Key benchmark indices were trading slightly lower in early afternoon trade. Weakness in Asian stocks weighed on sentiment adversely. The barometer index, the S&P BSE Sensex, was down 29.21 points or 0.13%, up about 60 points from the day's low and off close to 65 points from the day's high. The market breadth, indicating the overall health of the market, turned negative from positive.
Axis Bank hit 52-week high. Wockhardt jumped after the company announced that the State Drug Controller, Himachal Pradesh has now revoked the suspension and accordingly the company will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325 mg. Shares of two-wheeler makers declined.
The market edged lower amid initial volatility. It slipped into the red after swing between gains and losses near the flat line in morning trade. It weakened once again after trimming losses after hitting fresh intraday low in mid-morning trade. The Sensex and the 50-unit CNX Nifty, both, hit their lowest level in 1-1/2 weeks. Indices were trading slightly lower in early afternoon trade
Asian stocks fell on Monday as investors weighed company earnings amid prospects for additional sanctions against Russia over the Ukraine crisis.
Foreign institutional investors (FIIs) bought shares worth a net Rs 295.01 crore on Friday, 25 April 2014, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was down 29.21 points or 0.13% to 22,658.86. The index fell 90.88 points at the day's low of 22,597.19 in mid-morning trade, its lowest level since 17 April 2014. The index gained 33.29 points at the day's high of 22,721.36 in early trade.
The CNX Nifty was down 14.45 points or 0.21% to 6,768.30. The index hit a low of 6,750.30 in intraday trade, its lowest level since 17 April 2014. The index hit a high of 6,783.20 in intraday trade.
The BSE Mid-Cap index rose 36.12 points or 0.49% to 7,409.76. The BSE Small-Cap index rose 21.03 points or 0.28% to 7,618.37. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,165 shares declined and 1,129 shares rose. A total of 109 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks declined and rest of them rose. GAIL (India) (down 1.95%), Bharat Heavy Electricals (Bhel) (down 1.44%) and Coal India (down 1.27%) edged lower from the Sensex pack.
Mahindra & Mahindra (M&M) declined 0.13% after the company said during market hours that a section of employees are not reporting to duties in a concerted manner at the company's Tractor manufacturing Plants situated at Mohali, Punjab.
Their demands are unjustified and matter is in conciliation with the Labour Commissioner's Office. The management is reasonably sure that better sense will prevail with this section of employees and the matter will be resolved amicably. There is no loss of production as rest of the employees are reporting to work and are meeting the production requirements and catering to the operations of the Plant, the company said.
Shares of two-wheeler makers declined. Bajaj Auto (down 0.52%), Hero MotoCorp (down 1.68%) and TVS Motor Company (down 0.29%) declined.
Sasken Communication Technologies tumbled 7.54% after consolidated net profit declined 18.4% to Rs 9.07 crore on 2.8% growth in revenue to Rs 116.32 crore in Q4 March 2014 over Q3 December 2013. The Q4 result was announced after market hours on Friday, 25 April 2014.
Sasken Communication Technologies (Sasken)'s consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) declined 13.7% to Rs 11.74 crore in Q4 March 2014 over Q3 December 2013.
Sasken's consolidated net profit rose 29.2% to Rs 9.07 crore on 2.6% growth in revenue to Rs 116.32 crore in Q4 March 2014 over Q4 March 2013. EBITDA declined 6.7% to Rs 11.74 crore in Q4 March 2014 over Q4 March 2013.
The company added 4 new customers during the quarter making the total of active customers to 133.
Sasken's consolidated net profit surged 61.1% to Rs 51.47 crore on 3.5% decline in revenue to Rs 458.03 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
The company's EBITDA rose 27.4% to Rs 53.39 crore in FY 2014 over FY 2013.
Speaking on the results, Sasken CEO Mr. Anjan Lahiri said, "After two quarters of flat revenues in Q2 and Q3 (on dollar terms) we are pleased to have registered a quarter of revenue growth. However, we are in the middle of a transformation and are adding new services and addressing new segments. The results of these changes will take time to show. The new team is in place and we are on our way to remaking of our business model based on the tremendous strengths of the past 25 years of great customer delivery".
Sasken said it has reorganized its business unit structure to better align with the market. It will now focus on two key business segments, Communication & Devices and IT Services and four practices consisting of ErND practice, Testing Practice, Applications and Data Services Practice and the Infrastructure Practice.
