Sensex recovers

Stocks recover on fresh buying by funds and retail investors after IT bellwether Infosys Technologies reported 13.15 per cent growth in its consolidated net profit for the second quarter.

Friday, October 15, 2010

3.45 pm:  Indian stocks ended sharply lower on Friday, on renewed concerns in overseas markets over slowing global economy, mainly the US. Sensex lost 372.59 points, or 1.58 per cent, at provisional 20,125.05. The BSE 30-share index fell from an early high of 20,578.45 to a low of 20,090.18. Biggest index losers were Wipro (4.13 per cent), TCS (3.42 per cent), Bharti Airtel (3.17 per cent), Infosys (3.15 per cent), Maruti Suzuki (3.13 per cent), Hero Honda (3.05 per cent), Reliance Communications (2.97 per cent), State Bank of India (2.73 per cent) and Tata Steel (2.67 per cent), among others. The only gainer was NTPC (0.27 per cent).

3.11 pm: Healthcare major Wockhardt has said some of its subsidiaries have been placed under safeguard proceedings by the pro-active initiative of the company. Wockhardt France (Holdings) S.A.S is a subsidiary of Wockhardt EU Operations (Swiss) A.G. The company said the safeguard will help reorganise its business to be viable. Shares of the company were trading lower by 0.14 per cent on the BSE, at Rs 324.70, after rising to a high of Rs 332.

2.45 pm:
The board of Suryaamba Spinning Mills has taken on record of the resolution passed on October 1, for allotment of 5,50,000 cumulative Redeemable Preference shares of Rs 100 each. to the promoters of the company. On BSE, the company's shares recorded a new high of Rs 94.35, up 5 per cent.

2.10 pm:
Bombay Rayon Fashions has decided to open the issuance of 12,000,000 Global Depositary Receipts (subject to an over allotment option of up to additional 4,000,000 GDRs) both representing equivalent underlying equity shares of Rs 10 each at an issue price of $6.60 per GDR w.e.f. October 15. On BSE, the company's shares traded half a per cent higher at Rs 255.70.

1.55 pm:
Reliance Industries informed the market that its subsidiay Reliance Holding USA Inc has priced $1,000 million 4.5 per cent Guaranteed Senior Notes due 2020 and $500 million 6.25 per cent Guaranteed Senior Notes due 2040. The Notes will be guaranteed by RIL. The transaction priced through global comparables and was nearly 7.8 times subscribed with an order book aggregating $11.6 billion. On NSE, RIL shares were down 0.66 per cent at Rs 1,052.

1.37 pm:
Bank of Baroda has launched a new term deposit scheme termed 'Baroda Utsav Deposit Scheme' from October 15 till December 31. The scheme is for term deposit of 444 days carrying interest of 7.50 per annum (only for term deposits of less than Rs 1 crore - fresh and renewal). Deposit interest rates for all other tenors remain unchanged. On NSE, the PSU's shares were lower by nearly 1 per cent at Rs 970.10.

1.12 pm:  ABG Shipyard has bagged orders worth $82.5 million (around Rs 370 crores) for construction of oil rigs and vessels from Qatar-based Halul Offshore Co and Italy's Marnavi Spa. Shares of the company were down half a per cent on NSE, at Rs 311.60.

12.55 pm:  A search initiated by Icome Tax department in Welspun India concluded October 14, the company said. On BSE, the company's shares were up 0.57 per cent at Rs 62.20. 

12.35 pm:  Moser Baer India's US division, Universal Display Corporation and College of Nanoscale Science and Engineering have announced a partnership to establish the world's first pilot-production facility for organic light-emitting diode lighting panels. Shares of Moser Baer were trading 1.06 per cent lower at Rs 70.25. 

