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Reports India

Indian stock market daily morning report (December 27, 2013, Friday)

December 27, 2013, Friday, 05:09 GMT | 00:09 EST | 09:39 IST | 12:09 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets closed marginally in the green with the Sensex up 42 points at 21,075 and the Nifty gained 10 points to end the day at 6,27- as traders rolled over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series.

- Shares of three PSU OMCs were up 1.46% to 2.2% in the intraday, on BSE on reports that the oil ministry has decided to move a Cabinet note for a higher increase in diesel price - in line with the Rs 5 raise recommended by the Kirit Parikh committee.

BPCL (up 2.2% at Rs 355.55), Indian Oil Corporation (up 1.79% at Rs 215.55) and HPCL (up 1.46% at Rs 240.25) edged higher.

- Among the 12 BSE Sectoral Indices 9 sectors closed in positive while 3 sectors ended the day in negative. Top Gainers: BSE Power up by 1.06% and BSE Consumer Durables by 0.88%. Top Losers: BSE Auto down by 0.46% and BSE Healthcare by 0.30%.

Market breadth was positive at ~1.80 as investors bought large cap stocks. On provisional basis, FII’s bought Rs 7.44 bn worth of Indian equities and DII’s sold Rs 2.03bn worth of equities.

Economic and Corporate Developments

- India Inc is making a scramble to raise money abroad. Indian private and state-run companies, other than financial institutions, have raised $9.23 billion by selling foreign currency bonds in foreign markets in 2013. This is more than double the money they raised through this route during the last calendar year. In 2012, domestic companies had raised $4.12 billion through foreign currency bonds.

- Commercial banks continued to report a steady improvement in deposit mobilisation in December, with year-on-year growth pegged at 17 per cent, mainly showing the effect of inflows from non-resident Indians.

The deposit portfolio was Rs 75,24,217 crore as of December 13, according to Reserve Bank of India data. The year-on-year growth was 16.1 per cent as at end-November. It was 15.4 per cent by the end of October.

Bank executives said banks had raised $34 billion from NRIs in foreign currency deposits ((FCNR(B)). In rupee terms, it amounts to Rs 144,000 crore after swapping dollars with RBI.

Buzzing Stocks

- Allahabad Bank closed 2.09% up at Rs 95.15 on BSE after the bank said it has allotted 4.45 crore equity shares at Rs 89.72 per share to the Government of India on preferential allotment basis.

- Amtek India closed 10.73% up at Rs 68.65 on BSE after the company said it has entered into an agreement to acquire substantial business interests of Germany based Kuepper Group, through its 100% subsidiaries.

- IL&FS Transportation Networks closed 0.68% up at Rs 133.50 on BSE after the firm approved the allotment of 12.64 crore rated listed fully paid-up cumulative non-convertible compulsorily redeemable preference shares on private placement basis.

- Trident rose 2.76% to Rs 16.75 on BSE after the company said that the court convened meeting of its shareholders is scheduled to be held on 25 January 2014 in the matter of proposed amalgamation of Trident Corporation with the company.

- Welspun Projects was locked at 10% upper circuit at Rs. 11.51 on BSE after the company announced plans to consolidate its shareholding in Leighton Welspun Contractors by selling 7.5% stake in the latter for a consideration of Rs 81 crore.

- Dhanlaxmi Bank closed 1.25% up at Rs 40.50 on BSE after the bank said it has allotted 1.75 crore equity shares at Rs 38.25 per share aggregating to Rs 67.22 crore to qualified institutional buyers through qualified institutional placement.

- Lanco Infratech closed 10.51% up at Rs 7.57 on BSE, with the stock extending Tuesday's gains triggered by the company's board securing the lenders' nod for corporate debt restructuring.

- IRB Infrastructure Developers rose 2.42% to Rs 95.10, in the early trade, on BSE after the company said that NHAI has selected the company as the selected bidder for a highway project in Maharashtra.

- AXIS Bank rose 1.21% to Rs 1,298.20 on BSE after the Cabinet Committee on Economic Affairs approved the proposal of the bank for increase in foreign investment ceiling in the bank to 62% from 49%.

- Twelve sugar stocks rose 0.44% to 5%, in the intraday, on BSE after the Cabinet Committee on Economic Affairs approved the guidelines for financial assistance to the sugar industry for payment of cane price arrears.

- Dwarikesh Sugar Industries was locked at 5% upper circuit at Rs 24.80, Empee Sugars and Chemicals was also locked at 5% upper circuit at Rs 5.17. Triveni Engineering & Industries (up 3.05% at Rs 14.20), Bajaj Hindusthan (up 2.83% at Rs 14.55), Dhampur Sugar Mills (up 2.45% at Rs 35.50), Rana Sugars (up 2.36% at Rs 2.60), Oudh Sugar Mills (up 2.21% at Rs 18.50), Shree Renuka Sugars (up 1.76% at Rs 20.25), Sakthi Sugars (up 1.6% at Rs 15.85), KCP Sugar & Industries Corporation (up 1.2% at Rs 16.80), EID Parry (India) (up 1.07% at Rs 141.80) and Balrampur Chini Mills (up 0.44% at Rs 46.10) edged higher.