Sasken Communication Technologies' board of directors at its meeting held on Friday, 25 April 2014, declared interim dividend of Rs 3 per share and final dividend of Rs 1.50 per share for FY 2014, subject to the approval of shareholders at the Annual General Meeting.
Wockhardt jumped 6.24%. With reference to the earlier announcement dated 23 April 2014, Wockhardt has now informed that the State Drug Controller, Himachal Pradesh has now revoked the suspension and accordingly the company will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg.
Axis Bank rose 0.17% to Rs 1,537, with the stock extending Friday's gains triggered by bank's good Q4 results. The stock hit 52-week high of Rs 1,555 in intraday trade. The bank's net profit rose 18.46% to Rs 1842.32 crore on 12.41% growth in total income to Rs 10178.63 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced during trading hours on Friday, 25 April 2014.
Axis Bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 1.22% as on 31 March 2014 as against 1.25% as on 31 December 2013 and 1.06% as on 31 March 2013. The ratio of net NPAs to net advances stood at 0.4% as on 31 March 2014 as against 0.42% as on 31 December 2013 and 0.32% as on 31 March 2013.
Axis Bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 16.07% as on 31 March 2014 as against 15.5% as on 31 December 2013.
Axis Bank's net profit rose 20.04% to Rs 6217.67 crore on 12.78% growth in total income to Rs 38046.38 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
On consolidated basis, Axis Bank's net profit rose 20.54% to Rs 6310.12 crore on 13.12% growth in total income to Rs 38502.21 crore in FY 2014 over FY 2013.
Axis Bank's board of directors at its meeting held on Friday, 25 April 2014, approved 5-for-1 stock split, subject to approval of the shareholders and any other statutory and regulatory approvals, as applicable. The board also recommended dividend of Rs 20 per share for FY 2014.
UPL jumped 13.09%, with the stock extending Friday's 7.26% rally triggered by reporting good Q4 results. On a consolidated basis, UPL's net profit rose 29.4% to Rs 360.28 crore on 18.5% increase in total income to Rs 3365.23 crore in Q4 March 2014 over Q4 March 2013. The result was announced during trading hours on Friday, 25 April 2014, when the stock surged 7.26% to settle at Rs 230.40. Shares of UPL have gained 18.73% in two trading days from a recent low of Rs 214.80 on 23 April 2014.
On a consolidated basis, UPL's net profit rose 22.6% to Rs 949.79 crore on 17.3% increase in total income to Rs 10902.23 crore in the year ended 31 March 2014 over the year ended 31 March 2013.
UPL's Board of Directors at its meeting held on Friday, 25 April, 2014, recommended a dividend of Rs 4 per equity share.
In the foreign exchange market, the rupee edged higher against the dollar on speculation fund repatriation by exporters and companies that have borrowed abroad is boosting foreign-exchange inflows. The partially convertible rupee was hovering at 60.525, compared with its close of 60.60/61 on Friday, 25 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Asian stocks fell on Monday as investors weighed company earnings amid prospects for additional sanctions against Russia over the Ukraine crisis. Key benchmark indices in Japan, China, Indoensia, Hong Kong and Singapore were off 0.22% to 1.44%. Key benchmark indices in South Korea and Taiwan were up 0.15% to 0.41%.
Asian policy makers must push ahead with structural changes to ensure the region continues to lead global growth and withstand volatility as the US reduces monetary stimulus, the International Monetary Fund said. Asian economies will face higher interest rates and bouts of volatility in capital flows and asset prices as global liquidity tightens amid a recovery in advanced nations, the Washington-based lender said in its Regional Economic Outlook for Asia and Pacific released today. Tightening of global liquidity is one of the four main risks confronting Asia this year and next year, the IMF said. Other dangers include a sharper-than-envisaged slowdown in China, waning effectiveness of growth-supporting policies in Japan, and political and geopolitical tensions that disrupt trade, it said.
Trading in US index futures indicated that the Dow could gain 5 points at the opening bell on Monday, 28 April 2014. US stocks declined on Friday, 25 April 2014 as investors tracked escalating tension in Ukraine, with the geopolitical strife overshadowing upbeat results from Microsoft.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
The US and European Union will impose new sanctions on Russia amid the detention of international observers by pro-Russian separatists. Russia is one of the world's biggest nickel producers and is the fifth-largest wheat exporter, followed by Ukraine.
Russia has stoked tensions in Ukraine by threatening military maneuvers and by taking "no concrete steps" to implement an April 17 accord meant to diffuse the crisis, the Group of Seven nations -- the US, Japan, Canada, the UK, France, Germany and Italy -- said in an April 25 statement.
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