Heavyweights, banks help Sensex, Nifty stay in positive terrain

Management talks: Opto Circuits told CNBC-TV18 that it is optimistic of prevailing with legal claims in excess of USD 160 million against parties.

Unviable operational segments are being closed, it said, adding the company is taking various strategic alternatives for additional capital & business opportunities.

According to the medical equipment maker, market size of EuroCor is likely to double over next 3-5 years. It expects growth in profit to continue over next few quarters.

Citi on Aurobindo: The research house believes Aurobindo is one of the best placed to ride out a challenging environment for generic companies in the US, courtesy of its relatively low product concentration, clean compliance slate, large and improving pipeline as well as strong execution.

Recent Q4 results, management commentary and approvals such as generic version of Renvela oral suspension further validate this view, it said. Moreover, rising scale and improving profitability in Europe would gradually reduce dependence on the US market and, along with better cashflows, augur well for longer term growth, it added.

Jayant Agro-Organics bonus issue: Jayant Agro-Organics has approved bonus issue in ratio of 1:1 in place of stock split. It has also approved raising upto Rs 250 crore via issue of various securities.

Market Check: Equity benchmarks continued to be in positive terrain in afternoon trade, helped by index heavyweights and banks.

The 30-share BSE Sensex was up 32.52 points at 31,108.25 and the 50-share NSE Nifty rose 14.35 points to 9,592.40.

Outperformance by broader markets also continued on positive breadth. About 1,388 shares advanced against 1,114 declining shares on the BSE.

ITC, Tata Motors, HDFC, Axis Bank, M&M, Reliance Industries and SBI were leading contributors to Sensex’ gains.