10:15 am Earnings Poll:
Nestle India's second quarter profit is seen rising 20 percent year-on-year to Rs 276 crore and revenue may increase 4.4 percent to Rs 2,372.7 crore, according to average of estimates of analysts polled by CNBC-TV18.Operating profit during the quarter is likely to rise 5.1 percent to Rs 469 crore and margin may expand 10 basis points to 19.8 percent compared with year-ago quarter, impacted by higher milk prices.
Revenue growth is expected to be led by Maggi that accounts for around 18-20 percent of total sales.
Maggi sales is expected to be between Rs 450-475 crore for the quarter. The company doesn't give Maggi numbers.
10:01 am Market Check:
Equity benchmark indices extended their gains from the opening tick, with the Nifty inching towards reclaiming the historic 10,000-mark.The Sensex was up 68.05 points at 32296.32, while the Nifty was up 23.05 points at 9987.60. The market breadth was healthy as 1279 shares advanced against a decline of 622 shares, while 72 shares were unchanged.
Tata Steel, Mahindra and Mahindra, Vedanta and Tata Steel gained the most on both the indices, while Asian Paints, Axis Bank and Bharti Infratel were the top losers.
9:45 am Investors react to NFL offer for sale:
Shares of National Fertilizers declined 7 percent in the early trade on Wednesday as the government announced a stake sale through an offer for sale (OFS).Government of India will sell up to 7,35,86,760 equity shares of the company, representing 15 percent of the total paid up equity share capital of the company in next two days.
The floor price for the offer shall be Rs 72.80 per equity share.
Having said that, the share price has advanced more than 110 percent in the last one year.
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