Sensex, Nifty End At Record Highs; Airtel Surges Most In 7 Years
Sensex and Nifty rose to record highs led by gains in banking and telecom shares
On Track To Meet Earnings Guidance, Says IRB InvIT
VK Menon, director of IRB InvIT Fund expects a growth rate of about 10-11 percent going forward, in line with their earlier projections.
Chart Check
- The stock is currently trading Rs 94 apiece, below its issue price of Rs 102. It is testing resistance at its 50-day moving average of 95.89.
The Mutual Fund Show
Closing Bell
Indian equity benchmarks extended their record breaking run for second day after a report by World Bank showed that India made it easier to do business while better-than-expected corporate earnings also boosted the investor sentiment.
Gains in today’s session were led by Bharti Airtel, which rose most in over seven years and banking stocks like ICICI Bank and State Bank of India.
The S&P BSE Sensex rose 1.17 percent to 33,600 and the NSE Nifty 50 Index advanced 1 percent to 10,440.
Thirteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 3.9 percent surge. It was followed by the S&P BSE Bankex Index which rose 2 percent. On the flipside, the S&P BSE Consumer Durables Index was the top sectoral loser, down 0.6 percent.
Tech Mahindra Gains On Beating Estimates In Q2
Shares of the Pune-based IT company rose after it beat consensus Bloomberg estimates in September quarter.
- Net profit rises 6 percent sequentially to Rs 836 crore versus estimate of Rs 738 crore
- Other income at Rs 322 crore
- Dollar revenue up 3.6 percent at $1,179.2 million (QoQ)
- Consolidated revenue rises 3.7 percent to Rs 7,606 crore versus estimate of Rs 7,556 crore (QoQ)
- Ebitda at Rs 1,106 crore
- Margin at 14.5 percent versus 12.7 percent (QoQ)
JSW Energy Swings Post September Quarter Earnings
Shares of the Sajjan Jindal-led power generation company swung after September quarter earnings.
- Net profit rises 37 percent to Rs 297 crore versus estimate of Rs 216 crore
- Revenue rose marginally to Rs 2,049 crore versus estimate of Rs 2,123 crore
- Other income at Rs 170 crore
- Ebitda or operating profit up 8.4 percent at Rs 822 crore versus estimate of Rs 844 crore
- Consolidated margin at 43.1 percent versus 40.1 percent
- To set up new 36-megawatt thermal power plant
