Home / Business / Money / Sensex up over 100 pts; LT, Tata Power lead gainers

Sensex up over 100 pts; LT, Tata Power lead gainers


The News International Team

10:50am DLF in Focus: SEBI imposed fines of Rs 52 crore on realty giant DLF and seven others, including Chairman K P Singh, for “fraudulent and unfair trade practices”, while penalties totalling Rs 34 crore were slapped on 33 related entities.

These orders come after SEBI in October last year barred DLF and its six top executives from markets for three years for suppressing key information at the time of its IPO in 2007, including about certain “sham transactions” involving an associate company named Sudipti Estates.

10:35am Interview: With the current government’s focus on defence programme, the ministry has awarded battlefield management system (BMS) development contracts worth Rs 50,000 crore to two consortiums. One comprises of BEL and Rolta India and the other consortium includes the Tata Power SED and Larsen and Toubro Defence.

According to KK Singh, CMD of Rolta India, the government is moving really fast and for finalising the specifications the first meeting has been called on March 4, he said. After which the company will prepare a detailed report within a couple of months and post that prototype will be done, he added.

Singh said the company is already ready with the products, so the prototypes for them would take less than a year and post that the testing by government will be done in another year.
Singh is hopeful that in two years from now the company would be able to deploy the system, post which the company is hopeful of getting Rs 2000-2500 crore incremental orders.

Currently, 20 percent of revenues of the company come in from defence.

In the Rolta-BEL consortium, the company is responsible for the complete battlefield management software, which constitutes the major portion of the project, said Singh.

10:20am Budget Expectations: The expectations from the Union Budget 2015-16 have come off slightly in the past few days, says Pratik Gupta, head of equities, Deutsche Bank.

Speaking to CNBC-TV18, Gupta says the Union Budget is expected to be growth-oriented, just like the Railway Budget, but long-term investors are more worried about the pending legislations.

However, investors are positive on the Indian equity market given the global backdrop, commodity prices and flow of funds.

“So, we would recommend buying the Indian market on every dip. India will see a good recovery though the timing of the recovery is not clear,” he adds.

10:00am Market Check

The market bounced back today with the Nifty reclaiming 8700 level on first day of March series, supported by banking & financials, capital goods and metals stocks.

The 30-share BSE Sensex rose 132.66 points to 28879.31 and the 50-share NSE Nifty advanced 46.10 points to 8729.95. The BSE Midcap and Smallcap indices outperformed benchmarks, rising 0.8 percent each.

Advancing shares outnumbered declining ones by a ratio of 2 to 1 on the Bombay Stock Exchange.

The market will have a special trading session on Saturday on the back of Union Budget 2015-16.

Rakesh Arora, Macquarie says expectations are running high and an ‘incremental’ Budget may not enthuse the market. Though, it won’t be a radical one either, according to him.

“The market had run ahead of fundamentals, so a slight pullback would help cool things off. Industrial stocks are under owned and are best suited to play the India story,” he adds.

Larsen & Toubro and Tata Power topped the buying list, up 3 percent as the Defence Ministry has shortlisted a consortium of Tata Power-Strategic Electronics Division (SED) and Larsen & Toubro for the battlefield management project, the order value of which in the production phase may be as much as Rs 50,000 crore.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...