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Reports India

Indian stock market daily morning report (June 30, 2014, Monday)

June 30, 2014, Monday, 09:12 GMT | 04:12 EST | 12:42 IST | 15:12 SGT
Contributed by Keynote Capitals


Views on markets today

- The markets ended marginally lower, as benchmark indices were in the red in three of the five trading sessions, amid the escalating crisis in Iraq and the Centre deferring its decision on a gas price rise by three months.

For the week, the Sensex slipped 5.59 points, or 0.02%, to end at 25,099.92, while the Nifty fell 2.65 points, or 0.03%, to close at 7,508.8.

- Nine IT shares rose by 0.13% to 7.16% on BSE after US-based consulting and outsourcing services provider Accenture on Thursday, 26 June 2014, reported good Q3 May 2014 earnings.

CMC (up 7.16%), Hexaware Technologies (up 5.32%), HCL Technologies (up 3.04%), Oracle Financial Services Software (up 2.58%), Wipro (up 1.93%), Infosys (up 1.12%) and MphasiS (up 0.13%), edged higher.

- Jubilant FoodWorks fell 1.78% to Rs 1,294.10 on BSE on profit booking after the stock jumped 10.44% in the preceding six trading sessions to Rs 1,317.55 on 26 June 2014, from a recent low of Rs 1,193 on 1- June 2014.

Eicher Motors surged 4.67% to Rs 7,730 on BSE on reports that a foreign brokerage has initiated coverage on the stock with an outperform rating and an aggressive target.

- Century Textiles & Industries rose 2.43% to Rs 583 on BSE after an investment firm run by independent investor Radhakishan Damani bought 0.77% stake in the company on Thursday, 26 June 2014, through a bulk deal on NSE.

- Among the 12 BSE Sectoral indices, - indices closed in positive while 4 indices ended the day in negative. Top Gainers: BSE Healthcare at 2.48% and bSe IT by 2.45%. Top Losers: BSE Metal down by 1.30% and BSE Auto by 0.54%.

Market breadth was positive at ~1.26 as investors bought large cap stocks. On provisional basis, FII's bought Rs 1.92bn worth of Indian equities and DII's sold Rs 1.72bn worth of equities.


Economic and Corporate Developments

The Reserve Bank of India's foreign exchange reserves rose $1.39 billion to $314.92 billion in the week ending June 20, data released on Friday show. Foreign currency assets, a key component of reserves, rose $1.37 billion to $287.96 billion.

Gold reserves remained unchanged during the week. For the week under review, the Special Drawing Rights rose $9.3 million to $4.46 billion, while India's reserve position with the International Monetary Fund was up $3.5 million to $1.71 billion.


Buzzing Stocks

- Tech Mahindra rose 0.85% to Rs 2060 on BSE after the company said that it has operationalised its strategic alliance with Comptel Corporation, which was announced earlier this year.

- Ranbaxy Laboratories jumped 4.72% to Rs 494 on BSE on reports the company has won US drug regulator's approval to make a generic version of Diovan, a blood pressure drug from Novartis AG.

- Atul Auto lost 1.79% to Rs 532.95 on BSE, with the stock sliding on profit booking after recent rally after the company said its board of directors at a meeting held on Thursday, 26 June 2014, approved 2-for-1 stock split.

- Ashok Leyland tumbled 3.96% to Rs 36.40 on BSE on equity dilution worries after the company said its fund-raising committee passed a resolution for a qualified institutional placement.

- GVK Power & Infrastructure rose 0.54% to Rs 18.50 on BSE after the company in a clarification said that it is exploring various options for reducing some of its debt.

- Ranbaxy Laboratories rose 5.74% to Rs 498.85 on BSE after the company won US drug regulator's approval to make a generic version of Diovan, a blood pressure drug from Novartis AG.

- Man Infraconstruction jumped 16.3% to Rs 174.80 on BSE, with the stock extending Thursday's gains triggered by the company's board of directors approving 5-for-1 stock split.

- Ballarpur Industries rose 3.67% to Rs 19.75 on BSE after the company said it is exploring the possibility of listing its step-down subsidiary in an overseas stock market.

- Dewan Housing Finance Corporation lost 1.93% to Rs 353.35 on BSE, with the stock sliding on profit booking after the company said that its rating have been upgraded by Credit Analysis & Research to CARE AAA for long term facilities.

- Reliance Capital rose 1.63% to Rs 633.95 on BSE on report that Japan's Sumitomo Mitsui Trust Holdings Inc may buy a 10% stake in the company by paying $400 million for new shares.

- Dr Reddy's Laboratories rose 1.49% to Rs 2542.10 on BSE after the company announced that it has launched Duloxetine Delayed-Release Capsules in the US market on 26 June 2014.

- Havells India jumped 6.30% to Rs 1,173 on BSE ahead of the company's board meeting on Monday, 30 June 2014, to consider stock split.

- Transformers & Rectifiers (India) was locked at 5% upper circuit at Rs 197.10 on BSE after the company said it has secured an order worth Rs 161 crore from Gujarat Energy Transmission Corporation.

- Nelco rose 2.31% at Rs 57.65 on BSE after the company said it has received a sum of Rs 13.03 crore from Jawaharlal Nehru Port Trust in connection with a judgement dated 6 February 2014, by Bombay High Court.