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Nifty holds 8100 amid pressure; cigarette stocks decline

12:00

The News International Team

01:00pm Lanco Infratech in focus

Investors lapped up shares of Lanco Infratech on company’s decision of selling more power plants to cut down debts. The stock gained as much as 8 percent intraday.

“Lanco plans to sell 3000 MW assets to raise Rs 5,000 crore cash and to reduce the additional debt of Rs 15,000 crore,” said the company in its filing.

Recently (August 13) the company, which has been reporting losses since the quarter ended June 2012, sold its Udupi thermal power plant to Adani Power for Rs 6,000 crore.

The company said since last one year, it has been working on each of the projects to settle the issues and bring back viability. With measures (taking by government to reslove power related issues) as well as in the background of CDR approval and various meetings with bankers and strategic partners, we are confident of driving the Group into same level of profitability again,” it added.

12:40pm Interview

BPO firm Firstsource Solutions is very confident about its outlook in FY16. According to its MD and CEO Rajesh Subramaniam, the margin expansion is intact. The company maintains margin improvement guidance of 150-200 bps in FY15.

The deal pipeline of the company is very attractive and currently stands around USD 400 million.

The company is active in defence and healthcare segments, especially affordable healthcare and expects significant opportunities going ahead.

The management expects a slightly subdue growth of around 4-6 percent in FY15. However, the company is hopeful of growing above 8 percent next year.

12:25pm Sanghi Industries, BL Kashyap rally

Sanghi Industries surged 4.9 percent and BL Kashyap jumped 20 percent

Reliance Mutual Fund bought 32.6 lakh shares of Sanghi at Rs 44.5 a share via a bulk deal on Tuesday while HDFC Mutual Fund purchased 14 lakh shares of BL Kashyap at Rs 9.20 each in a bulk deal.

12:00pm The market was not showing any signs of recovery in noon trade. The Sensex declined 142.03 points to 27123.29 and the Nifty fell 41.15 points to 8111.80 but the broader markets continued to outperform.

The BSE Midcap and Smallcap indices gained 0.4 percent and 0.7 percent, respectively. Advancers beat decliners by a ratio of 1629 to 1027 on the Bombay Stock Exchange.

Shares of ITC, VST Industries and Godfrey Phillips India fell 2-4 percent on government’s tighter norms to put a check on smoking. According to a media report, the government may also ban sale of loose cigarettes.

However, shipping stocks ABG Shipyard, Bharati Shipyard, GE Shipping, Mercator, Varun Shipping and SCI surged 5-15 percent as in a bid to promote domestic shipbuilding industry, the government is mulling a financial assistance scheme, which could include a shipbuilding fund to provide soft loans to players.

Largest private sector shipbuilder ABG Shipyard, which is under a CDR, will receive Rs 650 crore infusion from lenders by this month-end as part of the Rs 10,000-crore debt recast deal worked out in March, a top company official has said.

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