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Sensex above 29000; Sun TV, Hitachi Home in focus

10:00

The News International Team

10:35am Sensex above 29000

The 30-share BSE Sensex climbed above 29000, up 146.12 points at 29034.98 while the 50-share NSE Nifty inches towards 8800 level, up 37.60 points at 8767.10.

About 1326 shares have advanced, 844 shares declined, and 237 shares are unchanged on the Bombay Stock Exchange.

10:30am L&T Finance surges 4.6%

L&T Finance Holdings’ third quarter consolidated net profit surged 65.5 percent year-on-year to Rs 181.6 crore supported by net interest margin and fee income.

“The profit growth has been aided by consistent and steady improvement in margins in the retail business, healthy fee income and stable operating expenses across lending businesses,” the subsidiary of L&T reasoned.

Consolidated income from operations grew 23.2 percent to Rs 1,572 crore in the quarter ended December 2014 from Rs 1,276.2 crore in the year-ago period.

Net interest margin (NIMs) for the lending business was at Rs 623 crore (5.66 percent) in Q3FY15 compared to Rs 479 crore (5.23 percent) in the same quarter last year.

L&T Finance said with the intent to build a healthier balance sheet, it made additional provisions in the third quarter too, increasing the provision coverage to 35 percent at the consolidated level.

Asset quality has remained largely stable despite the seasonal impact of an increase in delinquency in the rural products portfolio. Gross non-performing assets (NPA) increased marginally at 3.01 percent in December quarter compared to 2.93 percent in the year-ago period and 2.96 percent in previous quarter. Net NPA during the same period stood at 1.98 percent against 2.06 percent and 2 percent, respectively.

10:15am Obama’s India visit

The monthly ‘Mann ki Baat’ radio broadcast of Prime Minister Narendra Modi this time will be special as he will be joined by US President Barack Obama. The programme will be aired on January 27, the Prime Minister revealed himself today through a series of tweets and asked for questions from the public.

“This month’s ‘Mann Ki Baat’ episode will be a special one, where our Republic Day guest @BarackObama & I will share our thoughts together,” Modi tweeted, reports PTI. 

10:00am Market Check

The market continued to trade higher supported by healthcare, capital goods, metals, technology and select private banks stocks. ITC rebounded with a percent gain after yesterday’s 5 percent fall due to disappointing Q3 earnings.

The 30-share BSE Sensex rose 102.81 points to 28991.67 and the 50-share NSE Nifty advanced 23.35 points to 8752.85. The broader markets gained too; the BSE Midcap and Smallcap indices increased 0.5 percent.

About 1196 shares have advanced while 730 shares declined on the Bombay Stock Exchange.

Sun Pharma topped the buying list, up 3 percent followed by Infosys, HDFC Bank, ONGC, Cipla, Sesa Sterlite, Bajaj Auto, HUL, Tata Steel and BHEL with 1-2 percent upside.

However, Reliance Industries and NTPC declined over a percent. ICICI Bank, State Bank of India, HDFC, Tata Motors, Bharti Airtel, Maruti Suzuki and M&M fell 0.2-0.8 percent.

Sun TV Network lost 4.5 percent. CBI has arrested Dayanidhi Maran’s former additional private secretary on Wednesday night. Former Union Telecom Minister Dayanidhi Maran said the arrest has no links with Sun TV Network.

Hitachi Home surged 12 percent after parent company Hitachi Appliances says it will divest stake in company. Hitachi Appliances has signed an agreement for global JV with Johnson Controls. Johnson will get 60 percent stake in parent’s international AC biz ex-Japan.

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