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Sensex, Nifty consolidate; Snowman Logistics lists at Rs 75

10:00

The News International Team

11:00am Interview

In a bid to make a mark in the big car segment, India’s top car maker Maruti Suzuki launched mid-sized sedan Ciaz. The car is available in petrol and diesel fuel options powered by a 1.4 litre and 1.3 litre engines respectively. Bookings opened on September 3.

Speaking exclusively to CNBC-TV18, Chairman RC Bhargava said, “Ciaz is not really the premium segment. It is like the Honda City segment. It is the same segment in which we had the Baleno and SX4. So, this car is another offering in that segment. We hope this car will do better in this segment than what we have achieved in the past.”

He further added that in the festival season one can see growth of 20-25 percent over the non-festive season. Bhargava is hopful that the growth pattern this year will be similar to the past and will be sustained. The global launch of Ciaz is planned during the forthcoming festival season.

10:30am Market Expert

Sanjeev Prasad, Senior Executive Director & Co-Head, Kotak Institutional Equities says the medium-term rally remains intact, but the next leg of upmove will depend on government reforms. He says the market may be already discounting FY16 earnings and may see upside of 9 percent before getting fully discounted.

He is positive on autos, private banks from the start of the year and continues to remain so. “We are adding more consumption names to our portfolio,” he told CNBC-TV18.

10:00am Equity benchmarks remained in a consolidation mode with the Sensex rising 33.95 points to 27029.82 and the Nifty gaining 5.60 points to 8091.30 while the broader markets continued to outperform.

The BSE Midcap and Smallcap indices climbed 0.3 percent and 0.6 percent, respectively. About 1360 shares have advanced, 752 shares declined, and 78 shares are unchanged.

Snowman Logistics started trade at Rs 75 on the Bombay Stock Exchange, up 59.6 percent over its issue price of Rs 47 on huge buying interest on the listing day. The issue was subscribed 60 times, so such a nice listing was expected by analysts.

Shares of ITC, HDFC, ONGC, TCS, Bharti Airtel, Maruti, HUL, Sesa Sterlite and Gail gained 0.3-0.8 percent whereas ICICI Bank, Axis Bank, Wipro, Tata Power, Dr Reddy’s Labs and Hindalco fell 0.3-0.8 percent.

Drug maker Sun Pharma lost another 3.5 percent, in addition to 5 percent loss in previous session after US drug regulator conducted a surprise audit at the company’s Halol facility (which contributes 40 percent of US sales and 25 percent to consolidated profit) in Gujarat. The company is seeking shareholders’ approval to set borrowing limit up to Rs 50,000 crore and also for raising funds up to Rs 12,000 crore.

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