Market Live: Sensex, Nifty continue to be rangebound; Adani Ports falls over 1%
14:50 Results: The tutor service provider Career Point’s first quarter profit doubled to Rs 7 crore compared to Rs 3.4 crore compared to the previous year.
Revenues increased by 25.6% yoy compared to Rs 22.6 million versus Rs 18 crore while EBITDA increased 78.3% to Rs 8.2 crore of Rs 4, 6 crore.
The EBITDA margin increased considerably from 25.6% over the previous year to 36.3%.
The stock increased 18 percent.
14:35 SPV sales offer: Dilip Buildcon shares rose nearly 6 percent intraday to agree to sell a full stake in 24 special purpose entities (SPV).
Bhopal-based route promoter informed the exchanges that he has today signed a worksheet with Chhatwal Trust Group (Shrem Group) for the transfer by sale, transfer or disposition of the company’s 24 subsidiaries.
The total value of the project of these subsidiaries was approximately 10,500 CRS.
“The sale refers to 14 operating projects and 4 projects under construction and 6 HAM projects, which are in different stages of construction and pre-construction,” said Dilip Buildcon.
He signed an agreement with Shrem Infrastructure on SPV – DBL Tuljapur Autopistas Ausa, which is also covered by the contract sheet signed today, he added.
14:15 Market Check: Reference stock indexes continued to trade just above the flat line, trading Nifty above 9850 points.
The Sensex climbed 30.92 points to 31598.93, while the Nifty rose 5.45 points to 9857.95. The width of the market was narrow, as 1,344 shares rose compared to a decline of 1,047 shares, while 129 shares remained unchanged.
Lupine, Sun Pharmaceuticals and Aurobindo Pharma gained the majority in both indices, while Adani Ports, Bajaj Auto and HCL Tech were the main losers.
13:55 Speech management: Monday, McDonalds has completed its franchise contracts with Connaught Plaza Restaurants Limited (CPRL), which serves 169 restaurants in northern and eastern India. McDonald’s also filed an appeal with the National Court of Appeals of the Commercial Companies Act (NCLT) challenging Bakshi’s reinstatement.
In an interview with CNBC-TV18, Vikram Bakshi, MD of CPRL spoke extensively about the cast.
“We go back to the judiciary that gave me the right to return and work in the company and bring him back to his former glory.” McDonald does not want it, so I guess the decision must finally be taken, I have started this, “Bakshi said.
If partners have to separate, they must be separated on the basis of Indian policy, he added.
He added that, according to Indian policy, a foreign company wishing to buy the stake of an Indian partner can do so on the basis of a fair market value.
13:35 Nomination: Tata Sons today announced the appointment of Roopa Purushothaman as Chief Economist and Chief of Policy Defense.
Purushothaman, who will join Tata Sons from September 1, comes from Everstone Capital, where he headed the investigative function.
“In its role, Purushothaman will carry out macroeconomic research as well as all policies and promotional initiatives as relevant to the companies of the Tata Group,” Tata Sons said in a statement.