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Reports India

Indian stock market daily morning report (July 23, 2014, Wednesday)

July 23, 2014, Wednesday, 08:13 GMT | 03:13 EST | 11:43 IST | 14:13 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices firmed up in late trades to end near their day's highs with the Sensex closing above 26,000 for the second time amid a rally in telecom shares and renewed buying interest in Reliance Industries and HDFC Group shares. Foreign institutional investors which have remained net buyers in the previous four sessions also aided sentiment.

The 30-share Sensex ended up 311 points at 26,026 after hitting an intra-day high of 26,050 and the 50-share Nifty gained 84 points to close at 7,76- after touching a high of 7,774.

- HDFC and HDFC Bank rose by 1.62% to 3.15% on BSE after HDFC said it has no proposal for merger with HDFC Bank. HDFC (up 3.15% at Rs 1042.85) and HDFC Bank (up 1.62% at Rs 841.45), edged higher.

- Shares of five telecom companies rose by 1.14% to 4.58% on BSE after the telecom sector regulator recommended allowing sharing of all categories of spectrum - Bharti Airtel (up 4.58%), Idea Cellular (up 4.47%), Tata Teleservices (Maharashtra) (up 2.92%), Reliance Communications (up 2.72%) and MTNL (up 1.14%), edged higher.

- Asian Paints rose 1.54% to Rs 603.05 on BSE after consolidated net profit rose 23.07% to Rs 338.70 crore on 18.85% increase in total income to Rs 3,409.55 crore in Q1 June, 2014 over Q1 June, 2013.

- Tata Coffee lost 1.61% to Rs 952.60 on BSE after consolidated net profit fell 24.93% to Rs 30.31 crore on 10.5% decline in total income from operations to Rs 374.52 crore in Q1 June, 2014 over Q1 June, 2013.

- Among the 12 BSE Sectoral Indices 10 indices closed in positive while 2 indices ended the day in negative. Top Gainers: BSE Teck up by 2.02% and BSE IT by 1.78%. Top Losers: BSE Capital Goods down by 0.69% and BSE Power by 0.33%.

Market breadth was flat at ~0.97 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs4.12bn worth of Indian equities and DII's sold Rs 0.59bn worth of equities.


Economic and Corporate Developments

- The government is planning to offload its stake in certain profit-making infrastructure companies of Indian Railways, a move that will help such companies to get listed on stock exchanges as well as raise funds for exchequer.

There are about half a dozen companies which are managed by Indian Railways. These include RITES, IRCON, IRFC, IRCTC, and RailTel Corporation. Since these companies are not listed it is likely that the initial public offer (IPO) will be accompanied by government offloading its stake.


Buzzing Stocks

- Idea Cellular rose 3.15% to Rs 144.15 on BSE after consolidated net profit surged 57.37% to Rs 728.20 crore on 15.63% growth in total revenue to Rs 7,560.99 crore in Q1 June, 2014 over Q1 June, 2013.

- Exide Industries rose 5% to Rs 165.80 on BSE after the company reported 16.68% rise in net profit to Rs 185.30 crore on 17.41% rise in net sales to Rs 1,909.61 crore in Q1 June, 2014 over Q1 June, 2013.

- Tata Metaliks surged 7.24% to Rs 121.40 on BSE, with the stock extending Monday's rally triggered by the company reporting turnaround results in Q1.

- Hitachi Home & Life Solutions (India) jumped 5.55% to Rs 384.35 on BSE after net profit surged 202.3% to Rs 43.02 crore on 27.1% increase in net sales to Rs 595.94 crore in Q1 June, 2014 over Q1 June, 2013.

- Foseco India rose 1.96% to Rs 735 on BSE after net profit rose 26.3% to Rs 6.34 crore on 12% increase in net sales to Rs 64.72 crore in Q1 June, 2014 over Q1 June, 2013.

- Linde India lost 1.58% to Rs 345.10 on BSE after the company reported a net loss of Rs 1.69 crore in Q2 June, 2014 as against net profit of Rs 5.94 crore in Q2 June, 2013.

- Savita Oil Technologies slumped 5.37% to Rs 730 on BSE after net profit declined 15.5% to Rs 6.31 crore on 1.1% growth in net sales to Rs 485.61 crore in Q1 June, 2014 over Q1 June, 2013.

- Indoco Remedies jumped 18.51% to Rs 195 on BSE after the company said it received an approval from the US drug regulator for two of its facilities in Goa.

- Helios and Matheson Information Technology rose 2.58% to Rs 89.40 on BSE after the company said its board of directors will meet on 25th July, 2014, to consider raising of long term funds.

- Tech Mahindra rose 0.1% to Rs 2112.85 on BSE after the company, on 22nd July, 2014, announced its plans to significantly expand in Korea.

- Reliance Industries rose 3% to Rs 1,027.30 on BSE, extending Monday's 2.11% rise triggered by the company's good Q1 June, 2014 results.

- Thermax tumbled 6.43% to Rs 888.05 on BSE after net profit fell 17.7% to Rs 41.40 crore on 2.7% decline in operating revenue to Rs 839.40 crore in Q1 June, 2014 over Q1 June, 2013.

- Kansai Nerolac Paints jumped 6.36% to Rs 1675 on BSE after net profit rose 19.71% to Rs 72.9- crore on 16.64% growth in total income from operations to Rs 923.70 crore in Q1 June, 2014 over Q1 June, 2013.

BS rose 1.77% to Rs 37.40 on BSE after the company said it bagged an order worth Rs 69 crore in Andhra Pradesh.

- Ind-Swift Laboratories jumped 10.96% to Rs 49.60 on BSE after the company said it is contemplating raising of funds to expand the existing manufacturing capacities.