Key benchmark indices surged as the rupee recovered in choppy trade after the government raised import duty on gold and silver ahead of peak festival-season demand as part of efforts to curb dollar outflows and narrow a wide current-account deficit. The barometer index, the S&P BSE Sensex, the 50-unit CNX Nifty, both, attained their highest closing level in almost two-weeks. The Sensex jumped 282.86 points or 1.49%, up close to 365 points from day's low and off about 20 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Gains in world stocks underpinned sentiment.
Indian stocks gained for the third straight day today, 13 August 2013. From a recent low of 18,664.88 on 7 August 2013, the Sensex has gained 564.96 points or 3.02% in three trading sessions. The Sensex has declined 115.86 points or 0.59% in this month so far (till 13 August 2013). The Sensex has declined 196.87 points or 1.01% in calendar 2013 so far (till 13 August 2013). From a 52-week high of 20,443.62 on 20 May 2013, the Sensex has fallen 1,213.78 points or 5.93%. From a 52-week low of 17,250.80 on 5 September 2012, the Sensex has surged 1,979.04 points or 11.47%.
Coming back to today's trade, Mahindra & Mahindra (M&M) edged higher in volatile trade after the company announced good Q1 results. ONGC fell in choppy trade after the company reported weak Q1 result. Hindalco Industries declined in volatile trade after its US subsidiary Novelis Inc. reported weak Q1 result on Monday, 12 August 2013. ICICI Bank reversed direction after hitting a 52-week low. DLF surged after the company reported turnaround financial performance on sequential basis in Q1 June 2013.
Indian Oil Corporation dropped in choppy trade after declaring Q1 June 2012. Oil India dropped after reporting weak Q1 result. Godrej Consumer Products gained on high volume after multiple bulk deals were executed on the counter. Shares of jewellery retailer Titan Industries dropped after the government raised import duty on gold to 10% from 8%. Sintex Industries jumped on high volume.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 12 August 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 416.10 crore from the secondary equity markets on Monday, 12 August 2013, as per data from Securities & Exchange Board of India.
The rupee recovered against the dollar in choppy trade after the government raised import duty on gold and silver ahead of peak festival-season demand as part of efforts to curb dollar outflows and narrow a wide current-account deficit. The partially convertible rupee was hovering at 61.18, stronger than its close of 61.2750/2850 on Monday, 12 August 2013. The rupee had record low of 61.80 in intraday deals on 6 August 2013.
The government has increased the import duty on gold to 10% from 8% and on silver to 10% from 6%. The move comes within a day of Finance Minister P. Chidambaram announcing plans to narrow the current-account deficit to 3.7% of gross domestic product in the fiscal year ending March 31, 2014, from 4.8% last year. Gold imports are a substantial drain on the country's foreign-exchange reserves, accounting in part for the Indian rupee falling to record low recently.
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The S&P BSE Sensex was up 282.86 points or 1.49% to 19,229.84, its highest closing level since 1 August 2013. The index jumped 301.13 points at the day's high of 19,248.11 in late trade. The index fell 82.17 points at the day's low of 18,864.81 in early trade.
The CNX Nifty was up 86.90 points or 1.55% to 5,699.30, its highest closing level since 1 August 2013. The index hit a high of 5,704.75 and a low of 5,578.90 in intraday trade.
The BSE Mid-Cap index rose 1.12% and the BSE Small-Cap index gained 1.01%. Both these indices underperformed the Sensex.
The BSE Realty index (up 4.48%), BSE Bankex (up 2.92%), BSE Auto index (up 2.32%), BSE Power index (up 2.04%), BSE Teck index (up 1.83%), BSE IT index (up 1.76%), and BSE HealthCare index (up 1.66%), outperformed the Sensex.
The BSE Consumer Durables index (down 0.2%), BSE Metal index (down 0.05%), BSE Oil & Gas index (up 0.34%), BSE PSU index (up 0.53%), BSE FMCG index (up 0.68%), and BSE Capital Goods index (up 0.91%), underperformed the Sensex.
The total turnover on BSE amounted to Rs 1952 crore, higher than Rs 1681 crore on Monday, 12 August 2013.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,444 shares gained and 899 shares fell. A total of 146 shares were unchanged.