12.01 pm:  Edelweiss has initiated coverage on Coal India with 'Buy' recommendation. Using the methodology, the brokerage has arrived at fair value of Rs 316 per share. "We estimate CIL's volumes and blended realisations to post a CAGR of 5 per cent and 9 per cent, respectively, from FY10. CIL would have net cash per share of Rs 71 as on FY11 end. Our DCF valuation with 13 per cent discount rate works out to Rs 316...We initiate coverage with a BUY/SO," the report said.

11.30 am:
Union Bank of India has decided to revise its base rate and also interest on retail term deposit. The base rate has been revised upward by 50 basis point from 8.00 per cent to 8.50 per cent. The bank has also raised its term deposit rates for retail deposits by 25 bps for one year to less than 3 years from 7 per cent to 7.25 per cent and 3 years and above from 7.25 per cent to 7.50 per cent. On NSE, the bank's shares were lower by nearly 1 per cent, at Rs 392.05

11.02 am: Jindal Cotex Ltd has said CARE has assigned 'CARE BB+SO' rating to the long-term bank facilities availed by Jindal Medicot - a 100 per cent subsidiary of Jindal Cotex. On NSE, the company's shares were up 0.74 per cent at Rs 142.50.

10.37 am: Lupin and Warner Chilcott Plc have signed an agreement to resolve pending patent litigations involving Warner Chilcott's oral contraceptive products - Loestrin 24 Fe and Femcon Fe. Shares of Lupin were trading lower by 0.32 per cent on the NSE, at Rs 430.50.

10.16 am: Carborundum Universal Ltd shares will continue to be listed on National Stock Exchange and Bombay Stock Exchange even after its necessary applications to delist equity shares from Madras Stock Exchange. Its stock was down 0.66% at Rs 242.30 on NSE.

9.41 am: Among the top gainers were Hindustan Unilever (1.59 per cent), NTPC (1.26 per cent), Reliance Communications (0.67 per cent), Tata Steel (0.58 per cent), HDFC (0.52 per cent), DLF (0.48 per cent), Cipla (0.46 per cent), Sterlite Industries (0.44 per cent), Mahindra & Mahindra (0.43 per cent), Reliance Infra (0.38 per cent), Reliance Industries (0.31 per cent), Jaiprakash Associates (0.30 per cent).

9.38 am: Wipro (-1.45%), ITC (-1.43%), Tata Consultancy Services (-1.10%), ICICI Bank (-1.05%), Bharti Airtel (-1.01%), Infosys Technologies (-0.82%), ACC (-0.74%), State Bank of India (-0.73%), Jindal Steel (-0.65%), Tata Motors (-0.60%), HDFC Bank (-0.54%), BHEL (-0.35%), Maruti Suzuki (-0.07%) and Hero Honda (-0.05%) were among the top losers.

9.33 am: Infosys shares were down 0.76% at Rs 3,160 on NSE. The stock saw a high of Rs 3,238 against a low of Rs 3,140.20. Total traded quantity was 10,07,014 shares and turnover Rs 318.94 crore.

9.30 am: Infosys Technologies reported 13.15 per cent growth in consolidated net profit at Rs 1,737 crore for the second quarter ended September 30.

9.15 am: Infosys Technologies Ltd reported standalone net profit of Rs 1,641 crore for the quarter ended September 30, 2010, up 14.67% from Rs 1,431 crore for the quarter ended June 30, 2010.

9.06 am: Sensex was at 20,488.85, down 8.79 points or 0.04%. The BSE sensitive index opened at 20,518.50 versus the previous close of 20,497.64. The 30-share index moved between 20,578.45 and 20,474.03.

9.06 am: Nifty was lower by 4.45 points or 0.07% at 6172.90. The NSE benchmark opened the day at 6175.90 against Thursday's close of 6177.35. The 50-share index touched a high of 6200.60 versus a low of 6165.90.

9 am: Stocks recover in the opening trade on fresh buying by funds and retail investors after IT bellwether Infosys Technologies reported 13.15 per cent growth in its consolidated net profit for the second quarter.