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Indian stock market daily morning report (February 25, 2014, Tuesday)
Views on markets today
- Benchmark share indices ended near their one-month closing highs amid institutional buying with capital goods and financial shares leading the gains.
The 30-share Sensex ended up 111 points to end at 20,811 and the 50-share Nifty ended up 31 points at 6,186. On January 27, 2014, the Sensex had ended at 20,707 and the Nifty at 6,134.
- Pfizer closed 9.36% up at Rs 1,138.20 on BSE after the company announced an internal corporate restructuring plan.
- IDFC closed 1.05% down at Rs 94.15 on BSE after the Reserve Bank of India after trading hours on Friday, 21 February 2014, said that no further purchases of shares of the company will be allowed on behalf of foreign institutional investors.
- Gujarat State Petronet closed 4.53% up at Rs 60.00 on BSE, extending Friday's 4.94% rise triggered by Appellate Tribunal for Electricity granting an interim stay on the Petroleum and Natural Gas Regulatory Board's order.
- Credit Analysis and Research closed 8.16% down at Rs 788.45 on BSE after the company said that IDBI Bank and four other shareholders did not find suitable bids for selling their stakes in the company.
- Among the 12 BSE Sectoral Indices - sectors closed in positive while only 4 sectors ended the day in negative. Top Gainer: BSE Capital Goods up by 2.53% and BSE Bankex by 1.19%. Top Losers: BSE Power down by 1.45% and BsE Metal by 0.91%.
Market breadth was positive at ~1.06 as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.67bn worth of Indian equities and DII's sold Rs 2.48bn worth of equities.
Economic and Corporate Developments
- Private equity investment in the real estate sector increased by 13% to Rs 7,000 crore last year on higher inflows in the residential segment, global property consultant Cushman & Wakefield said.
"Total inflows from private equity funds in the real estate sector for 2013 was recorded at Rs 7,000 crore ($1.2 billion), an increase of 13% compared to 2012 (Rs 6,200 crore/$1.1 billion)," C&W said in a statement.
Overall private equity investments across sectors in India have also increased by 11% to $10.5 billion in 2013 from $9.49 billion in 2012.The consultant attributed the increase in private equity inflows to "rising investments in residential assets and other sectors like retail and hospitality".
- Tata Power closed 5.02% up at Rs 82.65 on BSE on reports that the electricity regulator allowed the company to raise tariffs and receive compensation to make up for losses incurred at its flagship Mundra plant in Gujarat.
- ICRA hit an upper circuit limit of 20% at Rs 1,913 on BSE after Moody's announced a conditional open offer to acquire an additional stake of at least 21.5% in the company.
- SKS Microfinance rose 2.3%, in the morning trade, to Rs 187.05 on BSE after the company said it has completed seventh substantial microfinance securitization of Rs 158.27 crore during the current financial year.
- Tata Power closed 5.02% up at Rs 82.65 on BSE after the company said the electricity regulator allowed it to raise tariffs and receive compensation to make up for losses incurred at its flagship Mundra plant in Gujarat.
- TVS Motor Company rose 1.7% to Rs 83.85 on BSE after the company announced a reduction in the prices of its two and three wheelers on account of reduction in excise duty announced on 17 February 2014 by the Government of India.
- L&T closed 2.85% up at Rs 1,081.60 on BSE after the company said Foreign Investment Promotion Board has approved foreign direct investment deal between L&T Infrastructure Development Projects and Canada Pension Plan Investment Board.
- SKF India closed 6.81% up at Rs 700.10 on BSE after net profit surged 50.3% to Rs 48.39 crore on 15.2% growth in net sales to Rs 591.17 crore in Q4 December 2013 over Q4 December 2012.
- CEAT fell 4.01%, in the opening trade, to Rs 268.35 on BSE after media reports suggested that a major fire broke out on Sunday, 23 February 2014, at the premises of the company's tyre manufacturing unit in Mumbai.
- United Bank of India closed 5.95% up at Rs 25.80 on BSE after the bank said its board has approved allotment of equity shares on preferential basis to the Government of India.
Reliance Power closed 1.11% up at Rs 63.80 on BSE after the company received favourable order from the electricity regulator in connection with the petition filed by Sasan Power, the company's wholly owned subsidiary.
NTPC closed 11.43% down at Rs 117.05 on BSE on reports the electricity regulator Central Electricity Regulatory Commission has announced the final tariff order.
Rolta India rose 1.42%, in the afternoon trade, to Rs 75 on BSE after the company said it has been awarded a prestigious 3D City Modeling contract valued at $4 million by a major Middle-Eastern country.
BEML closed 2.08% up at Rs 208.15 on BSE after the company said it has rolled out 136th Metro Car to Delhi Metro Rail Corporation, the final consignment for deployment in the RS-6 Project of Delhi Metro.
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