Key benchmark indices surged and hit record high in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their record high. The Sensex was currently up 114.27 points or 0.42% at 27,460.60. The market breadth indicating the overall health of the market was strong. Foreign portfolio investors (FPIs) bought shares worth a net Rs 1257.49 crore yesterday, 30 October 2014, as per provisional data.
Bharti Airtel gained on strong Q2 results. IDFC gained after announcing Q2 results. Ambuja Cements rose on strong Q3 results.
In overseas markets, Asian stocks rose led by Japanese stocks after US economic growth topped estimates and investors speculated Japan's pension fund will boost equity holdings. US stocks rallied yesterday, 30 October 2014, as a report showed faster-than-estimated growth in gross domestic product, fueling speculation the economy is strong enough to withstand higher interest rates
At 9:25 IST, the S&P BSE Sensex was up 114.27 points or 0.42% at 27,460.60. The index surged 147.26 points at the day's high of 27,493.59 in early trade, a record high for the index. The index rose 91.95 points at the day's low of 27,438.28 in early trade.
The CNX Nifty was up 45.40 points or 0.56% at 8,214.60. The index hit a high of 8,214.65 in intraday trade, a record high for the index. The index hit a low of 8,198.05 in intraday trade.
The BSE Mid-Cap index was up 53.08 points or 0.55% at 9,767.51. The BSE Small-Cap index was up 60.85 points or 0.56% at 10,888.31. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 710 shares rose while 126 shares declined. A total of 18 shares were unchanged.
Ambuja Cements rose 1.43% on strong Q3 results. The company's net profit jumped 44% to Rs 239 crore on 9.2% growth in net sales to Rs 2188 crore in Q3 September 2014 over Q3 September 2013. The company attributed increase in net sales to improved sales realization. Earnings before interest, taxation, depreciation and amortization jumped 46.1% to Rs 393 crore in Q3 September 2014 over Q3 September 2013. The result was announced after trading hours yesterday, 30 October 2014.
Ambuja Cements said that cement demand is likely to be better with expectation of higher GDP growth and improved business sentiments. The drivers for demand will continue to be housing and infrastructure, considering the government's recent push in this sector. Ambuja Cements said that the company will continue to work on improving efficiencies and focus on customer and commercial excellence. Ambuja Cements said that the company believes that these initiatives will help improve its performance.
IDFC gained 1.68% after announcing Q2 results. The lender's consolidated net profit fell 13.43% to Rs 421.40 crore on 15.75% increase in total income to Rs 2,487.46 crore in Q2 September 2014 over Q2 September 2013.
The board of IDFC at its meeting held on Thursday, 30 October 2014, approved a proposal to demerge its financing undertaking into its wholly-owned step-down subsidiary, IDFC Bank. IDFC Bank is a recently incorporated company by IDFC with a paid up capital of Rs 5 lakh and is currently not a listed company. Post demerger, the shares of IDFC Bank will be listed on the BSE and the NSE.
IDFC Bank will issue 1 equity share of Rs 10 each, fully paid up of IDFC Bank for every 1 equity share of Rs 10 each held in IDFC as a consideration for the demerger of financing undertaking of IDFC into IDFC Bank, to the shareholders holding shares of IDFC as on the record date.
The shareholders of IDFC will continue to hold their shares in IDFC. On completion of demerger, equity share capital of IDFC Bank will be held approximately 53% by IDFC Financial Holding Company (lDFC FHCL) (being incorporated), a 100% subsidiary of IDFC and approximately 47% by the shareholders of IDFC (as on the record date).
Bharti Airtel gained 1.35% on strong Q2 results. The company's consolidated net profit rose 170.2% to Rs 1383 crore on 7.1% increase in total revenue to Rs 22845 crore in Q2 September 2014 over Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12.1% to Rs 7705 crore in Q2 September 2014 over Q2 September 2013. Mobile data revenues grew 66.7% to Rs 2540 crore in Q2 September 2014 over Q2 September 2013, contributing more than two-third of the incremental revenues. The result was announced after market hours on Thursday, 30 October 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Thursday, 30 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1257.49 crore on that day.
Finance Minister Arun Jaitley yesterday, 30 October 2014, asked the senior officers of the Central Board of Direct Taxes (CBDT) not to lose sight of domestic black money keeping in view its much higher magnitude. He asked the senior officers of the Income Tax Department to make their best efforts to chase those sectors where the domestic black money is most prevalent. He said that the recovery of black money and taxes due thereon will also help the Department in achieving its tax collection targets. The Finance Minister was speaking at a Review Meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners and Directors General of Income Tax in order to assess and analyse the achievements of the Budget Targets for Revenue Collections for Financial Year 2014-15. He asked the tax officials to widen the tax base in order to bring more and more people within tax domain.
Asian stocks rose today, 31 October 2014, led by Japanese stocks after US economic growth topped estimates and investors speculated Japan's pension fund will boost equity holdings. Key benchmark indices in Indonesia, South Korea, Hong Kong, Taiwan, Singapore, Japan and China were up 0.11% to 1.68%.
US stocks rallied on Thursday, 30 October 2014, as a report showed faster-than-estimated growth in gross domestic product, fueling speculation the economy is strong enough to withstand higher interest rates.
Among economic data in US, US GDP rose an annualized 3.5% in the three months ended September, after a 4.6% gain in the second quarter, a Commerce Department report showed yesterday. Separate data yesterday showed fewer Americans filed applications for unemployment benefits over the past month than at any time in more than 14 years.
Powered by Capital Market - Live News
