After languishing in positive zone in morning trade, the barometer index, the S&P BSE Sensex, reversed direction in mid-morning trade. At 11:15 IST, the Sensex, was off 39.11 points or 0.14% at 27,431.70. The losses for the 50-unit CNX Nifty were higher in percentage terms than those for the Sensex. The Nifty was currently off 20.90 points or 0.25% at 8,274.55.
The market breadth indicating the overall health of the market was negative. On BSE, 1,107 shares declined and 956 shares rose. A total of 86 shares were unchanged. The BSE Mid-Cap index was off 0.41%. The BSE Small-Cap index was off 0.56%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
In overseas stock markets, Asian stocks edged higher after China's central bank unexpectedly cut interest rates and lenders' reserve requirements in a bid to lower corporate financing costs and pump liquidity into the economy. After close of trading hours in Asia on Friday, 23 October 2015, the People's Bank of China announced reduction in one-year lending rate by 25 basis points to 4.35% and cut its one-year deposit rate by 25 basis points to 1.5%. It also announced reduction in banks' reserve-requirement ratio requirement. US stocks rallied during the previous trading session on Friday, 23 October 2015 after a surprise interest-rate cut from the People's Bank of China and a string of better-than-expected earnings from heavyweight tech companies.
Telecom stocks declined. Idea Cellular (down 0.25%), MTNL (down 0.55%), Tata Teleservices (Maharashtra) (down 1.76%) and Reliance Communications (down 0.63%) declined.
Bharti Airtel fell 2.2% to Rs 350.85. The stock hit high of Rs 366 and low of Rs 347.30 so far during the day. Bharti Airtel's consolidated net profit rose 10.08% to Rs 1522.70 crore on 4.33% growth in total income to Rs 23851.90 crore in Q2 September 2015 over Q2 September 2014. The result is as per International Financial Reporting Standards (IFRS). The result was announced during market hours today, 26 October 2015.
Bharti Airtel's bottom line in Q2 September 2015 was boosted by exceptional items. There was a net exceptional gain of Rs 659.60 crore in Q2 September 2015 as against exceptional loss of Rs 175 crore in Q2 September 2014. There was a net gain of Rs 1044 crore in Q2 September 2015 pertaining to the divestment of telecom tower assets in Zambia, Uganda and Kenya. There were exceptional charges amounting to Rs 384.40 crore in Q2 September 2015 viz. depreciation charge of Rs 16.60 crore arising out of the termination of the tower sale agreement, charge of Rs 213.60 crore towards operating costs on network refarming and up-gradation program, regulatory fee provisions of Rs 142.60 crore arising out of re-assessment of certain positions and charge of Rs 11.60 crore towards restructuring activities in a few countries.
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 6.7% to Rs 8265 crore in Q2 September 2015 over Q2 September 2014.
Adverse currency movements resulted in forex and derivative losses of Rs 809 crore in Q2 September 2015, significantly higher than losses of Rs 219 crore in Q2 September 2014.
Realty stocks declined. Indiabulls Real Estate (down 2.01%), Housing Development and Infrastructure (down 2.48%), D B Realty (down 3.34%), Unitech (down 1.17%), DLF (down 0.85%), Godrej Properties (down 1.25%), and Parsvnath Developers (down 0.86%) declined. Sobha (up 2.01%) and Oberoi Realty (up 0.5%) rose.
Asian Paints lost 4.11%. Asian Paints' net profit rose 11.92% to Rs 364.48 crore on 2.6% increase in total income to Rs 3122.98 crore in Q2 September 2015 over Q2 September 2014. The result was announced after trading hours on Friday, 23 October 2015. On a consolidated basis, Asian Paints' net profit rose 14.88% to Rs 399 crore on 4.3% increase in total income to Rs 3836.87 crore in Q2 September 2015 over Q2 September 2014. The consolidated results for Q2 September 2015 include financials of Kadisco Paint and Adhesive Industry Share Company, (Ethiopia) in which the company's wholly owned subsidiary, Berger International, Singapore acquired 51% stake on 9 February 2015. In view of this, the Q2 September 2015 results are not comparable with Q2 September 2014, Asian Paints said.
Powered by Capital Market - Live News
