11:55 am Market outlook:
The December quarter earnings did not show any signs of recovery, says Tushar Pradhan, Chief Investment Officer, HSBC Global Asset Management. Pradhan expects earnings growth to be subdued for the next couple of quarters and sees a possible recovery only from the second half of FY17.
In an interview with CNBC-TV18, Pradhan says a macro-economic recovery is still some way off.
11:30 am New purchase: India’s largest telecom operator (by subcriber base) Bharti Airtel has acquired Videocon Telecom for Rs 4,428 crore. Bharti Airtel will get rights to use 2X5 MHZ in 1800 band allocated to Videocon by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) on April 5, 2013. On Wednesday, Idea Cellular had terminated its spectrum deal with Videocon under which it was supposed to buy two circles – Gujarat and Uttar Pradesh (West) – for Rs 3,310 crore. Post the deal, Bharti’s 4G coverage will go upto 19 circles from the current 15.
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The market is still firm with support from bank, capital goods, metals and oil & gas stocks. The Sensex is up 145.41 points or 0.6 percent at 24827.89 and the Nifty is up 57.45 points or 0.8 percent at 7556.20. About 1366 shares have advanced, 769 shares declined, and 135 shares are unchanged.
GAIL, Adani Ports, Bharti Airtel, ONGC and ICICI Bank are top gainers while Lupin, Sun Pharma, Cipla, HDFC and Dr Reddy’s Labs are losers in the Sensex.
Oil prices extended their gains in Asia today after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline.Prices have rallied from near 13-year lows touched in February after Russia and Saudi Arabia mooted a meeting to freeze output.
News of the producers’ meeting overshadowed a report showing a lower-than-expected build in US commercial crude inventories.
A weaker dollar after the Fed decided against an interest rate increase yesterday also provided support to prices as it makes the commodity cheaper for clients using other currencies.