Sensex extends losses, down 150 pts; Security and Intelligence up 5%
Equity benchmarks fell further in opening trade Thursday, with the Sensex losing more than 100 points.
The 30-share BSE Sensex was down 122.54 points at 31,675.30 and the 50-share NSE Nifty slipped 41.55 points to 9,866.50.
After earnings, Tata Motors down 4 percent while Aurobindo Pharma rallied 4 percent.
Eicher Motors, ONGC, Tata Power and SBI fell up to 1 percent.
Nifty Bank was down 0.4 percent. Nifty Midcap lost 0.7 percent as about two shares declined for every share rising on the NSE.
Textile company Page Industries' first quarter profit is seen rising 13.4 percent year-on-year to Rs 76 crore and revenue may grow 14.2 percent to Rs 652 crore due to strong volume growth.
According to average of estimates of analysts polled by CNBC-TV18, operating profit is seen rising 13.8 percent to Rs 124 crore and margin may expand 10 basis points to 19.2 percent compared with same quarter last year.
Page Industries located in Bangalore is the exclusive licensee of JOCKEY International Inc (USA) for manufacture, distribution and marketing of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal and the UAE.
Analysts expect volume growth at 7-8 percent and realisations at 7-8 percent that may negate the impact of high cotton price.
They don't expect GST impact on the company, infact that is positive for Page.
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