Key benchmark indices hovered between the gains and losses in early trade. The barometer index, the S&P BSE Sensex, was up 23.06 points or 0.11%, up close to 50 points from the day's low and off about 20 points from the day's high. Index heavyweight and cigarette major ITC edged lower in early trade. Another index heavyweight Reliance Industries (RIL) edged higher. The market breadth, indicating the overall health of the market, was positive.
Coal India rose on strong Q4 results. Hotel Leelaventure declined on reverse turnaround in Q4 results. IFCI dropped on poor Q4 results. Divi's Laboratories tumbled nearly 6% on weak Q4 results.
Foreign institutional investors (FIIs) bought shares worth a net Rs 753.37 crore on Monday, 18 May 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 23.06 points or 0.11% to 20,247.01. The index rose 42.49 points at the day's high of 20,266.47 in early trade. The index fell 28.24 points at the day's low of 20,195.74 in early trade.
The CNX Nifty was flat at 6,157. The index hit a high of 6,167.60 in intraday trade. The index hit a low of 6,146.25 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 505 shares advanced and 364 shares declined. A total of 41 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and the rest of them fell.
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Index heavyweight Reliance Industries (RIL) rose 0.49% to Rs 835.
Index heavyweight and cigarette major ITC fell 0.94% to Rs 331.50. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013. The company's net profit rose 19.43% to Rs 1927.98 crore on 19.12% growth in total income to Rs 8511.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced on 17 May 2013. ITC's net profit rose 20.38% to Rs 7418.39 crore on 18.74% growth in total income to Rs 30839.97 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, ITC's net profit rose 21.57% to Rs 7608.07 crore on 19.02% growth in total income to Rs 32505.14 crore in the year ended March 2013 over the year ended March 2012.
ITC's board of directors at its meeting held on Friday, 17 May 2013, recommended a dividend of Rs 5.25 per share for the financial year ended 31 March 2013.
Coal India rose 1.63% on strong Q4 results. The company's net profit jumped 89.66% to Rs 2320.61 crore on 62.86% rise in total income to Rs 2801.58 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Monday, 20 May 2013.
JSW Energy fell 2.15% to Rs 66. Sangita Jindal, one of the promoters of JSW Energy has made an offer for sale of 2.82 crore shares held by her in the company tomorrow, 22 May 2013 exclusively through the separate windows provided by the bourses for this purpose. The sale will commence at 9:15 IST and will close at 15:30 IST on 22 May 2013.
Oracle Financial Services declined 1.15%. Oracle Global (Mauritius), which is a company duly incorporate under the laws of Mauritius and the promoter of Oracle Financial Services has submitted to BSE a notice of offer for sale of 44.30 lakh shares of the company tomorrow, 22 May 2013 through a sale on the separate window provided by the bourses for this purpose.
Divi's Laboratories tumbled 5.93% on weak Q4 results. The company's consolidated net profit fell 16.75% to Rs 180.57 crore on 7.94% decline in total income to Rs 665.10 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Monday, 20 May 2013.
Divi's Laboratories' consolidated net profit rose 12.89% to Rs 602.01 crore on 14.04% growth in total income to Rs 2189.65 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Divi's Laboratories' said that in FY 2013, the addition to fixed assets amounted to Rs 248 crore. In addition, an amount of Rs 303 crore is carried forward as capital work in process (WIP) for the capital works under execution, the company said.
During the year, the company's unit-II facility was successfully inspected by TGA, Australia (GMP), USFDA for Nutraceutical facility, USFDA for API site (pre-approval and Cgmp), Slovenian Medicines Agency (EU GMP inspection for 7 APIs), Divi's Laboratories said in a statement.
Divi's Laboratories' board of directors at a meeting held on Monday, 20 May 2013, recommended dividend of Rs 15 per share for FY 2013.
IFCI shed 0.5% on poor Q4 results. The company's net profit fell 31.61% to Rs 149.94 crore on 8.24% decline in total income to Rs 735.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Monday, 20 May 2013.
