The News International Team
Sunil Kanojia, Group President, Sintex Industries, feels the company will see the benefits of a falling crude with a lag, and expects it to mainly aid the B2C business.
In an interview to CNBC-TV18, Kanojia said the company is seeing order opportunities from recently announced CSR schemes and expects pre-fab segment to get orders from Swachh Bharat Mission.
Sintex has gross debt of Rs 4,200 crore and net debt of Rs 4,000 crore. Kanojia expects the company to see 20-25 percent revenue growth in FY15 on consolidated basis.
12:25pm Market falls further
The market fell further in afternoon trade with the Nifty breaking 8500 level. The index declined 47.15 points to 8491.15 while the Sensex slipped 158.33 points to 28299.77.
About 1260 shares have advanced, 1318 shares declined, and 127 shares are unchanged.
Infosys plunged 4.5 percent followed by Dr Reddy’s Labs, TCS, Sesa Sterlite and Hindalco Industries with 2 percent loss. Index heavyweights Reliance Industries, ICICI Bank, L&T and HDFC Bank were marginally down.
12:15pm Thangamayil Jewellery jumps
Investors bought more shares of Thangamayil Jewellery after State Bank of India mutual fund raised stake in the jewellery maker. The stock shot up 20.86 percent intraday to hit a fresh 52-week high of Rs 223.60 on the Bombay Stock Exchange.
SBI Mutual Fund on Friday increased its stake in the company to 4.6 percent by purchasing additional 3.57 lakh shares at Rs Rs 190 apiece through block deals.
As of September 2015, the mutual fund firm held 2.09 percent stake or 2.8 lakh equity shares in the company.
However, N Ramachandran, one of the biggest shareholders, reduced its shareholding in company to 1 percent. he sold 4.5 lakh shares at Rs 190 a share or 3.3 percent stake. As of September, he held 4.27 percent stake or 5.86 lakh shares.
12:00pm Market Check
The market extended losses in noon trade with the Sensex declining 102.22 points to 28355.88 and the Nifty losing 30.45 points to 8507.85. About 1290 shares have advanced, 1280 shares declined, and 120 shares are unchanged.
Infosys, Jet Airways, Sintex Industries, SAIL, SBI, ITC and TCS were most active shares on exchanges.
Infosys slipped 4.7 percent as 3.3 crore shares were traded in multiple blocks this morning in the price range of Rs 1,988 to Rs 2014. Reports indicated that the founders offloaded stake worth USD 1.1 billion in the company for personal, philanthropic reasons.
Jet Airways gained more than 9 percent on hopes of getting more market share after curbs on rival SpiceJet. Sources told CNBC-TV18 that Directorate General of Civil Aviation withdrew 186 slots of SpiceJet and asked the company to limit advance bookings to only a month.
SpiceJet continued its losses from Friday, down 3 percent. The company issued clarifications over the weekend indicating its international flying rights are not in jeopardy, its payables to suppliers is significantly less than the Rs 1,600 crore and the DGCA has asked for a payment plan to be shared with them by December 15.