CNBC-TV18 Market Highlights: Sensex settles over 350 points higher, Nifty ends at 12,089; Tata Motors surges 10%

Closing bell: Sensex settles 353 points higher, Nifty ends at 12,089##Closing bell: Sensex settles 353 points higher, Nifty ends at 12,089

The Sensex gained 353.74 points, or 0.87 percent, to settle Wednesday's trade at 41,143. The Nifty rose 113.10 points, or 0.94 percent, to end at 12092.80. The Nifty MidCap 100 index rose 1.18 percent, while the banking gauge, Nifty Bank advanced 1.10 percent. READ MORE

Apollo Tyres share price surge 4% post Q3FY20 earnings##Apollo Tyres share price surge 4% post Q3FY20 earnings

The stock price of Apollo Tyres surged nearly 4 percent intraday after the company's margin rises 90bps YoY. 

The consolidated net profit slipped 12.29 percent YoY to Rs 174 crore in the third quarter of the fiscal year. Consolidated revenue fell 6.8 percent YoY to Rs 4,399 crore as against Rs 4,718 crore in the same quarter last year. 

EBITDA was up 1 percent YoY and the margin expanded by 90bps YoY to 12.1 percent. 

Ministry of Corporate Affairs orders inspection of Zee Entertainment's books##Ministry of Corporate Affairs orders inspection of Zee Entertainment's books

Ministry of Corporate Affairs has ordered an inspection of the financial statements and books of accounts of Zee Entertainment Enterprises Limited (ZEEL) after looking into complaints raised by shareholders and independent directors.

"The inspection has been ordered under Section 206 (5) of The Companies Act. Western Regional Director of the Ministry has been assigned the inspection," sources added.

Section 206 of Companies Act refers to the power to call for information, inspect books and conduct inquiries.

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Makes no economic sense to buy diesel cars post-subsidy removal, says ED Maruti Suzuk##Makes no economic sense to buy diesel cars post-subsidy removal, says ED Maruti Suzuki

Shashank Srivastava, ED of Maruti Suzuki India is of the clear view that here is no economic sense for consumers to buy diesel cars anymore because the price difference between petrol and diesel has narrowed significantly after removal of diesel subsidies.

Here's more on this story here

IRCTC’s shares rally nearly 10% post-Budget##IRCTC’s shares rally nearly 10% post Budget

The stock price of Indian Railways Catering and Tourism Corporation rallied over 9 percent intraday after Finance Minister Nirmala Sitharaman announced that more Tejas-like trains will be coming in the future. Also, the Competition Commission of India absolved IRCTC of all the allegations of unfair market practices.

Intraday, the stock jumped 9.55 percent at Rs 1,547.80 per share on the NSE. Since January 1, the stock has climbed 64 percent to its day’s high.

Cipla Q3FY20 earnings today: Here's what to expect##Cipla Q3FY20 earnings today: Here's what to expect

Cipla will be releasing its Q3 earnings on Wednesday.

Cipla has been an underperformer as compared to the Nifty index. The pharma giant's stock witnessed a decline after its Goa plant was flagged late last month. So the street will be watching out for commentary with regards to the official action indicated (OAI) action on the Goa plant very closely.

Separately, revenue is expected to grow in single digits, while margins are expected to come in at about 18-19 percent. READ MORE HERE

Bharat Wire Ropes stock price rally 20% after a major bulk deal##Bharat Wire Ropes stock price rally 20% after a major bulk deal






The share price of Bharat Wire Ropes hit the upper circuit on Wednesday after Raamdeo Agrawal, the co-founder of Motilal Oswal Financial Services, bought 9,42,109 shares of the company through a bulk deal on NSE on February 4, data available with the exchange showed.

The transaction was carried out at an average price of Rs 26.25 per share, taking the total value of the purchase to nearly Rs 2.47 crore.

At 11:50 am, the shares were trading 14.39 percent higher to Rs 32.50 per share on the NSE.

Granules shares surge over 6% post US FDA approval##Granules shares surge over 6% post US FDA approval

The stock price of Granules India surged over 6 percent intraday after US Food and Drug Administration approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of Granules India Limited for Valganciclovir Hydrochloride for Oral Solution, 50 mg/mL. It is bioequivalent to the reference listed drug product (RLD), Valcyte for Oral Solution, 50 mg/mL, of Roche Palo Alto LLC.

Valganciclovir Hydrochloride solution is an antiviral medication used to treat cytomegalovirus infections.

At 11:25 am, the share price was 5.34 percent to Rs 153.80 per share on the NSE. 

Tata Global Beverages share price jumps over 7% intraday, hits record-high##Tata Global Beverages share price jumps over 7% intraday, hits record-high

Tata Global Beverages share price rallied over 7 percent intraday after the company reported healthy third-quarter earnings. 

At 11 am, the shares were trading 3.47 percent higher to Rs 393.10 per share on the NSE while on intraday, the share price rallied 7.36 percent at Rs 408. The stock hit its 52-week high today. 

The joint venture business of Tata Starbucks recorded consolidated net profit growth of 24.76 percent year-on-year (YoY) at Rs 135.85 crore, aided by higher sales and lower tax rate. 

Revenue from operations in the third quarter stood at Rs 1,961.9 crore as compared with Rs 1,912.58 crore in the corresponding period last fiscal.

During the quarter, the company opened 28 new stores and now has 174 stores spread across 11 cities in India.