10:59 am Market Update
10:59 am Market Update: Equity benchmarks continued to consolidate. The Sensex rose 36.61 points to 25072.66 and the Nifty went up 7.65 points to 7620.15.
About 1280 shares have advanced, 842 shares declined, and 130 shares are unchanged on the BSE.
10:45 am Havells stake sale: Havells India today said it has decided to sell entire stake in two companies owned by its subsidiary Havells Sylvania, to Chinese company.
“Board of directors of the company today in its meeting (in China) has approved divestment plans proposed by one of its wholly owned subsidiary, Havells Holdings (HHL), Isle of Man,” the company says in its filing to the exchange.
It will sell 100 percent shareholding in Havells Malta and Havells Exim for 148.8 million euro to Shanghai Feilo Acoustics Company.
10:30 am Govt-UK agreement: The Union Cabinet gave its ex-post facto approval to the signing of an agreement with the UK for cooperation in the energy sector.
“The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for signing of a Memorandum of Understanding (MoU) between India and the United Kingdom of Great Britain and Northern Ireland on cooperation in the energy sector,” a press statement said.
The areas of cooperation under the agreement include market reforms, regulatory structures and the role of competition in the supply and distribution of electricity, including regulations and incentives for renewable energy deployment and the integration of renewable energy into the grid.
10:15 am FII View: Ajay Kapur, Bank of America Merrill Lynch says he is changing bullish stance on India, it goes from overweight to underweight.
According to him, India looks expensive versus it’s own history on a range of valuation metrics. “We are comfortable paying up, as long as the earnings numbers come through. In India, they are not paying up as the economic recovery has been delayed for many quarters now. And the earnings revisions are awful,” he says.
There is clear investor frustration on the lack of breakthrough reforms, he feels.
10:00 am Market Check
The market is consolidating after seeing more than 1100 points fall in previous six consecutive sessions. The Sensex rose 36.73 points to 25072.78 and the Nifty gained 8.45 points at 7620.95.
The market breadth was positive as about 1285 shares advanced against 815 declining shares on the BSE.
Lupin and Sun Pharma fell more than 2 percent followed by Tata Motors, ICICI Bank, Mahindra & Mahindra, Maruti Suzuki, SBI and BHEL with 1-1.8 percent losses.
Reliance Industries, HDFC, NTPC, GAIL, Hindalco and Vedanta topped the buying list on Sensex, up 1-2 percent.