Among the 30-share Sensex pack, 25 stocks gained and only five of them declined.
Shares of two wheeler companies gained. Hero MotoCorp (up 1.92%) and Bajaj Auto (up 2.94%) edged higher.
Maruti Suzuki India rose 1.35%. The stock turned ex-dividend today, 13 August 2013, for dividend of Rs 8 per share for the year ended 31 March 2013 (FY 2013).
Tata Motors surged after its British luxury car unit Jaguar Land Rover (JLR) reported strong sales for July 2013. The stock jumped 3.99% to Rs 292.20. JLR's sales jumped 21% to 31,611 units in July 2013 over July 2012. Sales of the Jaguar brand of vehicles jumped 65% to 6,157 units in July 2013 over July 2012. Land Rover sales rose 14% to 25,454 vehicles in July 2013 over July 2012.
Mahindra & Mahindra (M&M) edged higher in volatile trade after the company announced good Q1 results during trading hours. The stock rose 1.44% to Rs 872.50. The scrip hit high of Rs 897.85 and low of Rs 866.45. M&M said that combined net profit of the company and its 100% subsidiary Mahindra Vehicle Manufacturers (MVML) rose 16.9% to Rs 909.70 crore in Q1 June 2013 over Q1 June 2012. The combined gross revenue of M&M and MVML rose 8% to Rs 10801.50 crore in Q1 June 2013 over Q1 June 2012. MVML, located at Chakan near Pune in Maharashtra, has been set up as a 100% subsidiary of M&M with a view to source contemporary products for expanding the market offering of M&M
M&M said that the good growth in the profits of the combined entity (M&M and MVML) in the quarter was due to good volume performance by farm equipment sector and tight control on expenses. The operating margin of the combined entity during the quarter improved to 14.4% in Q1 June 2013, from 13.9% in Q1 June 2012.
M&M said its recent acquisition of Ssangyong Motor Company, South Korea broke even for the first time since its acquisition in March 2011, with profit after tax of Rs 41 crore in Q1 June 2013.
With regard to future business outlook, M&M said that a fair degree of macroeconomic turbulence in the near term seems inevitable and hence the company, at this point, maintains a cautious and watchful outlook on the economy.
Steel major Tata Steel rose 1.94%, with the stock extending Monday's 8.29% rally. The company declares its Q1 results today, 13 August 2013.
Hindustan Copper declined 2.92%. The company's net profit fell 61.32% to Rs 18.57 crore on 26.91% fall in total income to Rs 245.75 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Monday, 12 August 2013.
Sesa Goa rose 0.85%. The company after market hours on Monday, 12 August 2013, said that the Division Bench of the High Court of Bombay at Goa vide its order dated 12 August 2013 has dismissed the appeal filed by the shareholder of Sesa Goa and sanctioned the Scheme of amalgamation and arrangement amongst Sterlite Industries (India), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors and the scheme of amalgamation of Ekaterina with the company and their respective shareholders and creditors.
Sterlite Industries (India) rose 0.83%, with the stock extending Monday's 2.42% gain. The company on 8 August 2013 said that the National Green Tribunal (NGT) has in its judgment upheld its interim order of 31 May 2013, and has allowed the company's Tuticorin Copper Smelter to continue to operate.
Hindalco Industries declined in volatile trade after its US subsidiary Novelis Inc. reported weak Q1 result on Monday, 12 August 2013. The stock lost 2.45% at Rs 91.45. The stock hit high of Rs 93.95 and low of Rs 89.80. Novelis' net profit fell 84.61% to $14 million on 5.56% decline in net sales to $2.408 billion in Q1 June 2013 over Q1 June 2012. Excluding certain tax-effected items, net profit for Q1 June 2013 was $21 million. Novelis is a subsidiary of Hindalco Industries.
Adjusted EBITDA declined 21.23% to $204 million in Q1 June 2013 over Q1 June 2012. Novelis said that latest quarter's results included a non-recurring $14 million amendment to the company's employee Long-Term Incentive Plan. In addition, the company faced continued pricing headwinds and softer than expected demand for beverage can sheet partially driven by unfavorable weather conditions.
Novelis said the decline in sales was primarily due to a 7% decline in average aluminum prices, lower shipments, and lower conversion premiums.
