The News International Team
1:45 pm Big deal: Crompton Greaves has sold its Kanjurmarg land parcel to Runwal Group for Rs 1,015 crore. The 34-acre land parcel has been on the block for a while now. Many other leading builders were in the lace to buy the land parcel.
The deal pegs per acre land value at Rs 30 crore. This is a good deal for the Runwal Group as most experts were pegging the land value at around Rs 40 crore per acre.
Crompton Greaves has been looking for funds as its debt stands at Rs 2,200-2,500 crore.
1:20 pm Result: Siemens disappointed street with the third quarter (April-June) net profit at Rs 13 crore on lower revenue and weak operational performance. It had posted a loss of Rs 48.8 crore in the year-ago period.
According to CNBC-TV18 poll estimates, analysts had expected the company to report net profit of Rs 90 crore on revenue of Rs 2,701 crore for the quarter.
The company follows October-September as its financial year.
Total income from operations declined 10 percent to Rs 2,374 crore in the quarter ended June 2014 from Rs 2,642 crore in same quarter last year.
Don’t miss: Wockhardt falls 4%, Citi says avoid until financials stable
After a slight consolidation, the market has started to give up its gains. The Sensex is down 47.05 points at 25833.72 and the Nifty is down 14.80 points at 7712.25. About 785 shares have advanced, 1863 shares declined, and 72 shares are unchanged.
Capital goods stocks are the biggest losers. BHEL has tanked 8 percent, followed by Coal India, Hindalco, Tata power and L&T. Among the gainers are ITC, HUL, Sun Pharma, HDC and TCS.
Global investors remained cautious after downbeat data from China and Japan and as the crisis in Ukraine threatened a fragile economic recovery in Europe.Mainland Chinese shares were knocked off their highs by surprisingly weak loans data, and other data released later in the session also missed expectations.
Some economists believe further stimulus may be needed to sustain the recovery and offset the drag from the cooling property market. The cautious mood was seen extending into the European market, with financial spread betters expecting mixed starts around the region.