The News International Team
Umesh Revankar, Managing Director at Shriram Transport Finance Company expects the Reserve Bank to restart NBFC licensing soon. Speaking to CNBC-TV18, he said the company has made strong representation to the RBI with respect to NPL recognition norm.
Speaking about the transport sector, Revankar said bulk goods transport is still subduedl but heavy commercial vehicle (HCV) sales have improved on a month-on-month basis.
10:50am Cipla in News
Shares of Cipla gained over 2 percent after its subsidiary Medpro Pharmaceutica entered into collaboration with Teva Pharmaceuticals for South African market.
Medpro Pharmaceutica is a subsidiary company of Cipla Medpro, the third largest pharmaceutical company in South Africa while Teva is the largest generic pharmaceutical manufacturer in the world.
The collaboration is a sales and distribution arrangement whereby Cipla Medpro will exclusively market Teva’s broad pharmaceutical product portfolio in South Africa, says the company in its filing, adding the collaboration will focus on oncology, central nervous system, women’s health, cardiovascular, ophthalmology and other specialty products.
10:35am Market Expert
Sanjeev Prasad, senior executive director & co-head, Kotak Institutional Equities expects the government to focus on domestic issues like GST and gas pricing hike once state polls are out of the way.
Sharing outlook on the Indian equity market with CNBC-TV18, he says the market’s medium-term moves remain intact and one can expect 16 percent year-on-year growth in Sensex earnings, excluding the energy pack.
Second quarter earnings season kicks off from October 10 with IT giant Infosys announcing its numbers. He feels Infosys is unlikely to change guidance and would post 2.7 percent growth on a quart-on-quarter basis.
10:20am Brent Crude Update
Brent crude futures held steady above USD 91 a barrel, after rebounding from a 27-month low hit in the previous session as the US dollar weakened on the possibility the Federal Reserve could hold off raising interest rates.
Expectations that oil demand could increase towards the end of this month – even though US crude stocks increased more than expected last week – also helped to support prices.
Minutes of the US Fed’s last policy meeting released on Wednesday showed signs that concerns about the impact of a strengthening greenback on the economy may delay any decision on interest rate changes, reports Reuters.
10:00am Market Check
The market remained strong in morning trade with the Sensex surging 281.73 points or 1.07 percent to 26528.52 and the Nifty climbing 84.10 points or 1.07 percent to 7926.80 supported by broadbased buying.
Market expert Ambareesh Baliga sees 7,800-7,750 as good support level for the Nifty. In an interview with CNBC-TV18, he said Nifty is unlikely to go much beyond 8,000 levels.
He remains positive on cyclicals and expects them to become more attractive post any market correction. According to Baliga, the next leg of market rally will be led by cyclicals.
The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.4 percent each. Advancing shares outnumbered declining ones by a ratio of 1544 to 380 on the Bombay Stock Exchange.
The BSE Capital Goods, Realty, Metal, Banks, Healthcare, Power and Oil & Gas indices gained 1-1.7 percent.
Hindalco and BHEL kept their top positions in the buying list, up 4.8 percent and 3.5 percent, respectively. Dr Reddy’s Labs, Cipla, HDFC, Bank of Baroda, Ambuja Cements and PNB surged 2-2.6 percent. However, NTPC and Bajaj Auto were only losers in the Sensex 30 stocks.