"Despite the challenges we faced in the first quarter, we maintained financial discipline through good cost control and will continue this focus on cost containment going forward. In addition, our global strategic expansions and favorable demand trends supported by the 2014 World Cup in Brazil and automotive material substitution towards aluminum sheet will also help drive our business forward in the second half of this fiscal year", said Phil Martens, President and Chief Executive Officer for Novelis.
On standalone basis, Hindalco Industries' net profit rose 11.52% to Rs 474 crore on 3.15% decline in revenue from operations to Rs 5838 crore in Q1 June 2013 over Q1 June 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 3.45% to Rs 479 crore in Q1 June 2013 over Q1 June 2012. Hindalco announced the standalone results during trading hours today, 13 August 2013.
Other income for Q1 June 2013 includes non-recurring income of Rs 203 crore, sharply higher than Rs 130 crore in Q1 June 2012.
Hindalco said that the performance in Q1 June 2013 was achieved despite adverse macro-economic headwinds. The average aluminium prices on LME dropped by around 7% on year on year basis in Q1 June 2013. This sharp fall in prices was partially cushioned by the depreciating rupee, Hindalco said. As in the corresponding quarter of last year, the copper business carried out a planned shutdown in one its smelters that resulted in a lower than normal level of production, Hindalco said.
Hindalco Industries said that lower metal prices led to a 3% drop in sales revenue in Q1 June 2013.
Finance costs during the quarter were higher on account of higher average borrowing compared to Q1 June 2012. Finance costs surged 83.95% to Rs 149 crore in Q1 June 2013 over Q1 June 2012.
Hindalco Industries said that there has been a significant progress on all projects being implemented by the company and its subsidiary Utkal Alumina International (UAIL). The company also said that in view of the delays in getting various regulatory approvals and the current uncertain economic environment, the company is re-evaluating its investment strategy with respect to its proposed Aditya Refinery and Jharkhand Aluminium Projects.
On future business outlook, the company said that its focus is now on ramping up the new projects already on stream. Depressed LME prices in an otherwise inflationary scenario pose a significant challenge, Hindalco said. However, the company is confident of riding through these challenges with its trust on stabilizing the projects, operational efficiencies and cost control, Hindalco Industries said.
Index heavyweight Reliance Industries rose 0.83% to Rs 852.35 in choppy trade. The stock hit a high of Rs 859.95 and low of Rs 835.
ONGC fell in choppy trade after the company reported weak Q1 result after market hours on Monday, 12 August 2013. The stock was off 0.95% at Rs 275. The scrip hit high of Rs 278.60 and low of Rs 270.90 so far during the day. ONGC's net profit fell 33.92% to Rs 4015.98 crore on 3.35% decline in total income to Rs 20505.03 crore in Q1 June 2013 over Q1 June 2012.
ONGC gave a gross subsidy discount of Rs 12622 crore in Q1 June 2013, which was higher than Rs 12346 crore in Q1 June 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 10803 crore and profit after tax (PAT) by Rs 7131 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
ONGC said that due to changes in accounting policies, the profit before tax was higher by Rs 222 crore.
ONGC said it has provided for Rs 1611 crore in Q1 June 2013 towards contribution for conversion of Post Retirement Benefit Scheme from Defined Benefit Scheme to Defined Contributory Scheme based on guidelines of the Department of Public Enterprise.
ONGC reported 4 hydrocarbon discoveries in Q1 June 2013 and an additional discovery in August 2013.
Oil India shed 1.3% to Rs 472.20 after the company reported weak Q1 result during market hours today, 13 August 2013. The company's net profit fell 34.5% to Rs 609.08 crore on 12.68% fall in total income to Rs 2449.43 crore in Q1 June 2013 over Q1 June 2012.
Oil India's subsidy sharing burden declined 1.66% to Rs 1982.06 crore in Q1 June 2013 over Q1 June 2012. Oil India shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
BPCL rose 0.72%. The company reported net profit of Rs 150.32 crore in Q1 June 2013, compared with net loss of Rs 8836.75 crore in Q1 June 2012. Total income rose 7.67% to Rs 59074.74 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours today, 13 August 2013.
BPCL said market sales rose 1.05% to 8.59 MMT in Q1 June 2013 over Q1 June 2012.
