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Sensex, Nifty continue to surge; Brent falls below $81/bbl

13:20

The News International Team

1:50 pm Result: India Cements has turned profitable with July-September quarter net at Rs 7.5 crore as against loss of Rs 22.5 crore in the year-ago period on strong operational performance.

Total income from operations grew by 3.84 percent to Rs 1,136 crore in the quarter ended September 2014 from Rs 1,094 crore in same quarter last year.

Operating profit jumped 35.15 percent year-on-year to Rs 183 crore and margin expanded by 370 basis points to 16.1 percent in Q2FY15 on fall in operational expenses.

Employee expenses fell 3 percent on yearly basis to Rs 76.80 crore, other expenses dropped 20 percent to Rs 156.60 crore and power & fuel cost declined 3 percent to Rs 296.30 crore while transportation and handling cost increased 10.75 percent to Rs 265.13 crore in the quarter gone by.

1:30 pm Buzzing: Shares of Minda Industries touched record high at Rs 655 per share, up 17 percent intraday on Wednesday after it posted strong June-September quarter results. The company has posted a net profit of Rs 25.57 crore in the second quarter.

Group CFO Sudhir Jain said the improvement in volumes helped the topline. The volume growth of the company may rise from the current 15 percent to 20 percent in the quarters to come, he said in an interview to CNBC-TV18. The auto-components manufacturer is also expecting margins of around 13 percent in next three-four quarters versus 8 percent currently.

The board has also approved hiving-off of the running business of battery division of the company, located at Pant Nagar, Uttrakhand to a prospective joint venture between Minda Industries and Panasonic Corporation.

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The market still continues to maintain uptrend with the Sensex gaining 145.97 points at 28056.03. The Nifty is up 35.10 points at 8397.75. About 1570 shares have advanced, 1237 shares declined, and 116 shares are unchanged.

Bajaj Auto, Axis Bank, Tata Motors, Hero Moto and ICICI Bank are top gainers in the Sensex. Among the losers are Tata Steel, Cipla, NTPC, HUL and Tata Power.

Brent crude dropped below USD 81 a barrel, holding just above a four-year low as concerns over a mounting oil glut outweighed geopolitical and supply disruption risks in Ukraine and Libya. With oil prices having fallen 30 percent from a mid-June peak, whispering among OPEC delegates ahead of its Nov 27 meeting is starting to suggest it could informally cut output by around 500,000 barrels a day (bpd).

Japanese stocks gained as investors gave the thumbs-up to a media report that Prime Minister Shinzo Abe will delay a second sales tax hike to avoiding damaging Japan’s economic recovery, and call a snap election to cement his position.

The Nikkei benchmark closed up 0.4 percent at 17,197.05, its highest since October 2007.

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