New York: 18:05 || London: 23:05 || Mumbai: 04:35 || Singapore: 07:05

Reports India

Indian stock market and companies daily report (March 04, 2014, Tuesday)

March 4, 2014, Tuesday, 06:13 GMT | 01:13 EST | 11:43 IST | 14:13 SGT
Contributed by Angel Broking

Indian Markets are expected to open largely flat tracking marginally positive opening trades in most of the Asian indices, with investors indulging in some bargain hunting after the previous session's losses.

The US markets fell sharply on Monday as political tensions between Ukraine and Russia over the Crimean peninsula pushed investors to move into safe havens. U.S. lawmakers claimed that Russia's use of force in Ukraine is in clear violation of its commitments to respect Ukraine's sovereignty and territorial integrity. Amid the focus on Ukraine, traders largely shrugged off a batch of U.S. economic data, including a report from the Institute for Supply Management showing that its purchasing managers index climbed to 53.2 in February from 51.3 in January, with a reading above 50 indicating growth in the manufacturing sector.

The Indian markets fell notably on Monday, mirroring losses in other Asian and European markets, as investors fretted over the spillover effects of the brewing conflict in Ukraine. Brent crude prices jumped more than US$2 per barrel to multimonth highs, the Japanese yen gained against all of its 16 major peers and gold spiked to its highest level since October, as risk aversion stemming from tensions in Ukraine sent investors freeing from riskier assets.

Markets Today

The trend deciding level for the day is 21,003 / 6,237 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,084 - 21,222 / 6,262 - 6,303 levels. However, if NIFTY trades below 21,003 / 6,237 levels for the first half-an-hour of trade then it may correct 20,865 - 20,784 / 6,197 - 6,172 levels.

Auto Monthly - February 2014

Ashok Leyland

Ashok Leyland reported in-line volumes as total sales continued to witness steep decline (down 21.2% yoy to 7,915 units) led by ongoing slowdown in the commercial vehicle segment. While medium and heavy commercial vehicle (MHCV) sales declined 20.8% yoy; light commercial vehicle sales posted a decline of 22.1% yoy. On a sequential basis though, total volumes stood flat as MHCV sales seems to have stabilized.

Bajaj Auto

Bajaj Auto reported lower-than-expected volumes as total sales continued to slide downwards (down 5.7% yoy to 313,294 units) led by continued weakness in domestic sales. Domestic volumes declined 13.2% yoy (5.1% mom) primarily due to sluggish performance by the Discover family. Export volumes though posted a healthy growth of 5.1% yoy to 142,009 units driven by growth in Africa. While motorcycle sales of the company declined 6.2% yoy; three-wheeler sales registered a fall of 2.7% yoy during the month. On the domestic front, the company expects to gain traction going ahead as the inventory levels have been normalized and also on account of higher production of the new Discover and scheduled launch of Discover 125 in March 2014. On the exports front, the company expects to sustain its strong growth traction led by growth in Nigeria; though uncertainty in Egypt continues.

Hero MotoCorp

Hero MotoCorp reported in-line volumes led by healthy momentum in the rural markets, although demand in the urban markets continues to remain lackluster. Total volumes grew 0.6% yoy to 504,181 units. On the exports front, the company has forayed into newer geographies like Guatemala, Kenya, El Salvador, Honduras, Ivory Coast and Turkey. The company is targeting to enter more number of countries in Latin America and Africa. The company expects better monsoons coupled with recent announcement of excise duty cut to revive retail growth in 4QFY2014. The company also intends to launch newer versions of Pleasure, Xtreme, Karizma and ZMR in March 2014.

IDBI bank to raise upto US$300mn to boost tier I capital

IDBI Bank plans to raise up to US$300 million through Basel-III-compliant bonds by the end of March. The Reserve Bank of India has prescribed banks to maintain overall CAR of at least 9%. At the end of December 2013, the Tier-I capital adequacy ratio for bank was at 7.93%, while overall capital adequacy stood at 12.71%. The move will help keep bank's tier I CAR above 8%.

Economic and Political News

- Loss on diesel sales rises marginally to Rs.8.37/litre

- 2G case: Court fixes April 4 to record statements of accused

- Government gets Rs.18,267cr upfront payment for spectrum

- Government notifies subsidy of Rs.3,300/tonne for raw sugar exports

- RBI extends deadline to exchange pre-2005 notes to January, 2015

Corporate News

- HCC bags Rs.903cr order

- Jubilant Health care sells hospital business to Narayana Health

- FII investments reach trigger limit in Maruti Suzuki India

- L&T awarded Rs.1,550cr road project in Oman

- Ramco Systems bags Malasiyan Airlines deal

- Spectrum allocation to winning companies by May: DoT

Stock Market Forum