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Sensex, Nifty flat; Bharti Airtel & ITC gain; L&T tanks 8%

Macquarie maintains hold rating on the stock and target price (Rs 325). "Bharti remains preferred pick in the Indian telecom sector on account of its stronger cashflows and better competitive position," the brokerage said in its note.

Larsen and Toubro (L&T) has tanked  nearly 8% to Rs 1,512 on National Stock Exchange after reporting the consolidated net profit of Rs 967 crore for the quarter ended June 2014 (Q1), mainly on account of one-time gain of Rs 249 crore on disinvestments and stake sale in one of its project.

Bharti Airtel is trading 3.4% higher at Rs 366 on National Stock Exchange after reporting 61% year-on-year jump in consolidated net profit at Rs 1,108 crore for the first quarter ended June 30 2014 (Q1), backed by a 74% rise in mobile data revenue. The country’s largest cell phone operator had profit of Rs 689 crore in the corresponding quarter last year.

Last week, Tata Consultancy Services (TCS) crossed the Rs 5 lakh crore market capitalisation mark. This is more than the combined market cap of rival information technology companies Infosys (Rs 1,92,198 crore), Wipro (Rs 1,40,481 crore) and HCL Technologies (Rs 1,07,878 crore).

Stocks of government probables for divestment or stake sale such as Steel Authority of India (SAIL), Mahanagar Telephone Nigam (MTNL), National Aluminium Company (Nalco) and Container Corporation (Concor) have outperformed the markets in the past one year.

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