The News International Team
10:59am Strides Arcolab trades ex-dividend
Shares of Strides Arcolab are trading ex-dividend on Thursday. So to adjust the special dividend, the stock fell as much as 18 percent intraday.
The board of directors of the pharmaceutical, on October 07, had approved a special dividend of Rs 105 per equity share of Rs 10 each to the shareholders and said special dividend will be paid on or after October 22, 2014.
The record date for determining the eligibility of shareholders for payment of special dividend will be October 17, 2014. he company will distribute total dividend of Rs 625.4 crore to its shareholders.
Earlier on September 25, Strides agreed to receive from Mylan Inc., USA, an amount of USD 150 million as the full and final settlement against the contingent holdback of upto USD 250 million.
“In view of this development, the company intends to invest USD 20 million in Biotech business and after providing for taxes, the balance will be available for distribution to shareholders subject to the approval of board of directors,” it said on September 26.
10:30am Hero Motocorp to declare earnings
Top two-wheeler maker Hero Motocorp is expected to report a 43 percent growth (year-on-year) in net profit at Rs 689 crore in the quarter ended September 2014 as the company does not need to pay any more lump sum royalty payment to Honda. Profit in the year-ago period was Rs 481.4 crore.
According to the average of estimates of analysts polled by CNBC-TV18, revenue is seen going up by 21.5 percent to Rs 6,960 crore during July-September quarter compared to Rs 5,726.2 crore in same quarter last year led by strong volume growth of 19.4 percent at 16.91 lakh units year-on-year. Volume growth was driven by new launches and pick up in rural growth.
10:00am Market Check
Equity benchmarks continued to consolidate ahead of Maharashtra and Haryana assembly elections results. The Sensex rose 5.10 points to 26354.43 while the Nifty declined 6.90 points to 7857.10.
About 828 shares have advanced, 1034 shares declined, and 89 shares are unchanged.
With domestic cues positively stacked in favour of India, market expert Ambareesh Baliga believes 7800-7850 to be good support levels. He doesn’t see it breaking in a hurry.
However, he adds, global cues continue to be tricky, and hence he prefers neither to be a buyer nor a seller at the moment.
He says if 7850 breaks, then the downside for Nifty opens. Because of technical factors, market can crack further and the next level will be 7400, he adds. But if Nifty doesn’t fall below 7800 level then the trading band will be 7800-8200, according to him.
Hindalco Industries, Sesa Sterlite and Tata Power topped the selling list, falling over 2 percent followed by Reliance Industries, ONGC, L&T, M&M, Bharti Airtel, BHEL, NTPC and Wipro with 0.6-1.6 percent loss.
However, TCS, Tata Motors and Gail India gained 1-2 percent. ITC, HDFC Bank, Hero Motocorp, HUL, Tata Steel and Cipla climbed 0.4-0.7 percent.