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Positive cues from Asian markets and bargain buying after losses in two previous sessions helped the market shrug early jitters and inch higher.
State-owned power producer NTPC reported a 9% rise in net profit to Rs 4,066 crore in Q1. Revenue from operations, however, declined 2% YoY to Rs 39,122 crore.
“Overall, we expect sectoral rotation in the market, while the Index is likely to remain in the consolidation zone with the ongoing result season,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Under new CEO, tech major also makes changes to leadership, aligns with business verticals
NTPC will receive Rs 7,795 crore from the transfer of the coal mining business. This is based on the book value, payable through a combination of cash/equity shares/debt liability, the company said in an exchange filing.
Yield on the 10-year benchmark bond settled at 7.16% on Friday, four basis points higher than its previous close and the highest closing level since July 7, Bloomberg data showed. Bond prices and yields move inversely. One basis point is 0.01 percentage point.
“Most economists pointed out that the near-term CPI would likely be higher due to vegetable prices, but fourth quarter inflation could print in line with the RBI’s forecast. The broad feedback was that the RBI should maintain the current stance and the “hawkish” hold for now,” the source said.
The counsel for State Bank of India(SBI) , one of the lenders of Jet Airways, on the other hand, said the consortium had not infused any funds in the airline and had not complied with any of the conditions laid down by the National Company Law Tribunal order for the transfer of ownership.