Market Live: Sensex, Nifty volatile; MPC rate decision eyed; Marico falls 5%

Market Live: Sensex, Nifty volatile; MPC rate decision eyed; Marico falls 5%

14:48 Checking the market pegs equity remained stable in the afternoon, the Sensex gyrantant around 32,500 compared to the decision of the Monetary Policy Committee rate Wednesday.

The BSE Sensex 30 shares fell 26.01 points 32 488.93 and 50% NSE Nifty gained 6.05 points 10 083.15.

The breadth of the market remained weak as about three stocks fell for every two rising stocks on BSE.

14.30 Gross Profit: Red El├ęctrica’s state first quarter profit rose 20 percent year on year to Rs 2.058 crore and billing could increase 16 percent to Rs 7.108 crore.

Operating profit should increase by 14.5 percent to Rs 5208 crore, but the margin may cost 120 basis points, to 87.3 percent compared to the same quarter of the previous year, according to the average of the Estimates analysts consulted by CNBC-TV18.

The company is expected to report the capitalization of assets in the range of Rs 8,000-9,000 crore in the quarter. Transportation segment revenue is expected to show annual growth of 23 percent.

2:12 pm Marico Q1 misses estimates: Marico results have been a mistake in all estimates after a 12% decline in its net profit in the June quarter at Rs 236 crore against Rs 268 crore posted during in The same period last year.

The consumer goods group also saw a decline of almost 4 percent. 100 of its consolidated sales for the current period of Rs Rs 1 692.4 compared to Rs 1,754.3 crores published in the June, 2016 quarter.

The decline in revenues could have been driven by a 9% growth in volumes.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) also fell by 13 percent to Rs 324.3 crore.

The company posted operating profit of Rs 374 crore in the same period last year, while the operating margin was also below 19.3% versus 21.3% year-on-year.

In reaction to the results, the stock fell almost 5 percent intraday as investors were cautious about the stock.

13:55 Car sales: sales of Mahindra and Mahindra in July height of analysts’ expectations, total sales rose 6.25%, to stand at 60,579 units compared to 57,011 units sold in the same month last year.

Car sales for the month increased 6% over last year to $ 41,747 vehicles, while exports fell drastically by 52% to $ 1,855 units, the company has said in its presentation.

Sales of passenger cars grew 21% to 20,962 units and commercial vehicle sales by 20% to 19,152 units in July compared to the previous year.

Sales of commercial vehicles also increased by 14 percent, but vehicle sales fell 3 percent to 21 3,777 units over the past month.

H & M said that tractor sales in July increased 7% to $ 18,832 units, compared to 17,553 units sold in the same month of the previous year.

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