Thursday 22 October 2015

Sensex, Nifty hit 2-month high; Cairn up 3%, KPIT jumps 13% - 23 Oct 2015

Software services provider KPIT Technologies surged 13 percent as it has reported excellent performance in July-September quarter with profit rising 69 percent sequentially to Rs 75.08 crore on strong improvement in operating profit performance.

                     
The market has touched three-month high with the Sensex rising 212.81 points to 27500.47 and the Nifty climbing 55.45 points to 8307.15. The broader markets underperformed benchmarks; the BSE Midcap and Smallcap indices rose 0.5 percent each. The market breadth was positive as about 1307 shares have advanced against 564 declining shares on the BSE. Software services provider KPIT Technologies surged 13 percent as it has reported excellent performance in July-September quarter with profit rising 69 percent sequentially to Rs 75.08 crore on strong improvement in operating profit performance. Cairn India rose 3 percent after beating analysts' expectations on bottomline front. Profit declined 19.4 percent sequentially to Rs 672.7 crore in July-September quarter against forecast of Rs 575 crore. ITC, ICICI Bank, Reliance Industries, HDFC, SBI, Tata Motors, Lupin, ONGC and Axis Bank gained 1-2 percent while Bharti Airtel and Wipro lost 1.5-2 percent. Wipro missed expectations on guidance front. It expects Q3FY16 IT services dollar revenue in range of USD 1,841-1,878 million, a growth of 0.5-2.5% over Q2.


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