Indian stock market daily morning report (February 10, 2014, Monday)
February 10, 2014, Monday, 05:27 GMT | 01:27 EST | 10:57 IST | 13:27 SGT
Views on markets today
- Markets trimmed early gains to end marginally higher on Friday as investors turned cautious ahead of the GDP data for the current fiscal to be released later today. The government is likely to lower its estimate of 5% growth forecast for the financial year 2013-14, because of slower-than-expected recovery in industrial growth.
- The Sensex ended up 66 points higher at 20,376, after hitting an intra-day high of 20,441 while the Nifty 50 gained 27 points to close at 6,063, after reaching an intra-day high of 6,080 earlier in the day.
- Tata Steel was the biggest gainer in the Sensex and Nifty 50, gaining 6.4% to close at Rs. 384.45.
- Ambuja Cements closed 5.10% up at Rs 163.75 on BSE after net profit rose 49.31% to Rs 316.50 crore on 5.19% decline in total income to Rs 2297.62 crore in Q4 December 2013 over Q4 December 2012.
- Aurobindo Pharma closed 2.74% up at Rs 506.85 on BSE after consolidated net profit jumped 354.8% to Rs 417.50 crore on 36.3% growth in total operating income to Rs 2140.60 crore in Q3 December 2013 over Q3 December 2012.
- Among the 12 BSE Sectoral Indices - Sectors closed in positive while 4 Sectors ended the day in negative. Top Gainer: BSE Metal up by 2.66% and BSE Healthcare by 1.69%. Top Losers: bSe iT down by 0.62% and BSE Teck by 0.57%.
Market breadth was positive at ~1.15 as investors bought large cap stocks. On provisional basis, FII's sold Rs 2.67bn worth of Indian equities and DII's bought Rs 6.27bn worth of equities.
Economic and Corporate Developments
The National Council of Applied Economic Research has scaled down its projection for economic growth to below five per cent for 2013-14, to 4.7% from its earlier estimate of 5.1%. The think tank also projected the Centre’s fiscal deficit to be higher at 5.1% of GDP against the 4.8% estimated at the start of the financial year 2013-14 Union Budget.
Finance Ministry today said it is not considering any proposal to slash import duty on gold in view of country's Current Account Deficit (CAD) position.
"At present, there is no proposal under consideration to reduce the import duty on gold, taking into account the likely impact on the Current Account Deficit," Minister of State for Finance J D Seelam told the Lok Sabha in a written reply.
- Maruti Suzuki India closed 1.57% up at Rs 1,665.40 on BSE, extending Thursday's 2.05% rise triggered by the company announcing the launch of its compact car, Celerio, with the revolutionary auto gear shift.
- Astral Poly Technik closed 2.77% down at Rs 375 on BSE, with the stock sliding on profit booking after recent rally triggered by the company reporting strong Q3 earnings.
- Himadri Chemicals & Industries hit an upper circuit limit of 20% at Rs 19.25 on BSE after the company reported net profit of Rs 21.76 crore in Q3 December 2013 as against net loss of Rs 16 crore in Q3 December 2012.
- Hercules Hoists closed 2.53% down at Rs 107.95 on BSE after net profit fell 27.5% to Rs 5.0- crore on 11.7% decline in net sales to Rs 28.86 crore in Q3 December 2013 over Q3 December 2012.
- Eveready Industries India closed 4.90% up at Rs 38.50 on BSE after net profit surged 151.7% to Rs 4.53 crore on 12.4% increase in operating income to Rs 296.59 crore in Q3 December 2013 over Q3 December 2012.
- Andhra Bank closed 0.99% down at Rs 54.85 on BSE after net profit declined 82.27% to Rs 45.57 crore on 12.48% growth in total income to Rs 3900.54 crore in Q3 December 2013 over Q3 December 2012.
- Tata Power closed 0.33% down at Rs 75 on BSE after the company reported consolidated net loss of Rs 74.91 crore in Q3 December 2013, lower than net loss of Rs 328.92 crore in Q3 December 2012.
- Cadila Healthcare closed 5.85% up at Rs 903.15 on BSE after consolidated net profit jumped 82% to Rs 186 crore on 17% growth in total income to Rs 1872 crore in Q3 December 2013 over Q3 December 2012.
- Power Finance Corporation closed 4.63% down at Rs 145.10 on BSE after the stock turned ex-dividend today, 7 February 2014, for an interim dividend of Rs 8.80 per share for the year ending March 2014.
- Piramal Enterprises closed 0.02% up at Rs 547.20 on BSE on reports British Telecom Company Vodafone won cabinet's approval to buy 11% stake in Vodafone India from Piramal Enterprises.
- Burnpur Cement closed 0.54% down at Rs 9.25 on BSE after net profit fell 18.27% to Rs 0.76 crore on 4.41% decline in total income from operations to Rs 20.33 crore in Q3 December 2013 over Q3 December 2012.
- Jubilant Life Sciences closed 4.57% up at Rs 138.50 on BSE after the company at the time of announcement of its Q3 December 2013 results said that revenue and EBITDA are expected to improve in the coming quarters.
- Patel Engineering closed 5.01% up at Rs 62.90 on BSE after the company said its consortium has emerged as the lowest bidder for the 1,000 megawatts Pakal DUL Hydroelectric Project.