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Sensex up marginally

Indian markets were trading marginally higher Friday, with the Sensex up 20.24 points, or 0.10 per cent, at 20,280.82. The BSE 30-share index opened at 20,334.14.

ITGD Bureau   Mumbai     Last Updated: October 22, 2010  | 15:51 IST

Friday, October 22, 2010

3.30 pm:  After a positive start, Indian markets ended the day lower. The Sensex lost 107.27 points, or 0.53 per cent, at provisional 20,153.31. The BSE 30-share index saw a high of 20,351.74 versus a low of 20,088.67. Biggest index losers were Wipro (-4.63 per cent), Sterlite (-2.66 per cent), DLF (-2.29 per cent), JP Associates (-2.29 per cent), Tata Steel (-1.95 per cent), HDFC Bank (-1.84 per cent), ITC (-1.69 per cent), M&M (-1.63 per cent), Hindustan Unilever (-1.62 per cent) and HDFC (-1.56 per cent). Gainers comprised TCS (5.59 per cent), ACC (0.50 per cent), Infosys (0.40 per cent), ICICI Bank (0.31 per cent), RIL (0.22 per cent), SBI (0.14 per cent) and Hero Honda (0.10 per cent).

3.05 pm:
Raymond Ltd, in the best interest of the company's business and the workmen, has entered into agreements for a voluntary separation scheme with the Registered Workmen Union covering all its workers at its Thane plant. The successful implementation of the scheme will make the operations of the company more cost-effective. On NSE, the textile company's shares were higher by 4.14 per cent at Rs 394.

2.46 pm:
JSL Stainless Ltd has posted standalone net profit of Rs 64.66 crore for the quarter ended September 30, against Rs 62.75 crore for the corresponding quarter of 2009. Net sales stood at Rs 1,736.28 crore against Rs 1,328.12 crore for the same quarter of the previous year. On NSE, the company's shares were down 0.89 per cent at Rs 122.30.

2.29 pm:
Polaris Software Lab Ltd has announced the launch of first phase of The School of Financial Technology, with the acquisition of a 50-acre facility owned by Catalytic Software Ltd, Hyderabad. Polaris has acquired the company and its assets at a 100 per cent cash buyout, and the new facility will be utilised as a residential Talent Development centre and for expansion of Offshore Development Centre. On NSE, Polaris shares were up 0.61 per cent at Rs 172.05.

2.01 pm:
Chennai Petroleum Corporation Ltd has posted standalone net profit of Rs 97.78 crore for the quarter ended September 30, against Rs 139.20 crore for the quarter ended September 2009. Net sales was at Rs 8,122.22 crore against Rs 6,997.14 crore for the same quarter of 2009. On NSE, the company's shares were flat at Rs 251. The stock saw a high of Rs 257 versus a low of Rs 248.25.

1.45 pm: Bank of India has reported standalone net profit of Rs 616.78 crore for the quarter ended September 30, against Rs 323.34 crore for the corresponding quarter of 2009. Interest earned was at Rs 5,155.55 crore against Rs 4,488.99 crore for the same quarter of previous year. Interest expended was Rs 3,379.50 crore compared with Rs 3,080.09 crore last year. On NSE, the bank's shares were down 2.35 per cent at Rs 537.75.

1.30 pm: Vijaya Bank has reported standalone net profit of Rs 144.31 crore for the quarter ended September 30, against Rs 108.42 crore for the corresponding quarter of 2009. Interest earned was Rs 1,403.24 crore against Rs 1,337.47 crore for the same quarter of the previous year. Interest expended was Rs 916.02 crore compared with Rs 973.34 crore last year. On NSE, the bank's shares were lower by 0.19 per cent at Rs 105.75.

1.13 pm: NIIT has posted standalone net profit of Rs 5.21 crore for the quarter ended September 30, up from Rs 97 lakhs for the quarter ended June 30. Net sales for the quarter ended September was Rs 175.72 crore, against Rs 141.84 crore for the quarter to June. On NSE, the company's shares were higher by 2 per cent at Rs 69. The stock saw a high of Rs 71.70 against a low of Rs 67.60.

