Equity benchmarks are trading flat to positive in late morning
trade, after losing more than 100 points on the Sensex. Fortis
Healthcare gained 1.3 percent, after the company raised USD 55 million
(around Rs 310 crore) through the FCCB route.
11:59am PVR gained 1.6 percent, after the board of directors approved merger of
Cinemax India , Cine Hospitality with self (a wholly-owned subsidiary).
In January, PVR had announced to acquire 69.27 percent stake from the
promoter group of Cinemax in all cash transaction Rs 395 crore. Cinemax
India shares surged 10 percent.
11:50am Rupee extended its fall due to weakness in
Indian macros as well as global dollar strength. It depreciated by 70
paise to a record low of 57.76 per dollar.
FIIs have redeemed more than Rs 7,600 crore from Indian debt market in
the first week of June owing to weakness in the rupee. Standard
Chartered says the rupee move is reminescent of August 2011 fall and
debt markets may see more outflows.
11:45am Coromandel International gained is up 0.4
percent, as Deutsche Bank has a buy rating on the stock, with a target
price of Rs 260. "FY14 is likely to be significantly better on expected
normal monsoon, lower discounts and as dealer margins drive improvement
in margins," Deutsche Bank report said.
GSK Pharma lost 2.6 percent, after brokerage house Nomura downgraded the
stock to a reduce, with a target price of Rs 2,236. "The stock has
rallied expectations of an open offer from the parent. But while
Glaxo plc might be interested in raising its stake, the valuation could be a deterrent," Nomura reasoned.
11:30am Equity benchmarks are trading flat to positive in late morning trade, after losing more than 100 points on the Sensex.
The BSE
Sensex is up 44.55 points to 19473.78, and the
Nifty advanced 11.05 points to 5892.05. About 980 shares advanced while 878 shares declined.
Japan's Nikkei 225 Average jumped by 5 percent or 636.67 to 13,514.20
while other Asian markets are up between 0.3 percent and 0.8 percent.
Back home,
Fortis Healthcare
gained 1.3 percent, after the company raised USD 55 million (around
Rs 310 crore) through the FCCB route. These funds will help the company
for further expansion of hospital beds in India over the next three to
five years and to reduce debt.
Kingfisher Airlines (KFA) lost 4.4 percent on reports that the consortium of banking lenders has authorised
SBI
to file a recovery suit against the company in the debt recovery
tribunal to realise its dues aggregating Rs 7000 crore. Lenders have
also given their consent to SBI to proceed against the guarantor of
loans given to KFA.
11:20am Technology stocks continue to trade higher,
tracking sharp depreciation in rupee that could help software services
exporters. Hexaware's chairman
Atul Nishar says the rupee depreciation would help margins improve by 100 basis points.
He expects 10 percent growth in CY13, and revenue growth will be better in second half of year, he adds.
Hexaware shares gained 2.5 percent to Rs 86.45.
11:10am Indian rupee depreciated by 64 paise to touch a
record low of 57.70 per dollar on Monday. Chief Economic Advisor
Raghuram Rajan said the rupee fall could be a temporary phenomenon.
"We will keep taking medium-term steps to ease rupee volatility," Rajan added.
Sun Pharma ,
Bharti Airtel and
Jindal Steel are top losers, falling between 1.5 percent and 2 percent.
Indian equities erased all early gains on sharp depreciation in rupee
that touched a record low of 57.70 per dollar on Monday. The BSE
Sensex gained 19.88 points at 19449.11 that rallied 156.52 points in early trade.
The NSE
Nifty rose 5.40 points to 5886.40.
Now the Indian rupee is trading at 57.68, down 62 paise from Friday's closing level.
Even though the rupee is keeping market watchers on the edge, Samir Arora of Helios Capital says he is not "
overly worried "
about the currency. That’s because he feels the bad phase for the
economy and the market, which is down about 4-5 percent in dollar terms,
is now behind us.
Medical equipment maker
Opto Circuits fell 17.75 percent to Rs 23.40 on National Stock Exchange.
Technology stocks are on buyers' radar after rupee depreciation.
Infosys and
TCS gained 0.9 percent while
Wipro rose 2.2 percent.
Index heavyweights
Reliance Industries ,
ITC and
HDFC are up nearly 0.5 percent.
Among banks, top lender State
Bank of India gained 0.33 percent while its rival
ICICI Bank fell 0.8 percent.'
