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Reports India

Indian stock market daily morning report (August 05, 2014, Tuesday)

August 5, 2014, Tuesday, 05:29 GMT | 00:29 EST | 08:59 IST | 11:29 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets rebounded on Monday to end higher amid a late surge led by IT shares after upbeat US economic data last week indicated improving business environment in the world's largest economy.

Gross Domestic Product in the US grew 4% in the second quarter (April-June 2014) compared with expectations of just above 3% and marked improvement over the first quarter which had contracted a revised 2.1% on account of bad weather conditions.In the broader market, the BSE Mid-cap index was up nearly 0.6% and the Small-cap index was up 1%.

The Sensex was up 242 points at 25,723 and the Nifty gained 81 points to close at 7,684.

- Tata Power Company closed 1.26% up at Rs 94.60 on BSE, with the stock reversing initial gain triggered by the company's subsidiary deciding to repay bonds worth $450 million ahead of its due date.

- Bank of Maharashtra closed 1.61% down at Rs 45.95 on BSE after net profit declined 55.8% to Rs 117.82 crore on 10.5% growth in total income to Rs 3,286.12 crore in Q1 June, 2014 over Q1 June, 2013.

- Marico closed 1.70% down at Rs 256.60 on BSE after consolidated net profit rose 19% to Rs 185 crore on 25% growth in revenue from operations to Rs 1,623 crore in Q1 June, 2014 over Q1 June, 2013.

- Oriental Bank of Commerce rose 0.73% to Rs 283.40 on BSE after net profit rose 3.15% to Rs 364.54 crore on 6.09% growth in total income to Rs 5,576.02 crore in Q1 June, 2014 over Q1 June, 2013.

- All the 12 BSE Sectoral Indices, except one Index, ended the day in positive. Top Gainers: BSE Consumer Durables up by 3.20% and BSE IT by 2.0- Top Losers: BSE Healthcare down by 0.10%.

Market breadth was positive at ~1.56 as investors bought large cap stocks. On provisional basis, FII's bought Rs 3.72bn worth of Indian equities while DII's sold Rs 2.50bn worth of equities.


Economic and Corporate Developments

- Admitting that achieving fiscal deficit target of 4.1% is a "tough task", Finance Secretary Arvind Mayaram here said the government will be able to meet it as there are "clear signs" of economy picking up, leading to buoyancy in revenue realisation.


Buzzing Stocks

- Mahindra & Mahindra closed 1.10% up at Rs 1,184.50 on BSE after the company said its total tractor sales declined 6% to 17,407 units in July, 2014 over July, 2013.

- Tata Motors closed 1.66% up at Rs 446.80 on BSE after the company announced sales for July, 2014 after market hours on Friday, 1st August, 2014.

- Motherson Sumi Systems closed 1.22% down at Rs 348.05 on BSE after the company said it has successfully closed the deal for acquiring wiring harness business of Stoneridge Inc. in a record time on receipt of necessary regulatory approvals.

- Godfrey Phillips India closed 9.90% up at Rs 2,893.30 on BSE, after net profit jumped 243.42% to Rs 80.19 crore on 13.63% rise in total income from operations to Rs 698.84 crore in Q1 June, 2014 over Q1 June, 2013.

- Grasim Industries lost 0.23% to Rs 3,211.05 on BSE after consolidated net profit declined 20.14% to Rs 487.13 crore on 15.93% growth in total income to Rs 8,314.07 crore in Q1 June, 2014 over Q1 June, 2013.

- HCL Technologies closed 2.52% up at Rs 1,553.70 on BSE after a credit rating firm upgraded the credit rating of the company in respect of the Secured, Non-Convertible Debentures of the company.

- Bajaj Auto closed 1.72% up at Rs 2,093.20 on BSE after the company said its total sales rose 13% to 3.19 lakh units in July, 2014 over July, 2013.

- PTC India Financial Services closed 8.87% up at Rs 36.20 on BSE, after net profit surged 113.1% to Rs 52.13 crore on 100.9% growth in total income to Rs 173.23 crore in Q1 June, 2014 over Q1 June, 2013.

- Shilpi Cable Technologies was locked at 5% upper circuit at Rs 67.60 on BSE after consolidated net profit jumped 83.3% to Rs 37.52 crore on 138.1% growth in net sales to Rs 704.87 crore in Q1 June, 2014 over Q1 June, 2013.

- TVS Motor Company closed 4.56% up at Rs 159.40 on BSE after the company said its total sales rose 32% to 2.03 lakh units in July, 2014 over July, 2013.

- Shares of Syndicate Bank, Prakash Industries and Bhushan Steel tumbled by 5.65% to 20% on BSE on reports the CBI has filed a case against Syndicate Bank Chairman Sudhir Kumar Jain in a bribery case. Prakash Industries was locked at 20% lower circuit at Rs 89, Syndicate Bank (down 5.84% to Rs 136.20), and Bhushan Steel (down 5.65% to Rs 372.55), edged lower.

- Sudarshan Chemical Industries closed 20.00% up at Rs 1,011.60 on BSE, after the company scheduled a board meeting to consider stock-split and issue of bonus shares.

- Aksh Optifibre rose 2.41% to Rs 19.10 on BSE after net profit jumped 44.81% to Rs 6.01 crore on 31.56% growth in total income from operations to Rs 73.61 crore in Q1 June, 2014 over Q1 June, 2013.

- 3M India surged 10.69% to Rs 5,350 after net profit jumped 102.1% to Rs 25.45 crore on 10.1% rise in net sales to Rs 455.09 crore in Q1 June, 2014 over Q1 June, 2013.