Epic Update Grasim Industries
The market remained rangebound in noon trade, with the Nifty hovering around 8800 level as investors awaited quarterly earnings from State Bank of India, Bank of Baroda and Mahindra & Mahindra due today.
The 30-share BSE Sensex gained 29.98 points at 28359.68 and the 50-share NSE Nifty was up 17.85 points at 8796.25.
Aurobindo Pharma shares fell 3 percent, spooked by weak management commentary after Q3 earnings. Company sees a hyper competitive scenario in the US and says price pressure in US is expected in the first six months of the year.
Bank of Baroda is also expected to report numbers. All eyes are on its asset quality.
M&M is expected to post a subdued quarterly performance, pressurised by slowing volume growth. Margin may be steady led by an increasing share in high margin tractors.
SAIL lost over 4 percent after the company reported a net loss for the seventh straight quarter. Also on the losing side is Triveni Engineering, down 6 percent after the management called off the demerger of the engineering business and shrugged off strong earnings.
Grasim Industries rose 3 percent on inclusion into the MSCI Emerging Market index and FIIs holding too hiked to 49 percent. Tech Mahindra was up 2 percent after a weightage increase in the MSCI India index.
Chennai Petroleum rallied nearly 7 percent on hopes of merger with IOC. Max Ventures gained 2.6 percent on likely announcement of a stake sale in subsidiary.
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