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Sensex rangebound; Canara Bank, Wockhardt, Cairn rally

14:00

The News International Team

03:00 pm Result

Tata Power has turned profitable with consolidated net at Rs 198 crore during October-December quarter aganist loss of Rs 74.91 crore in the year-ago period.

The profit beat street expectations supported by forex gain while topline was in line. Profit was expected at Rs 134 crore for the quarter. Net sales increased 1.2 percent to Rs 8,806.6 crore in the quarter ended December 2014 from Rs 8,700 crore in same quarter last fiscal.

“Power business grew 9.8 percent year-on-year to Rs 6,545.7 crore with EBIT rising 5 percent but coal revenue fell 18 percent to Rs 2,104 crore with EBIT surging 17.4 times in Q3FY15,” said the company in its filing.

02:30pm Raghuram Rajan says

Reserve Bank of India Governor Raghuram Rajan said that inflation was still a concern but added the deflationary global environment gave the central bank some elbow room with monetary policy.

“We still have concerns about inflation. Given the deflationary environment elsewhere, it’s actually easier for us because we are not fighting inflation in an environment where inflation is picking up elsewhere,” Rajan said in a conference call with analysts.

“So I think we are still in conventional monetary policy territory.”

The comments come a day after the central bank held interest rates steady at 7.75 percent, leaving its next move probably until after the government presents its annual budget at the end of this month, reports Reuters.

02:00pm Market Check

The market remained lacklustre in afternoon trade as the Sensex hovered around 29000 level. HDFC twins, metals, healthcare and PSU oil stocks gained while banks, capital goods and auto stocks were under pressure.

The Sensex rose 7.09 points to 29007.23 and the Nifty fell 0.60 points to 8755.95. About 1372 shares have advanced, 1410 shares declined, and 239 shares are unchanged on the BSE.

There have been too many earnings disappointments for the December quarter, leading some investors to question if the India story has been hyped, says Manishi Raychaudhuri, MD and Asian Equity Strategist at BNP Securities.

In an interview to CNBC-TV18, he says the Indian economy had already bottomed out four quarters ago and that growth prospects look much better compared to other economies. Falling commodity prices is one of the key cushions for the Indian economy, says Raychaudhuri.

ONGC was among the top gainers on the Nifty today, up 3 percent. CNBC-TV18 learnt that the government is moving to iron out the subsidy sharing formula and fast track the ONGC divestment. Sources say, the oil ministry asked the government not to impose any subsidy burden on upstream companies if crude prices stayed at or less than USD 60 per barrel.

Cairn India gained 4 percent today in addition to 4 percent rally in previous session post 19 percent jump in crude oil prices in last 4 sessions. Canara Bank and Wockhardt rallied 3 percent and 7.5 percent post good third quarter earnings.

Global markets were a mixed bag today. Asian markets like Japan gained almost 2 percent while European markets like Germany fell 0.5 percent. In commodities, crude prices dropped around 2 percent after 4-day rally.

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