Nifty Midcap was up 0.8 percent. Among midcaps, Goa Carbon, Bombay Dyeing, Graphite India, HEG, Speciality Restaurants, Jubilant Foodworks, Cadila Healthcare, ICICI Prudential and TVS Electronics gained up to 10 percent.
12:55 pm ICICI Pru in focus: ICICI Prudential Life Insurance Company is among top picks in the sector, CLSA said while maintaining its buy call with a target price of Rs 560 per share.
The research house sees a RoEV (return on embedded value) of 17-19 percent in FY18-20.
The life insurance company has return on embedded value at 16.5 percent for the year ended March 2017, increased from 15.5 percent in FY16 and 15.4 percent in FY15.
The research house sees a RoEV (return on embedded value) of 17-19 percent in FY18-20.
The life insurance company has return on embedded value at 16.5 percent for the year ended March 2017, increased from 15.5 percent in FY16 and 15.4 percent in FY15.
It has maintained its second position in terms of market share (9.2 percent) in FY17.
ICICI Prudential is well capitalised with a solvency ratio of 290 percent, it said, adding cut in dividend payout would improve embedded value growth.
12:42 pm Europe trade: European markets opened higher, as global investors returned to perceived riskier assets amid cooling geopolitical tensions.
The pan-European Stoxx 600 was up by around 0.41 percent shortly after the opening bell, with almost all sectors and major bourses in positive territory.
After a dip in risk appetite towards the end of last week, Asian shares bounced back to hit decade highs on Monday, with South Korea's benchmark leading the gains, brushing aside concerns of escalating tensions in the Korean Peninsula.
12:35 pm Management interview: Dixon Technologies manufactures products in consumer durables, lighting and mobile phone market.
"The company is present across different verticals and we provide complete solutions, we are in consumer electronics, in home appliances, in the segment of mobile phone manufacturing and lighting," Sunil Vachani, Promoter & Chairman said in an interview to CNBC-TV18.
Across these verticals, the company does have anchor customers with whom it has deep relationships. It values relationships with anchor customers, he added.
Penetration level in India in washing machine segment is as low as 6 percent level, LED televisions penetration level is as low as 11-12 percent, said Vachani.
India is going to be the largest market for smartphones in the next three years, he further mentioned.
12:25 pm Tax uniformity on petroleum products: Oil Minister Dharmendra Pradhan said he has requested the Ministry of Finance to bring petroleum products under the ambit of Goods and Services Tax (GST) in the interest of consumers.
Justifying the move, he said there has to be a "uniform tax mechanism" all over the country.
"This is the proposal of the Ministry of Petroleum. We have appealed to all the states and finance ministry (to bring petroleum items under GST). Looking into the consumer interest, there must be tax rationalisation. GST is a well thought mechanism by the Government of India and the states, they developed the GST Council...
"There are two kinds of taxes (on petroleum products). One is the central excise and the other one is state VAT. That is the reason we are expecting uniform tax mechanism from the industry point of view," Pradhan told PTI.
12:20 pm Tower deal: Negotiations are now in the final stages for the sale of a controlling stake in telecom tower giant which will be created by merging Bharti Infratel and Indus Towers, according to a report by CNBC-TV18.
Bharti Infratel is promoted by Bharti Airtel, while Indus Towers is a joint-venture between Vodafone, Bharti Airtel and Idea.
Private equity firm KKR, CPP Investment Board (CPPIB), Bharti Airtel, Bharti Infratel, Vodafone and Idea, among others are locked in negotiations which are now in the advance stages.
Bharti Infratel and Indus Tower combined will likely be bought by KKR and CPPIB. However, Idea and Vodafone do not want to cede their stake in the venture.
Bharti Airtel, Vodafone and Idea are likely to hold onto a minority stake, while KKR-CPPIB could be the majority controlling stakeholders of this venture.
12:09 pm Market Check: The Nifty50 as well as Midcap index continued to trade near record highs in noon, following upside in Asian peers ahead of monetary policy cues from Federal Reserve meeting that will begin on Tuesday.