IFCI's net profit fell 32.05% to Rs 450.87 crore on 3.18% decline in total income to Rs 2759.30 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
On consolidated basis, IFCI's net profit declined 25.56% to Rs 532.78 crore on 1.84% growth in total income to Rs 3188.67 crore in FY 2013 over FY 2012.
IFCI's board of directors at a meeting held on Monday, 20 May 2013, recommended dividend of Re 1 per share for FY 2013.
Hotel Leelaventure declined 3.23% on reverse turnaround in Q4 results. The company reported net loss of Rs 142.17 crore in Q4 March 2013, as against net profit of Rs 209.66 crore in Q4 March 2012. Total income from operations (net) rose 44.01% to Rs 200.63 crore in Q4 March 2013 over Q4 March 2012.
Hotel Leelaventure reported net loss of Rs 433.46 crore in the year ended 31 March 2013 (FY 2013), as against net profit of Rs 18.63 crore in the year ended 31 March 2012. Total income from operations (net) rose 14.34% to Rs 653.86 crore in FY 2013 over FY 2012.
On consolidated basis, Hotel Leelaventure reported net loss of Rs 433.49 crore in FY 2013, as against net profit of Rs 18.62 crore in FY 2012. Total income from operations (net) rose 14.34% to Rs 653.86 crore in FY 2013 over FY 2012. The operational profit before interest and depreciation has substantially increased to Rs 112.66 crore in FY 2013, from Rs 18.57 crore in FY 2012, a six fold surge YoY. The increase in the revenue and operating profit has come mainly from the The Leela Palace, Delhi which is steadily improving performance and from The Leela, Goa, the company said in a statement.
The Leela Palace, Chennai with 326 rooms commenced its operations in January 2013 and is expected to contribute significantly to the company's revenue and operational profit in FY 2014, Hotel Leelaventure said in a statement.
The company has a total debt of Rs 4602 crore as on 31 March 2013 mainly on account of capital expenditure incurred to set up the Udaipur, Delhi and Chennai hotels, apart from acquiring plots at Agra, Pune and Bangalore, next to The Leela Palace, Hotel Leelaventure said in a statement.
Hotel Leelaventure said it has met its debt service obligations to the lenders during the year, in line with the approved CDR package and is making all efforts to meet the debt service obligations in the current year also by monetization of the non-core assets and stake sale in one or two of its Hotel properties, retaining the operational management. Consequently, the interest burden would be substantially lower from FY 2014-15 onwards, the company said. Hotel Leelaventure said it has signed a Management Contract for managing hotel at Bhartiya City in Bangalore and a memorandum of understanding (MoU) for managing a hotel in Noida being developed by Supertech Group. The company said that it is in discussions with several other developers for managing their hotels in various locations in India and overseas. Hotel Leelaventure said it continues to follow this asset light strategy for future growth.
DLF rose 0.34% to Rs 248.90. The company said after market hours on Monday, 20 May 2013 that the duly authorised Equity Issuance Committee of the board of directors of the company has, by a resolution dated 20 May 2013, allotted 8.1 crore shares to successful applicants at an issue price of Rs 230 per share, aggregating to Rs 1863.42 crore, under the institutional placement programme.
As per the Q4 results calendar, L&T unveils Q4 results tomorrow, 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Asian stocks fell on Tuesday from a five-year high as investors weighed the pace of Federal Reserve stimulus efforts. Key benchmark indices in China, Indonesia, Japan and Taiwan rose by 0.02% to 0.39%. Key benchmark indices in Hong Kong, Singapore and South Korea fell by 0.08% to 0.41%.
Japan's Economy Minister Akira Amari said in Tokyo today that the overly strong yen is in the process of being corrected and he hopes the exchange rate settles at a level suited to the nation's economic fundamentals.
US stocks took a breather from their recent rally Monday, as declines in some of the year's best-performing sectors weighed on benchmarks.
Chicago Federal Reserve President Charles Evans said yesterday the U.S. economy is "improving quite a lot. Investors are looking ahead to Wednesday, 22 May 2013, when Federal Reserve Chairman Ben Bernanke will testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting.
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