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Sensex, Nifty flat; Coal India, Bharti Airtel slip 1%

11:00

The News International Team

11:55 am Result: Bank Of India’s third quarter net profit fell 70.4 percent year-on-year to Rs 173.4 crore. Higher provisions, slow growth in net interest income and lower other income & operating profit impacted the profitability during the quarter.

The public sector lender missed street expectations on all parameters. Profit was expected at Rs 818.6 crore and net interest income of Rs 3,148.3 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Net interest income increased 2.3 percent to Rs 2,780.2 crore during October-December quarter from Rs 2,719 crore in same quarter last year. Net interest income is the difference between interest earned and interest expended.

11:45 am Poll: Coal India’s third quarter profit after tax is expected to fall 6.5 percent year-on-year to Rs 3,640 crore, according to the average of estimates of analysts polled by CNBC-TV18.

Net sales is seen rising 4.3 percent to Rs 17,650 crore during October-December quarter from Rs 16,928 crore in the year-ago period. Operating profit may slip 4.9 percent on yearly basis to Rs 3,902 crore and margin may decline 210 basis points to 22.1 percent in the quarter gone by.

11:30 am Buzzing: Shares of Bosch surged 7 percent intraday on addition to MSCI India and the MSCI emerging market index. Meanwhile, Hathway Cable is under pressure as it is deleted from the MSCI Small Cap India Index.

India’s weight in the MSCI emerging market index has been increased by 8-10 basis points (bps) post MSCI’s quarterly index review, said analysts. The changes in constituents of the MSCI indices will take place on February 27.

Experts believe that India can expect an incremental inflow of USD 150-200 million due to the likely increased weightage. Weight of ACC, Coal India and Hero MotoCorp could also rise in MSCI India index, they said.

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The market is in the red as the Sensex is down 15.84 points at 28518.13. The Nifty is up 5.30 points at 8632.70. About 1407 shares have advanced, 828 shares declined, and 203 shares are unchanged. 

Maruti, Hindalco, Dr Reddy’s Labs, Hero Motocorp and GAIL are top gainers in the Sensex. Among the losers are ITC, SBI, Bharti, Coal India and Sesa Sterlite.

Oil prices edged higher but gains were capped owing to concerns about surging stockpiles in the United States, the world’s top consumer, analysts said. US benchmark West Texas Intermediate for March delivery rose 64 cents to USD 49.48 while Brent crude for March gained 34 cents to USD 55.00 in mid-morning trade. 

Oil prices have been under pressure for months, plunging about 60 per cent to just over USD 40 a barrel between June and the end of January.

Globally, Asian markets are mixed today as investors continue to monitor negotiations between Greece and its Euro zone creditors.

 

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