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Market Live: Nifty opens above 9900, Sensex rebounds; Bank hits 24000 for 1st time

17 July, 2017 3:53 AM
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Market Live: Nifty opens above 9900, Sensex rebounds; Bank hits 24000 for 1st time

10:00 am USFDA nod:Â Alkem Laboratories shares gained more than 3 percent Monday on zero observations from the US health regulator for Taloja unit.

"At the end of the inspection, no Form 483 was issued for Taloja facility in Maharashtra," the Mumbai-based pharma company said in its filing.

The US Food and Drug Administration had conducted an inspection at the company's bioequivalence facility from July 10-14, 2017.

9:45 am Interview:Â State-owned construction firm NBCC is expecting 25 percent growth in revenue this fiscal to nearly Rs 8,000 crore helped by execution of new contracts like redevelopment of the Pragati Maidan exhibition centre here.

The company is targeting to secure new orders worth Rs 25,000 crore this financial year, its CMD Anoop Kumar Mittal said, while highlighting the company bagged a major contract last month to redevelop 10 railway stations across the country.

"We are expecting 25 per cent growth in revenue during this fiscal, mostly from project management consultancy and EPC contracting," Mittal told PTI.

NBCC, which is under the administrative control of the urban development ministry, posted a net profit of Rs 354.51 crore on a turnover of Rs 6,313 crore during 2016-17 fiscal and is a zero-debt firm.

Mittal said the company currently has an order book of over Rs 70,000 crore and is expecting to secure new orders of Rs 25,000 crore this fiscal.

Also read: Six of top-10 most valued firms add ₹31,249 cr in market capitalisation

9:30 am Earnings Estimates:Â Jubilant Foodworks, which had a disastrous last quarter of FY17, could post a 6 percent rise in net profit for June quarter at Rs 20.1 crore, according to a poll of analysts by CNBC-TV18. The total income could rise 6.3 percent at Rs 647.5 crore, against Rs 608.9 crore.

Meanwhile, the earnings before interest, taxes, depreciation and amortisation could soar 16.6 percent at Rs 67.3 crore against Rs 57.7 crore, while the operating margin could be seen at 10.4 percent.

The key thing to watch out could be the same store sales growth, which had seen a sharp fall of negative 7.5 percent in the previous quarter. In the June quarter, analysts expect it to be 2.9 percent. Also, investors could watch out for store additions as it is likely to open 10-12 stores in Q1.

9:15 am Market Check:Â Equity benchmarks opened higher on Monday after Friday's consolidation, with the Nifty50 reclaiming 9900 level and the Nifty Bank hit 24000 level for the first time.

The 30-share BSE Sensex was up 82.18 points at 32,102.93 and the 50-share NSE Nifty gained 21.45 points at 9,907.80.

ITC lost more than 2 percent on reports that the government may increase cess on cigarettes.

Nifty Midcap was up 0.3 percent as about three shares advanced for every share falling on the BSE.

Alkem Labs, Indraprastha Gas, Jubilant Foodworks and CESC gained over 1 percent while Karnataka Bank and Gruh Finance fell over 1.5 percent.

Also read: Market likely at bottom-end of the range: Expert

Source: moneycontrol.com

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