BPCL's average Gross Refining Margin (GRM) surged to $4.05 per barrel in Q1 June 2013, from $2.62 a barrel in Q1 June 2012.
During the Quarter ended June 2013, BPCL received discount of Rs 3666.36 crore in respect of crude oil/products purchased from upstream oil companies. The discount was higher than Rs 3662.61 crore in Q1 June 2012.
Based on the approval received from the Government of India, the company has accounted for Budgetary Support amounting to Rs 1916.57 crore for Q1 June 2013 as against Nil in Q1 June 2012 towards under-recoveries on sale of sensitive petroleum products.
The company suffered a net under-realisation of Rs 544.95 crore in Q1 June 2013, lower than Rs 7964.18 crore in Q1 June 2012, on sale of sensitive petroleum products.
The company reported forex loss of Rs 944.48 crore in Q1 June 2013, which was much lower than forex loss of Rs 1611.34 crore in Q1 June 2012.
HPCL slipped 0.05%. The company reported net loss of Rs 1460.48 crore in Q1 June 2013, lower than net loss of Rs 9248.80 crore in Q1 June 2012. Total income rose 16.23% to Rs 51968.01 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Monday, 12 August 2013.
HPCL's average Gross Refining Margin (GRM) was $2.58 per barrel in Q1 June 2013, as against a negative GRM of $2.05 a barrel in Q1 June 2012.
During the Quarter ended June 2013, HPCL received discount of Rs 3485.71 crore in respect of crude oil, PDS Kerosene & Domestic LPG purchased from upstream oil companies, viz. ONGC and GAIL (India). The discount was higher than Rs 3357.20 crore in Q1 June 2012.
Based on the approval received from the Government of India, the company has accounted for Budgetary Support amounting to Rs 1822.14 crore for Q1 June 2013 as against Nil in Q1 June 2012 against under-recoveries on sale of sensitive petroleum products.
Indian Oil Corporation fell 0.32%. The company reported net loss of Rs 3093.23 crore in Q1 June 2013, lower than net loss of Rs 22450.95 crore in Q1 June 2012. Total income rose 13.82% to Rs 110959 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result during market hours today, 13 August 2013. The company reported an average gross refining margin (GRM) of $1.67 per barrel in Q1 June 2013 compared with a negative GRM of $4.81 per barrel in Q1 June 2012.
The company received discount of Rs 8151.77 crore from crude oil/products purchased from state-run upstream companies in Q1 June 2013, higher than Rs 8041.06 crore discount received in Q1 June 2012.
The company suffered a net under-realisation of Rs 1211.67 crore in Q1 June 2013, lower than Rs 17484.92 crore in Q1 June 2012, on sale of regulated products namely high speed diesel, superior kerosene oil for public distribution system and LPG (domestic).
Based on the approval received from the Government of India, the company has accounted for Budgetary Support amounting to Rs 4261.29 crore for Q1 June 2013 as against Nil in Q1 June 2012 towards under-recoveries on sale of sensitive petroleum products.
The company reported a forex loss of Rs 4024.10 crore in Q1 June 2013, higher than Rs 3187.01 crore in Q1 June 2012.
DLF jumped 7.98% to Rs 149.60 after the company reported turnaround financial performance on sequential basis in Q1 June 2013. The company reported consolidated net profit of Rs 181 crore in Q1 June 2013, as against net loss of Rs 4 crore in Q4 March 2013. Earnings before interest, taxation, depreciation, and amortization (EBITDA) jumped 29% to Rs 1055 crore in Q1 June 2013 over Q4 March 2013. Revenue rose 6% to Rs 2453 crore in Q1 June 2013 over Q4 March 2013. The company announced Q1 result after market hours on Monday, 12 August 2013.
DLF said that the benefit of the revised strategy, which was articulated in February 2013, has now started to flow. The company remains focused on creating a business model of highly stable and predictable earnings, cash flows and long term value creation. The company continues to concentrate its efforts on reduction of net debt by increasing its operating cash flows and non-core divestments thereby increasing ROE's, DLF said.
