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Market Live: Sensex holds 200 pts gains; all sectoral indices in the green

12:27 pm Results: Sharda Motor shares gained 6 percent after profit in Q3 jumped 44.9 percent to Rs 17.1 crore and revenue from operations increased 1.6 percent to Rs 254.4 crore compared to year-ago.

Operating profit rose 3.3 percent to Rs 32.1 crore and margin expanded 20 basis points to 12.6 percent YoY.

12:12 pm Earnings Reaction: Zuari Agro shares rallied 9 percent as profit grew sharply to Rs 48 crore in Q3, from Rs 4.3 crore in year-ago.

Strong revenue & operational growth and tax reversal boosted earnings.

Minimum alternate tax credit stood at Rs 11.1 crore and tax credit at Rs 15.4 crore in Q3 against nil in year-ago.

Revenue from operations increased 46.3 percent year-on-year to Rs 1,434 crore while operating profit jumped 34.6 percent to Rs 125.7 crore, but margin contracted 70 basis points to 8.8 percent.

12:01 pm US Infrastructure Spending: President Donald Trump today will

unveil his long-awaited infrastructure plan, a USD 1.5 trillion proposal that fulfills a number of campaign goals, but relies heavily on state and local governments to produce much of the funding.

The administration’s plan is centered on using USD 200 billion in federal money to leverage local and state tax dollars to fix America’s infrastructure, such as roads, highways, ports and airports.

“Every federal dollar should be leveraged by partnering with state and local governments and — where appropriate — tapping into private sector investment to permanently fix the infrastructure deficit,” Trump said at last month’s State of the Union address.

Trump has repeatedly blamed the “crumbling” state of the nation’s roads and highways for preventing the American economy from reaching its full potential.

Here are the top headlines at 12 pm from Moneycontrol News’ Anchal Pathak

11:42 am Drug Launch in India: Sanofi India continued to deliver breakthrough medicines for the management of diabetes with the launch of its new product – Toujeo, the next generation basal insulin.

Toujeo is a once-daily, long-acting basal analog insulin that improves glycemic control in adults with type 1 and type 2 diabetes.

11:28 am Earnings Reaction: Shares of Tata Steel rose more than 5 percent intraday after the company reported a five-fold jump in its third quarter profit.

Tata Steel on February 9 had reported a five-fold rise in consolidated net profit to Rs 1,135.92 crore for the third quarter ended December 31. It had posted a consolidated net profit of Rs 231.90 crore in the same quarter of last fiscal.

The consolidated income during October-December quarter increased to Rs 33,672.48 crore, from Rs 29,154.75 crore in the year-ago period.

11:15 am Buzzing: Shares of Steel Strips Wheels advanced 6.5 percent on export order win.

The company bagged yet another exports order for supply of steel wheels for EU caravan market.

The order comprises of 19,500 steel wheels to be shipped from company’s Chennai plant in the month of March 2018.

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11:08 am Earnings Reaction: Shares of Marico today rose by more than 3 percent in morning trade after impressive financial results for the third quarter of 2017-18.

The company on February 9 reported a 16.51 percent increase in its consolidated net profit at Rs 223.28 crore for the quarter ended December 2017 on account of higher income led by market share gains.

The company had posted a net profit of Rs 191.64 crore during the October-December quarter of the previous fiscal.

Shares of the company today opened on a bullish note at Rs 303.55, then gained further ground to touch a high of Rs 307, up 3.02 percent over previous close.

Total income during the quarter under review stood at Rs 1,641.74 crore. It was Rs 1,439.99 crore in the year-ago period.

Marico said India business posted a healthy volume growth of 9.4 percent while the international business grew by 9 percent in constant currency terms.

Here are the top headlines at 11 am from Moneycontrol News’ Sakshi Batra

11:00 am Buzzing: Shares of Vivimed Labs rose 3 percent intraday as company signed distribution pact with Ukraine-based company Alter Ego.

Vivimed Labs’ Unit 1 FDF manufacturing facility located in Hyderabad, post certification by Ukraine FDA, has successfully registered 8 products in anti viral, pain management and cough suppressants segment.

The company has now inked a distribution agreement with Alter Ego LLC, Kieve, Ukraine which has more than a decade of presence in Ukraine, Russia and CIS region.

The company is expecting revenue upwards of USD 10 million for FY19 from CIS region.

Also Read –News Live: $3.6bn in hidden NPAs puts spotlight on bank stress

10:55 am Market Outlook: The earnings growth is still some quarters away but 10 percent tax on the long-term capital gains (LTCG) should not impact investment decisions of investors, Dipen Sheth, Head-Institutional Research at HDFC Securities said in an interview with CNBC-TV18.

There is some noise about mutual funds declaring a dividend ahead of the financial year given the fact that dividends are tax-free now and after 1st April the long-term capital gains tax will come in.

However, Sheth said a 10 percent tax does not take away from any investment decision. A 10 percent vs 0 percent is nothing that bleeds my pocket. “I don’t see this as a technical ceiling,” said Sheth.

