Banks rally pushes up Sensex over 200 points, Nifty eyes 8950
10:55 am ExM&M partner to supply defense trucks to Pakistan:Navistar, the US-based truck major who had a joint venture with tractor and utility vehicle maker Mahindra & Mahindra, has bagged a contract to supply armoured trucks to the Pakistan Army.
The US Department of Defense issued a USD 35 million contract for supplying 40 MaxxPro Dash DXM mine-resistant, armoured trucks to Pakistan. While Indian companies are ramping up their presence across several armies around the world they are, however, barred from supplying defence products to Pakistan.
Exports of passenger vehicles to the neighbouring country, too, are banned.
10:46 am Credit Suisse on Lupin: Riding on the ‘surprising’ approval of generic Suprep Bowel Prep Kit by the US Food and Drug Administration (FDA), Lupin could add 5 percent to FY18 earnings per share (EPS), Credit Suisse has said in a report.
Simultaneously, it foresees high competition after the exclusivity period for the product ends. It has an underperform rating on the stock with a 12-month target price of Rs 1,350.
10:35 am Data Watch: Manufacturing purchasing managers’ index (PMI) has expanded for February.
The Nikkei Manufacturing PMI for the month now stands at 50.7 against 50.4.
A reading above 50-mark indicates an expansion.
10:20 am Buzzing stock: DLF added over 3 percent intraday on Wednesday ahead of its scheduled Audit Committee meeting. The agenda could include submission of a plan to execute 40 percent stake sale in its rental subsidiary, sources told CNBC-TV18.
The stake sale could fetch the real estate major a whopping Rs 14,000 crore. The Board is likely to announce the stake sale talks exclusively with GIC, the sources have informed.
The sale could also aid the debt situation of the company, with net debt figure, as of September-end, standing at Rs 23, 530 crore.
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The market built up on early morning gains seen on the indices, driven by a rally in banking stocks as well as positive cues on the economic front due to better GDP numbers. Bank Nifty was higher by nearly a percent.
The Sensex was up 221.27 points at 28964.59, while the Nifty was higher by 57.05 points or at 8936.65. The market breadth was very healthy with about 1,400 shares advancing, 471 shares declining. Meanwhile, 103 shares remained unchanged. Midcap stocks too gained, with the midcap index on Sensex up over 0.30 percent.
Axis Bank and HDFC were among the top gainers on both the indices, while Tata Motors, Bharti Airtel, Idea Cellular and BPCL were the top losers.
Amtek Auto stocks were trading higher ahead of the scheduled EGM. The company has been in the news for a possible merger of three firms Amtek Auto, Metalyst Forgings and Castex Technologies.