Friday, 30 January 2015

Sensex slumps 499 pts, Nifty ends at 8809; banks bleed

3:30 pm Market end:

It was a difficult day for traders as bears rampaged the street with blood. Snapping 10-day of winning streak, the Nifty retreated from a kissing distance of 9000. The 50-share index ended first day of February F&O series at 8808.90, down 143.45 points or 1.6 percent. The Sensex slumped 498.82 points or 1.7 percent at 29182.95. About 1258 shares have advanced, 1609 shares declined, and 246 shares were unchanged.

Banks played spoilsport as Bank Nifty lost over 3 percent, dragged by ICICI Bank, SBI, HDFC twins and Axis Bank. Other losers in the Sensex were Dr Reddy's Labs and Coal India.

Tata Power remianed big gainer of the day (up 4 percent), while BHEL, NTPC, Sesa Sterlite and Wipro lead the Sensex.

3:20 pm Result: Dabur India matched street expectations on Friday with the third quarter consolidated net profit rising 16.4 percent year-on-year to Rs 282.8 crore.

"Dabur India ended the third quarter of 2014-15 with strong growth in its key categories of health supplements, hair care, toothpastes and home care. The growth was despite a challenging business environment and continued softer consumption trend across the industry," said the FMCG major in its filing.
Consolidated net sales grew 9.2 percent to Rs 2,074 crore during October-December quarter from Rs 1,899.6 crore in the year-ago period.

Toothpaste business for Dabur grew 19 percent during the quarter and home care business reported an over 16 percent growth while health supplements business grew 13.5 percent.

3:10 pm  3G spectrum auction: Government has issued details for auctioning 5 Mhz of 3G spectrum across 17 out of 22 service area at a pan-India base price of Rs 3,705 crore per megahertz. The quantum of spectrum in 2100 Mhz band (3G) being put for auction is 75 percent less than the quantum recommended by telecom regulator TRAI and demanded by industry. In the latest amendment to notice inviting application for spectrum auction set to start from March 4, the DoT has said that only one entity will be able to win 3G spectrum in one service area.

One block of 5 MHz has been put for auction in all service areas except Jammu & Kashmir, Bihar, Himachal Pradesh, West Bengal and Punjab. This amounts to a total of 85 MHz from which government estimates to garner Rs 17,555 crore. Of this a sum of Rs 5,793 crore is expected to be realised in the current financial year.

 3:00 pm Restructing: Adani Enterprises,  the flagship of the USD 9.4 billion Adani Group announced a complex restructuring of its various businesses.

Under the terms of the recast, Adani Enetrprises port business will be transferred to subsidiary Adani Ports and Special Economic Zone, its power businesses to Adani Power(APL), and transmission business to unlisted Adani Transmissions, which will subsequently be listed.

Also, Adani Mining Private Limited (AMPL), a wholly owned subsidiary of AEL is proposed to be merged into AEL. The scheme is subject to approvals from the stock exchanges, Sebi, shareholders, creditors and the Gujarat High Court.

2:50 pm Market check: The market is under tremendous pressure with the Sensex falling over 500 points. The 30-share index is down 554.86 points or 1.9 percent at 29126.91 and the Nifty slips 159.75 points or 1.8 percent at 8792.60. About 1113 shares have advanced, 1663 shares declined, and 246 shares are unchanged.

NTPC, Tata Power, Sesa Sterlite, BHEL and Hero MotoCorp are top gainers in the Sensex. Among the losers are ICICI Bank, SBI, Coal India, Dr Reddy's Labs and HDFC.

2:30 pm Coal India OFS update: Coal India offer-for-sale (OFS) is fully subscribed. The floor price of OFS was fixed at Rs 358/share, a discount of around 4.5 percent from Thursday closing price. The government will divest upto 10 percent stake via OFS, by selling 31.58 crore shares with an option to sell additional 31.58 crore share.

Till 1:55 PM , the PSU had recieved bid for 18.8 crore  (59.6 percent) of 31.58 crore base size

Don't miss: HCL Tech Q2 net up 2.3%, $ revenue rises 4%, bonus issue at 1:1 

The Nifty snapped 10-day winning streak today, falling below the 8800-mark weighed by banking & financials post disappointing set of earnings from the ICICI Bank and Bank of Baroda.

The Sensex dropped 518.47 points or 1.75 percent to 29163.30 and the Nifty lost 157.50 points or 1.76 percent to 8794.85. About 1161 shares have advanced, 1580 shares declined, and 242 shares are unchanged on the BSE.

ICICI Bank missed street expectations on Friday with the third quarter net profit rising 14 percent year-on-year to Rs 2,889 crore, impacted by higher provisions. Net interest income (NII ) grew 13.9 percent to Rs 4,812 crore during October-December quarter from Rs 4,225 crore in the year-ago period. The stock fell 6 percent.

Bank Of Baroda disappointed street on Friday by reporting a 68 percent (Y-o-Y) decline in profit at Rs 334 crore for quarter ended December 2014. Higher provisions and tax rate impacted the bottomline. The stock tanked 11 percent. More information please visit this site

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