Key benchmark indices trimmed gains in late trade. The barometer index, the S&P BSE Sensex, was provisionally up 41 points or 0.16%, off about 180 points from the day's high and up close to 5 points from the day's low. The benchmark indices remained in positive zone throughout the day following improvement in rains last week. But, higher level could not be sustained due to weakness in European shares. The market breadth indicating the overall health of the market was positive. The BSE Small-Cap index was up 1.08%, outperforming the Sensex.
HDFC gained after the housing finance major announced decent Q1 result. HDFC Bank edged lower in volatile trade after the bank reported good Q1 result. Reliance Industries (RIL) rose on strong Q1 result. Telecom stocks gained.
As per provisional figures, the S&P BSE Sensex was up 41 points or 0.16% to 25,682.56. The index surged 219.59 points at the day's high of 25,861.15 in morning trade, its highest level since 10 July 2014. The index rose 36.21 points at the day's low of 25,677.77 in late trade.
The CNX Nifty was up 14.65 points or 0.19% to 7,678.55, as per provisional figures. The index hit a high of 7,722.10 in intraday trade, its highest level since 10 July 2014. The index hit a low of 7,674 in intraday trade.
The total turnover on BSE amounted to Rs 2885 crore, lower than Rs 3015.80 crore on Friday 18 July 2014.
The market breadth indicating the overall health of the market was positive. On BSE, 1,702 shares rose and 1,253 shares fell. A total of 109 shares were unchanged.
The BSE Mid-Cap index was up 62.73 points or 0.68% at 9,315.53. The BSE Small-Cap index was up 109.46 points or 1.08% at 10,290.30. Both these indices outperformed the Sensex.
Axis Bank (up 1%), Hindustan Unilever (HUL) (up 0.96%) and TCS (up 0.91%) edged higher from the Sensex pack.
HDFC rose 2.44% to Rs 1,005 after the housing loan major reported decent Q1 result. The stock hit high of Rs 1,015.75 and low of Rs 986.85. The company's net profit rose 14.62% to Rs 1344.66 crore on 16.1% growth in total income to Rs 6461.24 crore in Q1 June 2014 over Q1 June 2013.
HDFC's tax outgo for Q1 June 2014 includes deferred tax liability of Rs 74.44 crore in respect of balance in the Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961.
There was depreciation write back of Rs 6.58 crore (net) in Q1 June 2014, as against depreciation outgo of Rs 5.54 crore in Q1 June 2013. HDFC said that a change in deprecation policy with effect from 1 April 2014 has resulted in depreciation charge being lower by Rs 14.59 crore in Q1 June 2014, compared to the method used earlier.
HDFC's loan book stood at Rs 2.03 lakh crore as on 30 June 2014, compared with Rs 1.76 lakh crore as on 30 June 2013.
HDFC's consolidated net profit rose 9.71% to Rs 1872.90 crore on 18.54% rise in total income to Rs 10056.07 crore in Q1 June 2014 over Q1 June 2013. The company announced Q1 result during market hours.
In consolidated accounts, there was depreciation write back of Rs 4.46 crore (net) in Q1 June 2014, as against depreciation outgo of Rs 9.01 crore in Q1 June 2013. HDFC said that a change in deprecation policy with effect from 1 April 2014 has resulted in depreciation charge being lower by Rs 7.36 crore in Q1 June 2014, compared to the method used earlier.
In consolidated accounts, HDFC's tax outgo for Q1 June 2014 includes deferred tax liability of Rs 78.67 crore in respect of balance in the Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961.
HDFC Bank fell 0.76% to Rs 826.10 in volatile trade after the bank reported good Q1 result. The stock hit high of Rs 846.65 and low of Rs 825.80. The bank's net profit rose 21.1% to Rs 2233.04 crore on 12.78% rise in total income to Rs 13070.65 crore in Q1 June 2014 over Q1 June 2013. The bank announced Q1 result during market hours.
HDFC Bank's net interest margin stood at 4.4% in Q1 June 2014, same as in Q4 March 2014, but lower than 4.6% in Q1 June 2013.
As on 30 June 2014, current and savings account (CASA) deposits were 43% of the bank's total deposits.
Gross non-performing assets (NPAs) were at 1.07% of gross advances as on 30 June 2014, a tad higher than 1.04% as on 30 June 2013. Net NPAs were 0.3% of net advances as on 30 June 2014, with the percentage remaining the same from as on 30 June 2013. Total restructured loans (including applications under process of restructuring) were at 0.2% of gross advances as on 30 June 2014, with the percentage remaining the same from as on 30 June 2013.
