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Indian stock market daily morning report (February 28, 2014, Friday)
Views on markets today
- Benchmark indices increased for the fourth consecutive day amidst volatile trading and expiry of the February Futures & Options (F&O) derivative contracts. Gains of 2% in index heavyweight ITC also contributed towards the rise.
At close on Wednesday, the 30-share Sensex was up 135 points at 20,987, while the Nifty-50 had increased by 38.75 points at 6,238.80.
The markets will remain close on Thursday on account of Mahashivratri.
- Kinetic Engineering was locked at 5% upper circuit at Rs 36.95 on BSE, with the stock extending Tuesday's 5% rally triggered by the firm selling its entire stake in Mahindra Two Wheelers to Samena Capital.
- Credit Analysis and Research closed 3.32% down at Rs 736.10 on BSE, extending recent losses triggered by IDBI Bank and four other shareholders not finding suitable bids for selling their stakes in the company.
- Precision Wires India closed 6.90% down at Rs 81.00 on BSE as the stock turned ex-dividend on 26th February 2014, for second interim dividend of Rs 4 per share for the year ending 31 March 2014.
- Among the 12 BSE Sectoral Indices 10 sectors closed in positive while 2 sectors ended the day in negative. Top Gainer: BSE FMCG up by 0.99% and BSE Capital Goods by 0.94%. Top Losers: BsE Metal down by 1.80% and BsE Realty by 0.52%.
Market breadth was flat at ~1.01 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 5.11bn worth of Indian equities and DII's sold Rs 2.52bn worth of equities.
- Dr Reddy's Laboratories closed 1.77% up at Rs 2,823.05 on BSE after the company said it has launched Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 ml, for subcutaneous use in the US market.
- Sanofi India closed 3.34% up at Rs 2,728.40 on BSE after net profit surged 106.92% to Rs 92.70 crore on 15.49% increase in total income from operations to Rs 488.30 crore in Q4 December 2013 over Q4 December 2012.
- Mahindra CIE Automotive closed 2.25% down at Rs 77.35 on BSE after Sundaram Mutual Fund acquired 15.02 lakh shares, or 1.63% stake, in the company through a block deal on NSE on Tuesday, 25th February 2014.
- Hindustan Organic Chemicals was locked at 5% upper circuit at Rs 10.60 on BSE, with the stock extending Tuesday's 5% rally triggered by the company's clarification in connection with the sale of a plot owned by the company.
- CEAT closed 0.43% up at Rs 279.85 on BSE after the company said that manufacturing operations resumed at its Bhandup plant from Tuesday, 25th February 2014.
- Arvind Remedies closed 0.70% up at Rs 43.10 on BSE after the company said that on 20th February 2014 the commercial operation of the new unit of the company at Kakkalur, Tiruvellore, Tamil Nadu for few products has been started.
- V-Mart Retail closed 4.45% down at Rs 252.40 on BSE after the central bank restricted foreign institutional investors from buying additional shares in the company as their shareholding has reached the limit.
- Tata Power Company closed 1.85% down at Rs 79.45 on BSE, with the stock extending recent fall triggered by equity dilution worries after the firm said its board of directors will meet on 27th February 2014 to consider various fund raising options
- Clariant Chemicals (India) closed 4.87% down at Rs 608.85 on BSE after the company reported a net loss of Rs 6.10 crore in Q4 December 2013 as against net profit of Rs 22.05 crore in Q4 December 2012.
- Paper Products surged 11.50%, in the afternoon trade, to Rs 93.05 on BSE after the company's Indian promoter sold his entire 3.01% stake in the firm to his foreign partner Huhtavefa BV for Rs 190.11 per share on Friday, 21st February 2014.
- Polaris Financial Technology closed 14.05% up at Rs 164.75 on BSE after the company clarified that it is not planning to sell a stake in the company.
- Ramco Systems closed 1.37% up at Rs 196.00 on BSE after the company announced the successful go-live of Ramco Aviation version 5.6, at Columbia Helicopters Inc.
- Lupin closed 0.68% up at Rs 960.45 on BSE after the company said it has received final approval for its Rifabutin Capsules USP, 150 mg from USFDA to market a generic version of Pharmacia and Upjohn Company's Mycobutin Capsules 150 mg.
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