Market Live: Sensex extends gains, Nifty eyes 10,100; IRB Infrastructure slips 5%

10:08 am Bid for Airport project: A GMR group company along with its partner, Manila-based Megawide, is in the race for the USD 250 million Clark International Airport new terminal building project in Philippines.

According to a statement issued by the Department of Transportation (DOTr) and the Bases Conversion and Development Authority (BCDA) of the southeastern nation, seven firms submitted the bid documents for the design, engineering, and construction of the Clark International Airport new terminal building in Philippines.

“The firms which submitted the bid documents are China State Construction Engineering Corporation Ltd, China Harbour Engineering Company Ltd, Sinohydro Corporation Limited, the joint venture of Megawide-GMR Infrastructure (Singapore) Pte Ltd, DDT Konstract Inc, R-II Builders Inc and Tokwing Construction Corporation,” BCDA said in a statement yesterday.

10:01 am CS on PI Industries: Credit Suisse initiates coverage with outperform rating on PI Industries and set a target price of Rs 1,150 per share, implying 19 percent potential upside from Wednesday’s closing price.

The research house said the agri-sciences company is strongly positioned in custom synthesis and manufacturing (CSM) segment and the orderbook in the segment provides visibility.

It has a less than 5 percent market share of global industry in CSM, hence, it is offering ample opportunity to grow for the company, it added.

Focus on speciality products in domestic business is a key differentiator, said Credit Suisse which expects revenue of CSM/Domestic to grow at a CAGR of 20 percent/14 percent over FY18-20.

The research house also expects 18 percent EPS CAGR over FY18-20, with better growth for CSM in second half of FY18 itself. EBITDA margins should sustain in narrow range, it believes.

Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

9:51 am Market Check: Benchmark indices as well as broader markets extended gains in morning, driven by upside across sectors.

The 30-share BSE Sensex was up 141.18 points at 32,738.36 and the 50-share NSE Nifty gained 46.70 points at 10,090.80 while the Nifty Midcap index was up 0.66 percent.

About 1,431 shares advanced against 427 declining shares on the BSE.

9:45 am Rupee Update: The rupee is trading flat at 64.52 against the US dollar at the interbank foreign exchange today.

The rupee had lost 14 paise to end at 64.52 against the US dollar yesterday after RBI decided to keep the key policy rates unchanged and raised the inflation forecast.

9:42 am Results Today: Jet Airways, Shriram EPC, Precision Wires, Zicom, Venus Remedies, Indian Hume, Hotel Leela, Ginni Filaments, Asian Hotel and Cambridge Tech will announce its September quarter earnings today.

9:33 am Buzzing: Shares of Hatsun Agro Products added nearly 3 percent in the early trade as company approved raising funds via right issue.

The company at its meeting held on December 06 has considered and approved raising funds by way of issue of securities to the existing equity shareholders of the company on a rights basis aggregating up to Rs 900 crore.

The board has also constituted a rights issue committee and authorised it to decide the terms and conditions of the rights issue including the nature of security, issue size, issue price, timing of the issue, rights entitlement ratio, record date and all other matters related and incidental to the rights issue in consultation with the lead manager to the rights issue.

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9:26 am Order Win: L&T subsidiary L&T Hydrocarbon Engineering has won order valued over Rs 1,600 crore from HPCL, Visakhapatnam Refinery.

“The project is a part of HPCL Visakh Refinery Modernisation Project and involves engineering, procurement, construction and commissioning of 3.053 MMTPA full conversion hydrocracker project,” L&T said.

9:20 am IPO Subscription: The initial public offer of Shalby, the Ahmedabad-based multi-specialty hospital chain, was subscribed 46 percent as on the second day of the bidding Wednesday.

The IPO, which aims to raise Rs 504 crore, received bids for over 66 lakh shares as against the total issue size of 1.45 crore — a subscription of 46 percent — data available with the National Stock Exchange (NSE) showed.

The initial share sale, which opened to public subscription yesterday, will close tomorrow. Shalby on Monday raised over Rs 150 crore from anchor investors.

The IPO comprises a fresh issue of shares aggregating up to Rs 480 crore and an offer for sale of up to 10 lakh equities.

9:15 am Market Check: Equity benchmarks bounced back in opening, backed by short covering in beaten down stocks like banks, auto and metals stocks. The Sensex had fell more than 200 points in previous session.

The 30-share BSE Sensex was up 87.41 points at 32,684.59 and the 50-sahre NSE Nifty gained 28.40 points at 10,072.50.

JSW Steel, Tata Steel, SAIL, Aurobindo Pharma, GAIL, HPCL, Tech Mahindra, Eicher Motors, Bharti Airtel and Reliance Industries were early gainers while Bharti Infratel, Power Grid and UltraTech Cement were under pressure.

Nifty Midcap was up 0.35 percent and Nifty Bank gained 0.2 percent.

IRB Infrastructure shares fell nearly 4 percent after CBI filed a chargesheet against the company with Pune Sessions Court in illegal land purchase case. CBI had searched company’s offices in Pune & Mumbai in January, 2015.

Fortis Healthcare was down 2.5 percent. 63 Moons plunged nearly 17 percent.

Petronet LNG, Bombay Dyeiing, Ansal Properties, Puravankara, Hansan Agro, Claris Life and United Breweries gained 1-3 percent.
Asian markets were mixed today, as the Nikkei 225 recouped some losses, trading 1.3 percent higher after falling around 2 percent on Wednesday.