12:59 pm Market Update: Equity benchmarks extended rally with the Sensex rising 287.04 points or 1.11 percent to 26147.21 and the Nifty climbing 102.45 points or 1.29 percent to 8067.95.
About 1845 shares advanced against 528 declining shares on the BSE.
12:50 pm Interview: Suven Life reported a flat set of numbers for the second quarter ended September 30. Profits were up 5.3 percent to Rs 26.5 crore versus Rs 25.2 crore reported same quarter last fiscal but revenues were down 1.2 percent at Rs 11.5 crore versus Rs 117 crore year on year (YoY).
Defending the revenue numbers, Venkat Jasti, Chairman and CEO, Suven Life Sciences told CNBC-TV18 that their numbers should not be compared quarter on quarter because the CRAMS is a lumpy business. Actually, the revenues were up, he said.
The profits for the quarter were up because of the product mix, said Jasti.
Jasti is confident of maintaining EBITDA margins at 32 percent or more. EBITDA margins for the quarter stood at 31.9 percent versus 26.7 percent YoY. margins, product mix
He is also confident of 10-15 percent topline growth in FY17 and FY18.
12:35 pm Buzzing: RS Software shares surged more than 8 percent intraday after a media report indicated that the company has cancelled a restrictive deal with its key client Visa Inc.
“RS Software (India), an early bird in the payment solutions business, is parting ways with its key client, US financial services giant Visa Inc, from which it derived more than 90 percent of its revenue for years,” a media report said.
Chairman Raj Jain, in an interview to a media company said after 10 years of growth, RS Software is scaling back its engagement with Visa to tap into “multi-billion dollar opportunities” emerging in the digital payments solutions business.
12:20 pm PM on demonetization: Attacking political rivals and those opposed to the demonetization scheme, Prime Minister Narendra Modi today lashed out at them saying they would have lavished praise on him if he had given them time before announcing the move.
“Some people are criticising saying the government did not make ample preparation. I think that is not the issue that the government did not make ample preparation. I think the pain of such people is that the government did not give a chance to make any preparation,” he said at a book launch function .
“If these people had got 72 hours to make their preparation then they would have lavished praise that there is no one like Modi,” he stressed.
The Prime Minister’s remarks come amid a standoff in Parliament on the issue with the opposition stepping up their attack on the government. Former Prime Minister Manmohan Singh had yesterday said the step was “a case of organised loot and legalised plunder” and reflected a “monumental management failure”.
12:00 pm Market Check
The NSE Nifty started off December series on a strong note, rising more than 1 percent on short covering as well as value buying after losing more than 7 percent in November so far.
The 30-share BSE Sensex gained 276.55 points or 1.07 percent at 26136.72 and the 50-share NSE Nifty rose 102.25 points or 1.28 percent to 8067.75. The broader markets also traded in line with benchmarks as the BSE Midcap and Smallcap indices surged 1-1.5 percent.
Even the market breadth was strong as about 1777 shares advanced against 501 declining shares on the BSE.
Technology stocks were the biggest gainers, may be on account of recent rupee fall. Nifty IT index jumped over 4 percent as Infosys, Tech Mahindra, HCL Technologies and TCS gained more than 4 percent.
However, ICICI Bank, SBI, L&T, Reliance Industries and Bajaj Auto under performed, down 0.3-0.9 percent.
Asia markets were mostly positive today, amid a lack of cues from US markets, which were shut Thursday for the Thanksgiving holiday.
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