The market has been holding early gains due to buying in HDFC (up 1.5 percent), HDFC Bank (0.83 percent), TCS (1.5 percent), Infosys (1 percent) and ITC (0.89 percent).
11:41 am Market Outlook: “We believe markets would take cue from ongoing Q4FY18 earnings season, rupee movement, metals prices, global cues especially on US Bond yields, changes in crude oil prices, interest rate rate trajectory domestically and onset on monsoons,” Akash Jain, Vice President – Equity Research at Ajcon Global said.
Domestic bourses would remain volatile on newsflow regarding state elections in Karnataka, Madhya Pradesh, Chattisgarh. Assembly election outcome will have a huge impact on domestic bourses.
11:06 am Buzzing: Shares of Meghmani Organics gained 3.6 percent intraday as company acquired 24.97 percent equity stake in Meghmani Finechem.
The company’s wholly-owned subsidiary Meghmani Agrochemicals (MAPL) gave successful exit to International Finance Corporation (IFC) by acquiring 24.97 percent equity stake held by IFC in Meghmani Finechem.
The total consideration paid for the said acquisition is Rs 2,212 million.
10:57 am Results Date: L&T Infotech said a meeting of the board of directors will be held on May 23 to consider, approve and take on record, the audited standalone and consolidated financial results for the quarter and year ended March 31, 2018 and to consider and recommend final dividend for the financial year 2017-18, if any.
10:46 am Market Update: Benchmark indices remained strong in trade, with the Sensex rising 205.39 points to 35,175.09 and the Nifty climbing 54.70 points to 10,747.
HDFC twins, FMCG and technology stocks continued to support the market while selling pressure in Reliance Industries (down 2.9 percent), Axis Bank (3.81 percent) and ICICI Bank (0.3 percent) capped gains.
About two shares advanced for every share falling on the BSE.
10:35 am Buzzing: Shares of Jagran Prakashan gained 4.6 percent intraday as company approved buyback of shares.
The company at its meeting held on April 27, approved a buyback of upto 1.5 crore fully paid-up shares of face value Rs 2 each representing 4.82 percent of the total outstanding equity shares of the company, for an aggregate amount of Rs 292.5 crore.
The buyback to be done on proportionate basis through the tender offer route.
10:20 am L&T synchronises Power Plant Unit: Larsen & Toubro has successfully synchronised the Unit-3 of the state-of-the-art 2×660 MW Shree Singaji Thermal Power Plant in Madhya Pradesh in record time of 40 months for indigenously built power plants in India.
L&T’s scope of work includes design, engineering, supply, installation and
commissioning of Units 3 & 4 (Stage-II) of the coal-fired power plant on a turnkey basis. The EPC contract was awarded to L&T on December 31, 2014.