Sensex rises 100 pts, Nifty above 10,550 in opening

Sensex rises 100 pts, Nifty above 10,550 in the opening. The share price of Precision Camshafts gained 4 percent in the morning on receiving multiple orders worth Rs 275 crore.

The company has won additional contracts from OEM’s including Ford, General Motors and Mahindra & Mahindra.

The company’s Q3FY18 net profit declined 51 percent at Rs 6.65 crore against Rs 13.71 crore in the same quarter last fiscal.

Punjab National Bank said it has detected some fraudulent and unauthorized transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance.

Based on these transactions other banks appear to have advanced money to these customers abroad. In the Bank these transactions are contingent in nature and liability arising out of these on the Bank shall be decided based on the law and genuineness of underlying transactions.

The quantum of such transactions is USD 1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The Bank is committed to clean and transparent banking.

Benchmark indices started off the day higher on Wednesday, with the Sensex rising around 100 points, tracking positive global cues.

The 30-share BSE Sensex was up 86.64 points at 34,387.11 and the 50-share NSE Nifty gained 29.70 points at 10,569.50.

About 1,101 shares advanced against 353 declining shares on the BSE.

The nifty Midcap index was up 142 points.

Voltamp Transformers, NRB Bearings, Kolte-Patil, DLF, IOL Chemicals, Ester, Dilip Buildcon, NMDC, Britannia Industries, Ashok Leyland and Minda Industries gained 1-4 percent whereas JK Tyre and Motherson Sumi lost 2-4 percent post-earnings.

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