Key benchmark indices finished a tad lower after seeing series of intraday gyrations either ways amid volatility. Global stocks were mostly lower as investors opted to stay on the sidelines ahead of the delayed US nonfarm-payrolls report due later in the day. The S&P BSE Sensex was down 28.92 points or 0.14%, up 54.72 points from the day's low and off 83.94 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight and cigarette major ITC edged lower. Reliance Industries dropped on profit booking after logging gains in the preceding nine trading sessions. IT stocks were mostly higher as the rupee hit almost one-week low against the dollar. TCS rose after the company won a multi-million, multi-year technology contract to manage Bombardier Transportation's newly commissioned German data centres. L&T reversed intraday fall in volatile trade after the company during market hours today, 21 October 2013 said that L&T Construction has secured new orders worth Rs 1333 crore in October 2013 in various business segments.
Hero MotoCorp dropped ahead of its Q2 September 2013 results tomorrow, 23 October 2013. Lupin rose after the company said it has received final approval from USFDA for its supplemental new drug application for Antara capsules. Sugar shares saw across the board rally after global raw sugar futures spiked to a one-year high as fire at major sugar warehouses in Brazil prompted fears of a supply squeeze
A bout of volatility was seen in early trade as the key benchmark indices once again slipped in red after turning positive from a lower start triggered by negative Asian stocks. Volatility continued as the key benchmark indices regained positive zone after turning negative after hitting intraday high in morning trade. Key benchmark indices were slightly higher after seeing alternate bouts of rise and fall in mid-morning trade. Volatility continued as the key benchmark indices once again drifted lower in negative zone. The barometer index, the S&P BSE Sensex hit intraday low. Key benchmark indices pared losses after hitting fresh intraday low in afternoon trade. Key benchmark indices extended recovery in mid-afternoon trade. A divergent trend was witnessed on the bourses in what was a highly volatile trading session.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1031.79 crore on Monday, 21 October 2013, as per provisional data from the stock exchanges.
The S&P BSE Sensex was down 28.92 points or 0.14% to 20,864.97, its lowest closing level since 17 October 2013. The index rose 55.02 points at the day's high of 20,948.91 in morning trade. The index fell 83.64 points at the day's low of 20,810.25 in late trade.
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The CNX Nifty was down 2.15 points or 0.03% to 6,202.80, its lowest closing level since 18 October 2013. The index hit a high of 6,220.10 in intraday trade. The index hit a low of 6,181.80 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,536 shares gained and 1,070 shares fell. A total of 141 shares were unchanged.
The total turnover on BSE amounted to Rs 2153 crore, higher than Rs 2012 crore on Monday, 21 October 2013.
The BSE Mid-Cap rose 0.7% and the BSE Small-Cap index rose 1.04%. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 17 stocks declined and rest of them gained. Hindalco Industries (down 1.78%), M&M (down 1.31%) and Cipla (down 0.89%) edged lower from the Sensex pack.
Coal India (up 1.91%), GAIL (India) (up 1.83%) and Sun Pharmaceutical Industries (up 1.82%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC fell 0.74% to Rs 342.15.
Reliance Industries dropped 1.35% to Rs 901. The stock fell on profit booking after gaining 8.24% in the preceding nine trading sessions to Rs 913.35 on 21 October 2013 from a recent low of Rs 843.85 on 7 October 2013.
Cairn India gained 0.45%. The company after market hours today, 22 October 2013 reported 8% rise in consolidated net profit to Rs 3385 crore on 14% rise in revenue to Rs 4650 crore in Q2 September 2013 over Q1 September 2013. Current group production rose 0.4% to 213,299 barrels of oil equivalent per day (boepd) in Q2 September 2013 over Q1 June 2013.
Cairn India reported 46% rise in consolidated net profit to Rs 3385 crore on 5% rise in revenue to Rs 4650 crore in Q2 September 2013 over Q2 September 2012.
