Indian stock market daily morning report (February 06, 2014, Thursday)
February 6, 2014, Thursday, 04:49 GMT | 23:49 EST | 10:19 IST | 12:49 SGT
Views on markets today
- Benchmark share indices rebounded from their four month lows, amid a volatile trading session, to end marginally higher on value buying by investors at lower levels. However, further gains were capped after foreign funds turned net sellers in equities.
The 30-share Sensex ended up 49 points at 20,261 and the 50-share Nifty closed 22 points higher at 6,022.
- Tech Mahindra closed 3.89% up at Rs 1838.25 on BSE after consolidated profit after tax jumped 40.6% to Rs 1,010 crore on 2.7% increase in revenue to Rs 4,899 crore in Q3 December 2013 over Q2 September 2013.
- Ranbaxy Laboratories closed 5.69% up at Rs 340.05 on BSE after the company reported a consolidated net loss of Rs 158.94 crore for Q4 December 2013, lower than net loss of Rs 492.44 crore in Q4 December 2012.
- Power Finance Corporation closed 5.47% up at Rs 145.55 on BSE after net profit rose 37.35% to Rs 1,534.31 crore on 24.2% increase in operating income to Rs 5,547.16 crore in Q3 December 2013 over Q3 December 2012.
- Among the 12 BSE Sectoral Indices 9 Sectors closed in positive while 3 Sector ended the day in negative. Top Gainer: BSE Auto up by 1.63% and BSE Metal by 1.60%. Top Losers: BSE FMCG down by 0.90% and BSE Oil & Gas by 0.27%.
Market breadth was positive at ~1.29 as investors bought large cap stocks. On provisional basis, FII's sold Rs 12.34bn worth of Indian equities and DII's bought Rs 8.64bn worth of equities.
Economic and Corporate Developments
- India cannot afford fossil fuel subsidies in perpetuity and there is clear understanding that these must go, a top Finance Ministry official has said here.
"We cannot afford fuel subsidy in long run. I think there is clear understanding that fossil fuel subsidies must go," Economic Affairs Secretary Arvind Mayaram said at an event here.
- Services, the biggest sector of India's economy, contracted for the seventh month in a row in January, showed widely-tracked HSBC purchasing managers' index (PMI).
However, PM I for services showed an uptick, moving up to 48.3 points in January from 46.7 in the previous month, a statement by Markit Economics, which compiles the data, said. The reading below 50 shows decline in activities, including output, and higher score shows expansion.
- HEG closed 8.63% up at Rs 214.10 on BSE after net profit jumped 284.6% to Rs 44.31 crore on 21% growth in net sales to Rs 423.69 crore in Q3 December 2013 over Q3 December 2012.
- Cummins India closed 1.30% up at Rs 444.95 on BSE after the company's operating profit margin edged up to 19.31% in Q3 December 2013, from 19.14% in Q3 December 2012.
- Vardhman Textiles closed 1.06% up at Rs 362.60 on BSE after net profit jumped 109.6% to Rs 175.24 crore on 30.7% growth in net sales to Rs 1,415.9- crore in Q3 December 2013 over Q3 December 2012.
- Indoco Remedies closed 1.82% up at Rs 122.90 on BSE after the company said its Goa-based plant received approval from Czech Republic to manufacture sterile ophthalmic formulation.
- Pricol closed 4.72% up at Rs 27.75 on BSE after net profit jumped 345.1% to Rs 11.93 crore on 6.1% growth in net sales to Rs 210.67 crore in Q3 December 2013 over Q3 December 2012.
- SKS Microfinance closed 0.39% up at Rs 179.25 on BSE after the company issued a profit guidance of Rs 125 crore for FY 2015.
- Oberoi Realty jumped 4.02%, in the morning trade, to Rs 194 on BSE on bargain hunting after recent weakness triggered by the company's weak Q3 December 2013 result.
- Bharat Heavy Electricals closed 1.71% down at Rs 160.60 on BSE after net profit fell 41.21% to Rs 694.81 crore on 15.41% decline in total income to Rs 8,925.63 crore in Q3 December 2013 over Q3 December 2012.
- Voltas closed 6.20% up at Rs 114.85 on BSE after a foreign brokerage upgraded the stock to 'buy' from 'sell', citing improvement at unitary cooling and engineering agency divisions.
- Tube Investments of India closed 1.88% down at Rs 177.20 on BSE, with the stock sliding on profit booking after recent rally after the company on Tuesday, 4 February 2014, reported strong Q3 December 2013 earnings.
- GlaxoSmithkline Consumer Healthcare closed 1.28% up at Rs 4356.40 on BSE after net profit rose 14.50% to Rs 79.75 crore on 18.70% increase in total income to Rs 913.55 crore in Q3 December 2013 over Q3 December 2012.
- Electrosteel Castings closed 6.88% up at Rs 13.9- on BSE after net profit rose 1.96% to Rs 33.73 crore on 6.91% growth in total income from operations to Rs 512.72 crore in Q3 December 2013 over q3 December 2012.
- Neuland Laboratories closed 4.61% up at Rs 296.10 on BSE on equity dilution worries after the company said its board has approved issue of equity shares on rights basis not exceeding Rs 25 crore to its existing shareholders.
- Redington (India) closed 0.51% up at Rs 68.70 on BSE after net profit rose 5.81% to Rs 86.67 crore on 16.35% increase in total income from operations to Rs 7,126.91 crore in Q3 December 2013 over Q3 December 2012.