HDFC Bank after market hours clarified that there is no proposal for the merger of HDFC Bank and HDFC after media reports suggested that there is a buzz of a possible merger between the two.
Reliance Industries (RIL) rose on strong Q1 result. The stock was up 2.07% at Rs 996.95. The stock hit high of Rs 1,007.75 and low of Rs 995. The company announced on Saturday, 19 July 2014, that its consolidated net profit rose 13.7% to Rs 5957 crore on 7.2% growth in revenue to Rs 1.07 lakh crore in Q1 June 2014 over Q1 June 2013. RIL's gross refining margin stood at $8.7 per barrel in Q1 June 2014 as against $8.4 per barrel in Q1 June 2013 and $9.3 per barrel in Q4 March 2014.
RIL attributed the increase in top line during the quarter to higher prices. Operating profit before other income and depreciation rose 14.4% to Rs 8989 crore in Q1 June 2014 over Q1 June 2013, due to higher contribution from refinery, petrochemicals and oil and gas business, RIL said in a statement.
RIL's other income declined 17.47% to Rs 1974 crore in Q1 June 2014 over Q1 June 2013.
RIL's outstanding debt as on 30 June 2014 was at Rs 135769 crore as against Rs 138761 crore as on 31 March 2014. The company had cash and cash equivalents of Rs 81559 crore. These were in bank deposits, mutual funds, CDs and Government securities/bonds, RIL said in a statement.
The net addition to fixed assets for the quarter ended 30 June 2014 was Rs 15206 crore ($ 2.5 billion) including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at Jamnagar, Dahej and Hazira, Broadband Access and US Shale gas projects.
Index heavyweight and cigarette maker ITC rose 1.35% to Rs 348.80. The stock hit high of Rs 348.95 and low of Rs 344.45.
Telecom stocks gained. Bharti Airtel (up 0.38%), MTNL (up 6.36%) and Reliance Communications (up 0.5%) gained. Tata Teleservices (Maharashtra) declined 0.79%.
Idea Cellular rose 1.08% ahead of its Q1 result today, 21 July 2014.
Key benchmark indices surged in early trade as firmness in Asian stocks, provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. The Sensex and the 50-unt CNX Nifty, both, hit 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices trimmed gains in mid-morning trade. Key benchmark indices hovered in positive terrain albeit near intraday low in early afternoon trade. A bout of volatility was witnessed as key benchmark indices recovered from lower level after trimming intraday gains in mid-afternoon trade. Key benchmark indices once again pared intraday gains in late trade.
The Sensex gained for the fifth day in a row today, 21 July 2014.
The market sentiment was boosted by provisional data showed that foreign portfolio investors were buyers of Indian stocks during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 574.47 crore on Friday, 18 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 60.27, compared with its close of 60.275 on Friday, 18 July 2014.
Union Minister of State (MoS) Science and Technology (Independent Charge), Earth Sciences (Independent Charge), MoS in Prime Minister's Office (PMO), Department of Personnel and Training, Atomic Energy, Space and Earth Sciences, Dr. Jitendra Singh said on Sunday, 20 July 2014, that there has been significant increase in the monsoon during the last one week beginning from 13 July 2014. While during the month of June and first two weeks of July, the monsoon was deficient by 43%, in the week beginning 13 July 2014, the deficiency was 32%, thus, recording an improvement of 11% in the monsoon level.
The monsoon forecast for next two weeks is also good, particularly in Central India and coastal regions of South India. There is, therefore, no reason to be unnecessarily alarmist on the issue of monsoon, Dr. Singh said. From 1 August onwards, he said, the meteorological predictions indicate active rainfall in the country.
Rains are vital to India's farm sector, which accounts for about 14% of the country's nearly $2 trillion economy. Two-thirds of its 1.2 billion population live in rural areas.
European stocks declined today, 21 July 2014, as investors weighed earnings reports and international tensions after the downing of a passenger jet in Ukraine last week and Israel's offensive in Gaza. Key benchmark indices in UK, Germany and France were down by 0.24% to 0.57%.
Asian stocks were mixed today, 21 July 2014. Key benchmark indices in Hong Kong, South Korea, and China fell 0.05% to 0.29%. Key benchmark indices in Indonesia, Singapore, and Taiwan rose by 0.11% to 0.79%. Japanese markets were shut for a public holiday.
Trading in US index futures indicated that the Dow could fall 21 points at the opening bell on Monday, 21 July 2014. US stocks rose on Friday, 18 July 2014, where better earnings from Google Inc., the world's third-largest company, refocused investors on economic growth amid crises in the Middle East and Ukraine.
Powered by Capital Market - Live News
