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Reports India

Indian stock market daily morning report (April 10, 2014, Thursday)

April 10, 2014, Thursday, 05:42 GMT | 00:42 EST | 09:12 IST | 11:42 SGT
Contributed by Keynote Capitals

Views on markets today

- The key benchmark indices ended at record closing highs, bolstered by strength on the banking counters. The Sensex gained 35- points or 1.6% at 22,702 points and the 50-share Nifty hit an intra-day high of 6,80- before closing 101 points higher at 6,796.

The Bank Nifty jumped by a whopping 3.45% at 12,937 points. Metal, auto, oil and gas index hits 52-week highs.

- Lupin closed 1.36% up at Rs 973.95 on BSE after the company said that it has received final approval from the USFDA to market a generic version of Takeda Pharmaceuticals USA, Inc.'s (Takeda) Actos.

- Jaihind Projects was locked at 5% upper circuit at Rs 19.05 on BSE, after the company bagged an order worth Rs 114.83 crore.

- Ramco Systems closed 1.55% up at Rs 196.25 on BSE after the company said that Ramo ERP on Cloud secured order from MHW, a leading US-based service provider for wine, spirits, and malt beverage product companies in the US.

- Welspun Corp closed 12.03% up at Rs 80.55 on BSE, with the stock extending Monday's gain triggered by the company saying it has won fresh domestic orders to take its current order book to Rs 5,800 crore.

- Among the 12 BSE sectoral indices, 10 indices closed on positive while 2 indices ended the day in negative. Top Gainers: BSE Bankex up by 3.45% and BSE Metal by 2.26%. Top Losers: BSE IT down by 1.09% and BSE Teck by 0.84%.

Market breadth was sharply positive at ~2.13 as investors bought large cap stocks. On provisional basis, FII's bought Rs 10.43bn worth of Indian equities and DII's sold Rs 4.63bn worth of equities.

Economic and Corporate Developments

- The International Monetary Fund (IMF) on Tuesday pegged growth in India's gross domestic product (GDP) for 2013-14 at 4.6 per cent, close to the decade-low growth of 4.5 per cent clocked in 2012-13. While the IMF had projected 4.25 per cent growth in October 2013, the government, in its advanced estimates, had projected growth of 4.9 per cent.

Analysts agreed with the IMF's projection that growth might slip compared to the government's advance estimates for 2013-14. “Growth can always go down to that level,” said Pronab Sen, chairman of the National Statistical Commission.

Buzzing Stocks

- Suzlon Energy closed 7.02% up at Rs 14.94 on BSE after the firm said its wholly-owned subsidiary has signed an agreement with a consortium of banks for a syndicated working capital facilities of Euro 850 million for the period of 3 years and that it has signed a definitive agreement to sell its 240 megawatts Big Sky wind farm in Illinois to EverPower Wind Holdings Inc.

- Tata Steel closed 3.18% up at Rs 418.85 on BSE after the company said that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) for a cash consideration of NZ$ 27.5 million.

- Gulf Oil Corporation closed 5.07% up at Rs 122.20 on BSE after the company said that its promoter has recently acquired additional shares to the extent of 4.99%, increasing its shareholding in the company to 54.96%.

- Sun Pharmaceutical Industries closed 6.91% up at Rs 627.80 on BSE, with the stock extending Monday's gain triggered by plans to acquire 100% of Ranbaxy Laboratories in an allstock transaction.

- DLF closed 3.27% up at Rs 176.65 on BSE after the company issued a clarification with regard to penalty charged against it by the Competition Commission of India.

- Hindalco Industries closed 4.05% up at Rs 142.70 on BSE after Alcoa Inc reported quarterly earnings that beat analysts' expectations on Tuesday, 8th April, 2014.

- Havells India closed 1.35% up at Rs 901.00 on BSE after the company said that CARE has assigned a credit rating of CARE AA+ to the Fixed Deposit programme of the company.

- DS Kulkarni Developers rose 1.08%, in the morning trade, to Rs 60.60 on BSE after the company said its board has approved to offer, issue and allot non-convertible debt instruments upto a maximum sum of Rs 250 crore.

- ALSTOM India closed 0.22% up at Rs 392.00 on BSE after the company said it has received a letter from from Alstom Finance B.V to consider the proposal for disposal of the company's auxiliary components business.

- OnMobile Global surged 7.92%, in the morning trade, to Rs 36.80 on BSE after the company executed a non-binding memorandum of understanding for the potential divestment of its group company, Voxmobili SA.

- Reliance Power closed 2.16% up at Rs 73.20 on BSE after the company said that boiler lightup has been achieved for its fourth 660 megawatt unit at the 3,960 megawatt Sasan Ultra Mega Power Plant.

- Prime Focus closed 5.55% up at Rs 29.50 on BSE after the company said its technology subsidiary has raised Rs 45 crore through a private placement of optionally convertible debentures.

- Neuland Laboratories rose 2.34%, in the morning trade, to Rs 260 on BSE after the company said it has opened a new manufacturing facility in Hyderabad, constructed as part of its collaboration with Tokyo-based API Corporation.