3:30 pm Market closing
: The market ended with gains as the Sensex was up 193.20 points or 0.7 percent at 25790.22, and the Nifty ended up 51.55 points or 0.7 percent at 7900.40. About 1567 shares have advanced, 1004 shares declined, and 179 shares are unchanged.
ICICI Bank, Dr Reddy’s Labs, Asian Paints, SBI and TCS were gainers while M&M, Axis Bank, HUL, Maruti and L&T were losers in the Sensex.
3:00 pm Rate cut: Public sector Indian Bank has reduced the interest rates on home and vehicle loans by up to 0.20 percent with immediate effect.
As per the revised rate of interest, home loans for up to Rs 75 lakh, the interest rates has been revised from 9.65 percent to 9.55 percent while for loans above Rs 75 lakh it has been reduced to 9.75 percent from 9.90 percent.
For loans towards purchase of new cars, the interest rates were cut to 9.95 percent from 10.15 percent, the Chennai-based bank said in a statement.
2:45 Self regulation: A day after the Supreme Court stuck down Trai’s regulation to compensate consumers for call drops, Bharti Airtel announced to voluntary implement a more stringent benchmark of 1.5 percent for call drops.
The country’s top operator will contribute towards rural education Rs 1 lakh for every 0.01 percent increase in call drop rate beyond 1.5 percent every month in each circle of operation, subject to a maximum of Rs 100 crore per annum.
Airtel said it will implement 25 percent more stringent mobile call drop benchmark of 1.5 percent versus 2 percent prescribed by the regulator Trai.
2:30 pm Interview: As banks stocks surged on the back of the passage of Insolvency Bill, SBI chairperson Arundhati Bhattacharya welcomed the law pertaining to bankruptcy proceedings. She, however, cautioned about the challenges involved in implementation of the law. “Bankruptcy law is new to India and challenges of execution and implementation remain. If it is implemented well, FY17 will be a better year, maybe not in the first two quarters, but certainly going ahead,”she said. Lauding the law’s framework, she said that it needs setting up of right infrastructure, sufficient people and the right technology. The law will boost ease of doing business in India and economic growth, she added.
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The market is still firm in green but the Nifty is below the 7900 mark. The Sensex is up 123.90 points or 0.5 percent at 25720.92 and the Nifty is up 34.15 points or 0.4 percent at 7883. About 1439 shares have advanced, 994 shares declined, and 157 shares are unchanged.
Dr Reddy’s Labs, ICICI Bank, Tata Motors, Asian Paints and SBI are top gainers while HUL, M&M, Axis bank, Maruti Suzuki and HDFC are major losers in the Sensex.
Dr Reddy’s Lab fourth quarter earnings were hurt by one-time Venezuela write-off. The drug major’s net profit fell 86 percent at Rs 74.6 crore in January-March quarter from Rs 518.9 crore. Its total income also slipped to Rs 3756.2 crore against Rs 3870.4 crore in year-ago period. According to a CNBC-TV18 poll, net profit of Dr Reddy’s Lab was expected to jump 5.7 percent at Rs 548.6 crore in Q4FY16 and a revenue growth at 0.7 percent to Rs 3896 crore year-on-year.