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Reports India

Indian stock market daily morning report (July 25, 2014, Friday)

July 25, 2014, Friday, 05:14 GMT | 00:14 EST | 08:44 IST | 11:14 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets maintained winning streak for the eight straight session to end at record closing highs with metal shares rallying the most on the back of upbeat economic data from China. Further, the Cabinet approval for 49% foreign investment in insurance companies through the FIPB route also aided sentiment.

The 30-share Sensex ended at 26,272 up 125 points and the 50-share Nifty ended at 7,831 up by 35 points.

- Shares of nine metal companies rose by 0.40% to 3.78% on BSE on positive economic data in China, the world's largest consumer of copper and aluminum.

Steel Authority of India (up 3.78%), JSW Steel (up 2.37%), Hindalco Industries (up 1.89%), Tata Steel (up 1.83%), Sesa Sterlite (up 1.32%), Hindustan Zinc (up 1.23%), Jindal Steel & Power (up 0.90%), Bhushan Steel (up 0.59%) and NMDC (up 0.40%), edged higher.

- ACC closed 0.98% up at Rs 1,469.00 on BSE after consolidated net profit fell 7.11% to Rs 243.15 crore on 7.49% increase in total income to Rs 3,097.43 crore in Q2 June, 2014 over Q2 June, 2013.

- Mastek closed 2.01% down at Rs 197.40 on BSE after consolidated net profit fell 92.03% to Rs 0.90 crore on 0.9% decline in total income to Rs 227.60 crore in Q1 June, 2014 over Q4 March, 2014.

- TVS Motor Company closed 6.34% down at Rs 158.70 on BSE after net profit jumped 39.3% to Rs 72.30 crore on 31% growth in total revenue to Rs 2,305 crore in Q1 June, 2014 over Q1 June, 2013.

Among the 12 BSE Sectoral Indices - indices closed in positive while 4 indices ended the day in negative. Top Gainers: BSE IT up by 0.90% and BSE FMCG by 0.86%. Top Losers: BSE Consumer Durables down by 0.93% and BSE Power by 0.34%.

Market breadth was flat at ~0.99 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 2.82bn worth of Indian equities and DII's sold Rs 2.90bn worth of equities.


Economic and Corporate Developments

- The Cabinet here approved 49% foreign investment in insurance companies through the FIPB route ensuring management control in the hands of Indian promoters.

"The Cabinet Committee on Economic Affairs has approved raising of FDI cap in insurance sector to 49% from 26%," sources said after a meeting of the CCEA, headed by Prime Minister Narendra Modi.


Buzzing Stocks

- Cairn India closed 6.67% down at Rs 322.65 on BSE after the company's consolidated net profit fell 65.05% to Rs 1,092.90 crore on 10.33% rise in total income from operations (net) to Rs 4,482.85 crore in Q1 June, 2014 over Q1 June, 2013.

- Panacea Biotec closed 9.76% down at to Rs 177.70 on BSE after the company said its board will meet on 1st August, 2014, to consider raising of funds by way of issue of securities aggregating upto Rs 250 crore or equivalent thereof in any currency.

- IPCA Laboratories closed 13.06% down at Rs 727.65 on BSE after the company announced voluntary stoppage of shipments to the US market from the active pharmaceutical ingredients manufacturing facility at Madhya Pradesh.

- Liberty Shoes closed 7.90% down at Rs 294.95 on BSE after net profit rose 0.91% to Rs 3.32 crore on 9.69% decline in total income from operations to Rs 101.9- crore in Q1 June, 2014 over Q1 June, 2013.

- Container Corporation of India closed 1.74% up at Rs 1,328.75 on BSE after the company said it was granted Navratna status by Department of Public Enterprises.

- Financial Technologies (India) hit an upper circuit limit of 10% at Rs 365.75 on BSE, extending recent gains triggered by the company's plan to exit from exchanges businesses.

- Atul closed 7.52% up at Rs 1,306.70 on BSE, with the stock extending Wednesday's 12.58% rally triggered by the company reporting strong Q1 earnings.

- Bharti Infratel closed 3.63% down at Rs 260.00 on BSE after the stock turned ex-dividend,on 24th July, 2014, for a total dividend of Rs 8.90 per share.

- Kewal Kiran Clothing closed 5.21% down at Rs 1,731.80 on BSE after net profit declined 16.74% to Rs 10.14 crore on 14.52% growth in total income from operations to Rs 85.31 crore in Q1 June, 2014 over Q1 June, 2013.

- Sanofi India closed 1.81% up Rs 2,992.75 on BSE after net profit rose 12.3% to Rs 57.50 crore on 18.7% growth in net sales to Rs 486.70 crore in Q2 June, 2014 over Q2 June, 2013.

- Bank of Baroda closed 3.34% up at Rs 882.50 on BSE, extending Wednesday's 2.66% rise triggered by the central bank lifting curb on foreign portfolio investors from buying shares in the bank as foreign shareholding is under prescribed limit.

- L&T Finance Holdings closed 1.66% down at Rs 71.30 on BSE after consolidated net profit rose 97.25% to Rs 285.87 crore on 24.56% growth in total income to Rs 1,468.54 crore in Q1 June, 2014 over Q1 June, 2013.

- Ingersoll-Rand (India) closed 1.83% down at Rs 591.55 on BSE after net profit declined 5% to Rs 13.05 crore on 15.2% growth in net sales to Rs 144.89 crore in Q1 June, 2014 over Q1 June, 2013.

- Jaiprakash Power Ventures closed 7.02% down at Rs 19.20 on BSE after the company said TAQA is withdrawing from the agreement to purchase two hydropower plants owned by the company in Himachal Pradesh.