Sensex up 50 points as select stocks trade higher; Bharti Airtel, Cipla edge higher

Last Updated: Mon, Nov 28, 2016 12:32 hrs

The market, which faltered after recovering from a weak start, has edged higher on selective buying at some front line counters and at little past noon, is trading marginally above the unchanged line.

The Sensex is up by about 50 points or 0.2% at 26,366.32. The Nifty50 of the National Stock Exchange is up 22.10 points or 0.27% at 8136.40.

In the forex market, the rupee is trading at 68.73 against the U.S. dollar, down 26 paise from its previous close of 68.47. The rupee opened at 68.42 this morning, gaining modest ground.

Bharti Airtel is trading more than 3% up. The telecom major announced that  Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquisition of Econet Wireless' entire 4.2% stake in Airtel Nigeria.

Cipla is trading 1.75% up on reports that the company is in discussions to sell Cipla Vet, its animal health division and has hired global investment bank Rothschild to find potential buyers.

Power Grid Corporation is gaining 2.75%. Hero Motocorp is up 2.5%, Bajaj Auto is rising 1.7%, NTPC is up 1.85%, Adani Ports is advancing 1.6%, ITC and Tata Motors are gaining about 1.1% and Axis Bank is up 0.8%. ONGC, Sun Pharmaceutical Industries, HDFC Bank, GAIL India, Coal India, Reliance Industries and Maruti Suzuki are modestly higher.

Tata Chemicals is up 2% after the company said that it has received an approval from the Competition Commission of India for the proposed acquisition of its urea and customized fertilisers business by Norway’s Yara Fertilisers. The company will transfer the business of sale and distribution of urea and customized fertilizers, manufactured in Babrala, UP, by way of a slump sale to Yara Fertilisers. The urea business, along with the assets, liabilities and contracts, among others, will be transferred to Yara India.

A strong quarterly performance is triggering some hectic buying at the UFlex (up 5%) counter today. The company reported a 16.8% jump in net profit to Rs 90.35 crore in the September 2016 quarter, over the year-ago quarter.

Shares of Hathway Cable & Datacom Ltd are down sharply after the company reported a wider net loss. The company posted net loss of Rs 40.44 crore in the September 2016 quarter, as against net loss of Rs 31.99 crore a year ago.

ARSS Infrastructure Projects is up nearly 13% at Rs 65 after the company said that it has bagged new orders worth Rs 51.44 crore.

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