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Cipla, Axis, ICICI Bank gain 2-3%; Sensex, Nifty rangebound


The News International Team

1:50 pm Boardroom: Anand Deshpande, CMD & CEO of Persistent Systems speaking about the company’s third quarter performance said the company will try to maintain Profit before Tax (PBT) margins around 20 percent for FY15.

The third quarter margins were under pressure due to some employee related expenses – some one-off benefits and gratuity payments, he said.

Despite third quarter being a seasonally weak one from outsourcing point, the company reported better than expected performance on services front said Deshpande.

Mid-tier IT firm Persistent Systems declared its consolidated dollar revenues grew 4.2 percent sequentially to USD 79.5 million — a growth of 13.7 percent year-on-year, filings to the exchanges showed today. The revenue number was in line with a CNBC-TV18 poll that had forecast USD 80 million.

1:30 pm Result: Maruti Suzuki missed street expectations with the third quarter net profit rising 18 percent year-on-year to Rs 802 crore.

Revenue increased 15.4 percent to Rs 12,576 crore during October-December quarter compared to Rs 10,894 crore in the year-ago period.

The India’s largest car maker sold 3.23 lakh units during the quarter, up 12 percent compared to 2.88 lakh units sold in the same quarter last fiscal.

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The market is still firm as the Sensex is up 79.21 points at 29358.05. The Nifty is up 12.40 points at 8848.00. About 1249 shares have advanced, 1433 shares declined, and 252 shares are unchanged.

Cipla, ICICI Bank, Axis Bank, Tata Motors and Maruti Suzuki are top gainers in the Sensex. Among the losers are Dr Reddy’s Labs, Coal India, Infosys, M&M and Hindalco.

Gold prices fell sharply by Rs 264 to Rs 27,600 per tens in futures trade today amid a weak trend overseas and profit-booking by speculators. Analysts said besides profit-booking by speculators, a weak trend in the overseas markets before Federal Reserve policy makers meet, weighed on gold prices at futures trade here.

Globally, gold dropped 0.7 percent to USD 1,272.44 an ounce Singapore today, the lowest level since January 19.


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