12:58 pm Market Update:
Equity benchmarks remained strong. The Sensex rose 203.85 points or 0.75 percent to 27491.51 and the Nifty climbed 48.25 points or 0.58 percent to 8299.95.
About 1409 shares have advanced, 1018 shares declined, and 154 shares are unchanged on the BSE.
12:55 pm Symphony in Focus: Ahmedabad-based air cooler maker Symphony’s July-September quarter profit jumped 33 percent to Rs 28.8 crore compared to year-ago period, supported by topline as well as operational performance. Weak monsoon lifted sales volume of the company that resulted strong revenue growth during the quarter.
Revenue grew by 24.4 percent to Rs 114.5 crore in quarter ended September 2015 compared to Rs 92 crore in corresponding period of last fiscal.
Operating profit increased by 42.6 percent year-on-year to Rs 34 crore and margin expanded by 380 basis points to 29.7 percent in the quarter gone by.
12:50 pm Earnings: Asia’s largest luggage maker VIP Industries has reported solid performance in quarter ended September 2015. Profit has seen a four-fold jump to Rs 15.7 crore during the quarter compared to Rs Rs 3.8 crore in year-ago period, driven by operational performance and revenue.
Revenue increased by 35 percent to Rs 295.5 crore in second quarter of FY16 compared to Rs 219 crore in corresponding quarter of last fiscal.
Operating profit more than doubled to Rs 25 crore from Rs 11 crore and margin expanded by 340 basis points to 8.5 percent from 5.1 percent during same period.
12:40 pm Europe opens: European stocks opened higher after the European Central Bank (ECB) signaled on Thursday its willingness to extend its bond-buying program.
All major European indices were in positive territory.
Following the central bank’s meeting in Malta, the bank left its key interest rates unchanged at 0.05 percent on Thursday before attention turned to the bank’s customary press conference.
ECB President Mario Draghi said the bank’s 1 trillion euro bond-buying program policy would need to be “re-examined” in December. He added that the governing council would be ready to use all its available instruments within its mandate. This suggests that the quantitative easing program could be extended beyond September 2016 and even into 2017, some analysts believe.
12:20 pm ECB chief on euro zone: European Central Bank President Mario Draghi said monetary policy alone cannot solve the euro zone’s economic problems and called on member countries to take additional actions alongside.
“Monetary policy should not be the only game in town,” he told a news conference in Malta. “All countries should strive for growth-friendly fiscal policies.”
Annual growth in the euro zone is running at only around 1.2 percent, although there is a large gap between countries.
Draghi said much of this gap could be put down to the efforts countries had made to make their economies flexible, and particularly at getting debt down. “It is quite clear that a big stock of debt (hurts) growth,” he said.
Also read – This is a rally to sell; most FIIs already bullish: Ambit
12:00 pm Market Check
The market remained strong in noon trade, aided by rally in Asian peers on hopes of stimulus package from European Central Bank. The Sensex surged 222.46 points to 27510.12 and the Nifty jumped 56.50 points to 8308.20.
ITC, ONGC, NTPC and GAIL topped buying list on Sensex, up 2-2.5 percent followed by HDFC, ICICI Bank, HDFC Bank, Axis Bank, SBI and HUL with 1-1.7 percent.
Bharti Airtel fell nearly 3 percent. Maruti Suzuki and Wipro lost 1.5 percent each.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 48.33 crore on Wednesday, as per provisional data. Overseas, Asia was sharply higher, tracking offshore gains following hints of fresh stimulus from the European Central Bank (ECB). US stocks ended sharply higher yesterday, rallying on economic data, better-than-expected earnings and dovish comments from ECB President Mario Draghi.