Key benchmark indices reversed direction after an initial slide triggered by weak industrial production data for June 2013 released by the government after trading hours on Monday, 12 August 2013. Gains in Asian stocks aided recovery. The S&P BSE Sensex was up 39.99 points or 0.21%, up 122.16 points from the day's low and off 7.21 points from day's high. The market breadth, indicating the overall health of the market, was strong.
ONGC fell in choppy trade after the company reported weak Q1 result after market hours on Monday, 12 August 2013. Mahindra & Mahindra gained ahead of its Q1 result today, 13 August 2013. Hindalco Industries dropped ahead of its Q1 result today, 13 August 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 408.35 crore on Monday, 12 August 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 39.99 points or 0.21% to 18,986.97. The index gained 47.20 points at the day's high of 18,994.18 in early trade. The index fell 82.17 points at the day's low of 18,864.81 in early trade.
The CNX Nifty was up 8.45 points or 0.15% to 5,620.85. The index hit a high of 5,621.70 in intraday trade. The index hit a low of 5,578.90 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 727 shares gained and 356 shares fell. A total of 40 shares were unchanged.
The total turnover on BSE amounted to Rs 231 crore by 09:30 IST.
Among the 30-share Sensex pack, 16 stocks declined and rest of them gained.
ONGC fell in choppy trade after the company reported weak Q1 result after market hours on Monday, 12 August 2013. The stock was off 1.7% at Rs 272.85. The scrip hit high of Rs 278.60 and low of Rs 270.90 so far during the day. ONGC's net profit fell 33.92% to Rs 4015.98 crore on 3.35% decline in total income to Rs 20505.03 crore in Q1 June 2013 over Q1 June 2012.
ONGC gave a gross subsidy discount of Rs 12622 crore in Q1 June 2013, which was higher than Rs 12346 crore in Q1 June 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 10803 crore and profit after tax (PAT) by Rs 7131 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
ONGC said that due to changes in accounting policies, the profit before tax was higher by Rs 222 crore.
ONGC said it has provided for Rs 1611 crore in Q1 June 2013 towards contribution for conversion of Post Retirement Benefit Scheme from Defined Benefit Scheme to Defined Contributory Scheme based on guidelines of the Department of Public Enterprise.
ONGC reported 4 hydrocarbon discoveries in Q1 June 2013 and an additional discovery in August 2013.
L&T shed 0.48%. The stock turned ex-dividend today, 13 August 2013, for dividend of Rs 12.33 per share for the year ended 31 March 2013 (FY 2013).
Maruti Suzuki India slipped 0.06% after turning ex-dividend today, 13 August 2013, for dividend of Rs 8 per share for the year ended 31 March 2013 (FY 2013).
Mahindra & Mahindra gained 2.77% ahead of its Q1 result today, 13 August 2013.
Tata Steel rose 0.15% ahead of its Q1 result today, 13 August 2013.
Hindalco Industries lost 2.4% ahead of its Q1 result today, 13 August 2013.
BPCL fell 0.67% ahead of its Q1 result today, 13 August 2013
Kotak Mahindra Bank fell 1.25%. The bank has raised the base rate by 25 basis points to 10% per annum with effect from 13 August 2013. All categories of loans (other than exceptions permitted by RBI) will henceforth be priced with reference to the revised base rate, the bank said. The bank has also raised its benchmark prime lending rate (BPLR) by 25 basis points with effect from 13 August 2013. The announcement was made after market hours on Monday, 12 August 2013.
Sesa Goa rose 0.59%. The company after market hours on Monday, 12 August 2013, said that the Division Bench of the High Court of Bombay at Goa vide its order dated 12 August 2013 has dismissed the appeal filed by the shareholder of Sesa Goa and sanctioned the Scheme of amalgamation and arrangement amongst Sterlite Industries (India), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors and the scheme of amalgamation of Ekaterina with the company and their respective shareholders and creditors.
HPCL slipped 0.18%. The company reported net loss of Rs 1460.48 crore in Q1 June 2013, lower than net loss of Rs 9248.80 crore in Q1 June 2012. Total income rose 16.23% to Rs 51968.01 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Monday, 12 August 2013.
HPCL's average Gross Refining Margin (GRM) was $2.58 per barrel in Q1 June 2013, as against a negative GRM of $2.05 a barrel in Q1 June 2012.
During the Quarter ended June 2013, HPCL received discount of Rs 3485.71 crore in respect of crude oil, PDS Kerosene & Domestic LPG purchased from upstream oil companies, viz. ONGC and GAIL (India). The discount was higher than Rs 3357.20 crore in Q1 June 2012.
Based on the approval received from the Government of India, the company has accounted for Budgetary Support amounting to Rs 1822.14 crore for Q1 June 2013 as against Nil in Q1 June 2012 against under-recoveries on sale of sensitive petroleum products.
Hindustan Copper declined 0.24%. The company's net profit fell 61.32% to Rs 18.57 crore on 26.91% fall in total income to Rs 245.75 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Monday, 12 August 2013.
DLF surged 5.41% after the company reported 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.
On the macro front, industrial production registered a contraction of 2.2% in June 2013, data released by the government after trading hours on Monday, 12 August 2013, showed. Mining production registered a decline of 4.1% and manufacturing production fell 2.2%. Electricity generation remain stagnant in June 2013. As per use-based classification, production of basic goods declined 1.9% in June 2013. Capital goods production fell 6.6%. Production of intermediate goods rose 1.1%. Consumer goods production declined 2.3%. Production of consumer durables declined 10.5%. Production of consumer non-durables rose 5%.
On a cumulative basis, industrial production registered a contraction of 1.1% during April-June 2013.
Inflation based on the consumer price index (CPI) eased in July 2013, data released by the government after trading hours on Monday, 12 August 2013, showed. The combined consumer price index (CPI) for urban and rural India eased to 9.64% in July 2013, from 9.87% in June 2013. The data showed that inflation under the category 'food and beverages' stood at 11.24% in July 2013.
Asian markets were trading higher on Tuesday, 13 August 2013, led by sharp upmove in Japanese shares which rose after yen eased following a report on Tuesday that said the Prime Minister Shinzo Abe is considering a corporate tax cut as a way to offset the impact of a planned two-stage increase in the sales tax. Key benchmark indices in Hong Kong, Indonesia, Singapore, South Korea, Japan and Taiwan were up by 0.28% to 1.65%. China's Shanghai Composite index fell 0.02%.
Japan's core machinery orders, seen as a leading indicator of capital spending, fell 2.7% in June, the Cabinet Office said Tuesday. Core machinery orders, which exclude volatile purchases for power-generation equipment and ships, can nonetheless vary wildly from month to month: They rose 10.5% in May, fell 8.8% in April, and rose 14.2% in March. A quarterly forecast included with the June results showed expectations the orders would fall 5.7% in the July-September period compared to the previous quarter.
US stocks closed a low-volume, light-news session with slight losses on Monday, though the technology-dominated Nasdaq Composite managed a gain.
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