Stock Market

Buying continues on Dalal Street; Axis Bank falls 1% ahead of Q3


Chillicious Bureau

1:45 pm Exclusive:

Bharti Group may discuss sale of its tower arm Bharti Infratel in its Board meet scheduled for next week, sources say. In October last year, the company had said that they are looking to sell a significant stake in Infratel.

KKR alongwith CPPIB consortium is interested to pick-up some stake in Infratel and the deal value is pegged around USD 10 billion.

CNBC-TV18’s Nisha Poddar, quoting sources, said that Bharti Group and KKR have reached out to Vodafone, who has an agreement of Right to First Refusal (ROFR) by way of Indus Towers partnership with Bharti Airtel.

1:30 pm European markets: European markets opened higher on Thursday as investors digest remarks from US Federal Reserve Chair Janet Yellen and wait to hear from President Mario Draghi of the European Central Bank.

The pan-European Euro Stoxx 600 was 0.08 percent higher.

Analysts do not expect any changes to the ECB’s monetary policy for now but will be looking for details as to how that may change throughout the year.

Meanwhile, a number of UK-based banks, including Lloyds and HSBC, have said they could open subsidiaries in other European countries and transfer staff as Britain prepares to leave the EU.

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The market continues to climb gradually with the Sensex up 66.90 points or 0.2 percent at 27324.54. The Nifty is up 13.55 points or 0.2 percent at 8430.55. About 1410 shares have advanced, 1114 shares declined, and 286 shares are unchanged.

GAIL, Tata Motors, Bharti Airtel, ONGC and Adani Ports are top gainers while Axis Bank, Wipro, Cipla, Lupin and M&M are losers in the Sensex.

The country’s third largest private sector lender Axis Bank ‘s third quarter profit is expected to fall 63.1 percent year-on-year to Rs 801.6 crore, according to average of estimates of analysts polled by CNBC-TV18. Net interest income, the difference between interest earned and interest expended, may grow 9.8 percent to Rs 4,568.5 crore in the quarter ended December 2016 compared with Rs 4,162.1 crore in same quarter last year. Key things to watch out for would be asset quality and impact on retail & SME business post demonetisation.

The European Central Bank will stick with implementing its monetary stimulus programme and hold its fire at its meeting on Thursday. However, the focus for analysts and reporters looks set to be the growing dissent inside the bank’s governing council about when to taper its massive bond-buying scheme.