Key benchmark indices gave up most of the intraday gains after the latest data showed acceleration in inflation based on the wholesale price index in July 2013. The S&P BSE Sensex was up 11.75 points or 0.06%, off 95.44 points from the day's high and up 37.96 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. Among auto component makers, Motherson Sumi Systems hit record high. Tata Steel surged in volatile trade after the company reported strong Q1 result after market hours on Tuesday, 13 August 2013. DLF extended Tuesday's rally triggered by the company reporting turnaround financial performance on sequential basis in Q1 June 2013.
Key benchmark indices edged higher amid initial volatility. The S&P BSE Sensex and the CNX Nifty, both, hit their highest level in almost two weeks. Volatility ruled the roost as key benchmark indices regained positive zone after reversing initial gains in mid-morning trade. Key benchmark indices retained positive zone in mid-morning trade. Key benchmark indices gave up most of the intraday gains after the latest data showed acceleration in inflation based on the wholesale price index in July 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 227.08 crore on Tuesday, 13 August 2013, as per provisional data from the stock exchanges.
At 12:15 IST, the S&P BSE Sensex was up 11.75 points or 0.06% to 19,241.59. The index jumped 107.19 points at the day's high of 19,337.03 in early afternoon trade, its highest level since 2 August 2013. The index fell 26.21 points at the day's low of 19,203.63 in morning trade.
The CNX Nifty was up 7.25 points or 0.13% to 5,706.55. The index hit a high of 5,735.85 in intraday trade, its highest level since 2 August 2013. The index hit a low of 5,690.20 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,119 shares gained and 830 shares fell. A total of 125 shares were unchanged.
The total turnover on BSE amounted to Rs 937 crore by 12:20 IST on BSE compared to Rs 645 crore by 11:20 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. The stock jumped 6.49% to Rs 310.05. 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.
Motherson Sumi Systems gained 4.41% to Rs 238.10 after striking a record high of Rs 241.10 in intraday trade today, 14 August 2013.
Tata Steel surged 5.83% to Rs 255.20 on strong Q1 results. The stock was volatile. The scrip hit high of Rs 263 and low of Rs 250.05 so far during the day. The company's consolidated net profit jumped 90.46% to Rs 1139 crore on 3% fall in turnover to Rs 32805 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Tuesday, 13 August 2013. This improvement was on the back of robust performance by the Indian operations and improved performance at the European operations, Tata Steel said.
Earnings before interest, taxation, deprecation and amortization (EBITDA) rose 4.85% to Rs 3755 crore in Q1 June 2013 over Q1 June 2012. The EBITDA margin edged up to 11.4% in Q1 June 2013, from 10.6% in Q1 June 2012.
Commenting on the first quarter results, Tata Steel Managing Director, Mr HM Nerurkar said: "The Indian operations delivered a steady performance in a subdued market environment with deliveries growing at an enhanced pace over the comparable period of last year. Our retail focus, customer relationship and brand building efforts are supporting growth despite increased competition in the market place and we are intensifying our focus on efficiency improvements and delivering enhanced value to our customers. Work on the greenfield project in Odisha continues in full swing. The South East Asian operations are robust and we continue to invest in improving the underlying performance."
Tata Steel Europe MD & CEO Dr Karl-Ulrich Kler said: "Our European facilities recorded higher production volumes after we completed some major plant refurbishment last year, which gave us a more stable production platform and greater operational flexibility. As a result we are better placed to supply our customers with the high-quality steel they demand. We see signs that our strategy is enhancing bottom-line performance, despite continued subdued European demand. There have recently been encouraging signs of improving economic conditions in some European economies, the UK in particular, and we are poised to capitalise should these translate more strongly into increased demand from steel-intensive sectors."
DLF gained 3.44%, with the stock extending Tuesday's rally triggered by the company reporting 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, DLF said.
Many other realty stocks were in green. Unitech (up 1.96%), D B Realty (up 4.98%), Housing Development and Infrastructure (HDIL) (up 1.68%) and Indiabulls Real Estate (up 0.29%) edged higher.
Voltas lost 3.53% after consolidated net profit fell 48.5% to Rs 40.75 crore on 0.6% decline in net sales to Rs 1601.78 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Tuesday, 13 August 2013.
The stock market remains closed tomorrow, 15 August 2013, on account of Independence Day.
Inflation based on the wholesale price index (WPI) accelerated to 5.79% in July 2013, from 4.86% in June 2013, data released by government today, 14 August 2013 showed. Fuel and power group mainly contributed to increase in inflation in July 2013. Meanwhile, the government revised downwards inflation for May 2013 to 4.58% from the 4.7% reported earlier.
Asian stocks were mostly higher on Wednesday, 14 August 2013 following positive cues from Wall Street overnight. Key benchmark indices in China, Japan, Indonesia, Singapore and South Korea were up by 0.08% to 1.32%. Key benchmark indices in China and Taiwan were down by 0.16% to 0.44%.
Trading in Hong Kong was canceled because of a storm.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Wednesday, 14 August 2013. US stocks rose on Tuesday, 13 August 2013, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc.
A report released by the Commerce Department showed retail sales rose 0.2% in July after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
In Europe, the latest data showed that Germany's gross domestic product swelled 0.7% in the second quarter from the preceding period. Germany's statistics office said growth in the second quarter was driven by domestic demand, as both private consumption and public spending increased from the first quarter.
The French economy jumped out of recession in the second quarter, aided by stronger domestic demand and a rebuilding of stocks, official statistics showed Wednesday. The euro zone's second-largest economy expanded 0.5% in the second quarter from the first quarter of this year, statistics bureau Insee said. The expansion in the second quarter follows two consecutive quarters of contraction--the common definition of a recession.
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