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Nifty struggles at 8200, Sensex drags; Cipla, GAIL weak

13:00

The News International Team

1:50 pm Buzzing: Shares of Career Point are locked at 20 percent upper circuit after its subsidiary received licence from RBI for setting up non-banking financial institution.

“Reserve Bank of India has granted certificate of registration to Srajan Capital (a wholly owned subsidiary company of Career Point) to commence/carry on business of non-banking financial institution,” said the company in its filing.

Career Point, which incorporated in 1993, provides education to students preparing for various competitive examinations. The company has diversified business operations with multiple product offerings including Test Preparation, Schools (Pre-schools and K12), Technical Campuses, and Private Universities in multiple geographies.

1:30 pm Tower sale: Bharti Airtel, through its subsidiary is going to sell and lease back over 1100 towers in Zambia and Rwanda to African company IHS, under a 10-year renewable contract.

According to Bharti, the agreement will allow the telecom major to focus on its core business and customers, enable it to deleverage through debt reduction, and will significantly reduce its on-going capital expenditure on passive infrastructure in these African markets.

The agreements are subject to statutory and regulatory approvals.

Don’t miss: TCS tanks 4% on weak Q3 outlook; brokerages still bullish

The market does not seem to be out of the slumber mode. The Sensex is down 67.88 points at 27282.80, and the Nifty is down 16.85 points at 8207.25. About 1035 shares have advanced, 1585 shares declined, and 109 shares are unchanged.

HDFC is still up 4 percent while Coal India, ONGC, Hero MotoCorp and Sun Pharma are top gainers in the Sensex. TCS, Sesa Sterlite, Cipla, GAIL and Infosys are among the laggards.

Wholesale price inflation hit a zero level in November, the lowest in about five and half years, on account of decline in prices of food, fuel and manufactured items. The Wholesale Price Index (WPI) based inflation was at 1.77 percent in October and 7.52 per cent in November 2013.

As per data released by the government today, the food inflation fell to nearly three year low of 0.63 percent. Food inflation is on decline since May. This is probably the first time when WPI inflation has hit exact zero level. The last time WPI was lower than this was (-)0.3 per cent in July 2009.

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