Breaking News
Home / Asian Market / Market Live: Nifty opens below 9900, Sensex falls 100 pts; Tata Motors drops 4%

Market Live: Nifty opens below 9900, Sensex falls 100 pts; Tata Motors drops 4%

Moneycontrol News

9:53 am Pre-opening: Security and Intelligence Services settled at Rs 879.80, up 8 percent over issue price of Rs 815 in pre-opening trade.

9:51 am Earnings Reaction: Shares of National Aluminium Company (NALCO) tumbled 7 percent intraday Thursday as it has reported fall in its net profit during the quarter ended June 2017.

The company’s Q1 net profit was down 4.5 percent at Rs 128.9 crore against Rs 135 crore, in the same quarter last year.

Meanwhile, revenue of the company has increased 14 percent at Rs 1911.6 crore versus Rs 1666.1 crore.

The operating profit (EBITDA) was up 16.9 percent at Rs 227.5 crore and EBITDA margin was at 12.62 percent.

The company has achieved remarkable growth in production on all fronts.

9:42 am Earnings Estimates: Textile company Page Industries’ first quarter profit is seen rising 13.4 percent year-on-year to Rs 76 crore and revenue may grow 14.2 percent to Rs 652 crore due to strong volume growth.

According to average of estimates of analysts polled by CNBC-TV18, operating profit is seen rising 13.8 percent to Rs 124 crore and margin may expand 10 basis points to 19.2 percent compared with same quarter last year.

Page Industries located in Bangalore is the exclusive licensee of JOCKEY International Inc (USA) for manufacture, distribution and marketing of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal and the UAE.

Analysts expect volume growth at 7-8 percent and realisations at 7-8 percent that may negate the impact of high cotton price.

They don’t expect GST impact on the company, infact that is positive for Page.

Most of their products are in the sub Rs 1,000 range.

Branded apparel below Rs 1,000 has a GST rate of 5 percent, which is lower than what the company was paying earlier.

9:33 am FII View: Manishi Raychaudhuri of BNP Paribas Securities said notwithstanding the narrow breadth of positive surprises, analysis of earnings estimate progression across Asian countries and sectors shows that the earnings per share in some sectors, mostly in ASEAN markets, are beginning to show upward inflections.

These, along with sectors with secular upward momentum, could be the next outperformers, he feels.

Some sectors, like Indian financials, are showing signs of earnings per share bottoming out, he said.

9:25 am Buzzing: Shares of National Peroxide gained 9.2 percent intraday on robust Q1 (April-June) numbers.

The company has reported 46.7 percent jump in its Q1 net profit to Rs 17.9 crore versus Rs 12.2 crore in the same quarter last fiscal.

Revenue of the company rose 18 percent at Rs 76.9 crore versus Rs 65.1 crore.

The company at its meeting held on August 9, has considered and approved capacity expansion of company’s hydrogen peroxide plant at Kalyan (on 50 percent week-on-week basis) from 95,000 tonnes per annum to 1,50,000 tonnes per annum.

9:15 am Market Check: Equity benchmarks fell further in opening trade Thursday, with the Sensex losing more than 100 points.

The 30-share BSE Sensex was down 122.54 points at 31,675.30 and the 50-share NSE Nifty slipped 41.55 points to 9,866.50.

After earnings, Tata Motors down 4 percent while Aurobindo Pharma rallied 4 percent.

Eicher Motors, ONGC, Tata Power and SBI fell up to 1 percent.

Nifty Bank was down 0.4 percent. Nifty Midcap lost 0.7 percent as about two shares declined for every share rising on the NSE.

tags#Local Markets#Nifty#Sensex

Related news

Check Also


Market Live: Nifty manages to hold 9900, midcaps PSU banks rally

Market Live: Nifty manages to hold 9900, midcaps  PSU banks rally Midcaps continued to gain, while strong movements was seen among metals as well as information technology stocks.

Leave a Reply

Your email address will not be published. Required fields are marked *