During the quarter, the company achieved sales bookings of Rs 2430 crore compared to a total of Rs 3800 crore for the full year of FY 2013. DLF received an overwhelming response to the much awaited launches of DLF 5, Gurgaon projects namely The Crest wherein 0.83 million square feet (msf) area was sold at an average price of Rs 17,500 per square feet (psf). The forthcoming project of Camellias was also test marketed and the results were very encouraging, DLF said. Besides DLF 5 launches, the company achieved sales in cities such as Lucknow, Panchkula, New Chandigarh and Banglore, the company said in a statement. The construction of 1.8 msf Mall of India, Noida continues to make progress and is slated to open by end of FY 2014.
DLF said divestment of non-core assets fetched Rs 215 crore in Q1 June 2013.
On Aman divestment, post opening of the process to other bidders/investors and their subsequent positive response specifically in terms of value, DLF said it remains quite confident of a closure of the transaction in a short period of time.
DLF said it remains committed to its debt reduction plan through various divestments. The net debt declined to Rs 20369 crore as on 30 June 2013. The company reiterates its annual guidance of net debt reduction to Rs 17500 crore by end of FY 2014.
DLF continues to maintain a comfortable liquidity position having Rs 3175 crore of cash on its books. With the uptick in sales bookings, which was very evident from the Q1 sales, the cash position is likely to improve substantially, the company said.
Many other realty stocks gained after DLF's improved Q1 results. Unitech (up 3.48%), D B Realty (up 4.94%) and Sobha Developers (up 0.09%) edged higher.
Housing Development and Infrastructure (HDIL) gained 3.98%. The stock had jumped 5.37% on Monday, 12 August 2013, after the company said that its promoters have paid the interest arrears on their loan from Indiabulls Housing Finance. Indiabulls have acknowledged the receipt of their dues and have withdrawn their notice under Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002, HDIL said.
Capital goods pivotals gained on renewed buying. L&T rose 0.81%. The stock turned ex-dividend today, 13 August 2013, for dividend of Rs 12.33 per share for the year ended 31 March 2013 (FY 2013).
Bhel gained 0.92%.
Bank stocks gained after the Reserve Bank of India (RBI) governor D. Subbarao said at a banking conference in Mumbai that that "perhaps" there was a need to reduce the reserves that banks have to set aside via the cash reserve or the statutory liquidity ratios. The cash reserve ratio, or the amount of cash lenders must deposit with the Reserve Bank of India, stands at a record low of 4%. The statutory liquidity ratio, which includes securities such as government bonds, stands at 23%. Subbarao's tenure as RBI governor ends on 4 September 2013.
Kotak Mahindra Bank gained 1.38%, with the stock reversing intraday losses. The bank has raised the base rate by 25 basis points to 10% per annum with effect from 13 August 2013. All categories of loans (other than exceptions permitted by RBI) will henceforth be priced with reference to the revised base rate, the bank said. The bank has also raised its benchmark prime lending rate (BPLR) by 25 basis points with effect from 13 August 2013. The announcement was made after market hours on Monday, 12 August 2013.
ICICI Bank surged 3.2% to Rs 893.95. The stock reversed direction after hitting a 52-week low of Rs 851 in intraday trade today, 13 August 2013.
HDFC Bank gained 3.06%.
Among PSU bank stocks, Canara Bank, Bank of India, Bank of Baroda and Punjab National Bank gained by 0.45% to 1.78%.
United Bank of India rose 1.69%, with the stock reversing intraday losses. The bank's net profit declined 74.27% to Rs 44.73 crore on 14.79% growth in total income to Rs 2868.81 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Monday, 12 August 2013. United Bank of India's ratio of gross non-performing assets (NPA) to gross advances increased to 5.59% as on 30 June 2013, from 4.25% as on 31 March 2013 and 3.47% as on 30 June 2012. The ratio of net NPA to net advances increased to 3.86% as on 30 June 2013, from 2.87% as on 31 March 2013 and 1.77% as on 30 June 2012.
United Bank of India's capital adequacy ratio (CAR) as per Basel II norms stood at 11.74% as on 30 June 2013, as against 11.66% as on 31 March 2013 and 12.5% as on 30 June 2012. CAR as per Basel III norms stood at 10.82% as on 30 June 2013.
The bank's provisions and contingencies surged 73.31% to Rs 506.08 crore in Q1 June 2013 over Q1 June 2012.
