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Sensex, Nifty remain sluggish; Bharti, Reliance, Axis rise


TheNewsInternational Team

1:45 pm New listing:

Fragrance maker SH Kelkar & Company will list its equity shares on exchanges Monday (November 16). The issue price is fixed at Rs 180 per share.

The Rs 508-crore initial public issue was oversubscribed 27.08 times. It was opened for subscription from October 28-30 and price band was at Rs 173-180 per share for IPO.

Out of total issue, the company raised Rs 210 crore by issuing fresh shares while the US-based private equity firm Blackstone garnered Rs 290 crore by offloading its 10 percent stake in the company. In 2010, Blackstone had bought a 33 percent stake in the company for Rs 243 crore.

The company intends to use issue proceeds for repayment of loans and investment in subsidiary K V Arochem.

1:30 pm Boardroom: CESC reported a 1.56 percent increase in second quarter net profit of Rs 195 crore against Rs 192 crore in the same quarter last year. Total income grew 7.09 percent in Q2 to Rs 1,797 crore.

Speaking to CNCB-TV18, Sanjiv Goenka, Vice-Chairman of the company said that there was a slight uptick in the sale of power in the quarter gone by. Realisation per unit was Rs 6.97, he added.

Goenka is confident of maintaining same level of margins in coming quarters. He expects two to four percent sales growth in the current third quarter and also hope to turn the Spencer brand EBITDA positive. 

Don’t miss: Economy not out of danger zone as inflation up, IIP down

The market is still down with major indices struggling. The Sensex is down 224.90 points or 0.9 percent at 25642.05 and the Nifty slips 63.90 points or 0.8 percent at 7764.55. About 726 shares have advanced, 1575 shares declined, and 125 shares are unchanged.

Coal India, Axis Bank, Tata Steel, Reliance and Bharti Airtel are top gainers while Vedanta, ONGC, TCS, Cipla and Hindalco are major losers in the Sensex.

India is a bright spot among emerging markets is the word says Xavier Denis, Global strategist, Societe Generale, adding that overseas investors are showing an appetite to invest in India.

He says, India is one of the few markets that will see growth acceleration in the next year and year after that. However, the only challenge for India is in terms of reforms and whether the government will be able to push through important reforms to propel long-term economic growth, says Denis in an interview to CNBC-TV18.

“Overall India has done tremendous improvement in terms of macro management, which is likely to continue,” he says.

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