Tuesday, 9 August 2016

Nifty hovers around 8700 ahead of RBI policy; Tata Power up 5%

Tata Power surged nearly 5 percent followed by ONGC, Bharti Infratel, Coal India, ICICI Bank and NTPC. 

10:40 am CAG on ONGC: State-owned ONGC shelled out Rs 18,787 crore in excess subsidy over 3 years as it 'over- reported' crude oil production by 12 percent, which also resulted in extra payment of peformance related pay to its executives, government auditor CAG said today.

In a report tabled in Parliament, the Comptroller and Auditor General of India (CAG) said ONGC 'over-reported' its crude oil production by 12 per cent through inclusion of items like condensate in the output.

"Audit of the crude oil measurement and reporting system indicated that the company (ONGC) was reporting partially stabilized crude oil as its crude oil production.

"This led to over-reporting of crude production by including items other than crude oil, namely, off-gas, BS&W (impurities) and recoverable internal consumption," it said.

10:25 am Poll: Pharma major Lupin's first quarter (April-June) profit is seen rising 48 percent year-on-year to Rs 777.8 crore and revenue may increase 38 percent to Rs 4,347.1 crore on strong US business, according to average of estimates of analysts polled by CNBC-TV18.

Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) is likely to jump 64.6 percent to Rs 1,344.2 crore and margin may expand 500 basis points to 31 percent compared with year-ago period.

Also read - This sector has to fire if market run is to sustain: UBS 

10:00 am Market Check 

Equity benchmarks continued to consolidate with the Nifty hovering around 8700 level after two-day rally and ahead of RBI monetary policy.

The 30-share BSE Sensex was down 36.12 points at 28146.45 and the 50-share NSE Nifty fell 14.55 points to 8696.80.

Outgoing Reserve Bank Governor Raghuram Rajan’s is expected hold key rates at his last monetary policy today before his three-year term comes to an end.

A CNBC-TV18 poll of economists says 95 percent expect repo rate to remain unchanged, while 5 percent expect a 25 basis point rate cut.

Indranil Sengupta, Chief Economist - India, BoFA-ML, is among the 5 percent who expect the central bank to cut key interest rates as he feels there are strong fundamental reasons for a rate cut.

Tata Power surged nearly 5 percent followed by ONGC, Bharti Infratel, Coal India, ICICI Bank and NTPC.

Idea Cellular tanked 5 percent after dismal performance in Q1 with standalone profit falling 36 percent on yearly basis.

Ambuja Cements, Tech Mahindra, ITC, HDFC, Asian Paints, HDFC Bank and TCS were other losers.
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