Key benchmark indices edged lower amid initial volatility tracking weakness in Asian stocks. The barometer index, the S&P BSE Sensex, was currently down 23.93 points or 0.09% at 25,641.34. The market breadth indicating the overall health of the market was strong. Bharti Airtel and Bharti Infratel fell after Bharti Airtel, the promoter of Bharti Infratel has offered to sell up to 4.5 crore shares of Bharti Infratel today, 7 August 2014 through a sale on the separate window provided by the stock exchanges. Jindal Steel & Power (JSPL) rose after announcing Q1 results.
At 9:30 IST, the S&P BSE Sensex was down 23.93 points or 0.09% to 25,641.34. The index declined 71.02 points at the day's low of 25,594.25 in early trade. The index rose 7.54 points at the day's high of 25,672.81 in early trade.
The CNX Nifty was down 12.70 points or 0.17% to 7,659.35. The index hit a low of 7,649.50 in intraday trade. The index hit a high of 7,673.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 932 shares rose and 448 shares fell. A total of 56 shares were unchanged.
The BSE Mid-Cap index was up 30.76 points or 0.33% at 9,232. The BSE Small-Cap index was up 38.51 points or 0.38% at 10,134.79. Both these indices outperformed the Sensex.
Wipro (down 1.44%), TCS (down 1.05%) and Infosys (down 1.2%) edged lower from the Sensex pack.
Bharti Airtel fell 0.53% to Rs 365.60 after the company, the promoter of Bharti Infratel has offered to sell up to 4.5 crore shares of Bharti Infratel today, 7 August 2014 through a sale on the separate window provided by the stock exchanges. Bharti Airtel may also sell additional up to 4 crore shares in the sale. The sale of shares commenced at 9:15 IST and end at 15:30 IST today, 7 August 2014. The floor price of share sale is Rs 250 a share.
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Shares of Bharti Infratel dropped 5.95% to Rs 254.90.
Jindal Steel & Power (JSPL) rose 2.66% after announcing Q1 results. The company's consolidated net profit fell 20% to Rs 402 crore on 10% increase in turnover to Rs 4978 crore in Q1 June 2014 over Q1 June 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 25% to Rs 1629 crore in Q1 June 2014 over Q1 June 2013. EBITDA margin increased to 33% in Q1 June 2014 compared with 29% in Q1 June 2013.
Total production of steel products rose 13% to 800,522 MT on 11% increase in sales to 737,471 MT in Q1 June 2014 over Q1 June 2013, JSPL said in a statement.
Jindal Power's net profit fell 39% to Rs 195 crore on 9% increase in turnover to Rs 702 crore in Q1 June 2014 over Q1 June 2013. EBITDA rose 1% to Rs 427 crore in Q1 June 2014 over Q1 June 2013. EBITDA margin increased to 61% in Q1 June 2014 compared with 65% in Q1 June 2013. Power generation increased 29% to 1,682 kWh in Q1 June 2014 over Q1 June 2013.
Asian stocks fell today, 7 August 2014, as tensions mounted over Ukraine. Key benchmark indices in China, Japan, Indonesia, Taiwan, Hong Kong, Singapore, and South Korea were off 0.05% to 0.59%.
US stocks edged higher on Wednesday, 6 August 2014, on gains in consumer-staples shares.
The US has on Wednesday, 6 August 2014, joined NATO and Poland in warning there's a risk Russia could send troops into Ukraine.
Russia will reportedly ban billions of dollars of food imports from the US and other nations in retaliation for sanctions imposed over the turmoil in Ukraine. Russian President Vladimir Putin yesterday ordered restrictions on imports for one year from countries that have imposed or supported sanctions against Russia
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