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Market in Diwali mood, Sensex surges; Kotak Mah Bank up 5%

12:00

The News International Team

12:40pm Interview

The sales in the run-up to this Diwali has been the highest in the last few years, says Shantanu Dasgupta, Vice President, Corporate Affairs & Strategy, Whirlpool. In an interview to CNBC-TV18, Dasgupta said Onam sales were marginally below expectations, but that has been more than offset by the current rush of buyers.

He said large towns and large format stores accounted for bulk of the growth, adding that proportion of first time buyers continued to be small. On the issue of stiff competition from e-tailers, Dasgupta said 95 percent of white goods sales were still happening through traditional brick and mortar stores.

Speaking in the same discussion, Pradeep Bakshi of Voltas said the momentum in sales seen during the June quarter has continued in the September quarter as well. In the air conditioners segment, Voltas has grown by over 20 percent, Bakshi said.

12:30pm DLF in News

DLF, India’s biggest listed property company, appealed for interim relief from a three-year ban from accessing capital markets by the regulator.

DLF lodged its appeal with the Securities Appellate Tribunal, which will conduct its next hearing on October 30.

In its harshest ever punishment, the Securities and Exchange Board of India barred DLF from capital markets, penalising it for failing to disclose key information at the time of its record-breaking 2007 market listing.

12:00pm Market Check

Equity benchmarks maintained strong momentum with the Sensex rising 195.86 points to 26771.51 and the Nifty gaining 63.50 points at 7991.25.

About two shares advanced for every share declining on the Bombay Stock Exchange.

Sunil Garg of JPMorgan feels Indian market provides the cleanest and clearest opportunity to buy right now as it is “cyclically and structurally” strong. He expects it to outperform all other emerging markets for the next 6-12 months.

Kotak Mahindra Bank jumped nearly 5 percent on strong profitability and stable asset quality performance in Q2. Private sector lender’s second quarter standalone profit after tax rose 26 percent year-on-year to Rs 444.5 crore led by strong other income and lower provisions.

Hero Motocorp surged 3.46 percent on hopes of strong October sales numbers. Bajaj Auto, Tata Motors, Cairn India, Reliance Industries and Maruti Suzuki gained 2-3 percent.

However, ONGC, Hindalco Industries, NTPC, Coal India and NMDC lost 0.7-2 percent. DLF fell 3.38 percent.

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