The 30-share BSE Sensex was up 203.86 points at 32,476.47 and the 50-share NSE Nifty rose 79.30 points to 10,164.70.
About two shares advanced for every share falling on the BSE.
L&T, Bharti Infratel, IndusInd Bank and Bajaj Auto were top gainers with 2-3 percent rally while Sun Pharma, Dr Reddy's Labs and Aurobindo Pharma fell 0.5-1.5 percent.
ICICI Prudential is well capitalised with a solvency ratio of 290 percent, it said, adding cut in dividend payout would improve embedded value growth.
12:42 pm Europe trade: European markets opened higher, as global investors returned to perceived riskier assets amid cooling geopolitical tensions.
The pan-European Stoxx 600 was up by around 0.41 percent shortly after the opening bell, with almost all sectors and major bourses in positive territory.
After a dip in risk appetite towards the end of last week, Asian shares bounced back to hit decade highs on Monday, with South Korea's benchmark leading the gains, brushing aside concerns of escalating tensions in the Korean Peninsula.
12:35 pm Management interview: Dixon Technologies manufactures products in consumer durables, lighting and mobile phone market.
"The company is present across different verticals and we provide complete solutions, we are in consumer electronics, in home appliances, in the segment of mobile phone manufacturing and lighting," Sunil Vachani, Promoter & Chairman said in an interview to CNBC-TV18.
Across these verticals, the company does have anchor customers with whom it has deep relationships. It values relationships with anchor customers, he added.
Penetration level in India in washing machine segment is as low as 6 percent level, LED televisions penetration level is as low as 11-12 percent, said Vachani.
India is going to be the largest market for smartphones in the next three years, he further mentioned.
12:25 pm Tax uniformity on petroleum products: Oil Minister Dharmendra Pradhan said he has requested the Ministry of Finance to bring petroleum products under the ambit of Goods and Services Tax (GST) in the interest of consumers.
Justifying the move, he said there has to be a "uniform tax mechanism" all over the country.
"This is the proposal of the Ministry of Petroleum. We have appealed to all the states and finance ministry (to bring petroleum items under GST). Looking into the consumer interest, there must be tax rationalisation. GST is a well thought mechanism by the Government of India and the states, they developed the GST Council...
"There are two kinds of taxes (on petroleum products). One is the central excise and the other one is state VAT. That is the reason we are expecting uniform tax mechanism from the industry point of view," Pradhan told PTI.
12:20 pm Tower deal: Negotiations are now in the final stages for the sale of a controlling stake in telecom tower giant which will be created by merging Bharti Infratel and Indus Towers, according to a report by CNBC-TV18.
Bharti Infratel is promoted by Bharti Airtel, while Indus Towers is a joint-venture between Vodafone, Bharti Airtel and Idea.
Private equity firm KKR, CPP Investment Board (CPPIB), Bharti Airtel, Bharti Infratel, Vodafone and Idea, among others are locked in negotiations which are now in the advance stages.
Bharti Infratel and Indus Tower combined will likely be bought by KKR and CPPIB. However, Idea and Vodafone do not want to cede their stake in the venture.
Bharti Airtel, Vodafone and Idea are likely to hold onto a minority stake, while KKR-CPPIB could be the majority controlling stakeholders of this venture.
12:09 pm Market Check: The Nifty50 as well as Midcap index continued to trade near record highs in noon, following upside in Asian peers ahead of monetary policy cues from Federal Reserve meeting that will begin on Tuesday.
The 30-share BSE Sensex was up 203.86 points at 32,476.47 and the 50-share NSE Nifty rose 79.30 points to 10,164.70.
About two shares advanced for every share falling on the BSE.
L&T, Bharti Infratel, IndusInd Bank and Bajaj Auto were top gainers with 2-3 percent rally while Sun Pharma, Dr Reddy's Labs and Aurobindo Pharma fell 0.5-1.5 percent.
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