Key benchmark indices were off the day's high in early afternoon trade. While the barometer index, the S&P BSE Sensex, was just a tad higher for the day, the 50-unit S&P CNX Nifty reversed intraday gain. The market breadth, indicating the overall health of the market, was negative. The Sensex was up 9.34 points or 0.05%, off close to 80 points from the day's high and up about 5 points from the day's low.
Index heavyweight and cigarette major ITC extended Friday's losses as the company's top line growth in Q2 September 2013 disappointed investors. Index heavyweight Reliance Industries (RIL) extended intraday gain. Realty stocks edged lower ahead of the Reserve Bank of India's (RBI) Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. KEC International jumped on good Q2 result. Kolte-Patil Developers rose on decent Q2 result. Everest Industries tanked on reversed turnaround in Q2.
The market trimmed initial gains triggered by firm Asian stocks. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving almost entire initial gains in morning trade. Intraday volatility continued as key benchmark indices recovered from lower level after giving away almost entire intraday gains in mid-morning trade. Key benchmark indices were off the day's high in early afternoon trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contract expire on Thursday, 31 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 626.99 crore on Friday, 25 October 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was up 9.34 points or 0.05% to 20,692.86. The index rose 1.63 points at the day's low of 20,685.15 in early afternoon trade. The index rose 87.84 points at the day's high of 20,771.36 in early trade.
The CNX Nifty was down 7.55 points or 0.12% to 6,137.35. The index hit a low of 6,137.20 in intraday trade. The index hit a high of 6,168.75 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,134 shares dropped and 963 shares advanced. A total of 150 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and rest of them fell. L&T (up 2.19%), ONGC (up 1.6%) and HDFC (up 1.44%), gained.
Index heavyweight and cigarette major ITC extended Friday's losses as the company's top line growth in Q2 September 2013 disappointed investors. The stock was off 3.01%. The company's net profit jumped 21.46% to Rs 2230.53 crore on 9.42% growth in total income to Rs 8108.72 crore in Q2 September 2013 over Q2 September 2012. The company declared Q2 result at fag end of the day's trading session on Friday, 25 October 2013.
Index heavyweight Reliance Industries (RIL) rose 2.02%, with the stock extending intraday gain. RIL during market hours on Friday, 25 October 2013, said its subsidiary Reliance Jio Infocomm (RJIL) has received Unified License for all 22 service areas across India. RJIL has thus become the first telecom operator in the country to get pan India Unified License. The Unified License would allow RJIL to offer all telecom services including voice telephony under a single license.
With grant of Unified License, RJIL has migrated its existing ISP license along with Broadband Wireless Access (BWA) spectrum to the Unified License with authorisation for all services except Global Mobile Personal Communication by Satellite Service (GMPCS) under Unified License in all service areas, RIL said in a statement.
NTPC rose 0.21% ahead of its Q2 results tomorrow, 29 October 2013.
Realty stocks edged lower ahead of the Reserve Bank of India's (RBI) Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. DLF (down 1.35%), D B Realty (down 1.55%), and HDIL (down 1.45%), declined. But, Unitech rose 0.29%.
Everest Industries tanked 13.28% on reversed turnaround in Q2. The company reported net loss of Rs 6.65 crore in Q2 September 2013 as against net profit of Rs 12.51 crore in Q2 September 2012. Everest Industries' net sales declined 10.4% to Rs 198.03 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
Kolte-Patil Developers rose 2.85% on decent Q2 result. The company's consolidated net profit jumped 64.4% to Rs 32.23 crore on 1.3% fall in net sales to Rs 187.43 crore in Q2 September 2013 over Q2 September 2012. The result was announced on Saturday, 26 October 2013.
Consolidated EBITDA (earnings before interest taxes depreciation and amortization) jumped 73% to Rs 60 crore in Q2 September 2013 over Q2 September 2012. EBITDA margins expanded by 14 percentage points to 32% in Q2 September 2013 over Q2 September 2012.
Kolte-Patil Developers said it reported new sales bookings of 0.45 million square feet (msf) in Q2 September 2013, compared with 0.45 msf in Q1 June 2013 and 0.83 msf in Q2 September 2012. Value of area sold stood at Rs 260 crore in Q2 September 2013, compared with Rs 215 crore in Q1 June 2013 and Rs 340 crore in Q2 September 2012. Average sales price realization stood at Rs 5,737 per square feet (sq. ft.) in Q2 September 2013, compared with Rs 4,783 per sq. ft. in Q1 June 2013 and Rs 4,072 per sq. ft. in Q2 September 2012.
