The Indian markets continue to remain under pressure on the day of expiry tracking weakness in most Asian peers. Doubts over the effectiveness of the second bailout for Greece is also acting as a dampener for the world equity markets following a strong start to the year.
At 1:01 pm (IST), the BSE Sensex was at 18,048, down 98 points over the previous close. It earlier touched a day’s high of 18,209 and a day’s low of 18,005. It opened at 18,127.
The NSE Nifty was quoting at 5,483, down 0.4% over the previous close. It earlier touched a day’s high of 5,519 and a day’s low of 5,461. It opened at 5,490.
State Bank of India (SBI) were trading up 1.2% at Rs.2,284.90 after an official at the country's top lender said that the bank has not given further loans to debt-laden Kingfisher Airlines. On the other hand Kingfisher Airlines shares fell as much as 13%.
Bharti Airtel was trading down 1.9% at Rs.340.85 after Econet Wireless filed a lawsuit in Nigeria seeking damages of US$3.1bn for disputed acquisition of a Nigerian unit. Bharti Airtel said that the litigation is still ongoing.
Ranbaxy Laboratories shares were trading tad up 0.3% at Rs.440 ahead of its quarterly earnings. The drugmaker is expected to report a profit of Rs 3.4bn in the October-December quarter, compared with a loss in the year-ago period.
DB Realty shares slid 6.4% and were trading at Rs.83.25. United Arab Emirates telecom operator Etisalat said that it would shut down the operations of its telecoms joint venture with the Indian company. Etisalat DB Telecom, venture between DB Group and Emirates Telecoms, will shut down network and services.
Subex shares rose 1.4% to trade at Rs.32 after the company said that it has won a multi-million dollar deal to provide fraud management solution to an African operator.
Alfa Laval shares spurted after the company's delisting offer closed yesterday. It will announce the delisting price on or before March 5. Shares of Alfa Laval surged 20% to touch Rs 3,385, its lifetime high in early trade on Thursday on hope that the Sweden based company may increase the buyback price in its proposed delisting offer. Shareholders bid up to Rs 3,850 a piece against the floor price of Rs 2,045. Alfa Laval has no obligation to accept the bids above the floor price. The parent holds 88.77% stake in the Indian subsidiary. the stock was trading at Rs.3,251, up 15.2%.
Firstsource Solutions shares rose for a third straight day and were trading up 2.3% at Rs.12.33. The company yesterday said that speculation about three major shareholders close to selling stakes are unfounded.
After initially trading up, Jet Airways turned negative and was trading at Rs.317.40, down ~1%. The stock gained after the Government formally allowed domestic carriers to import jet fuel to help cut operating costs by saving as much as 30% in local taxes. Also, the carrier's January 2012 market share was at 28.8%, as per the Directorate General of Civil Aviation.
Lupin shares advanced 1.6% to trade at Rs.471 after it forecast US$3bn in revenue by 2015.
Suzlon Energy recovered and was trading unchaanged at Rs.28.40. The company's convertible bonds fell at the fastest pace since 2009. The company signaled that it will fall short of funds to repay debt maturing this year, according to reports.