Key benchmark indices declined in early trade on negative Asian stocks. Indian bourses were closed on Thursday, 15 August 2013, on account of Independence Day. The S&P BSE Sensex was down 154.58 points or 0.8%, off 97.94 points from the day's high and up 13.08 points from the day's low. Bharti Airtel rose on reports Singapore Telecommunications (SingTel) will increase its effective stake in the company. The market breadth, indicating the overall health of the market, was weak.
Foreign institutional investors (FIIs) bought shares worth a net Rs 247.96 crore on Wednesday, 14 August 2013, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was down 154.58 points or 0.8% to 19,213.01. The index lost 167.66 points at the day's low of 19,199.93 in early trade. The index fell 56.64 points at the day's low of 19,310.95 in early trade.
The CNX Nifty was down 55.10 points or 0.96% to 5,687.20. The index hit a high of 5,716.60 in intraday trade. The index hit a low of 5,684.10 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 465 shares declined and 295 shares rose. A total of 26 shares were unchanged.
The total turnover on BSE amounted to Rs 135 crore by 09:25 IST.
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Among the 30-share Sensex pack, 21 stocks declined and rest of them gained.
Tata Motors shed 0.56%. The company's global wholesale vehicle sales fell 14% to 87,566 vehicles in July 2013 over July 2012. Global sales of passenger cars fell 13% to 46,684 vehicles in July 2013 over July 2012. Sales of its Jaguar Land Rover brand rose 30.61% to 35,162 units. Sales of its Jaguar cars rose 76.53% to 7,174 vehicles and Land Rover sales were higher by 22.45% at 27,988 vehicles during the month. The announcement was made after market hours on Wednesday, 14 August 2013.
Mahindra & Mahindra (M&M) declined 1.02%. The company after market hours on Wednesday, 14 August 2013, said it plans to invest Rs 200 crore to strengthen its current product line-up of trucks and buses. The company plans to invest Rs 300 crore to explore new product lines in the LCV, ICV and MCV range, it said.
Bharti Airtel rose 1.23% on reports Singapore Telecommunications (SingTel) will increase its effective stake in Bharti Airtel to 32.34% from 30.76%. South-East Asia's biggest telecom company SingTel will buy 3.62% stake of Bharti Airtel's holding company Bharti Telecom for $302 million (Rs 1851 crore). Bharti Telecom currently holds 43.57% stake in Bharti Airtel. The deal is expected to be completed by 28 August 2013.
United Breweries (UBL) gained 1.74%. The company reported 22.63% rise in net profit to Rs 120.96 crore on 11.9% rise in total income to Rs 1362.66 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Wednesday, 14 August 2013.
UBL said it has posted volume growth in key markets resulting in revenue growing ahead of volume. The double digit volume growth in Delhi, Rajasthan, Punjab, Orissa and Uttar Pradesh resulted in market share gains, the company said. The quarter also witnessed good growth in Andhra Pradesh & Karnataka markets that constitute a large share of the industry, UBL said in a statement. The major brown-field expansion undertaken at Aurangabad has been completed. Land acquisition for the new Greenfield project in Bihar has also been completed, UBL said in a statement.
National Aluminum Company fell 2.32%. The company's net profit fell 28.41% to Rs 159.70 crore on 7.89% decline in total income to Rs 1739.26 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Wednesday, 14 August 2013.
NHPC rose 1.53%. The company after market hours on Wednesday, 14 August 2013 said that a memorandum of understanding has been signed between the company and Uttar Pradesh New & Renewable Energy Development Agency, Department of Additional Sources of Energy, Government of Uttar Pradesh on 8 August 2013 at Lucknow for implementation of solar power project in Uttar Pradesh. Initially, a 50 megawatt solar energy power project is proposed to be implemented at Parason, Tehsil Kalpi, Dist. Jalaun, Uttar Pradesh.
MMTC lost 3.92%. The company's net profit fell 58.37% to Rs 5.02 crore on 63.88% rise in total income to Rs 8864.16 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Wednesday, 14 August 2013.
Shares of Financial Technologies dropped 7.2%. The company's unit, National Spot Exchange Ltd (NSEL), finalized the detailed settlement plan. As per the plan, starting 16 August 2013, there will be pay-in every Friday and pay-out every subsequent Tuesday. The detailed pay-in/pay-out schedule is given below and will be implemented in accordance with the Rules and Bye Laws of the Exchange.
"As the Managing Director and CEO, I and my management team at the NSEL have been solely and directly responsible for all operations, including screening of parties, warehouse management, risk management and other related company matters. As you are aware, there are 24 buyers are required to complete funds pay in obligation to ensure smooth settlement. Therefore, the focus should be on these buyers/processors for realization of pending dues and on nothing else. I and my management team will solely focus on ensuring smooth settlement as per the schedule annexed herewith," Mr. Anjani Sinha, MD & CEO, NSEL said in a statement.
The Reserve Bank of India on Wednesday, 14 August 2013 announced measures including reducing the limit for Overseas Direct Investment (ODI) under automatic route for all fresh ODI transactions, from 400% of the net worth of an Indian Party to 100% of its net worth. This reduced limit would also apply to remittances made under the ODI scheme by Indian Companies for setting up unincorporated entities outside India in the energy and natural resources sectors. This reduction in limit, however, would not apply to ODI by Navratna PSUs, ONGC Videsh and Oil India in overseas unincorporated entities and incorporated entities, in the oil sector. The RBI also announced reduction in the limit for remittances made by Resident Individuals, under the Liberalised Remittance Scheme (LRS Scheme), from $200,000 to $75,000 per financial year. Resident Individuals have, however, now been allowed to set up Joint Venture (JV)/Wholly Owned Subsidiary (WOS) outside India under the ODI route within the revised LRS limit.
While current restrictions on the use of LRS for prohibited transactions, such as, margin trading and lottery would continue, use of LRS for acquisition of immovable property outside India directly or indirectly will, henceforth, not be allowed, RBI said.
The present set of measures is aimed at moderating outflows. However, any genuine requirement beyond these limits will continue to be considered by RBI under the approval route.
Asian stocks were mostly lower on Friday after some weak earnings and worries the Federal Reserve would soon pare its bond purchases slammed Wall Street. Key benchmark indices in Indonesia, Singapore, South Korea and Japan were down by 0.07% to 1.54%. Key benchmark indices in China, Hong Kong and Taiwan rose by 0.25% to 3.19%.
US stocks dropped on Thursday for a second day, with the Dow industrials posting their first back-to-back triple-digit drop since June, as Treasury yields spiked to 2011 highs and Wal-Mart Stores Inc. and Cisco Systems Inc. cut their forecasts.
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