Markets scaling new highs
The market surged in opening trade, led by Satyam Computer surged and Wipro as both of them reported strong Q4 March 2007 results just before the start of trading. A recovery in the Asian markets after Thursday’s fall also aided the early surge, as the Sensex scaled its highest level in almost two months. Reliance Industries (RIL) struck a new high above Rs 1500.
At 12.15 pm sensex is trading 260 points up at 13879,while Nifty is trading at 4071,up by 73 points.
Satyam Computer jumped 5% to Rs 471.60, on reporting 38% year-on- year rise in net profit in the March 2007 quarter, at Rs 394 crore.
Wipro gained 2.4% to Rs 593, after reporting 44% year-on-year growth in net profit in the March 2007 quarter to Rs Rs 861 crore as per US GAAP. It also forecast strong growth on more outsourcing and higher billing rates.
Reliance Industries (RIL) rose 0.8% to Rs 1505. The stock hit a high of Rs 1515, which is a new all-time high for the stock. RIL board meets on 26 April to consider Q4 March 2007 and FY 2007 results.
Telecom shares extended their recent rally on continued strong growth in new subscriptions. Reliance Communications gained 2% to Rs 444 and Bharti Airtel gained 1.7% to Rs 831. Both were successful in widening their subscriber-bases in March 2007.
The key data due at 12:00 IST today is that on weekly inflation. Wholesale price inflation is seen at 5.79% for the 12 months to 7 April 2007, higher than an annual rise of 5.74% a week earlier.
At 12.15 pm sensex is trading 260 points up at 13879,while Nifty is trading at 4071,up by 73 points.
Satyam Computer jumped 5% to Rs 471.60, on reporting 38% year-on- year rise in net profit in the March 2007 quarter, at Rs 394 crore.
Wipro gained 2.4% to Rs 593, after reporting 44% year-on-year growth in net profit in the March 2007 quarter to Rs Rs 861 crore as per US GAAP. It also forecast strong growth on more outsourcing and higher billing rates.
Reliance Industries (RIL) rose 0.8% to Rs 1505. The stock hit a high of Rs 1515, which is a new all-time high for the stock. RIL board meets on 26 April to consider Q4 March 2007 and FY 2007 results.
Telecom shares extended their recent rally on continued strong growth in new subscriptions. Reliance Communications gained 2% to Rs 444 and Bharti Airtel gained 1.7% to Rs 831. Both were successful in widening their subscriber-bases in March 2007.
The key data due at 12:00 IST today is that on weekly inflation. Wholesale price inflation is seen at 5.79% for the 12 months to 7 April 2007, higher than an annual rise of 5.74% a week earlier.
Labels: Nifty.Sensex
posted by SY at 12:08 PM
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