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Sensex, Nifty trim gains; Bajaj Hind jumps, Oil India falls

14:00

The News International Team

02:55pm Interview

Shemaroo Entertainment has had a good first half this fiscal year. Its H1 FY15 PAT rose 73 percent year-on-year, driven by the digital business growth. Hiren Gada, whole-time director and CFO, Shemaroo Entertainment expects to see margin improvement ahead with digital business improving ahead. He says the company aims to do better in the second half of the fiscal year. 

The company’s EBITDA margins have been in the range of 23-27 percent. Gada says business on mobile platform has also been growing.

02:35pm Logistics stocks in demand

Transport Corporation, Gati, Snowman Logistics, Patel Integrated and Allcargo Logistics rallied 3-12 percent.

02:25pm Adani Enterprises in focus

Gujarat-based Adani Enterprises turned profitable with second quarter consolidated net at Rs 210 crore aided by strong operational performance. The loss in the year-ago quarter was Rs 417 crore.

The company missed street expectations on topline and bottomline front but beat estimates on operational front. Profit was expected at Rs 324 crore on revenue of Rs 15,584 crore for the quarter.

Consolidated total income from operations grew by 3.4 percent to Rs 14,067 crore in the quarter ended September 2014 compared to Rs 13,602 crore in same quarter last year.

Core operating profit (earnings before interest, tax, depreciation and amortisation) surged 64.1 percent year-on-year to Rs 2,985 crore and margin expanded 780 basis points to 21.2 percent in the quarter gone by, which both were higher than analysts’ expectations of Rs 2,755 crore and 17.7 percent, respectively.

02:00pm Market Check

Equity benchmarks trimmed gains in afternoon trade with the Sensex climbing 104.93 points to 28014.99 and the Nifty rising 21 points to 8383.65 led by banking & financial and auto stocks.

About 1537 shares have advanced, 1392 shares declined, and 116 shares are unchanged on the Bombay Stock Exchange.

Prolonging bullish tone of the market, Ravi Muthukrishnan, Co-head research, ICICI Securities has a Nifty target of 9,200 in a year’s time. In addition, he expects earnings to grow 16-18 percent in FY15-16.

With most earnings meeting street estimates, winter session of Parliament coming in and anticipation of various reforms encircling the Budget, he sees huge upside for the market hereon.

Rate sensitives like banks and autos indices touched record highs ahead of the retail inflation data later today that is expected to be lower than in September. A CNBC-TV18 poll expects the October CPI to drop to 5.63 percent versus 6.46 percent in September on account of recovery in monsoon and sharp fall in commodity prices.

Bajaj Hindusthan climbed over 5 percent after the company reduced its net loss significantly to Rs 131 crore in July-September quarter from Rs 509.5 crore in same quarter previous fiscal led by lower expenses, cut in sugar business loss, higher other income and strong profit in distillery business.

Oil India fell nearly 3 percent after reporting profit of Rs 608.3 crore on revenue of Rs 2,081 crore for the quarter, which were lower than analysts’ expectations of Rs 850 crore and Rs 2,600 crore, respectively.

Global markets remained under pressure. European markets like Germany’s DAX and France’s CAC declined 1-1.5% after the announcement of regulatory penalties for the alleged manipulation of forex markets. The UK Financial Conduct Authority (FCA) has imposed fines totalling more than USD 1.7 billion on lenders like Citi Bank, JPMorgan Chase and UBS.

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