State Bank of India (SBI) gained 0.99%, with the stock recovering from losses triggered by weak Q1 results. SBI's net profit declined 13.6% to Rs 3241.08 crore on 11.65% growth in total income to Rs 36192.62 crore in Q1 June 2013 over Q1 June 2012. SBI announced the first quarter numbers during trading hours on Monday, 12 August 2013.
The Reserve Bank of India (RBI) on 8 August 2013, announced fresh steps to drain cash from the banking system, as it stepped up efforts to stop the rupee's decline against the dollar. The RBI on 8 August 2013, said it would sell Rs 22000-crore of short-term cash management bills every week on Monday. The sale is in addition to Rs 12000-crore of Treasury bills and Rs 15000-crore of sovereign bonds the government sells every week to fund its fiscal gap.
Sun Pharmaceutical Industries edged higher in choppy trade. The stock was up 1.27% at Rs 547.40. The scrip hit high of Rs 552 and low of Rs 533.30. The stock had jumped 6.6% on Monday, 12 August 2013, boosted by the company's strong Q1 earnings.
Sun Pharma's consolidated recurring net profit jumped 56% to Rs 1241 crore on 31% growth in net sales to Rs 3482 crore in Q1 June 2013 over Q1 June 2012. Adjusted for the impact of one-time sales recorded in the domestic business in Q4 March 2012, which lowered Q1 June 2012 sales, the net sales have grown by 23% year on year (YoY) in Q1 June 2013.
IT stocks rose on recent weakness in rupee against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
IT major TCS rose 0.23% to Rs 1,818.85. The stock had hit a record high of Rs 1,890.30 in intraday trade on 7 August 2013.
Infosys gained 2.65% to Rs 3,084.90 after hitting a 52-week high of Rs 3,098.40 in intraday trade today, 13 August 2013.
Wipro advanced 2.63% to Rs 466.80 after hitting a 52-week high of Rs 468.80 in intraday trade today, 13 August 2013.
HCL Technologies rose 0.93% to Rs 940.30. The stock had hit a record high of Rs 960.75 in intraday trade on 5 August 2013.
Tech Mahindra rose 4% to Rs 1,329.05, with the stock extending post-result gains. The scrip hit 52-week high of Rs 1,337 in intraday trade today, 13 August 2013. The company's consolidated net profit rose 7.6% to Rs 686 crore on 8.9% growth in revenue to Rs 4103 crore in Q1 June 2013 over Q4 March 2013. The Q1 result was announced during trading hours on Monday, 12 August 2013.
Meanwhile, Tech Mahindra's board of directors at its meeting held on Monday, 12 August 2013, approved increase in limit of investment by FII from the existing 35% to 45% of the paid up capital of the company, subject to approval of the members of the company.
Reliance Power gained 2.67%. The company during market hours today, 13 August 2013, said that the Appellate Tribunal for Electricity (APTEL) has pronounced its judgment allowing the appeal of the company's wholly owned subsidiary Sasan Power against Central Electricity Regulatory Commission's (CERC) order dated 20 June 2013 on Commercial Operation Date (COD) of the first 660 MW unit of Sasan UMPP. APTEL has set aside CERC's order and has directed CERC to decide the matter afresh without being influenced by its earlier findings.
Godrej Consumer Products gained 3.94% to Rs 895.05. The stock rose on volume of 12.11 lakh shares, higher than average daily volume of 53,611 shares in past one quarter. Multiple bulk deals were executed on the counter. A bulk deal of 3.60 lakh shares was executed on the counter at Rs 861.10 per share at opening trade on BSE today, 13 August 2013. Second bulk deal of 2.40 lakh shares was executed on the counter at Rs 862 per share at opening trade on BSE today, 13 August 2013. Third bulk deal of 2.40 lakh shares was executed on the counter at Rs 864 per share at 09:16 IST on BSE today, 13 August 2013. Fourth bulk deal of 1.60 lakh shares was executed on the counter at Rs 867.85 per share at 10:09 IST on BSE today, 13 August 2013.
GVK Power & Infrastructure surged 6.09%. The company during market hours today, 13 August 2013, said in a clarification to media reports that it is exploring various options for relieving some of its debt. An option that is being looked at is, raising equity at the airport holding company level to retire the debt raised for the airport acquisition. The company is in discussion with a few investors in this matter, it added.
