The BSE Sensex opened 79.41 points, or 0.28 per cent, up at 28156.59, while NSE Nifty opened 16.80 points up at 8709.85.
Stocks in focus
Wipro: Wipro registered a 7.6 per cent decline in its second-quarter net profit and said it expects revenues in the ongoing quarter to be impacted by a “mixed demand environment”.
V-Guard Industries: The company posted a 69.94 per cent increase in its bottomline figures at Rs 39.19 crore for the quarter ended September 30, 2016. V-Guard Industries had reported a net profit of Rs 23.06 crore during the same quarter in the year ago period.
Reliance Industries: The company has forayed into cooking gas retailing, launching a 4-kg LPG cylinder on pilot basis. LPG consumption is growing by over 10 per cent and private refiners RIL and Essar Oil want a pie of it. The government had last year permitted RIL to sell up to 1.2 lakh tonnes of LPG produced at its plants to private cooking gas marketers.
Mindtree: Mindtree registered a 37 per cent decline in consolidated net profit at Rs 94.8 crore in the September quarter, hurt by slower ramp-ups and cautious spending by some large clients across verticals. The company’s net profit stood at Rs 150.8 crore in the July-September quarter last fiscal.
Power Grid Corporation of India: The company has received its board approval for investment proposals worth Rs 1,184.45 crore for power transmission related projects. The board of directors at its meeting held on October 22, 2016 approved for the same. The first investment approval is of augmentation of transformation capacity in Southern Region at an estimated cost of Rs 167.75 crore, with commissioning schedule of 30 months from the date of investment approval.
Sun Pharma: Sun Pharma has completed the divestment of its seven prescription brands in India to RPG Life Sciences. The company has divested the same after receiving approval of the Competition Commission of India and completion of all the necessary formalities for closure of the transaction. Earlier on July 27, 2016, Sun Pharma had signed a pact with RPG Life Sciences to divest seven brands in India, owned by the company and its subsidiary, for a consideration of Rs 41 crore. Besides, the pharma major has significant investment plans for its facility in Madhya Pradesh, including setting up of a new research facility.
Punj Lloyd: Punj Lloyd’s wholly owned subsidiary – Punj Lloyd Infrastructure (PLIL) has executed definitive agreements with India Infrastructure Fund II (a SEBI registered Category I Alternative Investment Fund represented by its investment manager IDFC Alternatives Limited) to divest three operating solar projects aggregating to 45 MW located in Punjab and Rajasthan subject to customary approvals and other conditions precedent.
GE Shipping: The company has signed a contract to buy Supramax Dry Bulk Carrier of about 58,000 dwt. The 2009 built vessel is expected to join the company’s fleet in Q3 FY17. The company’s current fleet stands at 37 vessels, comprising 24 tankers (7 crude carriers, 15 product tankers, 2 LPG carrier) and 13 dry bulk carriers (1 Capesize, 7 Kamsarmax, 5 Supramax) with an average age of 8.93 years aggregating 2.88 mn dwt. Additionally, the company has 1 New building Kamsarmaxes on order.
Tata Motors: Targeting to become the third biggest passenger vehicle maker in India by 2019-20 after Maruti Suzuki and Hyundai, auto major Tata Motors is lining up a slew of new products, including a compact SUV, premium hatchback and an executive sedan. It is looking to fill in gaps in its portfolio as its current models cover only 60 per cent of the passenger vehicles segment. The auto major also plans to have lesser number of platforms going ahead to cut cost and complexities in product development.
NTPC: State-owned NTPC is gearing up to cross the milestone of over 50,000 MW installed power generation capacity by March-end, with expected addition of over 4,630 MW. The group has an installed power generation capacity of 47,228 MW, which includes 800 MW of hydro and 360 MW of solar energy. It is expected to commission 550 MW of solar power project at Mandsaur, Ananthapuram and Badhla.
Mandhana Industries: The company has received in-principle approval from Bank of Baroda (Lead bank) for supplication for Strategic Debt Restructuring (SDR) of the company and it is awaiting the advice and approval of the members banks (Term loan and working capital lenders). Mandhana Industries is a vertically integrated textile and garment manufacturing company in India. Its operations and facilities enable it to manufacture a wide variety of value-added fabrics and garments through its integrated operations.