Volatility ruled the roost as the barometer index, the S&P BSE Sensex, trimmed gains after regaining positive zone after slipping into the red in morning trade. The Sensex was up 43.46 points or 0.22%, off close to 55 points from the day's high and up about 50 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Capital goods pivotals edged higher on bargain hunting after recent steep losses. Realty stocks also moved higher. Realty major DLF extended initial gain after signing definitive agreements to sell its 74% equity stake in its Life Insurance Joint Venture -- DLF Pramerica Life Insurance Company to Dewan Housing Finance Corporation (DHFL) and its group entities. Zee Entertainment Enterprises hit 52-week high, with the stock extending Thursday's post result rally. Biocon rose after good Q1 result. Sun Pharmaceutical Industries extended initial gain. Piramal Enterprises dropped after the company reported net loss in Q1 June 2013 due to a sharp increase in interest costs.
A bout of volatility was witnessed in early trade with key benchmark indices trimming gains after a firm start. Volatility ruled the roost as the barometer index, the S&P BSE Sensex, trimmed gains after regaining positive zone after slipping into the red in morning trade.
At 10:20 IST, the S&P BSE Sensex was up 43.46 points or 0.22% to 19.848.59. The index jumped 102.69 points at the day's high of 19,907.45 in early trade. The index fell 9.82 points at the day's low of 19,794.94 in morning trade.
The CNX Nifty was up 25.75 points or 0.44% to 5,933.25. The index hit a high of 5,944.50 in intraday trade. The index hit a low of 5,913.70 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 662 shares gained and 497 shares fell. A total of 58 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest of them fell. Jindal Steel & Power (up 2.03%), Sterlite Industries (up 1.37%) and M&M (up 1.34%), edged higher.
Sun Pharmaceutical Industries rose 2.31%, with the stock extending initial gain.
Realty major DLF rose 2.17%. The company said after market hours on Thursday, 25 July 2013, that it has signed definitive agreements to sell its 74% equity stake in its Life Insurance Joint Venture -- DLF Pramerica Life Insurance Company, a joint venture with Prudential International Insurance Holdings (PIIHL), a subsidiary of Prudential Financial, Inc USA to Dewan Housing Finance Corporation (DHFL) and its group entities. As these agreements are subject to regulatory approvals, hence the transaction consideration shall be disclosed post receipt of all such approvals, DLF said. The transaction is in line with the DLF's ongoing strategy to divest non-core assets.
Among other realty stocks, Unitech (up 0.27%), HDIL (up 0.64%), D B Realty (up 1%) and Sobha Developer (up 1.11%), edged higher.
Capital goods pivotals edged higher on bargain hunting after recent steep losses. Shares of power equipment major Bharat Heavy Electricals rose 0.95% to Rs 160.10. The stock had hit a 52-week low of Rs 157.15 in intraday trade on Thursday, 25 July 2013.
L&T gained 1.8% to Rs 869.25. The stock had hit 52-week low of Rs 850.10 in intraday trade on Thursday, 25 July 2013. L&T's net profit declined 12.46% to Rs 756.03 crore on 3.69% growth in total income to Rs 13027.66 crore in Q1 June 2013 over Q1 June 2012. L&T attributed the decline in net profit to unfavorable job mix, lower margin accruals and lower other income. The Q1 result was announced on 22 July 2013.
Biocon rose 3.77% after consolidated net profit rose 18.65% to Rs 93.50 crore on 22.03% growth in total income to Rs 723.17 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Thursday, 25 July 2013.
Biocon said that the revenue growth in Q1 June 2013 reflects the inherent strength of the company's product portfolios. Revenue from the biopharma business rose 21% to 439 crore in Q1 June 2013 over Q1 June 2012. Revenue from branded formulations rose 17% to Rs 101 crore. Revenue from research services (Syngene and Clinigene) rose 26% to Rs 155 crore.
Biocon's Research and Development investments for Q1 June 2013 stood at Rs 43 crore which is 10% of Biopharma sales.
With regard to the future business outlook, Biocon said that the focus in the current fiscal is to further the company's progress in the biosimilars, research services and the branded formulations space. The company said that the current business and regulatory environment is challenging and has impacted the Indian pharmaceutical industry's growth momentum. Biocon said it intends to manage the environmental uncertainties by building efficiencies across costs and processes as well as by improving the portfolio mix with margin accretive products. The Research and Development and Capex investments in the company's biosimilars programs continue as planned with Research and Development costs expected to increase during the year, Biocon said.
Biocon's board of directors at a meeting held on Thursday, 25 July 2013, noted the proposal for merger of its subsidiary Clinigene International with Syngene International.
Zee Entertainment Enterprises rose 1% to Rs 262.25, with the stock extending Thursday's sharp jump triggered by strong Q1 result. The stock hit 52-week high of Rs 267.35 in intraday trade today, 26 July 2013. The company's consolidated net profit surged 42.04% to Rs 224.64 crore on 19.73% growth in total income to Rs 1045.42 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced during trading hours on Thursday, 25 July 2013.
Piramal Enterprises (PEL) lost 1.99% to Rs 576.35 after the company reported net loss in Q1 June 2013 due to a sharp increase in interest costs. The company reported consolidated net loss of Rs 146.7 crore in Q1 June 2013, compared with net profit of Rs 4.10 crore in Q1 June 2012. Total operating income jumped 29.8% to Rs 970.20 crore. Operating profit (OPBITDA) jumped 86.11% to Rs 146.10 crore in Q1 June 2013 over Q1 June 2012.
The company's interest cost jumped 279.9% to Rs 332.50 crore in Q1 June 2013 over Q1 June 2012, as the company raised funds to invest in its NBFC operations and in shares of Shriram Transport Finance Company. The company acquired a minority stake of about 10% in Shriram Transport Finance Company for Rs 1634 crore in May 2013. The interest expenses for the quarter include one-time financing charges of Rs 162.80 crore. Excluding these one-time financing charges, the company would have reported a net profit of Rs 16.10 crore in Q1 June 2013, PEL said in a statement.
PEL announced the first quarter results after trading hours on Thursday, 25 July 2013.
Asian stocks were mostly in red on Friday, 26 July 2013. Key benchmark indices in Indonesia, China, Taiwan and Japan fell by 0.08% to 2.48%. Key benchmark indices in South Korea, Hong Kong and Singapore rose by 0.04% to 0.16%.
Japan consumer prices rose the most since 2008 in June, an early sign that the world's third-biggest economy may be starting to shake off 15 years of deflation. Consumer prices excluding fresh food increased 0.4% in June from a year earlier, the statistics bureau said in a statement today.
Trading in US index futures indicated that the Dow could gain 35 points at the opening bell on Friday, 26 July 2013. US stocks rose on Thursday, 25 July 2013, after better-than-expected results from Facebook Inc.
In Europe, UK's second-quarter gross domestic product expanded 0.6% compared with the first quarter and 1.4% higher than a year ago, data released on Thursday, 25 July 2013, showed.
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