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Sensex rebounds, Nifty above 7850; banks, tech, metals lead

14:04

The News International Team

02:35pm Sintex on buyers’ radar

Plastic products manufacturer Sintex Industries beat street estimates on every parameter with the second quarter consolidated net profit rising 46.8 percent on yearly basis to Rs 107 crore on strong sales and operational performance. Profit in the year-ago period was Rs 72.9 crore.

According to CNBC-TV18 poll estimates, analysts had expected profit of the company at Rs 89.9 crore on total income of Rs 1,551 crore for the quarter.

Consolidated total income from operations grew by 23 percent to Rs 1,681 crore in the quarter ended September 2014 compared to Rs 1,365 crore in same quarter last year.

Operating profit jumped 35.8 percent year-on-year to Rs 288 crore and margin expanded by 160 basis points to 17.1 percent during the quarter as against expectations of Rs 251 crore and 16.2 percent, respectively.

02:25pm IndusInd Bank hits 52-week high

Private sector lender IndusInd Bank’s net profit grew by 30.3 percent to Rs 430.2 crore (beating street expectations) in the quarter ended September 2014 led by strong other income and lower provisions. Profit in the year-ago period was Rs 330.23 crore.

According to CNBC-TV18 poll estimates, analysts had expected profit at Rs 412 crore and net interest income at Rs 826.6 crore for the quarter.

Net interest income, the difference between interest earned and interest expended, rose by 19 percent to Rs 833 crore in July-September quarter compared to Rs 700 crore in the same quarter last year while other income (non-interest income) shot up 34 percent to Rs 558.3 crore from Rs 416.7 crore during the same period. However, operating expenses increased to Rs 666.7 crore from Rs 528.75 crore Y-o-Y.

Provisions of the bank slipped to Rs 73.2 crore in the quarter ended September 2014 from Rs 110.4 crore in previous quarter and Rs 89 crore in the year-ago period.

02:00pm The market bounced back in afternoon trade with the Sensex rising 73.02 points to 26370.40 and the Nifty climbing 19.30 points to 7879.25 led by banks, metals and technology stocks.

BSE Bank, IT and Metal indices gained 1-1.5 percent. Infosys and Tata Power topped the buying list, up 2 percent each followed by TCS, HDFC, Axis Bank, SBI, Tata Steel, Hero Motocorp and Coal India with 1-1.8 percent.

ICICI Bank, HDFC Bank, Tata Motors, Sesa Sterlite, Hindalco Industries, Maruti Suzuki and Bajaj Auto gained 0.2-0.8 percent. However, Mahindra and Mahindra, Cipla, Dr Reddy’s Labs, ITC, NTPC, L&T and Sun Pharma remained under pressure with 1-4 percent loss.

Reliance and IndusInd Bank are in focus ahead of their Q2 earnings today. Reliance Industries will be releasing consolidated numbers for the second time; however profit for the standalone performance is estimated to be flat quarter-on-quarter at Rs 5,600 crores. A CNBC-TV18 poll estimates an 18 percent growth in NII and 25 percent growth in profit with a stable asset quality profile for IndusInd.

CPI data for September will be released today evening. A CNBC-TV18 poll expects it to come marginally lower at 7.2 percent versus 7.8 percent month-on-month. A combination of lower vegetable prices and base effect could pull CPI lower to 7 percent.

On the global front, Asian markets closed lower with the Nikkei falling over a percent despite strong exports data from China in September. Brent crude remained subdued, trading below USD 89 per barrel.

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