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Sensex up over 150 points; ICICI Bank, L&T up 2-3%
Posted on 1st September 2014
Markets continue to trade near their day's highs in late morning deals with capital goods and bank shares leading the gains on better-than-expected GDP growth in the first quarter ended June 30, 2014.

At 11:50AM, the 30-share Sensex was up 168 points at 26,808 and the 50-share Nifty was up 56 points at 8,010.

For the quarter ended June this year, India's gross domestic product (GDP) grew at a nine-quarter high of 5.7 per cent, compared with 4.6 per cent in the previous quarter, driven largely by industry, official data showed on Friday.

The rupee is trading flat at 60.50 compared to its Thursday's close of 60.49 as investors remained cautious ahead of the Supreme Court's hearing today on the coal block allocations later today. Cancellation of the blocks could spark more coal imports and widen trade deficit, some analysts warned.

Most Asian markets were trading with gains shrugging off weak economic data from China and geopolitical tensions in Ukraine. Japanese shares were trading marginally higher with the benchmark Nikkei up 0.3%.

Factory growth in China eased as new orders came in at a slower clip, a business survey showed on Monday. The HSBC Manufacturing Purchasing Managers' Index (PMI), compiled by Markit, fell to 52.4 in August from 53 in July but chalked up its tenth month above the 50 mark that divides growth from contraction. China's benchmark Shanghai was up 0.7% and Hang Seng gained 0.3%. However, Singapore's Straits Times was down 0.3%.

BSE Capital Goods and Realty indices were the top gainers up 2.3 each followed by Consumer Durables, Bankex, Power, Metal and Auto indices.

Capital goods shares were among the top gainers on hopes that order inflows would improve after upbeat first quarter GDP. L&T was up 3% while BHEL which was the top gainer last week was marginally up.

Auto stocks gained after robust August sales from Maruti Suzuki which was up 2.5% after hitting a record high of Rs 2,868. Total sales during August 2014 increased 27% to 110,776 units compared to 87,323 units in August 2013. Hero MotoCorp was up 3%, Bajaj Auto and M&M were marginally up while Tata Motors was down 1%.

Banks which are a proxy to the economy were also among the Sensex gainers with ICICI Bank, SBI, Axis Bank, HDFC Bank up 0.5-2.1% each.

Bharti Airtel was up 2.2% after Airtel Networks Kenya Limited (Airtel Kenya), a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya Limited, which operates under the brand name yuMobile to acquire its over 2.7 million subscribers.

Other Sensex gainers include, TCS and ONGC among others.

Among other shares, Alstom India has gained 2% after winning contracts worth 800 million euros (approx Rs 6,320 crore) in order to build high-voltage direct current power transmission lines in India, South Korea and Canada, the firm added.

Bajaj Electricals has surged over 3% after the company's engineering and project business unit bagged four new orders aggregating to Rs 602 crore.

In the broader market, BSE Mid-cap index was up 1.2% and the Small-cap index was up 1.1%.

Market breadth was strong with 1,683 gainers and 823 losers on the BSE.

Related Companies: ICICI Bank   Larsen & Toubro Limited   Bombay Stock Exchange - BSE   BHEL

Other Latest News
Infosys completes acquisition of 75 pc stake in ABN AMRO Bank subsidiary Stater
Posted on 24th May 2019
New Delhi: IT services major Infosys on Friday said it has completed the acquisition of 75 per cent shareholding in ABN AMRO Bank's wholly-owned Stater NV.

In March, the country's second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about Rs 989 crore). ABN AMRO continues to hold the remaining 25 per cent.

OVL FY19 net profit jumps 71 pc on rise in oil production
Posted on 24th May 2019
New Delhi: ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), on Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production.

Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here.

SBI to engage with 1 lakh customers on Tuesday to resolve concerns
Posted on 24th May 2019
The country's largest lender SBI will conduct a customer outreach programme next week to address their queries and seek suggestions to improve services.

The 'Mega Customer Meet', to be held on Tuesday, is expected to engage with 1 lakh bank customers across 500 locations through 17 local head offices across the country.

Air India sale: EY back on job, EoI to be ready soon
Posted on 24th May 2019
The government has put top consultancy firm EY to work for divesting its stake in flag carrier Air India and "quickly" issue expression of interest (EoI).

"EY continues to be the transaction advisor for the sale of Air India. We have been directed to close the accounts for FY 2018-19 and provide updated data for EoI to take the disinvestment process forward," said a senior Air India official.

Ashok Leyland reports 12% decline in Q4 net profit at Rs 652.99 cr
Posted on 24th May 2019
Commercial vehicle major Ashok Leyland Friday reported 12.12 per cent decline in net profit at Rs 652.99 crore for March quarter, 2018-19.

The company posted a profit of Rs 743.12 crore for the same period of 2017-18.

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