1:50 pm Interview:
1:30 pm Buzzing: Shares of Sun Pharma rose 5 percent intraday. Bank of America Merrill Lynch has upgraded the stock to buy from neutral with a target price of Rs 1070, implying a 20 percent upside.
1:50 pm Interview:Gagan Banga, VC & MD, Indiabulls Housing Finance is very upbeat on the business outlook going forward and expects to maintain a 20-25 percent growth quarter on quarter and states that for the last five years the company has been operating within that range. The segment of home loans between Rs 25-30 lakh category have shown continuous traction compared to the high ticket category of above Rs 1 crore, says Banga. Rs 1 crore segment has been negatively impacted by rental yields, high mortgage rates, says Banga in an interview to CNBC-TV18.
The brokerage has also raised FY17/18 earnings per share (EPS) by 10 percent driven by potential synergy benefits of USD 400 million from Ranbaxy integration in FY18, recent price hikes in Taro and sequential improvement in ex-Taro US business including supply from Halol unit.
Meanwhile, BoAML is betting big on Indian pharma companies as weak rupee is positive for the sector. It says Cadila, Aurobindo and Lupin are the biggest beneficiaries of a weak rupee while Sun Pharma would see a moderate impact as it has global operations.
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The market is zooming ahead with major support from IT and pharma stocks and metal is still under pressure. The Sensex is up 146.49 points or 0.5 percent at 27978.03 and the Nifty is up 37.70 points or 0.4 percent at 8504.25. About 1407 shares have advanced, 1210 shares declined, and 107 shares are unchanged.
Sun Pharma, Cipla, Lupin, Wipro and Infosys are top gainers in the Sensex while Hindalco, SBI, HDFC, Tata Steel and Bharti Airtel are major losers.
Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until recently have been pillars of strong demand.
The contract is now over 75 percent below its 2008 all-time peak and more than 60 percent below its most recent high following the 2011 Fukushima nuclear disaster in Japan. China attracted 471 billion Chinese yuan (USD 73.62 billion) in foreign direct investment (FDI) in the first seven months of 2015, up 7.9 percent from a year earlier, the Commerce Ministry said.
FDI inflows in July rose 5.2 percent from a year earlier to 50.6 billion yuan, the ministry said in a regular briefing. FDI inflows into China rose 1.7 percent in 2014, the slackest pace since 2012, while the total was a record USD 119.6 billion.