Sensex down 84 pts as weakness persists

Last Updated: Tue, Oct 23, 2012 08:18 hrs

As selling in some blue chip stocks intensified a bit, the market, which opened on a cautious note with a negative bias, has slipped a bit deeper into the red this afternoon.

The Sensex is down 84 points or 0.44% at 18,709.44. The Nifty is down with a loss of 28.40 points or 0.5% at 5688.75.

Kotak Bank, Hero Motocorp, Jindal Steel & Power, ITC, Jaiprakash Associates, Tata Motors, HCL Technologies, Hindalco, Tata Power, Infosys and ONGC are trading 1% - 2.2%.

HDFC Bank, ACC, Mahindra & Mahindra, Bajaj Auto, Reliance Infrastructure, GAIL India, DLF, Ultratech Cement, Asian Paints, Ranbaxy Laboratories and Reliance Industries are also trading notably lower.

Siemens, Larsen & Toubro, BPCL, Coal India, Lupin, Bharti Airtel and Cipla are up in positive territory with sharp to moderate gains.

Yes Bank is up 2.2% at Rs 396 on fairly impressive results. The bank has reported a 30% surge in net profit at Rs 306 crore for the quarter ended September 2012 as against Rs 235 crore in the same period a year ago. Total income also jumped 37% to Rs 2,263 crore from Rs 1,652 crore in September 2011. The bank's gross non-performing assets (NPA) for the quarter under review was 0.24%. The same stood at 0.28% in the June quarter.

The capital adequacy ratio was at 17.5% in July-September 2012 against 16.5% in the preceding quarter.

Gati Limited shares are down 2.6% at Rs 36 following the company posting a net loss of Rs 7.79 crore for the second quarter ended September 2012, as against a net profit of Rs 4.5 crore in the corresponding quarter a year ago.

"Exceptional items comprise loss (Rs 6.06 crore) on sale of an old cargo ship," Gati said in a filing to the BSE on Tuesday. Its total income stood at Rs 298.29 crore for the quarter under review, as compared to Rs 321.2 crore during the same period last year, reflecting a decline of 7.13%.

United Phosphorus Ltd has posted a net profit Rs 119.8 crore for the quarter ended September 30, 2012 as compared to Rs 56.95 crore for the quarter ended September 30, 2011. Total Income has increased from Rs 1796.19 crore for the quarter ended September 30, 2011 to Rs 1,882.2 crore for the quarter ended September 30, 2012. The stock is up marginally at Rs 118 now.

Elecon Engineering Company Limited shares are up 1.2% at Rs 49.80. The stock rose to Rs 50.40 today on the back of an announcement from the company that it has received orders worth Rs 17.13 crore from NMDC Limited. The company has received another order worth Rs 7.19 crore from Tecpro Systems Limited for wagon Trippler along ith Side Arm Changer and Mandatory Spares for Harihar Project.

Hindustan Construction Company has announced that it has secured its third contract worth Rs 373 crore from the Delhi Metro Rail Corporation. The contract is for design and construction of 2.2 km tunnel between Shalimar Baug and Netaji Subhash Place Stations on the Mukundour-Yamuna Vihar corridor, under phase III of the Delhi Metro. The stock is trading marginally up at Rs 17.20 at present.

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