Indian stock market daily morning report (February 12, 2014, Wednesday)
February 12, 2014, Wednesday, 05:39 GMT | 00:39 EST | 11:09 IST | 13:39 SGT
Views on markets today
- Markets ended flat with a positive bias, amid a range bound trade on Monday, as investors remained cautious ahead of key economic data due for release tomorrow.
The 30- share Sensex ended up 29 points at 20,363 after hitting a high of 20,443 and the 50-share Nifty ended up nine points at 6,063 after touching an intra-day high of 6,082.
- Tata Motors rose 4.53%, in the morning trade, to Rs 380.50 on BSE after consolidated net profit surged 195.14% to Rs 4,805 crore on 38.6% growth in revenue (net of excise) to Rs 63,877 crore in Q3 December 2013 over Q3 December 2012.
- CEAT closed 0.76% up at Rs 316.50 on BSE after consolidated net profit surged 198.5% to Rs 66.95 crore on 15.3% increase in total income to Rs 1,442.34 crore in Q3 December 2013 over Q3 December 2012.
- Dr Reddy's Laboratories closed 0.67% down at Rs 2,658.95 on BSE after consolidated net profit surged 70.21% to Rs 618.42 crore on 22.95% growth in total income to Rs 3,551.49 crore in Q3 December 2013 over Q3 December 2012.
- Among the 12 BSE Sectoral Indices 6 Sectors closed in positive while 6 Sectors ended the day in negative. Top Gainer: BSE IT up by 0.99% and BSE Auto by 0.77%. Top Losers: BSE Power down by 1.02% and bSe Realty by 0.90%.
Market breadth was negative at ~0.92 as investors bought large cap stocks. On provisional basis, FII's sold Rs 1.65bn worth of Indian equities and DII's bought Rs 2.42bn worth of equities.
Economic and Corporate Developments
- Ratings agency Moody's said the emergence of a strong coalition after the results of the Lok Sabha elections would not act as a game changer in the near term for India's creditworthiness.
However, a fragmented government without either a clear mandate or policy platform would heighten downside credit risks, it warned. The agency has pegged India's rating at “Baa3 stable”.
Moody's said a strong showing by one of the major parties, by itself, would not translate into an immediate improvement in India's economic growth and fiscal consolidation. These two factors are key determinants of the country's overall credit quality.
- Piramal Glass closed 18.48% up at Rs 109.95 on BSE, with the stock extending Monday's 20% rally triggered by the company's board approving delisting of equity shares from the stock exchanges.
- Dhanlaxmi Bank closed 5.83% down at Rs 32.30 on BSE after the bank reported a net loss of Rs 119.37 crore in Q3 December 2013 as against net profit of Rs 4.39 crore in Q3 December 2012.
- Manappuram Finance closed 12.00% up at Rs 23.80 on BSE, after a ratings firm revised its rating outlook on ratings of the long-term debt instruments and bank facilities of the company.
- Astrazeneca Pharma India closed 15.63% up at Rs 854.55 on BSE after the company reported a net profit of Rs 1.52 crore in Q3 December 2013 as against net loss of Rs 17.70 crore in Q3 December 2012.
- Hindalco Industries closed 2.01% down at Rs 104.70 on BSE after the company's US subsidiary Novelis reported its Q3 results on Monday, 10 February 2014.
- NMDC closed 0.45% down at Rs 144.95 on BSE after net profit rose 21.2% to Rs 1,567.30 crore on 37.8% rise in net sales to Rs 2,821.53 crore in Q3 December 2013 over Q3 December 2012.
- Entertainment Network (India) jumped 5.8%, in the opening trade, to Rs 362.80 at on BSE after consolidated net profit surged 37.7% to Rs 25.8- crore on 12.8% growth in net sales to Rs 98.21 crore in Q3 December 2013 over Q3 December 2012.
- Sun Pharmaceutical Industries closed 0.46% up at Rs 608.60 on BSE after the company's US unit Taro Pharmaceutical Industries reported good results for the quarter ended 31 December 2013.
- Kirloskar Electric Company closed 6.67% down at Rs 18.20 on BSE after the company reported a net loss of Rs 19.54 crore in Q3 December 2013 as against net profit of Rs 1.15 crore in Q3 December 2012.
- Automotive Axles lost 4.63%, in the intraday, to Rs 262.65 on BSE after net profit fell 52.3% to Rs 2.90 crore on 32.8% decline in net sales to Rs 133.29 crore in Q1 December 2013 over Q1 December 2012.
- Reliance Industries closed 1.96% down at Rs 805.50 on BSE on reports Delhi Chief Minister has asked for legal cases to be filed against the company's chairman and policymakers over pricing of gas produced from the D6 block in the east coast.
- Aditya Birla Nuvo closed 0.55% up at Rs 1,103.40 on BSE, with the stock reversing intraday fall after the company declared good Q3 results during market hours today, 11 February 2014.
- Hinduja Global Solutions closed 5.78% down at Rs 611.00 after consolidated net profit rose 26% to Rs 54.1 crore on 1.5% rise in net sales to Rs 656.9 crore in Q3 December 2013 over Q2 September 2013.