Share Market: Sensex closes up 170 points; Auto, Infra top gainers
IndusInd Bank surpassed analysts estimates by reporting 29.19% year-on-year (yoy) rise in net profit in the third quarter result for December 31,2016.
The bank reported net profit of Rs 750.64 crore against Rs 581.02 crore in the corresponding period of the previous year. Also it registered growth of 6.58% from Rs 704.26 crore of the preceding quarter.
The shares of the bank ended at Rs 1161.85 per piece, up 0.19%, or Rs 2.15 on BSE.
ABB on Tuesday announced that it has teamed up with India’s national electricity grid operator Power Grid Corporation of India Limited in a mega project worth over Rs 4350 crore for ABB to deliver a transmission link that will have the capacity to bring reliable electricity to more than 80 million people.
At 1451 hours the shares of ABB India were trading at Rs 1,151.10 per piece, up 10.48%, or Rs 109.15 on BSE.
Shares of Max Ventures and Industries (MaxVIL) surged 14% after the company informed exchange its plan to sell 22.5% stake to a subsidiary of New York Life Insurance Company at an offer price of Rs. 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the Board of MaxVIL.
At 1342 hours the shares of the company were trading at Rs 75.90 per piece, up 13.20%, or Rs 8.85 on BSE.
Shares of Adani Ports and Special Economic Zone surged after the company informed the exchange that it is planning to undertake the issue of foreign currency denominated bonds pursuant to the approval of the Board of Directors.
At 1321 hours the shares of the company were trading at Rs 289 per piece, up 1.47%, or Rs 4.20 on BSE.
"The pricing, tenure and other terms of the bonds to be issued pursuant to the Issue will be determined by the Finance Committee of the Company and such details shall be intimated in due course, which shall take place on January 12, 2017", the company said.
Bajaj Auto today said it has commenced deliveries of its new model Dominar 400 from its dealerships across 22 cities in the country. The company had launched the bike on December 15 last year as a premium sports biking brand.
At 1232 hours the shares of the company were trading at Rs 2722.50 per piece, up 0.05%, or Rs 1.45 on BSE.
Shares of Tata Motors jumped over 2% after the company on posted robust sales number of its luxury vehicle, Jaguar Land Rover (JLR) in the month of December.
At 1125 hours, the shares of the company were trading at Rs 512.50 per piece, up 2.43%, or Rs 12.15 on BSE.
Tata Motors had said that sales of JLR jumped 12% in the month of December 2016 as against the same month of last year. The company said that it had the best ever December sales performance with total retail sales of 55,375 units
The shares of Piramal Enterprises surged 2% after the media reports which stated that the company may consolidate its control in Shriram Capital by raising its stake to one-third from current one-fifth.
At 1056 hours, the shares of the company were trading at Rs 1,705 per piece, up 2.05%, or Rs 35.85 on BSE.
The shares of Bank of Baroda were in focus after the bank slashed home loan rates by 70 basis points, lowest in the industry at 8.35% that will be applicable for customers having a strong Cibil scores.
At 8.35%, the rate is lower than industry leader State Bank of India's 8.50% offer.
During early trade, the shares of the bank were trading at Rs 152.63 per piece, down 0.03%, or Rs 0.05.
At 0919 hours, Sensex was trading at 26,890.31, up 148.89 points, or 0.56%, while, Nifty was at 8,276.90, up 40.85 points, or 0.50%.
On 30-share benchmark, among top gainers were Tata Motors (1.45%), ICICI Bank (1.45%), ONGC (1.44%), Infosys (0.99%) and Coal India (0.98%). Among losers was only Wipro (-0.06%).