1: 33 p.m. SKS Micro surges nearly 5%, the micro-lender reported a 24% growth in net profit in June quarter.SKS Micro is among top stock picks of TS Anantakrishnan, managing director of Religare Portfolio Managers & Advisors.
1:20 p.m. Broader market check-up: BSE midcap index up 0.20 per cent while BSE smallcap gains nearly 1 per cent. Market analyst Ambareesh Baliga suggests investors book some profit in midcap and smallcap stocks.
1.10 p.m. Buying also seen in oil & gas stocks with BPCL up nearly 1 per cent while GAIL advances 0.50 per cent. Dealers attribute the gains in select auto and oil & gas stocks to value-buying at lower levels.
1:05 p.m. Sensex turns flat, buying seen in auto stocks. Tata Motors gains 2.7 per cent, M&M advances 1.5 per cent and Maruti Suzuki up 1 per cent.
Maruti Suzuki launches Nexa brand of showrooms to sell premium cars.
12:15 p.m. Bajaj Auto Q1: Net profit at Rs 1,015 crore against estimates at Rs 936 crore, buoyed by other income of Rs 436.8 crore; net income at Rs 5,613 crore. Ashwin Patil of LKP Securities says the revenue numbers were below estimates though EBITDA margin of 21.1 per cent was in line with estimates.
11:45 a.m. Sensex down nearly 100 points while Nifty is down 35 points at 8,598.
11:30 a.m. Bajaj Auto reports Q1. Analysts says revenue below estimates, shares fall over 3%
10:30 a.m.T S Anantakrishnan, managing director of Religare Portfolio Managers & Advisors, is positive on pharma, infra and private sector banks. Some of his top stocks picks: L&T, AIA Engg, SKS Micro and Sun Pharma.
The recent correction in Sun Pharma offers a good buying opportunity for investors, he said.
10:08 a.m. Major Nifty losers: Tata Steel falls 3 per cent; ONGC down 1 per cent and Hindalco down 0.40 per cent. Prices of various commodities like crude, gold, iron ore and copper saw a selloff overnight in global markets.
10:03 a.m. Earnings impact: Bharti Infratel shares up 0.70%. The telecom tower company reported in-line Q1 earnings. Sales at Rs 3,015 crore vs Rs 2,946 crore (QoQ), up 2.3 per cent; net profit at Rs 575 crore vs Rs 557 crore (QoQ), up 3.23 per cent; and EBITDA at Rs 1,297 crore vs Rs 1,336 crore (QoQ)
9:40 a.m.: Cairn India surges over 9 per cent. TS Anantakrishnan, managing director of
Religare Portfolio Managers & Advisors, says Cairn India shares may see a significant rally if its merger deal with Vedanta does not go through.
9:20 a.m.: Sensex and Nifty turn flat. Cairn India gains over 2 per cent while Wipro higher by 1.5 per cent. Britain's Cairn Energy Plc is set to vote against Vedanta Ltd's $2.3 billion buyout offer for Cairn India's minority shareholders, the Financial Times said on Wednesday, citing people familiar with the situation.
Ex-parent Cairn Energy is the single largest minority shareholder in Cairn India in which Vedanta already has a 59.88 per cent stake.
