The News International Team
9:50 am Poll: Software services exporter Wipro is expected to report a 2.45 percent growth in second quarter dollar revenue at USD 1,783 million (on Wednesday) compared to USD 1,740.2 million in previous quarter (which is within the company’s guidance of 1.7-4 percent), according to the average of estimates of analysts polled by CNBC-TV18. IT services revenue in rupee terms may jump 3.08 percent sequentially to Rs 10,832 crore in the quarter ended September 2014 from Rs 10,508.3 crore in June quarter.
9:35 am Who is going to win? Takeover battle for MCFL is set to be further intensified as Deepak Fertilisers has raised its stake by about 6 per cent through an open offer to about 32 percent and inched closer towards the rival Zuari-UB group’s combined stake. Deepak Fertilisers has acquired about 6 per cent stake, including 2.66 percent stake from Morgan Stanley and Karnataka State Cooperative Marketing Federation, in the open offer closed yesterday at a price of Rs 93.60 that, sources said. Rival Zuari-UB group combine, which had offered the counter bid at Rs 81.60 per share, could only acquire 48,000 shares, sources added. Zuari-UB group holds 38.4 percent in MCFL. “We are in very comfortable position. Zuari and UB group still have edge over Deepak Fertilisers, but takeover battle for MCFL is not over,” a top Zuari Group official told PTI.
Don’t miss: Gold hovers near 6-week peak amid China slowdown woes
The market is celebrating Diwali with some sparkling gains. The Sensex is up 233.40 points or 0.9 percent at 26809.05, and the Nifty is up 70.05 points or 0.9 percent at 7997.80. About 453 shares have advanced, 81 shares declined, and 6 shares are unchanged.
Wipro, Hindalco, Tata Motors, TCS and Sesa Sterlite are top gainers in the Sensex.
The Indian rupee has opened at 61.15 a dollar, up 16 paise compared to previous day’s closing value of 61.31 per dollar on hopes of strong trade in equity market.
Pramit Brahmbhatt, Veracity says, “Indian markets are expected to trade strong, though we may see some profit booking at higher levels.”He expects the rupee to gain as indices in Asian markets have already started the day on a strong note. “The USD-INR pair is expected to trade in the range of 60.80-61.80 a dollar,” he adds.
Meanwhile, the euro fell against the dollar on reports that the European Central Bank was looking at buying corporate bonds as soon as December in its efforts to revive the stagnating euro zone economy.
Global cues, meanwhile, are positive with the Wall Street rally continuing with the S&P 500 and the Nasdaq Composite extending the gains into the fourth day.
European markets too saw significant gains as well on European Central Bank stimulus hopes Asian markets too are trading in the green.
Crude prices, meanwhile rose marginally aided by data showing stronger-than-expected China demand and some technical price recovery after weeks of almost uninterrupted selling.
Gold hits a one-month high as the dollar edged down slightly on worries over a slowdown in the global economy.