India : Nifty ends above 8600, Sensex up 120pts, Tata Motors, RIL gain
Mon Aug 29 2016
Rajesh Sharma (265 articles)
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India : Nifty ends above 8600, Sensex up 120pts, Tata Motors, RIL gain

Late minute buying pushed market higher at closing. The Sensex closed up 120.41 points or 0.4 percent at 27902.66 and the Nifty was up 34.90 points or 0.4 percent at 8607.45. About 1214 shares advanced, 1472 shares declined, and 202 shares were unchanged.Tata Motors, Reliance, Hero MotoCorp, Adani Ports and ICICI Bank were gainers while Wipro, Lupin, HDFC Bank, Bharti Airtel and Asian Paints were losers in the Sensex.

Dr Reddy’s Laboratories said it has launched nitroglycerin sublingual tablets, a therapeutic equivalent generic version of Nitrostat (Nitroglycerin) sublingual tablets in the US.

The drug which is used in preventing or relieving a sudden attack of angina (chest pain) caused by heart disease was approved by the United States Food and Drug Administration (USFDA).

According to a statement issued by the drug maker, Nitrostat (Nitroglycerin) sublingual tablet brand had the US sales of about USD 108 million for the most recent 12 months ending in March 2016 (according to IMS Health data).

Sony is likely to buy Ten Sports from Zee Entertainment for nearly Rs 2,000 crore, reports CNBC-TV18.

The deal could be announced this week.

Zee had bought 50 percent stake in Ten Sports in 2006 for an enterprise value (EV) of USD 114 million or roughly Rs 800 crore.

Ten Sports contributes about 15 percent to Zee’s total sales. However, Zee wanted to exit the business as it incurred earnings before interest and tax (EBIT) loss of nearly Rs 100 crore.

If it goes through, the deal will be positive for Zee with fund inflow of nearly Rs 2,000 crore and exit from a loss making business. Sony, on the other hand, will get additional channels in its Sports bouquet to compete with Star India.

Credit Suisse said it slashed target price further on Lupin to Rs 1,290 from Rs 1,450 per share as base business is only 40-50 percent of total profits due to high contribution from Fortamet, Glumetza and Minastrin.

It also cut FY17 earnings per share by 15 percent to factor Mylan entry in Fortamet.

The stock lost more than 2 percent.

IOC has posted better-than-expected net profit at Rs 8269 crore in June quarter up by a whopping 390 percent from Rs 1685.3 crore in last quarter. Total income also rose to Rs 1,07,200.7 crore against Rs 98,704.7 crore on sequential basis.

Gross refining margins in Q1 was at USD 9.98 per barrel from USD 10.77 per barrel in corresponding quarter last fiscal. The board has approved 1:1 bonus issue.

According to a CNBC-TV18 poll, the state-run oil retailer first quarter standalone profit was likely to grow more than 3-fold to Rs 4127 crore while revenue was seen rising 20.6 percent to Rs 97,032 crore during the quarter compared in previous quarter.

The oil marketing company had reported a high refining inventory loss of Rs 3,300 crore in Q4FY16, and product inventory loss of Rs 1,100 crore. Hence sequential earnings increase in Q1 is sharp.

 


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Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.