Key benchmark indices edged higher in early trade after early leads of counting of votes of Delhi Assembly elections showed that the Aam Aadmi Party (AAP) is getting clear majority and will be able to form the next government in the state. The barometer index, the S&P BSE Sensex was currently up 113.15 points or 0.4% at 28,340.54. The market breadth indicating the overall health of the market was strong.
Counting of votes of Delhi assembly elections has begun with final results due later in the day today, 10 February 2015. As per early leads, AAP was leading in 48 seats with Bharatiya Janata Party (BJP) leading in 7 seats.
DLF dropped on weak Q3 results. Cipla rose after the company said that its wholly owned subsidiary, Cipla (EU), UK, has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI).
In overseas markets, Asian stocks were mixed today, 10 February 2015. US stocks fell yesterday, 9 February 2015, dragged down by a selloff in European markets, as investors were unnerved by the deepening standoff between Greece and its creditors.
Foreign portfolio investors sold shares worth a net Rs 660.30 crore yesterday, 9 February 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 469.55 crore yesterday, 9 February 2015, as per provisional data released by the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 113.15 points or 0.4% at 28,340.54. The index rose 178.16 points at the day's high of 28,405.55 in early trade. The index fell 182.90 points at the day's low of 28,044.49 in early trade.
The CNX Nifty was up 26.15 points or 0.31% at 8,552.50. The index hit a high of 8,578 in intraday trade. The index hit a low of 8,470.50 in intraday trade.
The BSE Mid-Cap index was up 65.32 points or 0.63% at 10,407.59. The BSE Small-Cap index was up 56.96 points or 0.52% at 10,968.50. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 885 shares rose and 466 shares fell. A total of 44 shares were unchanged.
Cipla rose 0.77% after the company after market hours yesterday, 9 February 2015 said that its wholly owned subsidiary, Cipla (EU), UK, has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI). Cipla has established a strong presence in Morocco for over a decade via its business partners. This JV will enable Cipla to establish a front-end presence in Morocco's pharmaceutical market, becoming the launch vehicle for Cipla's portfolio while leveraging the commercial strengths of partners. The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco. As per the agreement, Cipla (EU) will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU)'s expected investment in cash in the JV is estimated at up to $15 million, Cipla said in a statement. The transaction remains subject to conditions precedent and applicable regulatory approvals, Cipla added.
Commenting on the development, Mr Subhanu Saxena, MD & Global CEO, Cipla said, Morocco is an attractive pharmaceutical market in the African continent. This JV is aimed to strengthen Cipla's presence in Morocco, which is in-line with our global growth strategy to build front-end presence in key markets. Cipla has enjoyed a long-standing business relationship with Cooper Pharma and PHI for over a decade and this JV will further strengthen Cipla's relationship.
DLF dropped 2.42% on weak Q3 results. The consolidated net profit fell 9.29% to Rs 131.79 crore on 19.7% decline in total income to Rs 2079.82 crore in Q3 December 2014 over Q3 December 2013. The company announced Q3 results after market hours yesterday, 9 February 2015.
On macro front, as per the advance estimates of Gross Domestic Product (GDP) at constant (2011-12) prices for 2014-15, the GDP growth is likely to accelerate to 7.4% as compared to the growth rate of 6.9% in 2013-14 and 5.1% in 2012-13. The sectors which registered growth rate of over 7.0% are, 'financial, real estate and professional services', 'trade, hotels, transport, communication and services related to broadcasting', 'public administration, defence and other services', and 'electricity, gas, water supply& other utility services. The data was announced after market hours yesterday, 9 February 2015. The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'construction' and 'manufacturing' is estimated to be 1.1%, 2.3%, 4.5% and 6.8% respectively.
Gross Domestic Product (GDP) growth at constant (2011-12) prices in Q3FY2015 is estimated at 7.5% against 8.2% growth recorded in Q2FY2015, data showed.
Finance Minister Arun Jaitley yesterday, 9 February 2015, said that the overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction. Jaitley said that current account deficit will be under control and he will try to keep fiscal deficit also within the prescribed limit. The Finance Minister said that the growth rate would be better than the last year as per the old system. The Finance Minster was making the opening remarks at the First Meeting of the Parliamentary Consultative Committee attached to his Ministry to discuss 'Suggestions for the Budget'. Regarding bringing back the black money stashed abroad, the Finance Minister said that India will soon become part of international consortium where the focus would be on automatic transfer of information which would in turn help the government in getting easy access to such foreign accounts of Indian residents.
On the global front, a two-day summit of G-20 finance ministers and central bank governors meet in Istanbul ends today, 10 February 2015.
Asian stocks were mixed today, 10 February 2015. Key indices in Taiwan, Japan, Indonesia, and South Korea were down 0.17% to 0.7%. Key indices in and China, Hong Kong and Singapore rose by 0.01% to 0.84%.
China's consumer inflation slipped to a five-year low in January, which will likely give the central bank more scope for further policy easing. China's consumer-price index rose 0.8% in January from a year earlier, slower than a 1.5% year-over-year rise in December, data from the National Bureau of Statistics showed today, 10 February 2015.
US stocks fell yesterday, 9 February 2015, dragged down by a selloff in European markets, as investors were unnerved by the deepening standoff between Greece and its creditors.
In Europe, the probability of Greece leaving the euro zone has risen several notches as Greece has taken an increasingly hard line over its government debt. Prime Minister Alexis Tsipras on Sunday, 8 February 2015, ruled out extending Greece's bailout deal and said some of the reforms imposed by lenders would be reversed. European Commission President Jean-Claude Juncker raised tensions further yesterday, 9 February 2015, by saying Greeks should not expect the euro zone to accept their latest terms.
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