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Sensex, Nifty under pressure; Dr Reddy up 3%, SBI falls

13:00

The News International Team

1:55 pm Interview: Idea will bid for spectrum in the upcoming auction, but with the same prudence it has done in the past, Himanshu Kapania, MD of Idea Cellular told CNBC-TV18. The company spent Rs 18,000 in the last three auctions. On cash availability, Kapania says Idea is well-placed to renew existing spectrums in 900 MHz band. In its third quarter results, the company reported cash profit of around Rs 2,000 plus crore. Next year it expects to generate Rs 10,000 crore cash profit. Idea has a huge retention bidding coming up in the 900 MHz band in around nine major circles. The company has reduced its debt by Rs 8,000 crore since April 2014 and its net debt/EBITDA stands at 1.12x, one of the lowest in the industry, he adds.

1:40 pm  Internationla market: In an interview to CNBC-TV18, James Glassman, senior economist, JP Morgan welcomes the Fed’s decision and says the Fed’s goal is not to slowdown the economy but to merely step off the gas. He expects the US inflation to continue to remain low and infact expects a negative inflation. “I do not see inflation coming back within the range of Federal Reserve’s 2 percent goal for a year,” Glassman said. “I do not think they wait for this to happen. As long as they feel that the trajectories are moving in the right direction, they will be willing to start slowly raise interest rates,” he said.

1:30 pm Earnings: HDFC, India’s largest housing finance company, said its third-quarter net profit stood at Rs 1,425.5 crore, rising 11.56 percent from Rs 1,277.7 crore in the same quarter last year. A CNBC-TV18 poll of analysts had forecast this Rs 1,426 crore. Income from operations rose 12.9 percent to Rs 6,758.4 crore. Its loan book, as of December 31, 2014, stood at Rs 2.19 lakh crore, compared to Rs 1.92 lakh crore on December 31, 2013.

1:20 pm Results: Dr Reddy’s Laboratories beat street expectations on topline and bottomline front but the operating performance was below estimates. Consolidated net profit of the drug maker fell 7 percent year-on-year to Rs 574.5 crore, impacted by weak operational performance. Higher finance cost and R&D expenses also affected the profitability.

Profit was expected at Rs 534.3 crore on revenue of Rs 3,617 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Consolidated revenue grew 8.7 percent to Rs 3,843 crore during October-December quarter from Rs 3,533.8 crore in the year-ago period.

Don’t miss: HDFC Bank, Lupin gain 2% hopes to rake in more foreign moolah

The market is still under pressure. The Sensex is down 91.17 points at 29468.01. The Nifty is down 31.90 points at 8882.40. About 1262 shares have advanced, 1358 shares declined, and 259 shares are unchanged.

Dr Reddy’s Labs, Reliance, HDFC Bank, Hero MotoCorp and HUL are top gainers in the Sensex. Among the top losers are Coal India, HDFC, Bharti Airtel, SBI and ICICI Bank. 

The rupee fell by 12 paise to 61.53 against the American currency in late morning trade today on month-end dollar demand from importers. The rupee resumed lower at 61.44 as against yesterday’s closing level of 61.41 at the Interbank Foreign Exchange (Forex) and moved down further to 61.54 before quoting at 61.53 at 1100 hours. The local currency hovered in a range of 61.42 and 61.54 during late morning trade.

Month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said. However, strong foreign capital inflows into equity market restricted the rupee’s fall, he added. In the New York market, the dollar inched higher against the euro and pound yesterday afternoon after the Federal Reserve’s policy statement included no clear guidance about its rate hike plans.

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