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Sensex, Nifty continue to slide; JP Associates tanks 13%

13:00

The News International Team

2:00 pm Vijay Mallya’s address: Strongly denying United Bank of India’s (UBI) wilful defaulter allegations chairman of cash-strapped Kingfisher Airlines Vijay Mallya today said the company was not given a chance to present its case before UBI.

While addressing the media at its annual general meeting, he said, “We disagree with their action. We were’nt given a hearing, will pursue legal remedies available.”

UBI recently declared the grounded airline and Mallya as wilful defaulters for non-payment of dues worth Rs 400 crore. Three company directors – Subhash R Gupte, Ravi Nedungadi and Anil Kumar Ganguly — were also on the list. But the company is looking to vigorously challenge UBI’s decision.

State-owned UBI is the first lender to declare KFA and promoter Mallya as wilful defaulters.

 1:45 pm Results: India’s largest spirits company United Spirits (USL) posted huge loss of Rs 4,489 crore in the year ended March 2014 on consolidated basis, increased by 44.4 times compared to a loss of Rs 101.2 crore in previous year. Impairment loss of Rs 3,235.73 crore, provision of Rs 1,123.16 crore and higher interest cost impacted bottomline of the company.

“Corresponding to the provision for doubtful advances and diminution in the value of investments recognised in the standalone financial statement and impairment loss of Rs 3,235.73 crore on goodwill of WMG, Palmer Investment Group and Montrose International SA has been recognised in the consolidated financials. This impairment loss reported as an exceptional item,” the company explained.

1:30 pm Market opinion: The run up seen in the market could be liquidity driven believes Anup Bagchi, MD & CEO, ICICI Securities but thinks there seems to be some nervousness now creeping in. So one could see some consolidation in the market says Bagchi in an interview to CNBC-TV18.

However he does not expect a deep correction.

He think stocks from the oil and gas space would make good policy bets and one could buy them on any correction.

Don’t miss: DLF falls 9%, Haryana govt cancels 350-acre land allotment

Profit booking continues in Dalal Street with the Sensex down 124.60 points at 27015.34. The Nifty is down 36.60 points at 8078.00. About 954 shares have advanced, 1794 shares declined, and 92 shares are unchanged.
 
HDFC, NTPC, Coal India, Hero MotoCorp and ITC are top gainers in the Sensex. Among the losers are BHEL, Hindalco, Tata Motors, Tata Steel and ICICI Bank.

JP Associates tanks 13 percent after Jaypee Infra Ventures sold 1,34,89,693 shares of Jaiprakash Associates at Rs 46.33 on the NSE.

Meanwhile, The Intelligence Bureau issued a security alert to several states on Thursday after al Qaeda leader Ayman al Zawahri announced the formation of an Indian branch of his militant group, two television networks said.

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