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Reports India

Indian stock market daily morning report (March 03, 2014, Monday)

March 3, 2014, Monday, 06:34 GMT | 01:34 EST | 11:04 IST | 13:34 SGT
Contributed by Keynote Capitals


Views on markets today

- Key benchmark indices edged higher on resumption of buying of Indian stocks by foreign institutional investors (FIIs). The barometer index, the S&P BSE Sensex, attained 5-week closing high.

The S&P BSE Sensex garnered 419.37 points or 2.02% to settle at 21,120.12, its highest closing level since 24 January 2014. The 50-unit CNX Nifty garnered 121.50 points or 1.97% to settle at 6,276.95, its highest closing level since 23 January 2014.

- Tech Mahindra and United Spirits rose by 1.23% to 1.91% on BSE as both these stocks will enter the coveted 50-unit CNX Nifty index from 2- March 2014.

Tech Mahindra (up 1.91%) and United Spirits (up 1.23%), edged higher.

- Mahindra & Mahindra lost 0.56% to Rs 957 on BSE after consolidated net profit declined 1.93% to Rs 1230 crore on 8.5% growth in gross revenue and other income to Rs 20679.90 crore in Q3 December 2013 over Q3 December 2012.

- Kinetic Engineering was locked at 5% upper circuit at Rs 38.75 on BSE, with the stock extending recent rally triggered by the firm selling its entire stake in Mahindra Two Wheelers to Samena Capital.

- Reliance Industries fell 1% to Rs 802.55 on BSE after the company clarified on allegations regarding its involvement in money laundering in India.

- Bharti Airtel fell 0.19% to Rs 287.60 on BSE after Nigeria's telecoms regulator fined the company for poor service quality in January 2014.

- Among the 12 BSE Sectoral Indices 9 sectors closed in positive while 3 sectors ended the day in negative. Top Gainer: BSE Healthcare up by 2.27% and BSE IT by 1.44%. Top Losers: BSE Consumer Durables down by 0.67% and BSE FMCG by 0.33%.

Market breadth was near flat at ~0.9- as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 5.91 bn worth of Indian equities and DII's sold Rs 0.12bn worth of equities.


Economic and Corporate Developments

- In spite of impending bifurcation of Andhra Pradesh, the housing sentiment index (HSI) of Hyderabad has increased 22 per cent to 101 in the third quarter of the current financial year, according to a report by IIM Bangalore (IIM-B) and property portal Magicbricks.com.


Buzzing Stocks

- Tata Power Company rose 0.44% to Rs 79.80 on BSE after the firm said its board has approved raising funds up to Rs 2000 crore by way of a rights issue of equity shares, subject to all applicable statutory and regulatory approvals.

- Maruti Suzuki India fell 2.84% to Rs 1,614.50 on BSE after the company clarified regarding its board decision on the proposed Gujarat project.

- Bosch lost 2.29% to Rs 9,261 at 9:57 IST on BSE after net profit declined 19.22% to Rs 138.9- crore on 0.44% growth in total income to Rs 2255.13 crore in Q4 December 2013 over Q4 December 2012.

- Jubilant Life Sciences jumped 6.39% to Rs 124 on BSE after the company said that the US drug regulator classified the company's pharmaceutical manufacturing facility at Montreal in Canada as acceptable.

- Petron Engineering Construction surged 4.66% to Rs 92 on BSE after the company said it has received Fax of Acceptance dated 26 February 2014 from BPCL, Ernakulam, Kerala for a project worth approximately Rs 213 crore.

- Dr Reddy's Laboratories rose 2.75% to Rs 2912 on BSE, with the stock extending Wednesday's gains triggered by the firm launching Sumatriptan Injection USP, Autoinjector System 6 mg/0.5 ml, for subcutaneous use in the US market.

- Lanco Infratech rose 3.49% to Rs 6.53 on BSE after the company said it has emerged as the successful bidder for an EPC contract of about Rs 3960 crore from Tamil Nadu Generation and Distribution Corporation.

- L&T rose 1.14% to Rs 1,109 on BSE after the company said L&T Construction won new orders worth Rs 5220 crore across various business segments in January and February 2014.

- Jaiprakash Power Ventures spurted 9.01% to Rs 16.09 on BSE after the company said its board will meet on 1 March 2014, to consider recommendations aimed at reducing the company's debt and unlocking shareholders' value.

- Bharat Heavy Electricals rose 2.25% to Rs 165.70 on BSE, with the stock extending recent gains triggered by the company securing a contract worth Rs 321 crore for setting up a 206 megawatts hydro electric project in Punjab.

- Venus Remedies rose 4.26% to Rs 238.80 on BSE after the company said it received marketing authorisation for its flagship research product, Elores, from Myanmar.

- Elantas Beck India surged 8.85% to Rs 542.95 on BSE after the firm at the time of announcement of Q4 December 2013 results said its board has recommended payment of dividend of Rs 55 per share for the year ended 31 December 2013.

- Titan Company lost 1.26% to Rs 242.25 on BSE, with the stock sliding on profit booking after recent rally after the firm said it has entered into a joint venture agreement with a Netherlands firm viz. Montblanc Services B.V.