The News International Team
2:00 pm Market check: The market seems to have woken from slumber as the Sensex is up 118.66 points at 26871.56. The Nifty up 35.25 points at 8026.95. About 1364 shares have advanced, 1307 shares declined, and 123 shares are unchanged.
Ranbaxy is up 6 percent after reporting stellar Q2 results. Sun Pharma is up 5 percent, Cipla, GAIL, ICICI Bank and SBI are other gainers in the Sensex.
1:40 pm Earnings: Net profit of Lupin grew to Rs 630 crore in the second quarter ended September 2014. Its revenue jumped to Rs 3173 crore from Rs 2668 year-on-year. Formulations business was up 19 percent at Rs 2,799 crore, US gained 23 percent at Rs 1,272 crore, Europe was up 11 percent at Rs 87.6 crore and India grew 20 percent at Rs 799 crore on yearly basis.
1: 30 pm Results: Ranbaxy’s Q2 net profit stands at Rs 478 crore versus loss of Rs 454 crore in a corresponding quarter last year. During the quarter, its revenue jumped to Rs 3260 crore from Rs 2,802 crore year-on-year. Its EBITDA was at Rs 807 crore while operating margin was at 24. 8 percent.
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It is another day of sluggishness on Dalal Street as the benchmark indices do not make any remarkable gain. The Sensex is up 42.91 points at 26795.81 and the Nifty is up 14.95 points at 8006.65. About 1262 shares have advanced, 1295 shares declined, and 120 shares are unchanged.
GAIL, SBI, Sun Pharma, Tata Power and ICICI Bank are top gainers in the Sensex. Among the losers are Hero, Bharti Airtel, HUL, Bajaj Auto and Reliance.
Asian equities trade mixed. Investors tread cautiously ahead of the Federal Reserve meeting due to begin later today.
Brent crude extended its decline to a third day, dropping towards USD 85 a barrel, still under pressure from a Goldman Sachs report that slashed the investment bank’s oil price forecasts amid a global supply glut.
Citing rising production and insufficient demand, Goldman Sachs on Sunday cut its forecast for Brent to USD 85 a barrel from USD 100 for the first quarter of 2015 and reduced its projection for US crude to USD 75 from USD 90.
Analysts from other major banks have also cut forecasts for 2014 and 2015 crude oil prices, citing global growth concerns, a strengthening dollar and ample supplies.