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Sensex, Nifty erase early gains; Sun Pharma climbs 4%

10:00

The News International Team

10:59am Interview

Polaris undertook some organisational restructuring during the fiscal year. It demerged its product business. But despite that the company’s performance remained steady, says Arun Jain, chairman and managing director at Polaris.

Polaris Consulting reported second quarter net profit at Rs 49.15 crore . The company, which was formerly called Polaris Financial Technology Ltd, had reported a net profit of Rs 59.81 crore for the July-September 2013 quarter, it said in a statement.

As a testimony to its new strategy, Jain says the company saw nine new order wins during the quarter. Jitin Goyal, CEO of Polaris too adds that the company expects medium-term EBITDA margin in 15-16 percent range.

Goyal adds that he sees the company achieving industry standard growth level soon.

With completion of portfolio rationalization, the company is now focusing on bringing down attrition.

In management changes, Jain relinquished his position as managing direction to focus on mentoring as chairman.

10:30am Market Expert

Gautam Shah, JM Financial said, “Despite all the positive factors we must point out that we have seen the first hint of serious divergence on the indicator charts. This is not an immediate worry but could develop into something substantial in the next couple of weeks.”

“On the upside, the target of 8,450 (on the Nifty) is maintained and we hope to see the index test the same by early this week. How the market behaves around this level will give a good idea of the trend for the rest of November. The Banking index continues to move from strength to strength. Overall, further upside is seen,” he added.

10:00am Market Check

Equity benchmarks erased early gains with the Sensex falling 17.17 points to 27851.46 and the Nifty declining 8.65 points to 8328.35 after hitting record highs in opening trade.

The market breadth was positive. About 1156 shares advanced while 928 shares declined on the Bombay Stock Exchange.

Engineering and construction major Larsen and Toubro dropped 1.7 percent after it disappointed on the revenue front in Q2FY15. Profit grew by 20.5 percent year-on-year led by other income.

Shares of ONGC, Tata Motors, Tata Steel and Hindalco Industries declined 1-1.8 percent followed by ICICI Bank, TCS, HDFC Bank, Infosys, Reliance Industries and Bharti Airtel with 0.2-0.7 percent loss.

However, Sun Pharma topped the buying list, up nearly 4 percent after Taro reported a 49 percent growth in Q2 profit and 22.2 percent jump in net sales.

BHEL, Coal India and ITC gained 1-2 percent followed by Dr Reddy’s Labs, HUL, Hero Motocorp and Wipro with more than 0.5 percent upside.

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