New York: 00:37 || London: 05:37 || Mumbai: 11:07 || Singapore: 13:37

Reports India

Indian stock market and companies daily report (June 26, 2014, Thursday)

June 26, 2014, Thursday, 04:37 GMT | 23:37 EST | 09:07 IST | 11:37 SGT
Contributed by Angel Broking


Indian markets are expected to open on a flat note tracking marginally negative opening in SGX Nifty and cautios stance ahead of expiration of june derivative series. Most of the Asian markets are trading in positive territory.

US stock markets moved mostly higher over the course of the trading day on Wednesday, partly offsetting the weakness that was seen in the previous session. The rebound on Wall Street was largely attributed to optimism about an economic recovery following a sharp contraction in the first quarter. The Commerce Department released a report showing that GDP tumbled by 2.9% in the first quarter while the Economists expected 1.8% decrease. However, Markit released a separate report showing a faster growth rate since the service sector growth came in at 61.2 in June from 58.4 in May. Meanwhile, European markets ended lower after a downbeat U.S. GDP report and further violence in Iraq.

On domestic front, Indian shares fell modestly on Wednesday as weak global cues due to escalating violence in Iraq. Also, investors seem to be cautious ahead of expiration of June series derivative contracts due on Thursday.


Markets Today

The trend deciding level for the day is 25,339 / 7,572 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,403 - 25,492 / 7,587 - 7,604 levels. However, if NIFTY trades below 25,339 / 7,572 levels for the first half-an-hour of trade then it may correct 25,249 - 25,185 / 7,554 - 7,540 levels.


FM extends excise duty cuts announced in interim budget

Finance Ministry has extended the excise duty cuts announced in interim budget for key sectors by another six months. Thus, reduction of 2% in excise duty on capital goods and consumer durables as well as 3-6% on automobiles, which were announced in the interim budget in February, will continue for another six months. The excise duty cuts which were which were set to expire on 30th June, 2014 have been extended till 31st December, 2014. The announcement is expected to spur the important sectors of the economy such as automobiles, capital goods and consumer durables.
Crompton Greaves bags wind project in Netherlands

Crompton Greaves (CG) has been selected by Van Oord for an offshore wind project Rs.GeminiRs. in the Netherlands along with the other consortium partners Fabricom and Iemants. The scope of project involves designing, delivering and installing two high voltage (HV) offshore substations and 1 HV onshore substation. The volume of the order for the consortium is in excess of €150 million. CG would be responsible for design and engineering of the overall electrical HV system, manufacture and supply all key equipments and connecting the onshore substation to the 400 kv tennet high voltage grid. CG's scope covers around 30% of the overall contract. The project is expected to be completed in 2016. We maintain Buy on the stock with a target price of Rs.240.
IPCA Labs announces ESOP's

Ipca Labs proposed to issue employee stock ownership plans (ESOPs) at a discount to market price. The new ESOP scheme could impact the earnings per share of the company by 2-3%.Company is currently seeking the shareholder approval for the proposed ESOPs scheme. For, FY2015, company is expected to post an 18-20% yoy growth in revenue and maintain margins at current levels of 24.0%, but if rupee strengthens from current levels of 59.50-60/USD, then there could be some risk to that percentage. We maintain our accumulate with a price target of Rs.886.


Economic and Political News

- PowerMin seeks Goyal's help for coal supply to 9940 MW plants

- Gadkari to meet all state CMs for review of Land Acquisition Law

- Hope Iraq crisis does not affect oil supply to India: Singh


Corporate News

- Govt to slap additional penalty of US$578 mn on RIL

- RCom raises over Rs.4,800cr through sale of shares

- Strides Arcolab gets USFDA nod for generic skin disease cream

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