The News International Team
03:30 pm Market close
The market ended with hefty gains. The Sensex is up 245.27 points or 0.9 percent at 27371.84 and the Nifty is up 65.90 points or 0.8 percent at 8225.20. About 1463 shares have advanced, 1436 shares declined, and 109 shares are unchanged.
ICICI Bank, Hindalco and Wipro were up 3 percent each. Among the losers were Bajaj Auto, HUL, ITC, Bharti Airtel and Cipla.
03:20 pm Govt’s growth outlook
The government is committed to achieving its fiscal deficit target of 4.1 percent of gross domestic product for the current financial year, chief economic advisor Arvind Subramanian said.
A finance ministry report said earlier on Friday that India faces a “major challenge” in achieving its 2014-15 fiscal deficit aim of 4.1 percent.
Subramanian said the government will have to consider all measures including spending cuts to meet the target. The government faces a “major challenge” in achieving its 2014-15 fiscal deficit aim of 4.1 percent of gross domestic product, its lowest in seven years, the finance ministry said in a report.
The report, which was tabled in parliament, also said that a pick up in economic activity was needed to prevent any fiscal slippage in the year to March 2015. The deficit reached nearly 90 percent of the full-year target between April and October, the first seven months of the current fiscal year.
03:00pm Market Check
The Sensex jumped 316.59 points or 1.17 percent to 27443.16 and the Nifty rose 88.30 points or 1.08 percent to 8247.60.
About 1573 shares have advanced, 1221 shares declined, and 115 shares are unchanged on the BSE.
02:55pm Delta Corp rallies 6%
Delta Corp said it was open to explore options to liquidate its investment of 35.6 percent holding in Advani Hotels and Resorts (India). The company had also confirmed that there were no developments in relation to the same.
Company has now engaged Yes Bank as a merchant banker, to explore possibilities for the sale of the company’s interest in Advani Hotels and Resorts.
02:40pm Dr Reddy’s Labs in News
Dr Reddy’s Laboratories closed the acquisition of Habitrol brand from Novartis Consumer Health Inc. following issuance of the proposed consent order from the US Federal Trade Commission (FTC) on November 26, 2014. The company had earlier entered into an asset purchase agreement with Novartis Consumer Health Inc. to acquire the title and rights of Habitrol brand and to market the product in the US market.
With this closure, the company has assumed responsibility for the product and will commence shipments of the product in the market shortly.
Habitrol is an over-the-counter nicotine replacement therapy transdermal patch.
02:20pm Is FY15 fiscal deficit target achievable?
India faces a “major challenge” in achieving its 2014/15 fiscal deficit aim of 4.1 percent of gross domestic product, its lowest in seven years, the finance ministry said in a report on Friday.
The report, which was tabled in parliament, also said that a pick up in economic activity was needed to prevent any fiscal slippage in the year to March 2015.
The deficit reached nearly 90 percent of the full-year target between April and October, the first seven months of the current fiscal year, reports Reuters.
02:00pm Market Check
Equity benchmarks maintained strong uptrend in afternoon trade following positive global cues. The Sensex jumped 289.37 points or 1.07 percent to 27415.94 and the Nifty rose 83.10 points or 1.02 percent to 8242.40 while European markets like CAC, DAX and FTSE gained over half a percent.
The market breadth remained positive. About 1618 shares have advanced and 1112 shares declined on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices advanced 0.8 percent and 1 percent, respectively.
Geoffrey Dennis, Head of Global Emerging Market Strategy at UBS is bullish on India and says the recent correction should be viewed in the context of the global market turmoil.
He sees 2015 as being a challenging year for emerging markets as the Fed is likely to hike rates sometime in the middle of the year. Also, corporate earnings in most emerging markets were likely to be under pressure. On both counts India is expected to do much better as the economy is recovering, corporate earnings growth too is improving and the government is pushing through key reforms. That makes India the best bet in the emerging market space, Dennis says.
Shares of ICICI Bank and Reliance Industries were major contributors to the Sensex gains, up 2 percent each. Wipro, Hero Motocorp, Coal India, Sesa Sterlite, NTPC, Hindalco Industries and Tata Power gained 2-3 percent.
HDFC, Infosys, TCS, L&T, ONGC and Dr Reddy’s Labs climbed over 1 percent whereas ITC, Bharti Airtel, HUL, Cipla and Sun Pharma were under pressure, falling 0.4-1.7 percent.
Monte Carlo Fashions was the most active stock today, down more than 10 percent on listing day. Management told CNBC-TV18 they expect revenue growth to be in the range of 15 percent in FY15.
Infosys, State Bank of India, Kotak Mahindra Bank, Oracle Financial, Reliance Industries and L&T were other most active shares on exchanges.