a 12% increase in net profit at Rs 1,278 crore for the quarter ended December 2013 as against Rs 1,140 crore in December 2012.
The total income rose 15% to Rs 6,031 crore as compared to Rs 5,250 crore in December 2012.
The loan book as of December 31, 2013 is at Rs 1.92 lakh crore.
At 1335 hours, HDFC's stocks on BSE were trading 0.2% higher at Rs 839 apiece.
Zee Entertainment posted consolidated net profit of Rs 213.6 crore for the quarter ended December 31, 2013 as compared to Rs 194 crore in the same period last year, up 10%.
Total Income of the group increased from Rs 975 crore to Rs 1,226 crore.
The advertising revenue increased 34.3% on a year-on-year basis.
EBITDA stood at Rs 290 crore, recording a gain of 11.3% over the same quarter last fiscal.
Smart moves
Shares of Just Dial has soared 10% to Rs 1,774, also its record high on the BSE, on back of heavy volumes. The counter has seen huge trading activity with a combined 1.53 million shares representing 3.26% of total free-float equity of the company changed hands till noon deals on the NSE and BSE.
Since December 9, 2013, the stock has rallied nearly 60% from Rs 1,120 on the BSE after index compiler FTSE said it will include the stock in its FTSE AllCap index, effective from the start of trading on December 23. The benchmark index S&P BSE Sensex has gained 0.50% during the same period.
A sharp rally in shares of Just Dial has helped the company to make its entry into the list of the top-100 most valuable companies by market capitalization.
Shares of Tilaknagar Industries were up over 3% at Rs 55 on talk that Kishore Chhabria-led Allied Blenders and Distillers (ABD) is looking to acquire majority stake in the company. To fund the acquisition, ABD has started raising $200 million.
Tilaknagar has been keen to rope in investors to reduce debt, offloading stake is being seen as a move towards that end, according to a report in the Business Standard.
Suven Life Sciences has jumped to 5.57% to Rs 78.60 after the US Food and Drug Administration (USFDA) has classified the company's facility at Pashamylaram near Hyderabad as acceptable for manufacture and supply of active pharmaceutical ingredients, intermediates and formulations.
The company stated in a press release on Wednesday that the US health regulator gave its acceptance after inspection and review of the facility.
Shares of Finolex Cables were up 3.5% at Rs 87 after the company announced that it has received an order for optical fibre cable.
Finolex Cables Ltd has informed BSE that the Company has been awarded an advance purchase order of over Rs. 200 crores for Metal Free Optical Fibre Cable (OFC) of the National Optic Fibre Network ("NOFN") backbone project, the company said in a filing on the BSE after market hours on Tuesday