GVK Power & Infrastructure said that since the discussions are at a preliminary stage, it would not be appropriate for the company to divulge any details at this stage. No sooner the deal crystalizes, the company would be in a position to inform the regulatory authorities on the same.
Dredging Corporation of India rose 5.28% after the company said that the third Trailer Suction Hopper Dredger - DCI Dr. XXI with 5500 Cu.M Hopper capacity has been launched on 8 August 2013, at Netherlands. The stock hit a high of Rs 277.40 so far during the day, which is also its 52-week high for the counter. Dredging Corporation of India said the vessel is expected to be delivered in February, 2014. This is the third in the series of the three vessels being built by IHC Dredger BV, Netherlands the first two vessels have already been delivered and joined the fleet in December 2012 and July 2013 respectively, the company said.
Shares of jewellery retailer Titan Industries dropped after the government raised import duty on gold to 10% from 8%. The stock shed 0.92% to Rs 263.35.
Most other jewellery stocks shrugged off the hike in import duty on gold. Gitanjali Gems (up 5%), Thangamayil Jewellery (up 0.69%), PC Jeweller (up 1.23%), Shree Ganesh Jewellery House (up 4.48%) and Tara Jewels (up 1.19%) gained.
Sintex Industries jumped 12.32%. The stock rose on volume of 40.30 lakh shares, higher than average daily volume of 7.38 lakh shares in past one quarter.
Industrial production registered a contraction of 2.2% in June 2013, data released by the government after trading hours on Monday, 12 August 2013, showed. Mining production registered a decline of 4.1% and manufacturing production fell 2.2%. Electricity generation remain stagnant in June 2013. As per use-based classification, production of basic goods declined 1.9% in June 2013. Capital goods production fell 6.6%. Production of intermediate goods rose 1.1%. Consumer goods production declined 2.3%. Production of consumer durables declined 10.5%. Production of consumer non-durables rose 5%.
On a cumulative basis, industrial production registered a contraction of 1.1% during April-June 2013.
Inflation based on the consumer price index (CPI) eased in July 2013, data released by the government after trading hours on Monday, 12 August 2013, showed. The combined consumer price index (CPI) for urban and rural India eased to 9.64% in July 2013, from 9.87% in June 2013. The data showed that inflation under the category 'food and beverages' stood at 11.24% in July 2013.
European stocks gained for a fourth straight day on Tuesday, 13 August 2013, with gains underpinned by data that showed the German ZEW economic sentiment indicator jumping to a five-month high in August. Key benchmark indices in France, Germany and UK were up 0.23% to 0.73%.
The ZEW German economic sentiment indicator -- a gauge of investor confidence -- jumped 5.7 points in August to stand at 42 points, the highest level since March, the Mannheim-based Center for European Economic Research, or ZEW, said Tuesday. The assessment of the current economic situation for Germany also improved in August, up 7.7 points to 18.3.
Asian markets were trading higher on Tuesday, 13 August 2013, led by sharp upmove in Japanese shares which rose after yen eased following a report on Tuesday that said the Prime Minister Shinzo Abe is considering a corporate tax cut as a way to offset the impact of a planned two-stage increase in the sales tax. Key benchmark indices in China, Hong Kong, Indonesia, Singapore, South Korea, Japan and Taiwan were up by 0.23% to 2.57%.
Japan's core machinery orders, seen as a leading indicator of capital spending, fell 2.7% in June, the Cabinet Office said Tuesday. Core machinery orders, which exclude volatile purchases for power-generation equipment and ships, can nonetheless vary wildly from month to month: They rose 10.5% in May, fell 8.8% in April, and rose 14.2% in March. A quarterly forecast included with the June results showed expectations the orders would fall 5.7% in the July-September period compared to the previous quarter.
Trading in US index futures indicated that the Dow could gain 52 points at the opening bell on Tuesday, 13 August 2013. US stocks closed a low-volume, light-news session with slight losses on Monday, though the technology-dominated Nasdaq Composite managed a gain.
Data on US retail sales for July 2013 is due for release later in the global day today, 13 August 2013.
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