The News International Team
11:50 am Big move: Shares of Bharat Electronics hit an all-time high of Rs 3,570 on Tuesday, up 11 percent after reporting strong set of numbers during October-December quarter.
A CNBC-TV18 poll had expected the profit at Rs 182 crore on revenue of Rs 1,396 crore for the quarter.
Operating profit shot up 56.5 percent Y-o-Y to Rs 278 crore and margin expanded 250 basis points to 17.3 percent in the quarter ended December 2014, which both were expected at Rs 173 crore and 12.4 percent, respectively.
Brokerages believe the company is major beneficiary of government’s increased focus on defence. Bharat Electronics (BEL) is emerging out of a 4-year stagnation, says Jefferies, adding the real pick-up will begin in FY16-17e, when major defence equipment ordering activity begins to pick-up.
11:40 am Poll: Titan’s third quarter reported profit is expected to surge 14.2 percent year-on-year to Rs 189 crore, according to the average of estimates of analysts polled by CNBC-TV18. Adjusted profit may report 6.5 percent during the quarter. Analysts believe the bottomline may be boosted by lower interest cost while they expect muted topline growth from Titan in Q3. Total income is seen going up 4.7 percent to Rs 2,802 crore in October-December quarter compared to Rs 2,676 crore in the quarter gone by. Operating profit may increase 8.7 percent year-on-year to Rs 267 crore and margin may expand 30 basis points to 9.5 percent in the third quarter of current financial year 2014-15.
11:30 am Buzzing: Shares of Max India surged 11 percent, hitting record high at Rs 505 per share intraday as investors are eagerly waiting for its restructuring plans that will be decided in board meeting today. Media reports suggested that Max India may be heading for 3-way split.
However, in a clarification statement to BSE, the company said that it is in the process of finalising few options for corporate restructuring, which will be presented to Investment & Finance Committee (I&FC) for its consideration.
“Given the sensitivity around the proposal, we are contemplating to convene the meeting of I&FC and Board of Directors of the company on the same day, where management will propose the options to I&FC and it will recommend the preferred option to Board of Directors for their approval,” it said.
Don’t miss: Bros & sis of India, make it safe for women: Obama
The market continues their gains into the 8th consecutive session. Midcaps are marginally outperforming with a firm advance decline ratio. The Sensex is up 98.92 points at 29377.76. The Nifty up 13.00 points at 8848.60. About 1267 shares have advanced, 1028 shares declined, and 256 shares are unchanged.
Axis Bank, Cipla, Tata Motors, L&T and HDFC are top gainers while Dr Reddy’s Labs, Coal Indi, M&M, Infosys and Hindalco.
The likes of BHEL, L&T, Pipavav Defense and Walchandnagar gain on optimism of US & India breaking a 6-year log jam over the civil nuclear deal and separately deepen defense ties.
Brokers said sentiments remained upbeat on sustained capital inflows amidst optimism over upcoming Budget and corporate earnings amidst Prime Minister Narendra Modi promising an open business environment and predictable tax regime in his meeting yesterday with US President Barack Obama.
Globally, Asian markets are a mixed bag. Chinese markets are down, while Japan has surged. Markets are watching for the US Fed meet that kicks off today.