Indian stock market daily morning report (February 11, 2014, Tuesday)
February 11, 2014, Tuesday, 05:40 GMT | 00:40 EST | 11:10 IST | 13:40 SGT
Views on markets today
- Amidst a volatile trading session and fluctuating levels, benchmark indices ended marginally lower as sales by foreign institutional investors in index heavyweights capped upside gains. The Nifty closed above the crucial 6,050 mark despite slipping below it in intra-day trades
The 30-share Sensex declined by 42 points to close at 20,334, while the Nifty-50 decreased by 10 points to 6,053.
- Tata Motors closed marginally higher by almost 1% on expectations of a strong Q3 performance. After market close, Tata Motors announced a 195% increase in third-quarter net profit which was boosted by strong demand for its luxury Jaguar Land Rover vehicles. Consolidated net profit for the October-December quarter was Rs 48.05 billion, compared to Rs 16.3 billion a year ago.
- Bharti Airtel closed 2.57% down at Rs 307.40 on concerns of rising spectrum acquisition costs after the ongoing auction.
- SKS Microfinance rallied over 11.75% on back of heavy volumes on the bourses. SKS Microfinance is planning to raise up to Rs 4,500 crore to meet its lending requirements during the next financial year, including Rs 400 crore though diluting maximum 20% stake though the qualified institutional placement (QIP) route.
- Among the 12 BSE Sectoral Indices 6 Sectors closed in positive while 6 Sectors ended the day in negative. Top Gainer: BSE Consumer Durables up by 1.53% and BSE Realty by 1.15%. Top Losers: BSE Teck down by 0.84% and BSE Bankex by 0.53%.
Market breadth was positive at ~1.07 as investors bought large cap stocks. On provisional basis, FII's sold Rs 4.55bn worth of Indian equities and DII's bought Rs 2.95bn worth of equities.
Economic and Corporate Developments
- Business activity across emerging markets expanded in January at the slowest pace in four months, dragged down by sluggish services sectors in the BRIC quartet of big developing countries, a survey showed on Monday.
HSBC's composite emerging markets index of manufacturing and services purchasing managers' surveys slipped for the second month running to 51.4 in January. It stayed under the 2013 average of 51.7 and well below the score of 64.1 posted last January.
- Global rating agency Standard & Poor's today said 2014 will continue to be a challenging year for the asset quality and profitability of the country's banks as the economy is expected to make a tepid recovery.
- Dena Bank closed 2.67% down at Rs 52.95 on BSE after net profit declined 67.2% to Rs 67.80 crore on 10.6% growth in total income to Rs 2662.80 crore in Q3 December 2013 over Q3 December 2012.
- Avanti Feeds hit an upper circuit of 20% to close at Rs 344.20 on BSE after net profit surged 374.4% to Rs 22.44 crore on 100.8% spurt in net sales to Rs 274.43 crore in Q3 December 2013 over Q3 December 2012.
- TV1- Broadcast closed 2.73% up at Rs 22.55 on BSE after consolidated net profit surged 142.72% to Rs 51.70 crore on 2.55% growth in operating revenue to Rs 525.50 crore in Q3 December 2013 over Q3 December 2012.
- Hindustan Construction Company closed 1.24% up at Rs 13.09 on BSE after the company bagged orders worth Rs 725 crore in various business segments.
Sharon Bio-Medicine closed 3.54% up at Rs 383 on BSE after consolidated net profit rose 21.3% to Rs 16.20 crore on 34.3% growth in net sales to Rs 340.04 crore in Q2 December 2013 over Q2 December 2012.
- Sun TV Network closed 1.03% down at Rs 358.80 on BSE after net profit fell 2.2% to Rs 185.79 crore on 5.4% growth in total income to Rs 523.19 crore in Q3 December 2013 over Q3 December 2012.
- United Bank of India closed 6.29% down at Rs 26.80 on BSE after the bank reported a net loss of Rs 1238.0- crore in Q3 December 2013 as against net profit of Rs 42.20 crore in Q3 December 2012.
- Ansal Properties & Infrastructure closed 4.36% down at Rs 19.75 on BSE after consolidated net profit fell 90.66% to Rs 1.4- crore on 3.81% decline in sales & operating income to Rs 267.09 crore in Q3 December 2013 over Q3 December 2012.
- Piramal Glass was locked at 20% upper circuit at Rs 92.80 on BSE after the company's board approved delisting of shares from the stock exchanges.
- Reliance Communications closed 3.95% down at Rs 120.35 on BSE after consolidated net profit rose 2.7% to Rs 10- crore on 1.9% growth in revenue to Rs 5403 crore in Q3 December 2013 over Q3 December 2012.
Cadila Healthcare closed 2.43% up at Rs 925.10 on BSE, with the stock extending Friday's 5.85% rally triggered by the company declaring strong Q3 result.
Puravankara Projects closed 6.36% down at Rs 61.85 on BSE after consolidated net profit fell 68.78% to Rs 20.1 crore on 13.67% decline in revenue to Rs 268.30 crore in Q3 December 2013 over Q3 December 2012.
DLF closed 2.94% up at Rs 142 on BSE, after the company completed the deal to sell its luxury hospitality chain Aman resorts for $35- million.
Godrej Industries closed 3.91% down at Rs 268.95 on BSE after consolidated net profit declined 64% to Rs 65 crore on 18% growth in total income to Rs 2033 crore in Q3 December 2013 over Q3 December 2012.