The company said that previous quarters/ half year/ year's figures were regrouped / rearranged wherever necessary to confirm to the current quarter. Hence, figures for the quarter/ half year ended 30 September 2012 are not comparable with the current quarter/ half year's figures as the Scheme of Arrangement was accounted for during the quarter ended 31 December 2012.
Cairn India's average oil price realization rose to $96.7/bbl in Q2 September 2013 from $94.6/bbl in Q1 June 2013, while average gas price realization rose to $5.90 per thousand standard cubic feet (mscf) in Q2 September 2013 from $4.9/mscf in Q1 June 2013.
Elango P, whole time director, Cairn India said, ''We are happy to report increased gross operated production of almost 213,300 barrels of oil equivalent per day (boepd) during Q2 September 2013 and remain on track for our financial year exit production rate guidance of over 225,000 boepd across all producing assets.
We are focused on enhancing the recovery efficiency from our producing fields through the use of cutting edge EOR techniques. We have also been extremely active with the drill bit as we continue to aggressively develop our world class resource base. Whilst Rajasthan remains at the heart of the Company's operations, it is encouraging to see tangible results across our broader portfolio.
We remain excited on the regulatory front and are pleased to share that the government has recently announced its policy on the Integrated Development Plan. Looking ahead, we have a strong balance sheet, underpinned by significant cash flow generation and low operating costs, allowing us the flexibility to further develop the asset base. This, combined with a highly motivated and innovative team working on our world class portfolio, will enable us to maintain our industry leading production growth trajectory in the long term.''
In its outlook, Cairn India said that robust financial performance with strong revenues and profits has resulted in the company being well placed to not only develop the current asset base and deliver on the active exploration growth program with its $3 billion capex plan till FY 2015-16, but also opened up inorganic growth opportunities to further strengthen the E&P portfolio.
IT stocks were mostly higher as the rupee hit almost one-week low against the dollar.
Wipro gained 1.69%. The company after market hours today, 22 October 2013 reported 19.02% rise in consolidated net profit to Rs 1932.1 crore on 12.92% rise in total income from operations (net) to Rs 10990.7 crore in Q2 September 2013 over Q1 June 2013.
Azim Premji, Chairman of Wipro, commenting on the results said There are positive indicators on the global economy. Client confidence is on the uptick and we see it reflected in our results.
T K Kurien, Executive Director & Chief Executive Officer of Wipro, said We achieved a broad based revenue growth across all industry verticals and continue to focus on executing to our strategy.
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said Our sustained execution towards increasing operational efficiencies in the business coupled with currency benefits helped offset the impact of wage hikes resulting in strong improvements in operating margins.
Wipro said it expects revenues from IT services business to be in the range of $1,660 million to $1,690 million for Q3 December 2013 based on the exchange rates of GBP/USD at 1.57, Euro/USD at 1.34, AUD/USD at 0.93 and USD/INR at 61.98
TCS rose 0.38% to Rs 2,081.30. The stock had hit record high of Rs 2,258.05 in intraday trade on 15 October 2013. The company after market hours on Monday, 21 October 2013, announced that it has been selected by Bombardier Transportation, a global leader in rail transportation technology, to manage its IT infrastructure for newly commissioned data centers. The multi-year, multi-million deal is the first that TCS has signed with a rail-transportation technology provider, TCS said.
As part of the contract, TCS will provide remote infrastructure management (RIM) to Bombardier Transportation's recently established data centers in Germany. The new data centers will establish a leading-edge technology platform for Bombardier, through introduction of private cloud services paired with a high level of virtualization, TCS said.
HCL Technologies rose 2.86% to Rs 1,115. The stock had hit record high of Rs 1,177 in intraday trade on 15 October 2013. The company last week said its consolidated net profit as per US accounting standards jumped 18.7% to Rs 1416 crore on 14% growth in revenue to Rs 7961 crore in Q1 September 2013 over Q4 June 2013.
