Key benchmark indices edged lower in early trade as index heavyweight and cigarette major ITC declined. The barometer index, the S&P BSE Sensex, was down 48.80 points or 0.25%, up close to 40 points from the day's low and off about 30 points from the day's high. Index heavyweight Reliance Industries (RIL) edged higher in early trade. The market breadth, indicating the overall health of the market, was positive.
Jindal Steel and Power (JSPL) declined after weak Q4 results. IDBI Bank also fell on weak Q4 results. Idea Cellular surged nearly 10% after strong Q4 results.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1449.70 crore on Thursday, 25 April 2013, as per provisional data from the stock exchanges.
At 9:26 IST, the S&P BSE Sensex was down 48.80 points or 0.25% to 19,358.05. The index declined 89.14 points at the day's low of 19,317.71 in early trade. The index fell 21.90 points at the day's high of 19,384.95 in early trade.
The CNX Nifty was down 22.90 points or 0.39% to 5,893.40. The index hit a high of 5,907.05 in intraday trade. The index hit a low of 5,883.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 597 shares advanced and 393 shares declined. A total of 37 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks declined while rest of them rose.
Index heavyweight Reliance Industries (RIL) rose 0.4% to Rs 822.60. The company's telecom arm -- Reliance Jio Infocomm -- and Bharti Airtel on Tuesday, 23 April 2013, signed an agreement for international data connectivity under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region.
Earlier, at the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Shares of Bharti Airtel surged 3.58%, with the stock gaining for the second straight day.
Idea Cellular surged 9.68% on strong Q4 results. The company said after market hours on Thursday, 25 April 2013, that consolidated net profit rose 28.95% to Rs 308.18 crore on 12.88% rise in total income to Rs 6061.38 crore in Q4 March 2013 over Q4 March 2012.
Index heavyweight and cigarette major ITC declined 0.42% to Rs 318.80 on profit booking. The stock had hit record high of Rs 323.85 in intraday trade on Thursday, 25 April 2013. West Bengal chief minister Mamata Banerjee on Wednesday, 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, the Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
Hero MotoCorp declined 2.02% ahead of its Q4 results today, 26 April 2013.
ICICI Bank dropped 1.02% ahead of its Q4 results today, 26 April 2013.
Maruti Suzuki India shed 0.92% ahead of its Q4 results today, 26 April 2013.
Asian Paints rose 1.5% after the company after market hours on Thursday, 25 April 2013, said it has scheduled a board meeting on 9 May 2013 to consider sub-division of equity shares along with Q4 March 2013 and year ended 31 March 2013 (FY 2013) results.
Jindal Steel and Power (JSPL) declined 1.79% on weak Q4 results. The company's consolidated net profit after tax and before minority interest and share of profit/loss of associates declined 35% to Rs 752.75 crore on 3% growth in income from operations to Rs 5648.44 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Thursday, 25 April 2013.
JSPL's consolidated net profit after exceptional item declined 27.25% to Rs 2911.62 crore on 9% growth in income from operations to Rs 19806.78 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Net profit before exceptional item declined 14% to Rs 3485.74 crore in FY 2013 over FY 2012.
JSPL said that it has maintained a double digit growth in its steel business despite a global economic slowdown and subdued steel market. The company with its relentless commitment to operational excellence achieved 100% utilization of steel and pelletisation capacity, JSPL said in a statement. Several new countries and customers were added to expand the market share of JSPL, the company said. New sources of raw material were established and made operational, it added. The company, which hitherto focused mainly on B to B business, made an impressive foray into the retail market for its standard products, JSPL said. The company said it has also reorganized its operations to bring more focus on individual business segments and business units. Specific attention has been paid to strengthen the internal process and systems, the company added. As the organizations steps into 2013-14, it is ready and well poised for an orbital jump to a much larger volume of activity as envisaged in the company's Vision 2020 plan, JSPL said in a statement. JSPL's number of customers increased to 2,758 in FY 2013 from 2,139 in FY 2012.
JSPL said its pallet production has reached its full capacity. Exports by value surged 30% in FY 2013. The company said that it has achieved impressive gain in market share particularly in long products segment. The production of coking coal started in Mozambique.
The company said it has achieved 100% liquid steel capacity. Production of steel rose 11% in FY 2013. Sales by value rose 12.2% in FY 2013.
JSPL said that the company is all set to increase its steel capacity from 3.5 MTPA to 7 MTPA in 2013-14. The company also said it plans to double its power production capacity to 4,969 megawatts (MW) during 2013-14.
JSPL's board of directors at a meeting held on Thursday, 25 April 2013, recommended dividend of Rs 1.60 per share for FY 2013.
Tata Steel rose 0.72%. Tata Steel said after market hours on Thursday, 25 April 2013, Abja Investment Co. Pte, a wholly owned subsidiary of the company incorporated in Singapore has priced an issue of Singapore dollar 300 million 4.95% Senior Unsecured Notes due 2023. The notes are guaranteed by Tata Steel.
IDBI Bank fell 0.51% on weak Q4 results. The bank said after market hours on Thursday, 25 April 2013, that its net profit fell 28.15% to Rs 554 crore on 9.87% growth in total income to Rs 7544 crore in Q4 March 2013 over Q4 March 2012.
IDBI Bank's operating profit rose 32.39% to Rs 1594 crore in Q4 March 2013 over Q4 March 2012. Net interest income (NII) grew by 18.92% to Rs 1440 crore in Q4 March 2013 over Q4 March 2012. Fee based income rose 34% to Rs 875 crore in Q4 March 2013 over Q4 March 2012.
Total business (deposits and advances) as of 31 March 2013 stood at Rs 423423 crore as against Rs 391065 crore as of 31 March 2012, registering a growth of 8.27%. Deposits increased to Rs 227116 crore at end-March 2013 from Rs 210493 crore at end-March 2012, with a growth of 7.9%. Advances increased by 8.71% to Rs 196306 crore at end March 2013 from Rs 180572 crore as at end March 2012. As of 31 March 2013, aggregate assets stood at Rs 322769 crore as against Rs 290316 crore as on 31 March 2012, registering a growth of 11.18%
The focus of the market is on Q4 results. IDFC announces Q4 results on 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
The government has lined up a number of key bills for consideration and passing during the ongoing Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
Most Asian stocks rose on Friday. Key benchmark indices in Hong Kong, Indonesia, Taiwan and Singapore rose by 0.16% to 0.9%. Key benchmark indices in China, Japan and South Korea fell by 0.08% to 0.49%.
Japan's key retail-price gauge deflated in March from a year earlier, even as the index rose compared to February's levels, the Finance Ministry reported on Friday. The core consumer price index, which strips out volatile fresh-food prices, was 0.5% lower than for March of last year, the fifth straight monthly drop.
US stocks edged higher on Thursday, buoyed by corporate-earnings reports and data showing a sharp drop in weekly jobless claims.
In Europe, the European Central Bank's (ECB) Governing Council meets in Bratislava on 2 May 2013 to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% amid the euro zone's worsening economic outlook and subdued inflation.
Powered by Capital Market - Live News
