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Oil marketing cos, tyre shares up; Nifty struggles at 7850

13:00

The News International Team

01:40pm Prestige Estates sales in Q2

Prestige Estates has reported yet another strong operational quarter with total pre-sales up 21 percent YoY at 2.2 million square feet (msf), aided by new launches of 2.8 msf in H1FY15. Total sales value has been up 21 percent at Rs 1290 crore, while total collections rose 31 percent at Rs 810 crore on a year-on-year basis.

With this, Prestige Estates has achieved 50 percent of its FY15 sales, collection and launch targets. The company has an extensive launch pipeline in Hyderabad, Cochin and Bengaluru and delivery schedule of 10 msf in the fourth quarter.

In an interview to CNBC-TV18, Irfan Razack, CMD, Prestige Estates, said the average realization stands at Rs 5,800 per sq ft against Rs 6,200 /sq ft on a quarter-on-quarter basis. The company had launched Leela Residences in the second quarter.

Though he did not revise the numbers, Razack is confident of surpassing Rs 5,000-crore sales guidance for FY15. The real estate firm is coming up with two launches in Bangalore and one in Kochi, which it expects to add to the topline soon.

01:20pm Nikkei Update

Japan’s Nikkei share average tumbled 2.2 percent to 4-1/2-month lows on Thursday hit by deepening worries about weak global growth, lifting the safe-haven yen and dragging down exporters such as Toyota Motor Corp and Honda Motor Co.

The Nikkei ended 335.14 points lower at 14,738.38, its lowest closing level since May 30.

The benchmark stayed below its 200-day moving average for the third consecutive day, reports Reuters.

01:00pm Market Check

Equity benchmarks continued to see volatility in afternoon trade with the Sensex falling 34.48 points to 26314.85 and the Nifty losing 20.10 points to 7843.90. Midcap and Smallcap indices declined marginally too.

About 1097 shares have advanced, 1560 shares declined, and 109 shares are unchanged on the Bombay Stock Exchange.

Globally, European markets rebounded with major indices rising almost a percent recovering from yesterday’s tumble. In other asset classes, Brent crude prices continued to slump, fell below USD 84 a barrel and Nymex crude dropped below USD 81 a barrel.

Back home, Reliance Industries, Mahindra and Mahindra, Sesa Sterlite, ONGC, Hindalco Industries, Bajaj Auto, Tata Steel, BHEL and Tata Power declined 1-3.5 percent while shares of ITC, TCS, HUL, ICICI Bank, Tata Motors, Cipla, Sun Pharma, Axis Bank, Gail India, Coal India and Hero Motocorp gained 0.5-1.7 percent.

Oil marketing companies like HPCL, BPCL and IOC climbed 1-3 percent after these companies started gaining Rs 3.56 a litre on diesel sale while tyre stocks like JK Tyre and Ceat surged 1-7 percent on fall in crude oil prices.

Meanwhile, Prime Minister Narendra Modi government made some big bureaucratic changes. Rajiv Mehrishi became the new economic affairs secretary, replacing Arvind Mayaram who now became the tourism secretary. Meanwhile, Anil Swarup appointed as the new coal secretary. These changes will be effective from october 31.

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