The News International Team
02:55pm Shree Cement hits 52-week high on strong sales in Q1
Shree Cement’s net profit fell 36.8 percent (missed street estimates) year-on-year to Rs 108.8 crore in July-September quarter dented by higher operational expenses and lower other income. Profit was Rs 172.2 crore in same quarter last year.
Net sales grew by 28.7 percent (higher-than-expected) to Rs 1,605.3 crore in the quarter ended September 2014 compared to Rs 1,247.5 crore in the year-ago period driven largely by cement business on capacity additions.
02:25pm Apollo Tyes Q2 earnings poll
Tyre maker Apollo Tyres is likely to report a 10.5 percent growth in profit at Rs 275.8 crore in second quarter of current financial year 2014-15 compared to Rs 249.5 crore in same quarter last year, according to the average of estimates of analysts polled by CNBC-TV18.
Sales are seen going down 1.3 percent to Rs 3,389.2 crore in July-September quarter from Rs 3,433.5 crore in corresponding quarter of last fiscal.
Operaing profit (EBITDA) may rise 9 percent on yearly basis to Rs 492.5 crore and margin may expand 130 basis points to 14.5 percent in the quarter gone by.
02:00pm Market Check
Equity benchmarks recouped losses amid consolidation in afternoon trade with the Sensex rising 9.29 points to 27877.92 and the Nifty climbing 4.80 points to 8341.80.
Manish Prasad of JM financial told CNBC-TV18 that business confidence has grown significantly in the Indian markets and even if there is a correction, expect a shallow one, at worst a 10 percent pullback.
Shares of ITC, Sun Pharma, BHEL, Coal India, Hero Motocorp and Bank of Baroda topped the buying list, up 1-4 percent while ONGC, Larsen and Toubro, Hindalco, Tata Motors, Axis Bank and Jindal Steel fell 1-3 percent.
Supreme Industries, SBI, Wockhardt, Larsen and Toubro, Bharat Forge, ITC and Sun Pharma were most active shares on exchanges.
Global cues are mixed with a positive bias today. Among Asian markets, China rose more than 2 percent while Europe is also in the green with gains of almost 0.5 percent.
In key political updates, Suresh Prabhu took over as the new railway minister today and said that rail safety and customer service would be his priorities while Manohar Pariker became a defence minister.