12.38 pm: Hikal had issued 0.5 per cent unsecured Foreign Curency Convertible Bonds for $12 million on October 20, 2005, due on October 20, 2010. These FCCBs are listed on Singapore Stock Exchange. The company has redeemed the FCCBs in full on October 21, by paying the principal amount of the bonds alongwith the redemption premium. On NSE, the company's shares were higher by 1.84 per cent at Rs 441.

12.15 pm: Emkay Global has retained 'Accumulate' on Tata Consultancy Services with a revised target of Rs 1,075 per share. "TCS continues to belie street expectations with another blockbuster performance. While revenues at $2,004 million were $80 million more than estimates, operating margins expanded yet again by 70 bps to 30 per cent, highest-ever in the company's reporting history...We raise our FY11/12 revenues to $8.1 billion/9.9 billion...We retain Accumulate with a revised March '12 target price of Rs 1,075 (v/s Rs 890 earlier)," the brokerage said.

11.45 am: Kavveri Telecom Products has tied up with Valcom Manufacturing group of Canada, a leading manufacturer of defence products in the wireless industry. The tie-up will enable Kavveri to provide high technology products to the Indian defence industry. On NSE, the company's shares were higher by 5.34 per cent at Rs 154.

11.17 am:
Indian Bank has reported standalone net profit of Rs 415.77 crore for the quarter ended September 30, up from Rs 371.98 crore for the corresponding quarter of 2009. Interest earned was Rs 2,275.62 crore, against Rs 1,937.17crore for the same quarter of previous year. Interest expended was Rs 1,292.40 crore, compared with Rs 1,178.04 crore last year. On NSE, the bank's shares were higher by 2.45 per cent at Rs 309.10.

10.43 am:
Balaji Telefilms has received a showcause-cum-demand notice from the Commissioner of Service Tax, amounting to Rs 28.97 crore, for alleged non-payment of service tax payable for the period April 2008 to March 2010, on account of export of programmes made to one of its clients. The company has also received another showcause-cum-demand notice for Rs 4.03 crore relating to CENVAT credit of the same amount availed without complying with the procedural aspects of the law. The company is pursuing all legal remedies in relation to both the matters. On NSE, the entertainment company's shares were up 0.76 per cent at Rs 52.90.

10.30 am: Karuturi Global has successfully closed its GDR issue and allotted 35.1 million equity shares of Re 1 each to enable the issuance of 11.7 million Global Depository Receipts. Each GDR represents 3 underlying equity shares of Re 1 each and each GDR is issued at an offer price of $1.38. On NSE, Karuturi shares were trading 0.52 per cent lower at Rs 37.95.

10.16 am: Biocon has posted consolidated net profit of Rs 89.22 crore for the quarter ended September 30, higher from Rs 74.19 crore for the corresponding quarter of 2009. Net sales stood at Rs 678.77 crore, against Rs 579.93 crore for the same period last year. On NSE, the pharma company's shares were up 1.13 per cent at Rs 448.75.

10.11 am: Wipro reported standalone net profit of Rs 1,172.10 crore for the quarter ended September 30, up from Rs 1,110 crore for the quarter ended June 30. Net sales for the quarter ended September was Rs 6,556.90 crore, against Rs 5,982.20 crore for the quarter to June. On NSE, the company's shares were down 3.57 per cent at Rs 453.35 after rising to Rs 463.70.

10.07 am: Nifty was at 6,103.25, gaining 1.75 points or 0.03 per cent. The NSE benchmark opened at 6,113.40 versus the previous close of 6101.50. The 50-share index moved between 6,121.10 and 6,079.70.

9.59 am: Indian markets were trading marginally higher Friday, with the Sensex up 20.24 points, or 0.10 per cent, at 20,280.82. The BSE 30-share index opened at 20,334.14 againt Thursday's close of 20,260.58. The index has seen a high of 20,351.74 and low of 20,222.97, in trade so far.

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