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Recovery in markets. RIL moves up.

Markets recover on buying in Reliance. The Sensex has rebounded 150 points from the day’s low and is now flat at 17,479. Nifty is unchanged at 5,258.

Punjab National Bank is down after reporting weak Q2 numbers. PNB reported a jump of 12.1% in net profit to Rs 1,205 crore for the quarter ended September 30, 2011. The stock wad own 4% at Rs 975. Meanwhile, Reliance Communications has gained 2% in opening deals.

Hindustan Construction continued to bleed and was down 2.7% at Rs 27. The Maharashtra government is set to initiate legal proceedings against Lavasa Corporation for violating the Environment Protection Act.

SKF India rose 1.8% to Rs 667 on reporting 35 per cent jump in its net profit in the September 2011 quarter.

Auto shares have dropped in morning trades



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