Kolte-Patil Developers said it has forayed into Mumbai market with a redevelopment project on Khar Linking road. The company said it has launched four projects in Pune to develop a total of 1.8 million sq. ft.
Mr. Sujay Kalele, Group CEO, Kolte-Patil Developers said, "We have delivered yet another strong performance in a seasonally weak quarter. Our sales momentum has been encouraging having recorded 0.9 msf. of new area sales in the first half of the year despite a challenging approval scenario. We forayed into the Mumbai market during the quarter with our first project on Khar-Linking Road in the redevelopment space. We plan to expand judiciously in this market based on the same principles and strategies that have driven our successes till date. The quarter further saw the launch of four new projects in Pune to the tune of 1.8 msf. These along with subsequent new launches expected in Q3, will translate into an uptick in sales volume in the second half and enable us to maintain our annual run-rate of about 2.5 msf. Going forward we are focused on consolidating our market leadership in Pune and expanding our presence in Bangalore and Mumbai, while maintaining our focus on high quality, timely delivery and cash flows."
KEC International jumped 7.62% on good Q2 result. The company's consolidated net profit surged 34% to Rs 22 crore on 6.6% growth in net sales to Rs 1778 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
KEC International's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 30.4% to Rs 112 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin improved 115 basis points to 6.3% of net sales.
The company's order book stands at Rs 10200 crore as on 30 September 2013. Of this 54% is from outside India. It has secured new orders in Transmission, Power Systems and Cables businesses of Rs 755 crore in Q2 September 2013.
Commenting on the company's Q2 performance, Mr. Ramesh Chandak, MD & CEO, KEC International said, "We are happy to declare continuous order inflows from various businesses and geographies. Our order intake for the first half of FY 2014 at Rs 3943 crore is higher by 13% as compared to the corresponding period of the previous year. On the profitability front, our operating margin for the quarter is better than the previous four quarters".
Commercial Engineers & Body Builders Company was locked at 5% lower circuit at Rs 10.96 on BSE after company reported a reverse turnaround in Q2. The company reported net loss of Rs 15.08 crore in Q2 September 2013 as against net profit of Rs 16.29 crore in Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013. Commercial Engineers & Body Builders Company's net sales declined 87.2% to Rs 19.59 crore in Q2 September 2013 over Q2 September 2012.
Bharat Gears was locked at 20% upper circuit at Rs 42 on strong Q2 result. The company's net profit jumped 672.9% to Rs 3.71 crore on 8.5% growth in net sales to Rs 108.69 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
In the foreign exchange market, the rupee edged lower against the dollar on caution ahead of the Reserve Bank of India's (RBI) monetary policy review tomorrow, 29 October 2013. The partially convertible rupee was hovering at 61.50, compared with its close of 61.46/47 on Friday, 25 October 2013.
Bond prices fell ahead of the Reserve Bank of India's (RBI) monetary policy review tomorrow, 29 October 2013. The yield on the federal benchmark paper 7.16% GS 2023 was hovering at 8.6237%, higher than its close of 8.5795% on Friday, 25 October 2013. Bond yield and bond prices are inversely related.
The Reserve Bank of India (RBI) announces Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. Market men expect RBI to hike its main lending rate viz. the repo rate by 25 basis points to rein in inflation. The wholesale price (WPI) and consumer price inflation, both, accelerated in September 2013. WPI inflation accelerated to 6.46% in September 2013, from 6.1% in August 2013. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India rose 9.84% in September 2013, from 9.52% in August 2013.
The RBI will release its macroeconomic policy review at about 17:00 IST today, 28 October 2013, a day ahead of the Second Quarter Review of Monetary Policy 2013-14.
Asian stocks rose on Monday, 28 October 2013, after weaker than forecast US consumer confidence spurred bets the Federal Reserve will maintain stimulus. Key benchmark indices in China, Taiwan, Hong Kong, Singapore, Japan, Indonesia and South Korea rose 0.09% to 2.19%.
A Bank of Korea survey showed consumer sentiment rose this month to the highest level since May 2012.
Trading in US index futures indicated that the Dow could gain 57 points at the opening bell on Monday, 28 October 2013. US stocks rose on Friday, 25 October 2013, sending the Standard & Poor's 500 Index to a record, as Amazon.com Inc. and Microsoft Corp. sales beat estimates while a drop in consumer confidence added to speculation the Federal Reserve will delay scaling back monetary stimulus.
Data on US industrial production for September 2013 is due for release later in the global day today, 28 October 2013.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting tomorrow, 29 October and Wednesday, 30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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