Key benchmark indices reversed direction after a positive start. The barometer index, the S&P BSE Sensex, was down 7.02 points or 0.03%, up close to 10 points from the day's low and off about 70 points from the day's high. Index heavyweight and cigarette major ITC edged higher ahead of its Q4 results today, 17 May 2013. Another index heavyweight Reliance Industries (RIL) was flat. The market breadth, indicating the overall health of the market, was positive.
State-run Steel Authority of India (Sail) gained after the Union Cabinet approved a proposal to allow Sail and another steel PSU RINL to undertake direct chartering of ships for import of coal. ICICI Bank gained after the bank said it has received an aggregate equity capital repatriation of Canadian dollar 75 million from ICICI Bank Canada, its wholly owned banking subsidiary in Canada. Mahindra Satyam rose after Q4 results.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1070.33 crore on Thursday, 16 May 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was down 7.02 points or 0.03% to 20,240.31. The index rose 61.64 points at the day's high of 20,308.97 in early trade. The index fell 19.91 points at the day's low of 20,227.42 in early trade.
The CNX Nifty was down 5.40 points or 0.09% to 6,164.50. The index hit a high of 6,188.60 in intraday trade. The index hit a low of 6,164.25 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 574 shares advanced and 355 shares declined. A total of 37 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks fell and the rest of them rose. Infosys, Tata Consultancy Services and Tata Power Company rose by 0.43% to 1.05%.
Index heavyweight Reliance Industries (RIL) was flat at Rs 840.
Index heavyweight and cigarette major ITC rose 0.42% to Rs 338.20. The company announces its Q4 results today, 17 May 2013. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013.
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.
Bajaj Holdings & Investment rose 0.28% after the company announced after market hours on Thursday, 16 May 2013 that consolidated net profit rose 5.6% to Rs 664.37 crore on 22.8% growth in total income to 82.55 crore in Q4 March 2013 over Q4 March 2012.
Cadila Healthcare gained 0.74% after the company after market hours on Thursday, 16 May 2013, announced the launch of a drug for the treatment migraine in the United States. The drug had annual sales of $175 million in the US in 2012 as per IMS Health data.
Cadila Healthcare said that the company now has 79 approvals and has so far filed 173 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.
Mahindra Satyam rose 1.19% after Q4 results. The company's consolidated profit after tax jumped 467.5% to Rs 454 crore on 0.2% decline in revenue to 1936 crore in Q4 March 2013 over Q3 December 2012. The sharp surge in net profit on sequential basis was due to exceptional items. There was a one-time exceptional expense reversal of Rs 134 crore in Q4 March 2013. On the other hand, in Q3 December 2012, the company had incurred exceptional one-time loss of Rs 294.04 crore pertaining to the Aberdeen UK claim settlements. Mahindra Satyam's earnings before interest, taxation, depreciation and amortization (EBITDA) declined 7% to Rs 389.23 crore in Q4 March 2013 over Q3 December 2012. EBITDA margin declined to 20.1% in Q4 March 2013 from 21.6% in Q3 December 2012. The company announced the result after trading hours on Thursday, 16 May 2013.
Speaking on the occasion, CP Gurnani, CEO, Mahindra Satyam said, "The large deal win during the quarter is of particular significance and vindicates our investment of time and effort in this area. Our preparedness with Connected Solutions for a Connected World remains positive and we are hopeful of similar wins, which will help us accelerate our growth in the ensuing quarters".
Vineet Nayyar, Chairman, Mahindra Satyam said that the merger of Mahindra Satyam with Tech Mahindra is at its penultimate phase. He added that the merger will embark a new chapter for Mahindra Satyam.
ICICI Bank gained 0.38% after the bank after trading hours on Thursday, 16 May 2013, said it has received an aggregate equity capital repatriation of Canadian dollar 75 million from ICICI Bank Canada, its wholly owned banking subsidiary in Canada. Post the repatriation, the share capital of ICICI Bank Canada is Canadian dollar 857 million and its capital adequacy ratio continues to be strong, ICICI Bank said in a statement.
ICICI Bank said it already has a strong capital adequacy ratio, and the return of capital by the subsidiary will enhance the bank's ability to optimise capital deployment and return on equity.
State-run Steel Authority of India (Sail) gained 0.08% after the Union Cabinet on Thursday, 16 May 2013, approved a proposal to allow Sail and another steel PSU RINL to undertake direct chartering of ships without going through the centralized chartering organization under the Ministry of Shipping and Road Transport, namely TRANSCHART. This decision will help in meeting the shortfall in the domestic availability of coking coal. Sail and RINL at present import around 14-15 million tonnes of coking coal annually. As per the existing government policy, vessels for shipment of imported coal by PSUs have to be chartered through TRANSCHART.
With direct chartering of operations, Sail and RINL will have better control of logistics, shipping and operations of importing coal and other raw material from overseas, the government said in a statement. The benefits of flexibilities flowing through direct chartering of operations would bring in a comprehensive logistic solution along with financial benefits to these PSUs, the government said.
As per the Q4 results calendar, Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Asian stocks edged higher on Friday, 17 May 2013. Key benchmark indices in China, Indonesia, Japan and Taiwan were up 0.09% to 0.53%. Singapore's Straits Times fell 0.09%. Stock markets in Hong Kong and South Korean were closed for holidays.
US stocks fell on Thursday, 16 May 2013, after a Federal Reserve official tipped a pullback in the central bank's easing programs could come as soon as this summer. Media reports had last week suggeested that Fed officials have mapped out a strategy for winding down quantitative easing, although the timing hasn't been decided.
Meanwhile, the data from the Philadelphia Federal Reserve showed factory activity in the mid-Atlantic region contracted, while the Commerce Department reported that US housing starts plummeted 16.5% in April. New claims for jobless benefits unexpectedly jumped last week.
Powered by Capital Market - Live News
