Indian stock market daily morning report (February 07, 2014, Friday)
February 7, 2014, Friday, 06:20 GMT | 01:20 EST | 10:50 IST | 13:20 SGT
Views on markets today
- Markets ended marginally higher on Thursday, amid a volatile trading session, led by gains in FMCG majors Hindustan Unilever and ITC.
The 30-share Sensex ended up 50 points at 20,311 and the 50-share Nifty ended up 14 points at 6,036.
- ACC rose 1.07% to Rs 1,018.80 on BSE after consolidated net profit rose 9.74% to Rs 275.71 crore on 0.03% rise in total income to Rs 2,834.99 crore in Q4 December 2013 over Q4 December 2012.
- Great Eastern Shipping Company closed 0.31% down at Rs 290 on BSE after consolidated net profit fell 47.09% to Rs 101.50 crore on 10.04% decline in revenue including other income to Rs 792.99 crore in Q3 December 2013 over Q3 December 2012.
- L G Balakrishnan & Bros spurted 11.27% to Rs 315 on BSE after Reliance Mutual Fund bought 4 lakh shares, or 5.09% equity, of the company at Rs 281 each through bulk deal on bSe on Wednesday, 5 February 2014.
- Maruti Suzuki India closed 2.05% up at Rs 1,639.60 on BSE after the company launched its much awaited compact car, Celerio, with the revolutionary auto gear shift, on 6th February 2014.
- Among the 12 BSE Sectoral Indices 7 Sectors closed in positive while 5 Sector ended the day in negative. Top Gainer: BSE FMCG up by 1.36% and BSE Metal by 0.92%. Top Losers: BSE Realty down by 1.57% and BSE Capital Goods by 0.92%.
Market breadth was flat at ~0.970 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's sold Rs 5.73bn worth of Indian equities and DII's bought Rs 8.15bn worth of equities.
Economic and Corporate Developments
- Foreign institutional investors (FII) and non-resident Indians (NRIs) can now invest in the insurance sector, within the overall 26 per cent cap on foreign direct investment (FDI).
Currently up to 26 per cent FDI is permitted in the sector. In a press note, the department of industrial policy and promotion (DIPP) said apart from insurance companies, the relaxation would apply to insurance brokers, third-party administrators (TPAs), surveyors and loss assessors. All of this investment can be made under the automatic route. The Insurance Act, 193- does not stipulate any FDI limits for insurance intermediaries or TPAs, but sector regulator Irda has restricted it to 26 per cent.
- Timken India closed 1.66% down at Rs 160.40 on BSE after net profit fell 48.7% to Rs 4.57 crore on 0.6% decline in net sales to Rs 172.26 crore in Q3 December 2013 over Q3 December 2012.
- Power Grid Corporation of India closed 0.57% down at Rs 96.00 on BSE after net profit fell 7.7% to Rs 1,042.04 crore on 8.85% rise in total income to Rs 3,799.31 crore in Q3 December 2013 over Q3 December 2012.
- Praj Industries closed 2.45% up at Rs 46.05 on BSE after consolidated net profit surged 275.11% to Rs 24.27 crore on 38.53% growth in income from operations to Rs 269.10 crore in Q3 December 2013 over Q2 September 2013.
- Blue Dart Express closed 0.98% down at Rs 3,371.15 on BSE after net profit declined 48.8% to Rs 23.04 crore on 10.3% growth in net sales to Rs 505.41 crore in the quarter ended 31 December 2013 over the quarter ended 31 December 2012.
- Jet Airways (India) closed 10.93% up at Rs 234.45 on BSE on reports that the India's competition regulator has approved Etihad Airways' 50.1% stake buy in Jet Privilege, a customer loyalty programme unit of Jet Airways.
- Astral Poly Technik closed 8.07% up at Rs 385.70 on BSE after net profit surged 100.9% to Rs 21.32 crore on 28.4% growth in net sales to Rs 264.96 crore in Q3 December 2013 over Q3 December 2012.
- Bank of Baroda closed 0.87% down at Rs 537.75 on BSE after net profit rose 3.58% to Rs 1047.84 crore on 9.67% growth in total income to Rs 10,622.80 crore in Q3 December 2013 over Q3 December 2012.
- Voltas rose 2.18%, in the morning trade, to Rs 117.35 on BSE, extending Wednesday's 6.20% rise triggered by a foreign brokerage upgrading the stock to 'buy' from 'sell', citing improvement at unitary cooling and engineering agency divisions.
- DCM Shriram Industries closed 3.45% up at Rs 33.00 on BSE after net profit rose 29.3% to Rs 4.32 crore on 25.1% growth in net sales to Rs 371.62 crore in Q3 December 2013 over Q3 December 2012.
Munjal Showa closed 3.65% up at Rs 75.30 on BSE, with the stock extending Wednesday's 7.95% rally triggered by the company reporting strong Q3 earnings.
HEG closed 2.34% up at Rs 219.10 on BSE, with the stock extending Wednesday's 8.63% rally triggered by the company reporting strong Q3 earnings.
Zuari Agro Chemicals closed 0.85% up at Rs 136.90 on BSE after net profit surged 314.04% to Rs 17.10 crore on 3.72% growth in total income from operations to Rs 1,556.65 crore in Q3 December 2013 over Q3 December 2012.
Power Finance Corporation closed 4.53% up at Rs 152.15 n BSE, extending Wednesday's 5.47% rise triggered by the company's strong Q3 December 2013 result.