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Sensex tanks 256 pts, Nifty ends at 7762; Coal India up 3%


TheNewsInternational Team

3:30 pm Market closing:

The Sensex ended down 256.42 points or 0.9 percent at 25610.53, and the Nifty slipped 66.20 points or 0.8 percent at 7762.25. About 933 shares advanced, 1656 shares declined, and 156 shares were unchanged. 

Coal India, Bharti, Axis Bank, GAIL and Tata Steel were top gainers while Vedanta, Cipla, Bajaj Auto, ONGC and Hindalco were losers in the Sensex.

3:00 pm Oil stock: Growing global oil stockpiles could offer an “unprecedented buffer” in times of geopolitical shock, the International Energy Agency (IEA) said, as it forecast demand growth would slow next year.

“Stockpiles of oil at a record 3 billion barrels are providing world markets with a degree of comfort. This massive cushion has inflated even as the global oil market adjusts to USD 50/bbl oil.” the agency noted in its November report released Friday.

Global growth is forecast to slow in 2016 to 3.6 percent, according to the latest International Monetary Fund forecasts, which has warned that “downside” risks to the world economy have grown in recent months. Although the sharp drop in oil prices is a result of oversupply rather than a lack of demand, fears surrounding the health of the global economy are keeping investors on edge.

2:55 pm MCP: Government may procure only 20-25 lakh bales of cotton in the current marketing year that began last month as domestic prices are higher than the support price in many parts of the country.

The state-run Cotton Corporation of India (CCI) purchased 87 lakh bales (of 170 kg each) in the 2014-15 marketing year, which runs from October to September.

“We have started cotton procurement at a minimum support price (MSP) levels. As compared to last year, we will not purchase more than 20-25 lakh bales this time because cotton seed prices are comparatively good,” CCI Chairman and Managing Director B K Mishra told PTI.

The CCI has so far purchased 3,000-4,000 bales in Telangana and Andhra Pradesh. “We will procure in Maharashtra, but in other states, we may buy negligible quantity,” he said.

2:45 pm Interview:  Capacity expansion and low raw material cost aided second quarter earnings, Dinesh Nolkha, Managing Director at Nitin Spinners told CNBC-TV18.

The company’s total income grew 40 percent to Rs 190.10 crore and earnings before interest, tax, depreciation and amortization (EBITDA) rose 66.5 percent to Rs 34.8 crore in the second quarter.

The added capacity helped in increasing production by 55 to 60 percent and volume growth of nearly 50 percent in the Q2, Nolkha said.

Nolkha is hopeful of maintaining growth and margin in coming quarters on back of increased capacity.

2:30 pm Result:
Wockhardt reported a multi-fold jump in consolidated net profit at Rs 107.59 crore for the second quarter ended September 30, mainly on account of robust sales and lower tax expense.

 The company had posted a net profit of Rs 3.63 crore during the corresponding period of the previous fiscal, Wockhardt said in a filing to BSE.

 Consolidated total income from operations also rose to Rs 1,231.65 crore for the quarter under review as against Rs 1,029.16 crore for the same period a year ago.

While the UK business of the company recorded a growth of 88 percent during the quarter, India business grew 22 percent.

Don’t miss:  Coal India Q2 net seen up 23%, e-auction sales volumes key  

Mayhem continues on Dalal Street as the Sensex is down 219.74 points or 0.8 percent at 25647.21. The Nifty slips 59.95 points or 0.8 percent at 7768.50. About 791 shares have advanced, 1627 shares declined, and 138 shares are unchanged.

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

Meanwhile, Indian companies have garnered close to Rs 3 lakh crore from the markets in the first half of the ongoing fiscal with debt market emerging as the most preferred route for their corporate needs.

 An analysis of funds raised through various channels showed that companies have mopped up fresh capital totalling Rs 2,90,470 crore through equity and debt in the first half of the current fiscal.

 A large chunk of this, more than Rs 2.44 lakh crore came from the debt market, while Rs 46,197 crore were mobilised through equity.

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