Infosys shed 0.08% at Rs 3,333.20, off day's high of Rs 3,363. The scrip had hit a 52-week high of Rs 3,371.15 in intraday trade on Monday, 21 October 2013.
Tech Mahindra shed 0.12% to Rs 1,545, off day's high of Rs 1,568.30. The stock had hit a 52-week high of Rs 1,594 in intraday trade on 17 October 2013.
Hero MotoCorp lost 1.16%. The bike maker declares its Q2 September 2013 earnings tomorrow, 23 October 2013.
Swaraj Engines fell 1.7%, with the stock reversing intraday gain. The company's net profit rose 22.85% to Rs 17.20 crore on 24% growth in operating revenue to Rs 151.60 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Monday, 21 October 2013. Swaraj Engines attributed the top line growth to the increase in the engine sales volume which was however, constrained by lower off-take of engine components for LCV engines.
HDFC lost 1.03%. The company's net profit rose 10% to Rs 1266.33 crore on 12.82% growth in total income to Rs 5953.98 crore in Q2 September 2013 over Q2 September 2012. The Q2 result hit the market during trading hours on Monday, 21 October 2013.
On a consolidated basis, HDFC's net profit rose 20.08% to Rs 1891.17 crore on 14.97% growth in total income to Rs 9982.71 crore in Q2 September 2013 over Q2 September 2012.
L&T rose 1.49% to Rs 938.90. The stock recovered from an intraday low of Rs 916.25 after the company during market hours today, 21 October 2013 said that L&T Construction has secured new orders worth Rs 1333 crore in October 2013 in various business segments.
L&T said that in Water & Renewable Energy Business, orders valued at Rs 1095 crore have been received from various customers. The Waste Water Business has secured a major turnkey order from the Gujarat Water Supply and Sewerage Board for construction of underground drainage system in nine towns of Jamnagar and Porbandar districts of Gujarat.
A repeat order is also received from Naya Raipur Development Authority for construction of underground storm water pipelines, water supply network and other associated works at Naya Raipur.
Another turnkey order has been received from Kolkata Metropolitan Water and Sanitation Authority under the National Ganga River Basin Authority (NGRBA) for design and construction of sewerage networks and sewage treatment plant at Gayeshpur town, West Bengal.
The Renewable Energy Business has bagged a turnkey order from an esteemed developer for design and construction of a 25 megawatt wind power plant in Tamil Nadu, L&T said.
In the Buildings & Factories Business, new orders worth Rs238 crores have been secured from HLL Lifecare Limited for expansion and modernization of an old hospital and institute building at JIPMER, Puducherry, the company said.
Power generation stocks were in demand on renewed buying. Tata Power Company (up 2.82%), Reliance Infrastructure (up 0.64%), CESC (up 2.41%), NTPC (up 0.41%), Reliance Power (up 4.22%) and JSW Energy (up 5.5%) edged higher.
NHPC rose 4.23%. The company after market hours on Monday, 21 October 2013, said that the company's board of directors will consider a proposal for buy-back of equity shares on Thursday, 24 October 2013.
Rallis India rose 2.02% after consolidated net profit rose 21.42% to Rs 74.75 crore on 24.07% growth in total income from operations to Rs 602.40 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Monday, 21 October 2013.
Tata Steel rose 1.49%. Tata Steel, Europe's second largest steelmaker, has won a contract to supply rail track and steel sleeper plate to Britain's Network Rail for at least five years. Network Rail, the company set up to operate and maintain Britain's rail infrastructure, has chosen to source more than 95% of its rail from Tata Steel until 2019, with the option to extend this until 2024, Tata Steel said in a statement.
The contract could see Tata Steel, which employs 18,500 people in the UK, supplying more than a million tonnes of rail for Britain's passenger and freight lines, the company said.
Lupin rose 0.72% after the company said it has received final approval from USFDA for its supplemental new drug application for Antara capsules. The announcement was made during trading hours today, 22 October 2013.
