Home / Business / Money / Sensex, Nifty strong; United Bank up 10%, Polaris down 17%

Sensex, Nifty strong; United Bank up 10%, Polaris down 17%

11:00

The News International Team

11:35am Hindalco keeps top position in buy list

Investors lapped up huge shares of Hindalco Industries on hopes of strong numbers in second quarter after its global rival Alcoa posted better-than-expected earnings in September quarter. The stock gained as much as 6 percent intraday.

Pittsburgh-based Alcoa (Aluminum Company of America), a global leader in lightweight metals technology, engineering and manufacturing, has reported a revenue of USD 6.2 billion, up 7 percent sequentially and up 8 percent from prior year period. Analysts had expected revenue of around USD 5.9 billion.

Net income of the company increased 71 percent sequentially and 208 percent year-on-year to USD 370 million or USD 0.31 per share, led by strong productivity and pricing.

11:20am GVK in News

GVK and Australian billionaire Gina Rinehart have secured an environmental permit to build their Alpha Coal project in Australia, moving it a step closer to signing off on a long-delayed USD 10 billion mine, rail and port project.

The GVK Hancock joint venture still needs to finalise a plan with coal rail operator Aurizon Holdings , overcome legal challenges to the project, and sign coal sales agreements before lining up financing for the huge project.

“Now that we have our Environmental Authority for our Alpha Coal Project our key focus is to continue advancing the project to a point where construction can commence,” GVK Hancock said in a statement.

The Alpha mine is 79 percent owned by GVK and 21 percent owned by Rinehart’s Hancock Prospecting, reports Reuters.

11:00am Market Check

Bull remained in full control of Dalal Street. The Sensex shot up 306.79 points or 1.17 percent to 26553.58 and the Nifty rose 89.95 points or 1.15 percent to 7932.65 while the BSE Midcap and Smallcap indices gained 1.4 percent and 1.5 percent, respectively.

About 1795 shares have advanced, 522 shares declined, and 64 shares are unchanged on the Bombay Stock Exchange.

Shares of ICICI Bank, HDFC, SBI, L&T, Reliance Industries, Tata Motors, Sun Pharma, ONGC, Hindalco, Axis Bank, Bharti Airtel, Cipla, BHEL, Dr Reddy’s Labs, Sesa Sterlite and Maruti Suzuki gained 1-5 percent while ITC and Mahindra & Mahindra were only losers.

United Bank of India gained 10 percent as media report suggested that financial services secretary says the bank is likely candidate for merger this fiscal.

Polaris Financial Technology tanked 17 percent on demerger of Intellect Design Arena. The company has fixed the record date as October 10, 2014 for the purpose of determining the list of shareholders who are entitled to receive the shares in Intellect Design Arena, the resulting company after the demerger.

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