Larsen and Toubro topped the selling list, falling more than 5 percent followed by Sesa Sterlite with 3.5 percent after reporting weak set of results in the quarter ended June 2014. Citi downgraded L&T to a neutral and lowered target price by 4 percent to Rs 1722, saying Q1 raised multiple red flags and it removed the stock from Asia focus list.
12:18
Moneycontrol BureauLive Market Commentary 12:15pm Brokerage on L&T
In an interview to CNBC-TV18, Abhineet Anand, capital goods analyst, Quant Capital says the broking firm has downgraded the stock from buy to accumulate and maintains a target price of Rs 1,686/share.
"We have downgraded stock from buy to accumulate meaning there is limited upside on the stock. As far as the EPS and price target is concerned, we haven't changed any of the numbers because our numbers are still quite conservative compared to what street has been putting up. So by that our FY16 EPS is Rs 60, which is around 15-20 percent below what the street is expecting," he adds.
12:00pm Equity benchmarks remained marginally under selling pressure in noon trade with the Sensex down 53.71 points at 25937.52, and the Nifty down 17.70 points at 7731. About 1017 shares have advanced, 1405 shares declined, and 111 shares are unchanged.
Larsen and Toubro topped the selling list, falling more than 5 percent followed by Sesa Sterlite with 3.5 percent after reporting weak set of results in the quarter ended June 2014. Citi downgraded L&T to a neutral and lowered target price by 4 percent to Rs 1722, saying Q1 raised multiple red flags and it removed the stock from Asia focus list.
Shares of Tata Motors, State Bank of India, Tata Steel, Tata Power and BHEL lost 1-2 percent whereas ITC, ICICI Bank, ONGC and Gail gained 1-2 percent.
Top telecom operator Bharti Airtel rallied nearly 5 percent on the back of strong Q1 driven by a big beat on India wireless business. CLSA maintains its high-conviction buy on the stock.
11:00
Larsen and Toubro, Sequent Scientific, MCX India, Idea Cellular, Wockhardt, Bharti Airtel, Tata Motors, Infosys and SBI are most active shares on exchanges.
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10:00
Jyotivardhan Jaipuria, Bank of America Merrill Lynch expects earnings growth to improve in coming quarters. He believes that Indian market is shaping up for a big bull run.
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09:15
Engineering and construction major Larsen and Toubro plunged nearly 8 percent post Q1 earnings. Sesa Sterlite and IDFC declined 2-3 percent on weak earnings in June quarater. HUL, Sun Pharma, BHEL, Ambuja Cements and DLF lost 0.4-1.3 percent.
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