Lupin said that it has received final approval for its supplemental new drug application (Snda) for Antara (Fenofibrate) capsules, 30 mg and 90 mg strengths from the United States Food and Drug Administration (USFDA). Lupin Pharmaceuticals Inc. (LPI), the company's US subsidiary would commence marketing the product shortly. LPI currently markets and promotes Antara capsules, 43 mg and 130 mg strengths. The new drug would be manufactured by Lupin, the company said in a statement.
Lupin's Antara capsules enjoy strong brand equity with primary care physicians treating patients for high LDL-C, Total-C, triglycerides, Apo-B and low HDL-C. Antara capsules are prescribed for adjunct treatment of hypercholesterolemia (high blood cholesterol), mixed dyslipidemia and hyper-triglyceridemia (high triglycerides) in combination with diet.
Commenting on the approval, Vinita Gupta, CEO, Lupin said, "We are pleased to receive this approval. The approval demonstrates Lupin's commitment to building its brand franchise in the US. Our sales and marketing efforts will commence shortly".
Wockhardt lost 4.44% after the firm said it has received a communication from UKMHRA, whereby the agency has decided to withdraw the previously issued GMP Certificate to the firm's manufacturing facility.
JB Chemicals & Pharmaceuticals rose 3.28% after the company said it has received USFDA approval to its abbreviated new drug application for Tinidazole tablets. The announcement was made during trading hours today, 22 October 2013.
Radico Khaitan rose 3.35% after the company said it has decided to spin off the Indian made foreign liquor business into a separate subsidiary. The board of Radico Khaitan approved the transfer, sell, assignment, restructuring or otherwise disposal of the Indian made foreign liquor (IMFL) business of the company to a subsidiary of the company on such terms and conditions as may be decided by the board, subject to the approvals of shareholders. Further, the board has also approved the incorporation of the above mentioned subsidiary to carry on the IMFL business, Radico Khaitan said in a statement.
JK Lakshmi Cement lost 3.47% after net profit fell 79.75% to Rs 10.30 crore on 8.65% decline in total income from operations to Rs 448.87 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Monday, 21 October 2013.
Yes Bank rose 4.23% after net profit rose 21.25% to Rs 371.13 crore on 30.24% increase in total income to Rs 2947.39 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours today, 22 October 2013.
Yes Bank's total advances grew by 13.6% to Rs 47717.20 crore, while total deposits grew by 29.2% to Rs 67575.10 crore in Q2 September 2013 over Q2 September 2012.
Current and savings account (CASA) deposits grew by 52.5% to Rs 13776 crore in Q2 September 2013 over Q2 September 2012, taking the CASA ratio to 20.4% as at 30 September 2013, up from 17.3% as of 30 September 2012.
The bank's ratio of net non-performing assets to net advances stood at 0.04% as on 30 September 2013, compared with 0.03% as on 30 June 2013 and 0.05% as on 30 September 2012.
The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 0.28% as on 30 September 2013, compared with 0.22% as on 30 June 2013 and 0.24% as on 30 September 2012.
Provisions and contingencies surged 464.51% to Rs 179.12 crore in Q2 September 2013 over Q2 September 2012.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 13.8% as on 30 September 2013, compared with 14.4% as on 30 June 2013.
Commenting on the results and financial performance, Mr. Rana Kapoor, Managing Director & CEO, Yes Bank said, "Yes Bank has delivered a satisfactory quarter of financial performance in a challenging macroeconomic environment. The bank has maintained robust asset quality retaining high specific provision coverage, while further adding to the reservoir of counter cyclical provisions. The bank maintained its growth in infrastructure with branch network crossing the 500-mark milestone, complemented by over 1100 ATMs. Consequently, the bank improved its CASA ratio, significantly added to the overall deposit base, improved the overall granularity of deposits, and maintained net interest margin despite challenging interest rate and liquidity environment. The overall business performance amply demonstrates the resilience of the bank's business model and management team in delivering consistent performance."
