Thanks to sustained buying at several front line counters, the market, which moved up smartly after a highly listless start, remains high up in positive territory this afternoon.
At 18,925.69, the Sensex is up 108.31 points or 0.58% at present. The Nifty index of the National Stock Exchange is up 51.55 points or 0.9% at 5775.95.
Jaiprakash Associates has moved up by over 5.5%. Bank of Baroda and IDFC are trading higher by 4% and 3.6%, respectively. Punjab National Bank, Reliance Infrastructure, DLF, State Bank of India, BHEL, HDFC and Tata Motors are up 2% - 3%.
HDFC, Tata Motors, Jindal Steel & Power, Hindalco, Axis Bank, Maruti Suzuki, Bajaj Auto, Hero Motocorp, Mahindra & Mahindra, Infosys, ICICI Bank, Sesa Goa, Tata Steel, Wipro, Asian Paints and HCL Technologies are all trading higher by 1% - 2%.
Tata Power is trading 1.4% down at Rs 104.90. Bharti Airtel is off the day's low, but at Rs 271, the stock is still down in negative territory, down 1% from its previous closing price. A sharp fall in the company's net earnings for the July - September 2012 quarter is hurting the stock. Coal India, ONGC, Lupin and Reliance Industries are down with modest losses.
Cadila Healthcare Ltd has posted a net profit of Rs 951.40 million for the quarter ended September 30, 2012 as compared to Rs. 1026.80 million for the quarter ended September 30, 2011. Total income increased from Rs 12474.40 million for the quarter ended September 30, 2011 to Rs 15541.00 million for the quarter ended September 30, 2012.
Indian Hotels Company Ltd shares are up 0.5% at Rs 63.25. The company has posted a net loss of
Rs 908.50 million for the half ended September 30, 2012 as compared to net loss Rs 703.30 million for the corresponding half last year.
Britannia Industries is down 2.5% on lower earnings. The company has reported a lower than expected 21% year-on-year growth in net profit at Rs 46 crore for the second quarter ended September 2012. Net sales grew 9% at Rs 1,403 crore on y-o-y basis.
UCO Bank is trading nearly 2% up at Rs 75. The bank has announced that it posted a net profit of Rs. 1037.10 million for the quarter ended September 30, 2012 as compared to Rs. 2307.50 million for the quarter ended September 30, 2011. Total income increased from Rs. 37307.90 million for the quarter ended September 30, 2011 to Rs. 44085.50 million for the quarter ended September 30, 2012, the bank said.
Gulf Oil Corporation Ltd has acquired a 100% stake in Houghton International through its subsidiary in the United Kingdom for $1,045 million, the company has said in a filing to the Bombay Stock Exchange. An agreement was signed for the acquisition of Houghton by GOCL's wholly-owned subsidiary in the UK on November 6, 2012 from the sellers, a US-based private equity fund. Gulf Oil stock is trading 0.4% down at Rs 87.25 at present.