A bout of volatility was witnessed in early trade with key benchmark indices trimming gains after a firm start. The S&P BSE Sensex was up 45.36 points or 0.23%, off close to 55 points from the day's high and up about 45 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
FMCG major Hindustan Unilever (HUL) dropped ahead of its Q1 results today, 26 July 2013. Sterlite Industries (India) shrugged off weak Q1 results. Realty major DLF rose after signing definitive agreements to sell its 74% equity stake in its Life Insurance Joint Venture -- DLF Pramerica Life Insurance Company to Dewan Housing Finance Corporation (DHFL) and its group entities.
At 9:30 IST, the S&P BSE Sensex was up 45.36 points or 0.23% to 19.850.12. The index jumped 102.69 points at the day's high of 19,907.45 in early trade. The index gained 1.71 points at the day's low of 19,806.47 in early trade.
The CNX Nifty was up 11.65 points or 0.2% to 5,919.50. The index hit a high of 5,944.50 in intraday trade. The index hit a low of 5,913.70 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 491 shares gained and 247 shares fell. A total of 19 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest of them fell. Hero MotoCorp (up 1.25%), Sun Pharmaceutical Industries (up 1.2%) and Jindal Steel & Power (up 1.22%), edged higher.
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FMCG major Hindustan Unilever (HUL) shed 3.49% ahead of its Q1 results today, 26 July 2013.
State-run Punjab National Bank declined 0.14% ahead of its Q1 results today, 26 July 2013.
IT major Wipro dropped 1.18% ahead of its Q1 results today, 26 July 2013.
Tata Power Company rose 0.67%. The stock turned ex-dividend today, 26 July 2013 for the dividend of Rs 1.15 a share for the financial year ended March 2013 (FY 2013).
Sterlite Industries (India) rose 1.25%, with the stock shrugging off the company's weak Q1 results. Sterlite Industries' consolidated net profit fell 22% to Rs 934 crore on 23% fall net sales/income from operations to Rs 8190 crore in Q1 June 2013 over Q1 June 2012. The company announced the result after market hours Thursday, 25 July 2013.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) declined 7% to Rs 2173 crore in Q1 June 2013 over Q1 June 2012. Sterlite said revenue and EBITDA were lower primarily on account of a temporary closure of the Tuticorin copper smelter, which was partially offset by higher power generation at the Jharsuguda 2,400 megawatts (MW) power plant and higher production at Zinc India. Temporary closure of the Tuticorin smelter negatively impacted EBITDA by Rs. 180 crore. The profit after tax (PAT) and basic EPS were impacted by lower EBITDA and higher losses at associate. Higher interest cost on borrowings was largely offset by increase in other income.
Following the Tamil Nadu Pollution Control Board's (TNPCB) order for closure of the Tuticorin copper smelter on 29 March 2013, the National Green Tribunal (NGT) after hearing company's appeal, passed an interim order on 31 May 2013, conditionally allowing the smelter to recommence operations, and the plant restarted on 23 June 2013. On July 15, 2013, an expert committee confirmed that the plant meets the prescribed standards, and the NGT in its order of even date took cognizance of the findings of the expert committee and observed that the company "is neither an existing pollutant nor is a threat of future pollution (not violating prescribed standards) resulting in health hazards", and declined to modify its earlier interim order dated 31 May 2013, enabling the plant to continue to operate. Separately, the TNPCB has also filed an appeal against the NGT's earlier interim order before the Supreme Court.
Meanwhile, Sterlite Industries (India) said after market hours on Thursday, 25 July 2013 that the proposed merger of the company with Sesa Goa and Vedanta Group consolidation and simplification has received the approval of the High Court of Madras on 25 July 2013 and the High Court of Bombay at Goa on 3 April 2013. One of the shareholders of Sesa Goa has filed an appeal against the order passed dated 3 April 2013 by the High Court of Bombay at Goa before the Division Bench. The hearing before the Division Bench has been completed and the order of the Division Bench is awaited.
Commenting on the company's first quarter results, Mr. Anil Agarwal, Chairman, Sterlite Industries said: "We achieved a strong performance in the first quarter of FY 2014, and delivered production growth at our world-class zinc, silver, power and aluminium businesses despite global economic volatility and lower metal prices. We remain focused on completing the merger with Sesa Goa, and ramping up production from our growth projects across our world class asset portfolio."
Shares of Sesa Goa rose 0.14%.
Realty major DLF rose 1.57%. The company said after market hours on Thursday, 25 July 2013, that it has signed definitive agreements to sell its 74% equity stake in its Life Insurance Joint Venture -- DLF Pramerica Life Insurance Company, a joint venture with Prudential International Insurance Holdings (PIIHL), a subsidiary of Prudential Financial, Inc USA to Dewan Housing Finance Corporation (DHFL) and its group entities. As these agreements are subject to regulatory approvals, hence the transaction consideration shall be disclosed post receipt of all such approvals, DLF said. The transaction is in line with the DLF's ongoing strategy to divest non-core assets.
Most Asian stocks edged higher on Friday, 26 July 2013, following overnight gains on Wall Street. Key benchmark indices in Indonesia, South Korea, Hong Kong and Singapore rose by 0.03% to 0.18%. Key benchmark indices in China, Taiwan and Japan fell by 0.11% to 2.14%.
Japan consumer prices rose the most since 2008 in June, an early sign that the world's third-biggest economy may be starting to shake off 15 years of deflation. Consumer prices excluding fresh food increased 0.4% in June from a year earlier, the statistics bureau said in a statement today.
US stocks rose on Thursday, 25 July 2013, after better-than-expected results from Facebook Inc.
In Europe, UK's second-quarter gross domestic product expanded 0.6% compared with the first quarter and 1.4% higher than a year ago, data released on Thursday, 25 July 2013, showed.
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