Karnataka Bank tumbled 5.21% after net profit declined 75.29% to Rs 28.95 crore on 11.63% growth in total income to Rs 1152.49 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Monday, 21 October 2013.
Karnataka Bank's ratio of gross non-performing assets (NPAs) to gross advances increased to 3.59% as on 30 September 2013 from 3.22% as on 30 June 2013 and 3.22% as on 30 September 2012. The ratio of net NPAs to net advances increased to 2.25% as on 30 September 2013 from 1.96% as on 30 June 2013 and 2.08% as on 30 September 2012.
The bank's provisions and contingencies galloped 456.96% to Rs 126.71 crore in Q2 September 2013 over Q2 September 2012.
Deposits grew 11.9% to Rs 38013.71 crore as on 30 September 2013, as against Rs 33968.31 crore as on 30 September 2012. Borrowings rose 46.02% to Rs 2143.70 crore as on 30 September 2013, as against Rs 1468.07 crore as on 30 September 2012.
Karnataka Bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 13.47% as on 30 September 2013 as against 14.08% as on 30 June 2013 and 12.17% as on 30 September 2012. CAR as per Basel III norms stood at 13.22% as on 30 September 2013.
Dewan Housing Finance Corporation fell 0.98%. The company's net profit rose 50.4% to Rs 129.14 crore on 42.7% increase in operating income to Rs 1167.21 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 21 October 2013.
Sugar shares saw across the board rally after global raw sugar futures spiked to a one-year high as fire at major sugar warehouses in Brazil prompted fears of a supply squeeze
Dwarikesh Sugar Industries (up 10.62%), Shree Renuka Sugars (up 10.26%), Triveni Engineering & Industries (up 10.04%), Sakthi Sugars (up 9.99%), Oudh Sugar Mills (up 5.71%), Upper Ganges Sugar & Industries (up 4.91%), Empee Sugars and Chemicals (up 4.29%), Bajaj Hindusthan (up 3.74%), Dhampur Sugar Mills (up 3.27%), Balrampur Chini Mills (up 1.74%) edged higher.
A blaze on Friday, 18 October 2013, at Copersucar-controlled warehouses in Santos (Brazil) paralysed operations of the world's biggest sugar trader. It could reportedly put 10 million tonnes of export capacity offline for six months or more.
International sugar markets reacted quickly after news of the fire. ICE March raw sugar prices rose more than 6% to a one-year high of 20.16 cents on Friday, 18 October 2013, before paring gains. The March contract settled down 0.26% at 19.45 cents per pound on Monday, 21 October 2013.
A supply squeeze from Brazil could help domestic companies export more sugar and trim their inventory, media reports suggested.
In the foreign exchange market, the rupee recovered some ground after hitting almost one-week low against the dollar. The partially convertible rupee was hovering at 61.58, weaker than its close of 61.52/53 on Monday, 21 October 2013.
European indices were mostly lower on Tuesday, 22 October 2013 as investors opted to stay on the sidelines ahead of the delayed U.S. nonfarm-payrolls report due later in the day. Key benchmark indices in France and Germany were down by 0.03% and 0.14%, respectively. However, UK's FTSE 100 was up 0.25%.
Asian markets were mostly lower on a cautious note as investors awaited US jobs data which will determine when the Federal Reserve would start tapering. Key benchmark indices in Taiwan, Hong Kong, China and Indonesia fell by 0.01% to 1.43%. Key benchmark indices in South Korea, Singapore and Japan rose by 0.13% to 0.45%.
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 22 October 2013. US stocks finished little changed on Monday, with the S&P 500 adding a fraction to its record close and the Nasdaq Composite extending gains into a fourth session, bolstered by Netflix Inc., which released earnings just after the close.
The US government will release the influential nonfarm-payroll data for September 2013 today, 22 October 2013. The data has been delayed due to the 16-day partial shutdown of the US government this month.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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