03:30pm Market ends: After a
volatile session, the market has ended in negative terrain. The Sensex ended
down 50.45 points at 27440.14 and the Nifty was down 11.25 points at 8320.70.
Metal stocks jumped with top gainers like Vedanta and Tata Steel. ONGC,
Hindalco and HUL were other gainers in the Sensex.
Among the losers were M&M, Bajaj Auto, HDFC,
SBI and Coal India.
02:50pm South Indian Bank falls: South
Indian Bank disappointed street on Tuesday with the fourth quarter net profit
falling sharply to Rs 16.3 crore compared to Rs 124.6 crore in the year-ago
period due to higher provisions.
Net interest income too declined 4.8 percent to
Rs 347.1 crore from Rs 364.7 crore during the same period.
Provisions for bad loans jumped 4.9 times to Rs
137.7 crore during January-March quarter compared to Rs 28.3 crore in the
corresponding quarter of last fiscal.
02:25pm Welspun Projects in focus: Welspun
Projects today said Merrill Lynch Capital has raised its stake in the
company to 7.55 percent . Prior to acquisition, Merrill Lynch Capital Markets
Espana's stake in the company was 3.80 percent , Welspun Projects said in a
regulatory filing.
The mode of acquisition was market purchase, it
further said, adding that the buyout of 15 lakh shares by Merrill Lynch Capital
took place on April 30.
Welspun Projects (WPL), formerly known as MSK
Projects (India) and part of the Welspun Group, is into engineering,
procurement and construction (EPC) projects across sectors like roads, water
and industrial structures.
02:00pm Market Check
The market remained volatile with the Sensex
falling 84.39 points to 27406.20 and the Nifty declining 21.90 points to
8310.05.
About 1237 shares have advanced, 1391 shares
declined, and 182 shares are unchanged on the Bombay Stock Exchange.
Neelkanth Mishra of Credit Suisse says their
FY16/17 Nifty EPS estimates have been cut by 2 percent & 1.3 percent,
respectively, with bulk of the cuts from energy stocks like Cairn, industrials
like BHEL & cement. Second half of earnings season will be weaker than
first half in FY16, he adds.
Asian market hit by weakness today. Shanghai
closed with a 4 percent cut, its biggest loss in the last 4 months on news
reports that several Chinese brokerages have tightened requirements for margin
financing. Hang Seng lost more than 350 points today.
In stock action, Kotak Mahindra Bank surged 5
percent post reporting earnings better than estimates with profits of Rs 527
crore, a growth of 30 percent. The bank also announced bonus issue of 1:1. NIIT
Technologies gained 4 percent on fourth quarter earnings. For more information
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