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.'
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