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Nifty still below 8300; Bajaj Auto, ITC, GAIL laggards


The News International Team

11:50 am Interview: Suresh Kris, CFO of Brigade Enterprises says the company’s revenues will be 30-40 percent higher in FY15 than in FY14. The company has more than Rs 4500-crore revenues to be recognized over three years, he says. He believes the company will be able to maintain EBITDA margin at 30 percent.

Kris expects the hotel business revenue to rise to Rs 300 crore from Rs 150 crore over two years. He believes the company will be able to garner Rs 250 crore revenue from lease rentals.

11:30 am Buzzing: Shares of Educomp Solutions gained as much as 8.8 percent intraday as the education software services provider will consider restructuring options under debt recast plan next week.

“The board of directors of the company, on January 13, will consider and approve to issue equity shares of the company, as per CDR scheme of the company, in accordance with SEBI regulations,” the company said in its filing the exchange. Educomp will also consider restructuring options pursuant to the CDR scheme, it added.

As per the corporate debt restructuring scheme, the promoter, Shantanu Prakash (on November 17, 2014) already infused, till date an amount of Rs 30,46,50,000 as promoter contribution, in the form of 0 percent unsecured loan. “The said loan, on the later date, will be discharged by the company by issuance of equity or equity related instruments or otherwise, in terms of CDR scheme of the company,” it said.

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The market is holding its gains as the Sensex is up 175.41 points or 0.6 percent at 27450.12. The Nifty is up 47.50 points or 0.6 percent at 8282.10. About 1481 shares have advanced, 880 shares declined, and 392 shares are unchanged.

HUL, Cipla, Dr Reddy’s Labs, Tata Motors and Sun Pharma are top gainers in the Sensex. Among the losers are NTPC, Bajaj Auto, GAIL, ITC and Axis Bank.

Asian stocks gained on upbeat expectations for the closely-watched US jobs data while the euro continued to probe fresh nine-year lows against the dollar. Equities worldwide suffered deep losses early this week as plunging oil prices and global growth woes triggered investor flight from risk assets. But optimism towards the US economy and prospects of more stimulus from the European Central Bank have diffused risk aversion for the time being.

In currencies, the euro traded at USD 1.1792, wallowing close to a fresh nine-year low of USD 1.1754 hit overnight on the back of enhanced expectations that the ECB would embark on fresh easing as early as this month.


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