Companies and Markets

Companies & Markets

Sensex recovers 109 points on global cues

The market benchmark BSE Sensex recovered over 109 points in early trade today on widespread gains amid a firming trend at other Asian bourses following another record closing of the US markets.

The 30-share barometer was quoting 109.11 points, or 0.38 per cent higher at 28,264.67. The gauge had lost 196.06 points in the previous two sessions.

Major gainers that contributed to the upsurge were Tata Motors, Sun Pharma, Infosys, SBI, Maruti Suzuki, GAIL, RIL, Wipro, NTPC and Cipla.

Nasscom defers annual growth forecast to May

In an unprecedented move, IT industry lobby Nasscom has deferred guidance for the next financial year by a quarter as the headwinds rise, while saying that the sector will grow at the lower end of its revised target in fiscal 2017.
Nasscom president R Chandrasekhar said the association would come out with its guidance for the IT and the business process management sector in the next quarter, most likely in May, after deeper interactions with customers and other stakeholders.

Tata Motors battered on BSE, stock tanks 10%

Shares of Tata Motors plunged 10.3 per cent, its biggest fall in nearly five years.
This comes after leading domestic and local brokerages cut the target price following the disappointing December quarter earnings numbers.
The owner of marquee car brand Jaguar Land Rover (JLR) reported 96 per cent drop in the third quarter net profit at Rs 112 crore from Rs 2,952.67 crore in the corresponding quarter last year.
After a gap down opening, Tata Motors stock continued to face huge selling pressure, as several brokerages came out with ‘sell’
reports.

AAI, HAL among profit-making PSUs to be listed soon

With market listing of PSUs coming to a standstill in the last two years, the government has finally decided to crack the whip.
It is soon coming out with guidelines that would make it mandatory for unlisted profit-making PSUs to complete the process of listing at stock exchanges within a stipulated time frame.
Central public sector enterprises (CPSEs), state-owned banks and other companies, where the government indirectly holds a majority share, together account for nearly 12 per cent of BSE’s total market capitalisation as on January 31.

M&M takes service route to ride truck market

Mahindra and Mahindra, India’s third largest commercial vehicle maker by sales, on Wednesday introduced a novel service support initiative for its commercial vehicles on the Delhi-Mumbai route to boost sales.
“The 1,500 km Delhi-Mumbai stretch accounts for nearly 30 per cent of trucking traffic in the country and we want to tap this sector aggressively with world-class services to the truck owners,” Nalin Mehta, managing director and chief executive officer at Mahindra truck and bus division told Financial Chronicle.

Banks eye $40m fee from Idea, Vodafone merger

BofA Merrill Lynch, UBS and Standard Chartered are among the banks scrambling to win advisory roles in a potential merger involving Vodafone in India, sources said, as they chase a rare, big deals-related payday in the country.
Britain's Vodafone Group said last month it was in talks to merge its Indian subsidiary with Idea Cellular in an all-share deal. The merger will create India's largest mobile operator with about $12 billion in sales.

BSE Q3 net profit drops 17% to Rs 64-cr

Leading stock exchange BSE has reported a 17 per cent decline in consolidate net profit to Rs 63.73 crore in the October-December quarter of the current fiscal.

The exchange had posted a net profit of Rs 76.73 crore in the third quarter ended December 31, 2015-16, latest update available with BSE (formerly known as Bombay Stock Exchange) website showed.

However, total income increased to Rs 174.72 crore in the third quarter, from Rs 160.56 crore in the same period a year ago.

Sensex trips 69 pts in early trade on weak corporate earnings

The market benchmark BSE Sensex extended its losses for the second straight day, falling over 69 points in early trade today on sustained selling by investors amid disappointing corporate earnings.

The 30-share Sensex fell further by 69.39 points, or 0.24 per cent, to 28,269.92 with auto, realty, healthcare and consumer durables stocks leading the fall.

The gauge had lost 12.31 points in the previous session. The NSE Nifty fell by 17.10 points, or 0.19 per cent, to 8,775.20.

Steep fall in Jaguar profit dents Tata Motors earnings by 97%

Tata Motors’s quarterly profit plunged 97 per cent after margins at its luxury Jaguar Land Rover unit narrowed and costs surged. The company posted net income of Rs 93.77 crore ($14 million) in the three months ended December, Mumbai-based Tata Motors said in a statement on Tuesday. That compares with the Rs 2,260 crore average of analysts’ estimates compiled by Bloomberg. Profit at its Jaguar Land Rover luxury unit fell 62 per cent to £167 million ($208 million).

Metal stocks red hot on Chinese demand

Metal and mining stocks have been hot button over the past month as base metal prices continue to show strength at the London Metal Exchange (LME) on expectations of a demand spike as the US administration is planning to spend heavily on infrastructure.

Pages