Key benchmark indices trimmed initial gains triggered by expectations that lackluster US September jobs report will lead to the Federal Reserve maintaining stimulus for the US economy in the foreseeable future. The S&P BSE Sensex was up 20.67 points or 0.1%, off 36.68 points from the day's high and up 10.33 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Wipro dropped in volatile trade after announcing Q2 result after market hours on Tuesday, 22 October 2013. Cairn India also declined in volatile trade after announcing Q2 result after market hours on Tuesday, 22 October 2013. Hero MotoCorp rose ahead of its quarterly earnings today, 23 October 2013. ACC and Ambuja Cements edged lower ahead of their quarterly earnings today, 23 October 2013. Power Grid Corporation of India rose 0.54% ahead of its quarterly earnings today, 23 October 2013. ING Vysya Bank rose after the private sector bank reported good Q2 result after market hours on Tuesday, 22 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 794.90 crore on Tuesday, 22 October 2013, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was up 20.67 points or 0.1% to 20,885.64. The index gained 57.35 points at the day's high of 20,922.32 in early trade. The index rose 10.34 points at the day's low of 20,875.31 in opening trade.
The CNX Nifty was up 3.05 points or 0.05% to 6,205.85. The index hit a high of 6,217.95 in intraday trade. The index hit a low of 6,205.85 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 715 shares gained and 430 shares fell. A total of 59 shares were unchanged.
The total turnover on BSE amounted to Rs 132 crore by 09:25 IST.
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Among the 30-share Sensex pack, 20 stocks gained and rest of them declined. GAIL (India) (up 3.57%), Sesa Goa (up 2.8%) and SBI (up 1.2%) edged higher from the Sensex pack.
Wipro dropped in volatile trade after announcing Q2 result after market hours on Tuesday, 22 October 2013. The stock was off 4.06% at Rs 494. The scrip hit a high of Rs 514.50 and low of Rs 471.55 so far during the day. The company after market hours on Tuesday, 22 October 2013, reported 28% growth in consolidated net profit from continuing operations to Rs 1932 crore on 19% growth in revenue from continuing operations at Rs 10992 crore in Q2 September 2013 over Q2 September 2012. The results are as per International Financial Reporting Standards. Wipro said non-GAAP adjusted net profit from continuing operations jumped 29% to Rs 1932 crore in Q2 September 2013 over Q2 September 2012.
Non-GAAP constant currency IT services revenue in dollar terms grew 3.2% sequentially and 7.9% year-on-year (YoY), Wipro said. IT services revenue stood at $1.6311 billion in Q2 September 2013, a sequential increase of 2.7% and YoY increase of 5.9%. IT services revenues in rupee terms stood at Rs 10068 crore in Q2 September 2013, an increase of 20% YoY. IT services Earnings Before Interest and Tax (EBIT) was Rs 2264 crore in Q2 September 2013, an increase of 31% YoY.
Wipro expects 1.77% to 3.61% growth in revenues from IT services business at $1.66 billion to $1.69 billion in Q3 December 2013 over Q2 September 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".
Cairn India declined in volatile trade after announcing Q2 result after market hours on Tuesday, 22 October 2013. The stock was off 1.59%. The scrip hit high of Rs 334 and low of Rs 325.30 so far during the day. The company after market hours on Tuesday, 22 October 2013, said its consolidated net profit jumped 46% to Rs 3385 crore on 5% growth in revenue to Rs 4650 crore in Q2 September 2013 over Q2 September 2012. Cairn India reports revenues post profit-sharing with the government in all blocks in addition to royalty in the Rajasthan block. Cairn India's earinings before interest, taxation, deprecation and amortization rose 9% to Rs 3619 crore in Q2 September 2013 over Q2 September 2012. The company reported foreign exchange fluctuation gain of Rs 429.16 crore in Q2 September 2013, as against foreign exchange fluctuation loss of Rs 785.81 crore in Q2 September 2012.
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 we 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.''
Hero MotoCorp rose 0.96% ahead of its quarterly earnings today, 23 October 2013.
ACC (down 0.75%) and Ambuja Cements (down 0.84%), both, edged lower ahead of their quarterly earnings today, 23 October 2013.
Power Grid Corporation of India rose 0.54% ahead of its quarterly earnings today, 23 October 2013.
ING Vysya Bank rose 0.43%. The private sector bank's net profit rose 17.4% to Rs 176.28 crore on 9.9% increase in total income to Rs 1501.96 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Tuesday, 22 October 2013.
Asian markets were mostly higher after disappointing US jobs data firmly pushed expectations for the tapering of Federal Reserve stimulus into next year. Key benchmark indices in Hong Kong, Indonesia, Singapore and Japan rose by 0.14% to 1%. Key benchmark indices in China, South Korea and Taiwan fell by 0.31% to 1.23%.
US stocks gained on Tuesday, 22 October 2013, further propelling the S&P 500's record rise, as the September nonfarm-payrolls report supported the notion that the Federal Reserve's monthly bond purchases would continue into next year.
The US created a modest 148,000 jobs in September but the number of people hired in August was higher than previously reported, indicating an economy on a zigzag course heading into the government shutdown. The nation's unemployment rate, meanwhile, fell a tick to a five-year low of 7.2%, as more people found work, according to figures released Tuesday by the Labor Department.
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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