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Reports India

Indian stock market daily morning report (May 13, 2014, Tuesday)

May 13, 2014, Tuesday, 05:34 GMT | 00:34 EST | 10:04 IST | 12:34 SGT
Contributed by Keynote Capitals

Views on markets today

- India's benchmark share indices got off to a flying start to end at new record highs on Monday in anticipation that the exit polls slated for release later today would signal business-friendly Bharatiya Janata Party (BJP) winning majority in the general elections.

The 30-share Sensex ended up 557 points at 23,551 after hitting an intra-day high of 23,572.8- and the 50-share Nifty ended up 155 points at 7,014 after touching an intra-day high of 7,020.05. 11 of the 30 Sensex stocks hit 52-week high, while 12 of Nifty stocks hit 52-week highs in today's trade.

- Shares of oil and gas companies firmed up for the second day in a row on optimism that the BJP-led National Democratic Alliance (NDA) would form the government at the Centre and would push for the much needed reforms in this sector. Among the few key reforms that the market participants expect the new government to undertake include revision in gas prices and clarity on subsidy sharing mechanism.

- Reliance Industries closed 3.17% up at Rs 1,028.95 on BSE after the company, along with its partners, served an arbitration notice over implementation of a new gas price from 1 April 2014.

- IRB Infrastructure Developers closed 13% up at Rs 148.30, extending its 15% rally in past five trading sessions, after the company said it has bagged an Rs 2,300 crore road project in Haryana from National Highways Authority of India (NHAI).

- Among the 12 BSE Sectoral indices, 11 indices closed in positive while 1 index ended the day in negative. Top Gainers: BSE Oil & Gas up by 3.07% and BsE Power by 2.98%. Top Losers: BSE Healthcare down by 0.81%.

Market breadth was neutral at ~0.9- as investors both bought and sold large cap stocks. On provisional basis, FII's bought Rs 12.18bn worth of Indian equities and DII's bought Rs 0.92bn worth of equities.

Economic and Corporate Developments

- Quantum of funds raised by Indian companies from the retail issuance of debt securities or bonds hit a 10-year high of over Rs 42,000 crore in 2013-14, says a report. In comparison, the financial year 2012-13 witnessed a mobilisation of Rs 16,982 crore via public debt issues. These funds have been raised primarily for business expansion plans and to meet capital requirements.

- The Union finance ministry has proposed tightening banks' exposure limits. The argument is that high lending to one company or group could put small state-run banks at risk, especially in the wake of the rising levels of stressed assets. The limit might also be tightened for certain stressed sectors where the risk is higher.

Buzzing Stocks

- Indian Bank closed 0.85% down at Rs 121.80 on BSE after net profit declined 7.13% to Rs 271.2- crore on 5.27% growth in total income to Rs 4234.83 crore in Q4 March 2014 over Q4 March 2013.

- Taj GVK Hotels & Resorts closed 0.37% up at Rs 67.25 on BSE after net profit surged 748.28% to Rs 4.92 crore on

1.26% rise in net sales to Rs 65.07 crore in Q4 March 2014 over Q4 March 2013.

- Blue Dart Express closed 1.16% down at Rs 3,201.50 on BSE after net profit declined 26.6% to Rs 30.65 crore on 12.9% growth in net sales to Rs 502.89 crore in Q4 March 2014 over Q4 March 2013.

- Financial Technologies (India) closed 3.08% down at Rs 254.80 on BSE after the company's board said it would take two weeks more to attain a final bid for its stake in MCX.

- Ahmednagar Forgings closed 5.32% up at Rs 183.95 on BSE, with the stock extending Friday's rally triggered by the company announcing good Q2 result after market hours on Thursday, - May 2014.

- Simplex Realty hit an upper circuit limit of 20% at Rs 112.20 on BSE after net profit surged 5764.29% to Rs 8.21 crore in Q4 March 2014 as against Rs 0.14 crore in Q4 March 2013.

- Gokaldas Exports hit an upper circuit limit of 10% at Rs 60.90 on BSE after the company reported a net profit of Rs 6.35 crore in Q4 March 2014 compared with a net loss of Rs 10.9- crore in Q4 March 2013.

- Cipla closed 1.26% down at Rs 387.60 on BSE in volatile trade after the company said its wholly owned subsidiary has signed a definitive agreement to acquire partial stake in Chase Pharmaceuticals Corporation Inc, US.

- Shasun Pharmaceuticals closed 4.12% down at Rs 157.20 on BSE on profit booking after the stock jumped 37.08% in the preceding six trading sessions to Rs 163.95 on 9 May 2014, from a recent low of Rs 119.60 on 30 April 2014.

- Oberoi Realty closed 1.74% down at Rs 203.40 on BSE, after consolidated net profit dropped 46.93% to Rs 77.03 crore on 29.9% fall in total income to Rs 228.49 crore in Q4 March 2014 over Q4 March 2013.

United Spirits closed 2.79% down at Rs 2,699.95 on BSE after the company agreed to sell its Whyte & Mackay scotch whisky unit to Emperador Inc in a 430 million pound deal.

Chambal Fertilisers & Chemicals closed 2.91% down at Rs 40 on BSE after net profit dropped 75.5% to Rs 5.63 crore on 6.6% fall in net sales to Rs 1441.1- crore in Q4 March 2014 over Q4 March 2013.

Corporation Bank closed 4.95% down at Rs 286.20 on BSE after net profit declined 88.3% to Rs 41.57 crore on 8.6% growth in total income to Rs 5032.62 crore in Q4 March 2014 over Q4 March 2013.

Torrent Pharmaceuticals closed 2.78% up at Rs 642.80 on BSE after consolidated net profit surged 120% to Rs 244 crore on 41% growth in revenue to Rs 1225 crore in Q4 March 2014 over Q4 March 2013.

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