Key benchmark indices pared gains in morning trade as index heavyweight Reliance Industries (RIL) dropped in volatile trade. The CNX Nifty regained positive zone after slipping into the red. The S&P BSE Sensex was up 42.11 points or 0.22%, up 35.44 points from the day's low and off 120.54 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
State Bank of India edged lower ahead of its Q1 result today, 12 August 2013. Pharma major Sun Pharmaceutical Industries jumped on strong Q1 results. Shares of another pharma firm Cipla also gained after the company reported decent growth in bottom line in Q1 June 2013. Gujarat Gas Company rallied for second day in a row after the company declared strong Q2 results after market hours on Wednesday, 7 August 2013.
Key benchmark indices edged higher in early trade on firm Asian stocks. The Sensex and the 50-unit CNX Nifty hit highest level in almost a week. Key benchmark indices pared gains in morning trade as index heavyweight Reliance Industries dropped in volatile trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 395.78 crore on Thursday, 8 August 2013, as per provisional data from the stock exchanges.
At 10:23 IST, the S&P BSE Sensex was up 42.11 points or 0.22% to 18,831.45. The index jumped 162.65 points at the day's high of 18,951.99 in early trade, its highest level since 6 August 2013. The index rose 6.67 points at the day's low of 18,796.01 in morning trade.
The CNX Nifty was up 0.60 points or 0.01% to 5,566.25. The index hit a high of 5,610.65 in intraday trade, its highest level since 6 August 2013. The index hit a low of 5,557.10 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 957 shares gained and 547 shares fell. A total of 79 shares were unchanged.
The total turnover on BSE amounted to Rs 352 crore by 10:20 IST on BSE compared to Rs 88 crore by 09:20 IST.
Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Index heavyweight Reliance Industries (RIL) fell 1.4% to Rs 853.30 in volatile trade. The stock hit a high of Rs 871 and low of Rs 852.05 so far during the day.
State Bank of India lost 3.36%, with the stock initial fall. The state-run bank unveils its Q1 result today, 12 August 2013.
Sun Pharmaceutical Industries jumped 7.52% to Rs 545.25 and was the top gainer from the Sensex pack. The company reported consolidated net loss of Rs 1276.10 crore in Q1 June 2013, as against net profit of Rs 795.55 crore in Q1 June 2012. The result was announced on Friday, 9 August 2013, when the stock market was closed on account of Ramzan Id.
The net loss on consolidated basis during the quarter is on account of a provision of Rs 2517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix'. Recurring net profit jumped 56% to Rs 1241 crore in Q1 June 2013 over Q1 June 2012.
Sun Pharma's consolidated net sales grew 31% to Rs 3482 crore in Q1 June 2013 over Q1 June 2012. Adjusted for the impact of one-time sales recorded in the domestic business in Q4 March 2012, which lowered Q1 June 2012 sales, the net sales have grown by 23% year on year (YoY) in Q1 June 2013.
Branded generic sales in India grew 44% to Rs 849 crore in Q1 June 2013 over Q1 June 2012. Adjusted sales growth of the domestic formulation business during the quarter was 11%. US finished dosages sale in dollar terms rose 28% to $364 million in Q1 June 2013 over Q1 June 2012. International formulation sales grew 19% to $81 million.
Sun Pharma's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 26% to Rs 1531 crore in Q1 June 2013 over Q1 June 2012. EBITDA margin was at 44%, lower than 46% reported in corresponding previous quarter.
Cipla gained 3.97%. The company's net profit rose 18.5% to Rs 475 crore on 25.3% increase in gross revenues to Rs 2492 crore in Q1 June 2013 over Q1 June 2012. Operating margins grew by 24.8% to Rs 675 crore during the period under review. The result was announced on Saturday, 10 August 2013.
The company's material cost was at 40.8% of total sales in Q1 June 2013 as compared to 37.6% in Q1 June 2012.
The company's domestic revenue rose 16.7% to Rs 1132 crore in Q1 June 2013 over Q1 June 2012. The growth in domestic revenue was largely on account of growth in anti-asthma, anti-biotics/infectives, and cardiovascular therapy segments.
Exports of formulations jumped 27.7% to Rs 1034 crore in Q1 June 2013 over Q1 June 2012. Exports of Active Pharmaceutical Ingredients (APIs) fell 13.1% to Rs 146 crore in Q1 June 2013 over Q1 June 2012. The growth in export revenues was primarily due to growth in anti-retroviral, anti-asthma and anti-allergic segments, the company said.
Ranbaxy Laboratories shed 1.07% on profit booking after surging a staggering 27.49% in a single trading session on Thursday, 8 August 2013 after the company reported improved Q2 results after trading hours on Wednesday, 7 August 2013. The company reported consolidated net loss of Rs 524.24 crore for Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Sales declined 17.83% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012. Ranbaxy said that base business sales registered double digit growth and base business margins continued to improve in Q2 June 2013. Ranbaxy said the company registered profit after tax of Rs 135.20 crore in Q2 June 2013 if one excludes the impact of forex losses and other exceptional items.
Glenmark Pharmaceuticals fell 2.2%. The company during market hours today, 12 August 2013, said that Glenmark Generics Inc., USA the subsidiary of Glenmark Generics has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (USFDA) for Acamprosate Calcium Delayed-Release Tablets -- its generic version of Forest Laboratories' Campral Delayed Release Tablets. Acamprosate is indicated for the maintenance of abstinence from alcohol in patients with alcohol dependence. Acamprosate garnered sales of $21 million in the United States for the year ended March 2013, as per IMS Health data.
Gujarat Gas Company jumped 13.99%, with the stock extending Thursday's 20% rally triggered by the company declaring strong Q2 results after market hours on Wednesday, 7 August 2013. The company's consolidated net profit surged 90.24% to Rs 100.60 crore on 2.49% decline in net sales to Rs 746.80 crore in Q2 June 2013 over Q2 June 2012.
Gujarat Gas Company's consolidated net profit jumped 69.08% to Rs 100.60 crore on 2.11% decline in net sales to Rs 746.80 crore in Q2 June 2013 over Q1 March 2012.
Industrial production is seen registering a decline of 1.5% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production had registered a contraction of 1.6% in May 2013. The government will unveil industrial production data for June 2013 today, 12 August 2013.
Consumer price inflation is expected to ease a bit in July 2013. The combined consumer price index (CPI) for urban and rural India is expected to ease at 9.7% in July 2013, from 9.9% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will also unveil the CPI data for July 2013 today, 12 August 2013.
Mainland Chinese and Hong Kong stocks jumped to lead most Asian markets higher Monday amid hopes Beijing would step in to support the economy. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Taiwan were up by 0.24% to 1.67%. Key benchmark indices in Indonesia and Japan fell by 0.51% to 0.61%.
Data released on Friday, 9 August 2013, showed that Chinese banks made 699.9 billion yuan ($114.3 billion) worth of local-currency loans in July, beating expectations.
Japan's economy grew an annualized 2.6% in the April-June period, the Cabinet Officer reported Monday, cooling sharply from a rapid 4.1% gain in the first calendar quarter. On a seasonally adjusted quarterly basis, gross domestic product rose 0.6% from the first quarter's 0.9% increase.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Monday, 12 August 2013. US stock indexes declined Friday, 9 August 2013, with the Dow Jones Industrial Average halting its longest weekly winning streak since August of last year.
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