Sluggishness continues to be seen on D-Street as banks sulk. Coal India, BHEL and Hindalco lost the most on both indices.
12:33 pm Record high: Reliance Industries hit fresh intraday record high of Rs 1,648.90 on the NSE, up more than 1 percent.
12:20 pm Earnings: Diesel and natural gas engines manufacturer Cummins India said its standalone net profit grew by 22.6 percent to Rs 222.2 crore in the quarter ended June 2017 compared with Rs 181.2 crore in year-ago quarter.
The profitability was driven by one-time gain of Rs 56.1 crore on sale of assets.
Revenue during the quarter grew by 5.3 percent to Rs 1,419.3 crore compared with Rs 1,348 crore in corresponding quarter of last fiscal.
12:20 pm Earnings: Diesel and natural gas engines manufacturer Cummins India said its standalone net profit grew by 22.6 percent to Rs 222.2 crore in the quarter ended June 2017 compared with Rs 181.2 crore in year-ago quarter.
The profitability was driven by one-time gain of Rs 56.1 crore on sale of assets.
Revenue during the quarter grew by 5.3 percent to Rs 1,419.3 crore compared with Rs 1,348 crore in corresponding quarter of last fiscal.
Operating profit fell 5.4 percent year-on-year to Rs 195.2 crore and margin contracted by 80 basis points to 14.6 percent in the quarter ended June 2017.
12:11 pm Market Check: Equity benchmarks continued to reel under selling pressure, though the losses trimmed in afternoon.
The 30-share BSE Sensex was down 124.83 points at 32,351.91 and the 50-share NSE Nifty fell 33.55 points to 10,047.95.
The broader markets outperformed benchmarks despite weak breadth, with the BSE Midcap up 0.2 percent. About 1,450 shares declined against 871 advancing shares on the BSE.
The Nifty Bank continued to struggle below 25,000 level, down 1 percent at 24,815.75.
11:59 am Earnings Poll: Jewellery and watch maker Titan Company's first quarter profit is seen rising 23 percent year-on-year to Rs 240 crore on low base in year-ago quarter. Q1FY17 was hit by exception loss of Rs 95 crore.
Revenue from operations may grow 21 percent to Rs 3,402 crore in Q1FY18 compared with Rs 2,822 crore in same quarter last fiscal due to strong buying during Akshaya Tritiya and gold exchange scheme (GHS).
Operating profit may increase 18 percent year-on-year to Rs 345 crore; and margin may be flat due to aggressive discounting in jewellery business.
11:42 am IPO Update: The initial public offering of Cochin Shipyard has received overwhelming response from investors on Thursday, the last day for subscription.
The public issue has oversubscribed 4.46 times, with receiving bids for 15.14 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.
State-run Cochin Shipyard targets to raise up to Rs 1,468 crore through its share sale offer. The price band for public issue of 3.3984 crore equity shares is fixed at Rs 424-432 per share.
11:25 am FII view: Here is Morgan Stanley’s view on the Reserve Bank of India’s policy announcement.
“We maintain our view that the central bank is unlikely to take up any further easing measures beyond this rate cut, given that both we and the central bank project inflation to rise from here. Indeed, post this rate cut, we believe that the RBI's focus will shift back towards the resolution process of non-performing loans in the banking system, and also addressing the transmission mechanism and its approach to and enhancing its toolkit in managing liquidity conditions.”
12:11 pm Market Check: Equity benchmarks continued to reel under selling pressure, though the losses trimmed in afternoon.
The 30-share BSE Sensex was down 124.83 points at 32,351.91 and the 50-share NSE Nifty fell 33.55 points to 10,047.95.
The broader markets outperformed benchmarks despite weak breadth, with the BSE Midcap up 0.2 percent. About 1,450 shares declined against 871 advancing shares on the BSE.
The Nifty Bank continued to struggle below 25,000 level, down 1 percent at 24,815.75.
11:59 am Earnings Poll: Jewellery and watch maker Titan Company's first quarter profit is seen rising 23 percent year-on-year to Rs 240 crore on low base in year-ago quarter. Q1FY17 was hit by exception loss of Rs 95 crore.
Revenue from operations may grow 21 percent to Rs 3,402 crore in Q1FY18 compared with Rs 2,822 crore in same quarter last fiscal due to strong buying during Akshaya Tritiya and gold exchange scheme (GHS).
Operating profit may increase 18 percent year-on-year to Rs 345 crore; and margin may be flat due to aggressive discounting in jewellery business.
11:42 am IPO Update: The initial public offering of Cochin Shipyard has received overwhelming response from investors on Thursday, the last day for subscription.
The public issue has oversubscribed 4.46 times, with receiving bids for 15.14 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.
State-run Cochin Shipyard targets to raise up to Rs 1,468 crore through its share sale offer. The price band for public issue of 3.3984 crore equity shares is fixed at Rs 424-432 per share.
11:25 am FII view: Here is Morgan Stanley’s view on the Reserve Bank of India’s policy announcement.
“We maintain our view that the central bank is unlikely to take up any further easing measures beyond this rate cut, given that both we and the central bank project inflation to rise from here. Indeed, post this rate cut, we believe that the RBI's focus will shift back towards the resolution process of non-performing loans in the banking system, and also addressing the transmission mechanism and its approach to and enhancing its toolkit in managing liquidity conditions.”
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