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Indian stock market daily morning report (February 25, 2014, Wednesday)

February 26, 2014, Wednesday, 06:40 GMT | 01:40 EST | 12:10 IST | 14:40 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets ended a volatile session of trade in the positive territory ahead of February derivative contracts expiry today. This was the third consecutive session of gains.

The expiry is scheduled on a Wednesday as the markets will be closed on Thursday due to Mahashivratri.

At close, the 30-share Sensex was up 41 points at 20,852 and the Nifty added 14 points to close at 6,200.

- Shares of eight firms that have applied for a banking license rose by 0.41% to 3.11% on media report that an advisory committee is due to give its recommendations on bank licences by this weekend to the Reserve Bank of India.

Muthoot Finance (up 3.11%), L&T Finance Holdings (up 3.06%), LIC Housing Finance (up 2.61%), Edelweiss Financial Services (up 2.34%), Bajaj Finance (up 1.92%), IDFC (up 1.70%), Reliance Capital (up 0.55%) and Religare Enterprises (up 0.41%), edged higher.

- Vesuvius India fell 3.61% to Rs 469.05 on BSE after net profit fell 23.05% to Rs 13.59 crore on 1.17% increase in total income from operations to Rs 155.34 crore in Q4 December 2013 over Q4 December 2012.

- Kinetic Engineering was locked at 5% upper circuit at Rs 35.20 on BSE after the firm said it has sold its entire shareholding in Mahindra Two Wheelers to Samena Capital, a Private Equity Investment Group focused on Asia and Middle east.

- Among the 12 BSE Sectoral Indices - sectors closed in positive while only 4 sectors ended the day in negative. Top Gainer: BSE Consumer Durables up by 2.96% and BSE IT by 0.90%. Top Losers: BSE Metal down by 1.75% and BsE Power by 0.42%.

Market breadth was negative at ~0.96 as investors sold large cap stocks. On provisional basis, FII's bought Rs 4.23bn worth of Indian equities and DII's sold Rs 2.89bn worth of equities.


Economic and Corporate Developments

- The Bimal Jalan panel, which scrutinised applications for new bank licences, submitted its report along with shortlisted entities to the Reserve Bank of India.

"We have submitted report (on new bank licences) to RBI," Jalan, a former Reserve Bank Governor, said after a four-hour meeting here.

The report contains names of entities eligible for bank licences. It was not immediately known how many applicants have been shortlisted by the high-level advisory panel.


Buzzing Stocks

- Cadila Healthcare rose 2%, in the morning trade, to Rs 1,015 on BSE after the company said it has received the final approval from USFDA to market Clonidine Hcl Injection 0.1 and 0.5 mg/ml, 10 ml in the United States.

- Tata Power Company closed 2.06% down at Rs 80.95 on BSE on equity dilution worries after the company said its board of directors will meet on 27 February 2014 to consider various fund raising options.

- Elecon Engineering Company closed 6.98% up at Rs 25.30 on BSE after the company said its subsidiary, Elecon EPC Projects, secured an order worth Rs 246.7- crore from NTPC.

- Ranbaxy Laboratories closed 0.99% up at Rs 367.05 on BSE after the company said it has suspended shipment of pharmaceutical ingredients produced at its Toansa and Dewas plants in India.

- Mastek rose 2.51%, in the opening trade, to Rs 223 on BSE after the firm said its board has decided to proceed with buyback of up to 32 lakh fully paid-up equity shares at a maximum buyback price of Rs 250 per share for an amount not exceeding Rs 54.50 crore.

- Gujarat Gas Company closed 6.01% up at Rs 235.50 on BSE after the company said its board approved the consolidation of city gas distribution business.

- Hindustan Organic Chemicals was locked at 5% upper circuit at Rs 10.10 on BSE after the company said that Maharashtra Industrial Development Corporation has approached it in connection with the sale of a plot owned by the company.

- Ambuja Cements closed 2.47% up at Rs 163.90 on BSE after the company announced resumption of mining operations at Himachal Pradesh plants.

- Gujarat State Petronet closed 3.42% down at Rs 57.95 on BSE, with the stock sliding on profit booking after recent rally triggered by Appellate Tribunal for Electricity granting an interim stay on PNGRB's order.

- Petron Engineering Construction closed 6.90% up at Rs 89.05 on BSE after the company said it has received an order worth approximately Rs 196 crore from Petrochemicals.

- Federal Bank closed 2.31% up at Rs 75.30 on BSE after the bank said that CCEA has accorded its approval for foreign equity participation upto 74% of the paid-up capital of the bank, with sub-limit of 49% by FIIs and 24% for nRis.

- Pfizer rose 1.04%, in the opening trade, to Rs 1,150 on BSE, extending Monday's 9.36% spurt triggered by the company announcing an internal corporate restructuring plan.

- Punj Lloyd closed 1.52% down at Rs 25.90 on BSE after the company said that PTT Public Company has issued a notice of termination for a transmission pipeline contract.

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