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Reports India

Indian stock market daily morning report (July 31, 2014, Thursday)

July 31, 2014, Thursday, 08:03 GMT | 03:03 EST | 11:33 IST | 14:03 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets staged a recovery in late trades to end higher, ahead of the expiry of July derivative contracts, as gains in private banking majors helped offset losses in capital goods major L&T.

The S&P BSE Sensex gained nearly 0.4% or 96 points at 26087 level while the CNX Nifty edged higher by 42 points or 0.5% at 7,791.40 level.

- ITC closed 0.56% up at Rs 363.00 on BSE after the company reported 15.6% rise in net profit to Rs 2,186.39 crore on 24.54% rise in total income to Rs 9,482.84 crore in Q1 June, 2014 over Q1 June, 2013.

- L&T closed 7.32% down at Rs 1,524.40 on BSE after consolidated profit after tax jumped 111% to Rs 967 crore on 10% growth in gross revenue to Rs 19,123 crore in Q1 June, 2014 over Q1 June, 2013.

- Bharti Airtel closed 5.26% up at Rs 373.00 on BSE after consolidated net profit rose 60.91% to Rs 1,108.50 crore on 13.33% increase in total revenues to Rs 22,962 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 Bankex up by 1.57% and BSE Consumer Durables by 1.47%. Top Losers: BSE Capital Goods down by 4.68% and BSE IT by 0.25%.

Market breadth was negative at ~0.8- as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.25bn worth of Indian equities and DII's sold Rs 2.10bn worth of equities.


Economic and Corporate Developments

- Union Finance Minister Arun Jaitley might have startled his party colleagues by threatening to shut down some of the sick central public sector enterprises (CPSEs).

The state of these public sector units is appalling and disinvestment or even closing some of them appears to be the only option to prevent exchequer from further bleeding.

Jaitley is hopeful that through disinvestment he will be able to fund some of the rising expenditure. He is expecting Rs 58,425 crore in the current financial year through sale of stakes in some of the companies. But going by the previous year records, it appears to be a distant dream.

For instance, according to the disinvestment department, the government could raise only Rs 15,819 crore, against the original plan of Rs 40,000 crore in 2013-14. In 2012-13, the actual mop-up was Rs 23,956 crore, compared with the Budget estimate of Rs 30,000 crore.


Buzzing Stocks

- Sesa Sterlite fell 2.41%, in the late morning trade, to Rs 283.30 on BSE after consolidated profit after tax dropped 9.35% to Rs 375.56 crore on 4,706.58% growth in total income to Rs 18,466.8- crore in Q1 June, 2014 over Q1 June, 2013.

- Bharat Heavy Electricals closed 0.63% up at Rs 230.95 on BSE in volatile trade after the company bagged an order valued at Rs 6- crore for setting up a solar power plant in Karnataka.

- IDFC closed 1.69% up at Rs 156.30 on BSE after consolidated net profit fell 13.55% to Rs 481.74 crore on 7.63% fall in total income from operations to Rs 2,122.52 crore in Q1 June, 2014 over Q1 June, 2013.

- Tata Global Beverages closed 1.58% down at Rs 152.75 on BSE after consolidated net profit declined 12.9% to Rs 97.23 crore on 4.2% growth in total income to Rs 1,931.10 crore in Q1 June, 2014 over Q1 June, 2013.

- Akzo Nobel India closed 8.39% down at Rs 1,044.00 on BSE after the stock turned ex-dividend on 30th July, 2014, for total dividend of Rs 75 per share.

- Escorts closed 3.81% down at Rs 117.25 on BSE after net profit declined 41.49% to Rs 34.11 crore on 4.33% decline in net sales to Rs 1,122.11 crore in Q1 June, 2014 over Q1 June, 2013.

- Gujarat Narmada Valley Fertilizers & Chemicals closed 9.57% down at Rs 92.10 on BSE after the company reported net loss of Rs 49.90 crore in Q1 June, 2014 as against net profit of Rs 25.33 crore in Q1 June, 2013.

- Indoco Remedies closed 13.95% up at Rs 217.75 on BSE after net profit surged 118.30% to Rs 20.04 crore on 29.01% increase in total income from operations to Rs 198.63 crore in Q1 June, 2014 over Q1 June, 2013.

- SpiceJet closed 16.17% down at Rs 14.00 on BSE on media reports that the low-cost domestic carrier is facing a severe financial crisis.

- V-Guard Industries closed 3.78% up at Rs 752.55 on BSE after net profit rose 26.1% to Rs 22.25 crore on 16.7% rise in net sales to Rs 473.90 crore in Q1 June, 2014 over Q1 June, 2013.

- Monsanto India closed 5.64% down at Rs 1,874.70 on BSE on reports the government ordered to put field trials of 13 genetically modified crops on hold.

- Lupin closed 4.90% up at Rs 1,173.50 on BSE after consolidated net profit rose 55.77% to Rs 624.74 crore on 30.76% increase in total income to Rs 3,369.73 crore in Q1 June, 2014 over Q1 June, 2013.

- Dr Reddy's Laboratories closed 2.01% up at Rs 2,822.25 on BSE after consolidated net profit surged 52.49% to Rs 550.39 crore on 22.67% growth in total income to Rs 3,536.02 crore in Q1 June, 2014 over Q1 June, 2013.

- Cadila Healthcare closed 3.22% up at Rs 1,165.45 on BSE after consolidated net profit rose 23.15% to Rs 240.21 crore on 24.91% increase in total income to Rs 2,060.53 crore in Q1 June, 2014 over Q1 June, 2013.