Bharat Heavy Electricals, Financial Technologies (India), Pipavav Defence and Offshore Engineering and IndusInd Bank are among the other stocks to see a surge in volumes on BSE today, 5 August 2013.
Hero MotoCorp clocked volume of 11.36 lakh shares by 13:48 IST on BSE, a 26.99-times surge over two-week average daily volume of 42,000 shares. The stock rose 0.65% to Rs 1,808.35.
Bharat Heavy Electricals (Bhel) notched up volume of 22.66 lakh shares, a 3.7-fold surge over two-week average daily volume of 6.13 lakh shares. The stock slumped 18.24% to Rs 122.15 after net profit fell 49.5% to Rs 465.43 crore on 23.7% decline in net sales to Rs 6352.55 crore in Q1 June 2013 over Q1 June 2012.
Bhel's operating profit margin (OPM) crashed to the extent of 820 basis points (bps) year on year (YoY) to 6% during the quarter, largely on account of under recovery of capacity. This resulted in operating profit declining by 68% to Rs 388.58 crore.
Bhel's finance costs surged 402.89% to Rs 27.76 crore in Q1 June 2013 over Q1 June 2012.
Bhel had an outstanding order book position of about Rs 108600 crore as on 30 June 2013, lower than Rs 115160 crore as on 31 March 2013 and Rs 122300 crore as on 30 June 2012.
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Financial Technologies (India) saw volume of 50.52 lakh shares, a 3.57-fold surge over two-week average daily volume of 14.15 lakh shares. The stock surged 22.64% to Rs 185.50 after the National Spot Exchange (NSEL) on Sunday, 4 August 2013, proposed two options for settlement of trades on the exchange in the aftermath of NSEL's decision on 31 July 2013 to suspend trading in most one-day forward contracts and to defer the settlement of all pending contracts for 15 days. Financial Technologies is one of the two promoters of the National Spot Exchange.
In a clarification to the stock exchanges, Mr. Jignesh Shah, Chairman & Managing Director of Financial Technologies (India) (FTIL) had on 1 August 2013, said that this action of NSEL does not entail any financial liability on FTIL and that the business of FTIL is as usual.
The National Spot Exchange (NSEL) on Sunday, 4 August 2013, proposed two options for settlement of trades on the exchange in the aftermath of NSEL's decision on 31 July 2013 to suspend trading in most one-day forward contracts and to defer the settlement of all pending contracts for 15 days. NSEL said that there are eight members/processors, who are willing to pay as per the scheduled due date or even earlier. The total amount pertaining these 8 members is Rs 2181 crore. NSEL said that there are 13 members/processors, who have offered to pay 5% of their total dues every week, if this proposal is agreed upon by the exchange. Total amount pertaining to these 13 members is about Rs 3107 crore. There are 3 processors with whom negotiation is still going on, NSEL said. The amount pertaining to these parties comes to Rs 311 crore.
As per the second option for settlement of trades, NSEL said that the exchange is in possession of post dated cheques (PDC) from various processors amounting to Rs 4900 crore against their settlement obligation and balance parties have confirmed payment regularly. While PSCs are a commitment, the payout process may not roll out smoothly in a month's time, NSEL said. Hence, the market participants have proposed the first option as a safer alternative, NSEL said.
Pipavav Defence and Offshore Engineering clocked volume of 7.73 lakh shares, a 2.77-fold surge over two-week average daily volume of 2.79 lakh shares. The stock rose 0.37% to Rs 67.25.
IndusInd Bank saw volume of 6.07 lakh shares, a 2.32-fold rise over two-week average daily volume of 2.61 lakh shares. The stock rose 1.14% to Rs 394.80.
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