Commenting on equity markets, Sheth said that equities were behaving like a debt and that has to give away. If we look back, for last 13-14 months, equities didn’t show much volatility.

10:46 am Market Update: Benchmark indices continued to trade higher, with the Sensex rising 196.62 points or 0.58 percent at 34,202.38 as all the sectoral indices traded in the green, with the Nifty Pharma and Realty gaining 2 percent each.

The 50-share NSE Nifty rallied 53.90 points or 0.52 percent to 10,508.90 while the Nifty Midcap traded 1.34 percent higher on strong breadth.

About four shares advanced for every share falling on the BSE.

10:26 am Poll: Public sector lender Bank of India is likely to post net loss at Rs 51.5 crore for quarter ended December 2017 against net profit of Rs 101.7 crore in same quarter last year.

Net interest income during the quarter is seen falling 1.3 percent to Rs 2,826.6 crore compared to Rs 2,862.6 crore in year-ago, according to average of estimates of analysts polled by CNBC-TV18.

Analysts said if slippages in Q3 fall further (from Rs 2,141 crore in Q2FY18), net interest margin come above 2.1 percent (2.15 percent in Q2) and gross non-performing assets improve (from 12.62 percent in Q2) then that would be taken positively by the Street.

10:14 am Rupee Trade: The rupee recovered by 15 paise to 64.25 against the dollar in morning on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.

Forex dealers said the dollar’s losses against major global currencies overseas after last week’s rally supported the rupee.

On Friday, the rupee had dropped 14 paise against the greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks.

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Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

9:45 am Order Win: Shares of CG Power and Industrial Solutions added 4 percent in morning on order win by subsidiary company in Indonesia.

Avantha Group Company, CG Power Systems Indonesia, a wholly owned subsidiary of CG Power & Industrial Solutions, has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of Power Transformers valued at IDR 744 billion (USD 55 million).

This project is the first of its kind to be funded by Islamic Development Bank to support PLN’s ambitious goal to enhance its Transmission Grid performance.

The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW Fast Track Program.

CG Power will complete the supplies against the order by December 2018.

9:35 am Buzzing: L&T shares gained more than 1 percent in morning as its subsidiary L&T Hydrocarbon Engineering has signed a major field development EPC contract with Al Dhafra Petroleum Operations Company Limited, Abu Dhabi, UAE, with a value in excess of Rs 2,200 crore.

Al Dhafra Petroleum is a joint venture between ADNOC and Korea National Oil Corporation (KNOC) and GS Energy, which is represented by Korean Abu Dhabi Oil Consortium (KADOC).

The scope of the contract includes engineering, procurement, construction & commissioning of flow lines, gathering facilities & pipelines to transfer crude oil & gas from Haliba fields to processing facility at Asab and installation of 132 kV and 33 kV overhead electrical transmission lines to supply power.

9:26 am Order Win: Leading EPC player Reliance Infrastructure has bagged a Rs 567 crore order from the state-run power major National Thermal Power Corporation (NTPC) to build a flue gas Desulphurisation (FGD) plant at its 1500 MW (3 x 500 MW) power plant at Jhajjar in Haryana.

The scope of the work includes design, engineering, manufacture, erection and civil work, as well as testing and commissioning of the FGD system.

The Anil Ambani-run company’s EPC division had earlier emerged as L1 bidder amidst competition against leading EPC players including BHEL, L&T, and Mitsubishi Hitachi Power system.

The overall schedule for the project is 20 months from the date of the letter and will of approval being delivered for the first unit, with three months additional time each for the two subsequent units, the company said in a statement today.

9:20 am Buzzing: Shares of Capacite Infraprojects gained 4 percent in the early trade on orders worth Rs 247.46 crore.

The orders include, Tower -2 of a project at Hindustan Mills, Prabhadevi, MMR for client Twenty Five South Realty, The Wadhwa Group, worth Rs 156.46 crore.

The Tower – 1 of this project in already under execution by the company.

The second order is from Kalpataru Group of Rs 90.80 crore. This is the second order received from Kalpataru Group.

9:15 am Market Check: Benchmark indices as well as broader markets opened the truncated week sharply higher on Monday, driven by bargain hunting after sell-off last week.

The 30-share BSE Sensex was up 212.02 points at 34,217.78 and the 50-share NSE Nifty gained 69.10 points at 10,524.10.

About five shares advanced for every share falling on the BSE.

Nifty Midcap index was up over a percent.

NALCO, Oil India, Bata India, Sun TV Network, Marico and Amara Raja Batteries rallied 3-7 percent.

Manappuram Finance, Ashok Leyland, Cadila Healthcare and Capacite Infraprojects gained 2-5 percent. Suzlong Energy fell 3 percent.

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Rupee, heavyweights push Sensex, Nifty lower; PSU banks recover to end in the green

Rupee, heavyweights push Sensex, Nifty lower; PSU banks recover to end in the green Benchmark indices slipped more than 1.5 percent in three consecutive sessions, and lost around 7 percent in three weeks from all-time record closing highs on January 29, 2018.

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