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Choppy Sensex, Nifty close lower; DLF tanks 28%, BHEL up 4%

14:00

The News International Team

03:30pm Market Closing

Equity benchmarks closed marginally lower amid consolidation on Tuesday ahead of two state elections (Maharashtra and Haryana) tomorrow. The Sensex fell 34.74 points to close at 26349.33 and the Nifty declined 20.25 points to 7864.

About 1301 shares have advanced, 1622 shares declined, and 109 shares are unchanged.
 
DLF tanked 28.56 percent post Sebi order. BPCL, Cairn India, HCL Technologies, Tata Motors, HDFC, ONGC, Sesa Sterlite and HDFC Bank were down 1-2 percent.

However, BHEL, Axis Bank, Bajaj Auto, Tata Power, SBI and IndusInd Bank topped the buying list, up 2-4 percent.

03:15pm Symphony Q1 earnings

Air coolers maker Symphony surpassed street expectations on every parameter with the first quarter (July-September) standalone net profit rising 51 percent to Rs 21.6 crore on the back of strong growth in revenue and operational income. Profit in the year-ago period was Rs 14.3 crore.

According to CNBC-TV18 poll estimates, analysts had expected the company to report profit of Rs 18 crore on revenue of Rs 96 crore for the quarter.

Net sales grew 42.5 percent to Rs 102.7 crore in the quarter ended September 2014 compared to Rs 72.1 crore in same quarter last year.

Operating profit or EBITDA climbed 71.4 percent on yearly basis to Rs 23.8 crore and margin expanded by 390 basis points to 23.2 percent during the quarter, which were expected at Rs 19.9 crore and 20.7 percent, respectively.

02:58pm Brent Crude check

Brent crude fell to just above USD 88 a barrel in a well-supplied market as expectations faded that OPEC could cut output in an effort to shore up prices.

The global oil benchmark has declined more than 20 percent from the 2014 high in June as supplies rose and demand slowed in the United States, Europe and China.

Investors expecting a production cut from OPEC to support prices were disappointed as Saudi Arabia and Kuwait played down the possibility of the Organization of the Petroleum Exporting Countries reducing output.

OPEC, which produces about 40 percent of the world’s crude oil, is due to meet in late November to discuss output targets, reports Reuters.

02:30pm Interview

Videocon Industries is looking to raise money via its D2H business. The company is planning to launch an initial public offering (IPO) worth Rs 700 crore by January-February 2015, said CMD Venugopal Dhoot, in an interview to CNBC-TV18. The IPO will value company at Rs 5,400 crore. 

The Mumbai-headquartered company currently has a D2H base of around 90 lakh users which is likely to double over the next five years.

The company had earlier in the year sold 10 percent stake in its Mozambique plant to Oil India and ONGC Videsh for nearly Rs 15,000 crore. The board is yet to decide about how to use that money. The company may also look to cut down debt which currently stands at around Rs 22,000 crore. 

Meanwhile, Dhoot says Videocon is likely to focus more on its Brazilian operations as the field there has 10 million barrel of oil and equivalents. He expects oil and gas discovery in Brazil. The Brazilian fields are expected to start production from FY16.

02:00pm Market Check

Equity benchmarks continued to trade in a tight range with the Nifty consolidating in 7850-7900 band ahead of Maharashtra and Haryana state elections that will be Wednesday. Banks and healthcare stocks supported the market while technology and HDFC twins remained under pressure.

The Sensex rose 13.94 points to 26398.01 while the Nifty declined 4.15 points to 7880.10. About 1309 shares have advanced, 1466 shares declined, and 107 shares are unchanged.

Shares of Axis Bank, State Bank of India, Bajaj Auto, BHEL, HUL, Hindalco and Tata Power topped the buying list, up 2-3.5 percent followed by Reliance Industries, Bharti Airtel, Gail and Coal India with 1 percent loss.

However, ITC, HDFC, TCS, Tata Motors, ONGC and Sesa Sterlite fell 1-1.7 percent.
 
DLF, BF Utilities, SBI, Sesa Sterlite, Axis Bank, Reliance Industries and Infosys were most active shares on exchanges.

In the midcap space, Den Networks, BF Utilities, NBCC, ABG Shipyard and Symphony shot up 7-19 percent while Risa International, HCC, Trinity Trade, Jyothy Labs and Hindustan National Glass declined 3-7 percent.

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