The News International Team
Sarang Wadhawan, vice chairman & managing director, HDIL expects Mumbai’s realty price to rise by 20 percent in the upcoming days as he expects a traction in the demand.
Speaking to CNBC-TV18, Wadhawan says the ticket size will be in the Rs 1.2-1.5 crore range.
Furthermore, Wadhawan aims to cut down the company debt by 25 percent to Rs 2300 crore by March next year and adds that the Maharashtra government’s move to increase FSI on affordable housing is a big positive for the company.
10:30am HPCL, BPCL, IOC gain 1.5-2%
Oil retailers will suffer no losses on diesel after a hike in prices in September, says Goldman Sachs.
That would mean diesel prices charged by retailers could be market-priced by September, the investment bank adds.
India has been gradually raising diesel prices every month since January 2013.
Oil retailers gain today after Brent crude hits new 14-month low. Hindustan Petroleum Corp gains 1.9 percent, Bharat Petroleum Corp rises 1.4 percent while Indian Oil Corp advances 1.3 percent, reports Reuters.
10:15am Market Expert
Corporate earnings will grow at an average compounded rate of 20 percent over the next three years, feels Pathik Gandotra, partner, Dron Capital. In an interview with CNBC-TV18, he says the economy has turned though the pace of growth may not be as quick as the market has been expecting.
He says the earnings recovery so far has been mainly in operating margins as companies cut costs. But in the third and fourth quarters of this financial year, there will be a meaningful uptick in topline growth as the economy recovers.
Gandotra feels the market is reasonably priced at around 15 times estimated FY15 earnings and around 12 times FY16 earnings. He sees the market delivering around 15-20 percent returns over the next 12 months.
10:00am Equity benchmarks erased half of early gains weighed down by HDFC, TCS and ITC. The Sensex rose 59.12 points to 26450.08 and the Nifty advanced 19.25 points to 7893.50. The BSE Midcap and Smallcap indices gained 0.7 percent each.
About 1192 shares have advanced, 744 shares declined, and 99 shares are unchanged.
Housing finance company HDFC and top software services exporter TCS fell more than a percent followed by ITC and Sun Pharma with over 0.5 percent. ONGC lost early gains, down 0.3 percent on profit booking.
However, Sesa Sterlite kept its top position in the buying list, up over 3.4 percent. Larsen and Toubro, Tata Motors, Axis Bank, Bharti Airtel, Dr Reddy’s Labs, Hero Motocorp, BHEL and Wipro climbed 1-2 percent.
Shares of Infosys, Reliance Industries, State Bank of India and ICICI Bank gained marginally.