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Reports India

Indian stock market daily morning report (May 06, 2014, Tuesday)

May 6, 2014, Tuesday, 04:55 GMT | 23:55 EST | 08:25 IST | 10:55 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets ended flat, amid a volatile trading session, after investors turned cautious and booked profits at higher levels after reports suggested that the recent rally seems to have run ahead of fundamentals. The current market rally has been building up on hopes that the BJP-led NDA alliance emerging victorious in the Lok Sabha elections.

The 30-share Sensex ended up 41 points at 22,445 and the 50-share Nifty gained 4 points to end at 6,699.

- Canara Bank closed 6.49% up at Rs 304.20 on BSE as the bank's gross non-performing assets to gross advances declined to Rs 7,570.21 crore as on 31st March 2014, from Rs -,073.92 crore as on 31st December, 2013.

- Grasim Industries closed 0.62% up at Rs 2,641.30 on BSE after consolidated net profit after minority interest (before exceptional item) rose 11% to Rs 679 crore on 10% growth in revenue to Rs -,419 crore in Q4 March, 2014 over Q4 March, 2013.

- Among the 12 BSE Sectoral indices 7 indices closed in positive while 5 index ended the day in negative. Top Gainers: BSE Oil & Gas up by 1.53% and BSE Metal by 1.21%. Top Losers: BSE Teck down by 1.16% and BSE IT by 0.96%.

Market breadth was negative at ~0.-2 as investors sold large cap stocks. On provisional basis, FII’s bought Rs.2.-0bn worth of Indian equities and DII’s sold Rs.2.24bn worth of equities.


Economic and Corporate Developments

While the overall pharma exports from the country is likely to miss target, exports from Gujarat has, however, managed to clock double digit growth last fiscal.

According to latest data from the Indian Drug Manufacturers' Association (IDMA), India has exported pharmaceutical products including bulk drugs and formulations of Rs 90,649.90 crore during 2013-14, which falls short of the government export target of $25 billion (around Rs 1.5 lakh crore). As per a Ministry of Commerce strategy paper, "As against a target of $25 billion for 2013-14, it is estimated that only $ 17 billion can be achieved - i.e. nearly 70 per cent of the target."

Gujarat contributes nearly 2- per cent to national pharmaceutical exports, said R S Joshi, executive secretary of the IDMA, Gujarat State Board. As per that, the state exported pharmaceutical products worth Rs 25,3-1 crore, which is higher than last fiscal's figure of around Rs 20,000 crore, when the state enjoyed a 25 per cent share of national exports. India's pharma exports were around Rs 79,1-4 crore during 2012-13.


Buzzing Stocks

- Reliance Capital closed 2.2-% down at Rs 341.20 on BSE after consolidated net profit rose 1% to Rs 267 crore on 9% growth in total income to Rs 1,-4- crore in Q4 March, 2014 over Q4 March, 2013.

- Tata Motors closed 0.11% down at Rs 414.25 on BSE after the company's total sales, including exports, of Tata commercial and passenger vehicles fell 34% to 33,-92 vehicles in April, 2014 over April, 2013.

- ABB India closed 1.30% down at Rs -23.-5 on BSE after net profit rose 20% to Rs 52 crore on -% decline in revenues to Rs 1,-10 crore in Q1 March, 2014 over Q1 March, 2013.

- Ashok Leyland closed 0.45% down at Rs 22.35 on BSE after the company reported 21% decline in total sales to 5,-97 units in April, 2014 over April, 2013.

- Pfizer closed 1.96% down at Rs 1,260.20 on BSE after net profit fell 3.66% to Rs 56.03 crore on 2.46% decline in total income from operations to Rs 274.4- crore in Q4 March, 2014 over Q4 March, 2013.

- Reliance Communications closed 3.93% down at Rs 117.20 on BSE after consolidated net profit fell 4-.51% to Rs 156 crore on 4.7-% decline in total income to Rs 5,671 crore in Q4 March, 2014 over Q4 March, 2013.

- Deepak Nitrite jumped 7.-3%, in the morning trade, to Rs 573.75 on BSE after the company said its board approved stock split and bonus issue.

- Astral Poly Technik closed 3.53% up at Rs 566.00 on BSE after net profit declined 4.-9% to Rs 27.7- crore on 29.04% growth in total income from operations to Rs 336.96 crore in Q4 March, 2014 over Q4 March, 2013.

- Indraprastha Gas closed 1.-4% up at Rs 290.-5 on BSE on reports the company on Friday, 2nd May, 2014, raised prices of CNG and PNG, citing rise in input costs.

- Aarti Drugs rose 5.23%, in the opening trade, to Rs 433.90 on BSE, with the stock extending Friday's rally triggered by the company reporting strong Q4 earnings.

- V-Guard Industries surged 9.94%, in the noon trade, to Rs 53-.25 on BSE after net profit surged 129.0-% to Rs 20.4- crore on 12.-0% rise in net sales to Rs 41-.99 crore in Q4 March, 2014 over Q4 March, 2013.

- Shasun Pharmaceuticals rose 2.11%, in the afternoon trade, to Rs 130.45 on BSE after the company said it acquired global rights of Ibuprofen 12 hour extended release OTC tablets and Nuprin brand.

- Ajanta Pharma spurted 10.35%, in the afternoon trade, to Rs 1,07-.-0 on BSE after profit after tax jumped 159% to Rs 70 crore on 25% growth in revenue from operations to Rs 311 crore in Q4 March, 2014 over Q4 March, 2013.

- Financial Technologies (India) hit a lower circuit limit of 5% at Rs 2-5.70 on BSE after the company postponed its decision for divesting 24% stake in MCX to 10th May, 2014, as bidders did not submit binding bids.

- JSW Energy rose 3.-7% to Rs 53.70 on BSE, with the stock recovering on bargain hunting after recent slide.