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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Energy, FMCG not in favour today 
(Thu, 1 Nov 01:30 pm) 
 
The Indian markets continued to trade in the neutral territory albeit in a range bound manner during the post noon trading session. Buying activity is being witnessed in stocks across the board with those from the consumer durables, auto and realty spaces leading the pack of gainers. Stocks from the oil and gas and FMCG sectors are however, not in favour today.

The Sensex today is trading higher by about 25 points (up 0.2%), while the NSE-Nifty is trading higher by about 10 points (up 0.2%). Stocks from the midcap and smallcap spaces seem to be more in favour as the BSE Mid Cap and BSE Small Cap indices are trading higher by about 0.6% each. The rupee is trading at 53.84 to the US dollar.

Stocks of media companies are trading mixed with NDTV and Sun TV trading firm while Deccan Chronicle and Zee Entertainment are trading weak. Jagran Prakashan announced its results for the quarter and half year period ended September 2012. The company reported a revenue increase by about 6% YoY during the quarter. This growth was a mix of advertising revenues (up 3.6% YoY) as well as circulation revenues (up 8.9% YoY). Other services such as event and outdoor registered a growth of 16% YoY, while the digital segment grew by 15% YoY. The company's operating profits down by 1.1% YoY as margins declined by 1.6% YoY to 24.3%. The company reported a profit growth of about 52% YoY. However at the profit before tax level, Jagran Prakashan's reported an 8% YoY increase. Net profit growth seemed higher on account of the tax implications of its recent acquisition of Nai Dunia. During 1HFY13, revenues and profits were higher by 5% YoY and 31% YoY respectively.

Banking stocks are currently trading firm led by Union Bank, Canara Bank and Andhra Bank. As per a leading financial daily, the board of IDBI Bank has approved the merger of the Stock Holding Corporation of India (SHCIL) with the bank. The bank expects to work out the scheme of amalgamation in the next few days with approvals from Reserve Bank of India (RBI), SEBI, court and the Government to be finalized over the next 4-6 months. The amalgamation of SHCIL will add 227 branches thereby scaling up IDBI's branch network by 20% and increasing its employee strength by 8%. IDBI's retail client base is expected to rise by nearly 8 lakh post merger and the bank can cross-sell its banking products to the acquired clients. Apart from that, the bank will also operate the custodial services, document storage and digitization and other services of SHCIL.

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Apr 26, 2017 (Close)

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