Telecom stocks and index heavyweight Reliance Industries (RIL) led rally as the barometer index, the S&P BSE Sensex, surged past the psychological 26,000 level. The Sensex and the 50-unit CNX Nifty, both, settled at over two-week high. The Sensex garnered 310.63 points or 1.21%, up 245.41 points from the day's low and off 24.57 points from the day's high. Gains for the key benchmark indices were driven by upmove in Asian and European stocks. Asian and European stocks rose as investors shrugged off geopolitical tension in Ukraine and the Middle East. However, the board market lacked strength. The market breadth indicating the overall health of the market turned negative from positive in late trade. The Small-Cap index was almost unchanged for the day and BSE Mid-Cap index was up just a tad.
Reliance Industries (RIL) extended Monday's gains triggered by the company's strong Q1 result. IT stocks gained on renewed buying. Tech Mahindra rose after the company announced its plans to significantly expand in Korea. Asian Paints rose on good Q1 result. Telecom stocks rose after the Telecom Regulatory Authority of India (TRAI) said on Monday, 21 July 2014, in its recommendations on the guidelines on sharing of spectrum by telecom operators that all access spectrum will be shareable provided that both the licensees are having spectrum in the same band. Idea Cellular jumped after strong Q1 results.
Shares of aluminium makers Hindalco Industries and National Aluminum Company edged higher as aluminium prices hit a 16-month high on the London Metal Exchange. Hindustan Zinc rose as zinc price hit a 3-year high on the London Metal Exchange. HDFC and HDFC Bank gained in volatile trade after both these companies clarified that there is no proposal for the merger of HDFC and HDFC Bank after media reports suggested that there is a buzz of a possible merger between the two. Among auto stocks, Tata Motors scaled record high. Among pharma stocks, Sun Pharmaceutical Industries scaled record high and Dishman Pharmaceuticals and Chemicals and Novartis hit 52-week high. Thermax slumped after reporting weak Q1 result.
The S&P BSE Sensex garnered 310.63 points or 1.21% to settle at 26,025.80, its highest closing level since 7 July 2014. The index jumped 335.21 points at the day's high of 26,050.37 in late trade. The index rose 65.22 points at the day's low of 25,780.39 in early trade.
The CNX Nifty garnered 83.65 points or 1.09% to settle at 7,767.85, its highest closing level since 7 July 2014. The index hit a high of 7,773.85 in intraday trade. The index hit a low of 7,704.80 in intraday trade.
The total turnover on BSE amounted to Rs 3017 crore, higher than Rs 2899.45 crore on Monday, 21 July 2014.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,510 shares declined and 1,463 shares rose. A total of 104 shares were unchanged.
The BSE Mid-Cap index garnered 10.67 points or 0.11% to settle at 9,311.09. The BSE Small-Cap index shed 0.83 points or 0.01% to settle at 10,268.76. Both these indices underperformed the Sensex.
The S&P BSE Teck index (up 2.02%), the S&P BSE IT index (up 1.78%) and the S&P BSE Oil & Gas index (up 1.74%) outperformed the Sensex.
The S&P BSE Consumer Durables index (up 1.16%), the S&P BSE Metal index (up 1.03%), the S&P BSE Healthcare index (up 0.97%), the S&P BSE FMCG index (up 0.82%), the S&P BSE Realty index (up 0.57%), the S&P BSE Auto index (up 0.5%), the S&P BSE Bankex (up 0.26%), the S&P BSE Power index (down 0.33%) and the S&P BSE Capital Goods index (down 0.69%) underperformed the Sensex.
Among the 30-share Sensex pack, 24 stocks gained and rest of them declined.
Reliance Industries (RIL) extended Monday's gains triggered by strong Q1 result. The stock was up 3.37% at Rs 1,031. The stock hit high of Rs 1,034 and low of Rs 1,001.05. 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.
Axis Bank was unchanged at Rs 2,023. The stock was volatile. The stock hit high of Rs 2,037 and low of Rs 2,001.60. Axis Bank after market hours today, 22 July 2014, reported 18.29% rise in net profit to Rs 1666.76 crore on 10.17% rise in total income to Rs 9980.47 crore in Q1 June 2014 over Q1 June 2013.
Axis Bank's gross non-performing assets (NPAs) were at 1.34% of gross advances as on 30 June 2014, higher than 1.22% as on 31 March 2014 and 1.1% as on 30 June 2013. Net NPAs were 0.44% of net advances as on 30 June 2014, higher than 0.4% as on 31 March 2014 and 0.35% as on 30 June 2013.
ING Vysya Bank fell 1.42%. ING Vysya Bank after market hours today, 22 July 2014, reported 18.11% fall in net profit to Rs 143.40 crore on 4.77% rise in total income to Rs 1627.28 crore in Q1 June 2014 over Q1 June 2013.
Sun Pharmaceutical Industries rose 0.69% to Rs 749 after hitting record high of Rs 757.50 in intraday trade.
Dishman Pharmaceuticals and Chemicals rose 1.57% to Rs 152.40 after hitting a 52-week high of Rs 159.80 in intraday trade.
Novartis India jumped 7.07% to Rs 701 after hitting a 52-week high of Rs 720.40 in intraday trade.
Tata Motors rose 2.51% to Rs 486.25 after scaling a record high of Rs 487.45 in intraday trade.
HDFC gained 2.9% to Rs 1,040.40. The stock was volatile. The stock hit high of Rs 1,044.90 and low of Rs 1,008. HDFC during market hours clarified that there is no proposal for the merger of HDFC and HDFC Bank after media reports suggested that there is a buzz of a possible merger between the two. HDFC Bank had already denied buzz of merger between the two after trading hours yesterday, 21 July 2014. Media reports had suggested recently that HDFC and HDFC Bank may be merged to create the second-largest bank by assets in the country after State Bank of India (SBI) if economies of scale prove beneficial to both.
HDFC'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. The result was announced during trading hours yesterday, 21 July 2014.
HDFC Bank rose 1.23% to Rs 838.20. The stock was volatile. The stock hit high of Rs 842 and low of Rs 827.40. 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 result was announced during trading hours yesterday, 21 July 2014.
Metal stocks gained across the board. Sesa Sterlite (up 0.76%), JSW Steel (up 0.58%), Jindal Steel & Power (up 0.32%), Tata Steel (up 0.13%), Steel Authority of India (Sail) (up 0.57%), gained. Hindustan Copper (down 1.24%) NMDC (down 0.51%) declined.
Shares of aluminium makers Hindalco Industries (up 2.48%) and National Aluminum Company (up 6.31%) gained as aluminium prices hit a 16-month high on the London Metal Exchange.
Hindustan Zinc gained 2.56% as zinc prices hit a 3-year high on the London Metal Exchange.
IT stocks gained. Infosys (up 1.06%), Wipro (up 2.62%) and HCL Technologies (up 1.39%) gained.
TCS rose 2.44%. TCS today, 22 July 2014, announced a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights. The partnership's new big data offerings will shift the IT cost curve and allow companies to strategically reimagine their business models, TCS said. The announcement was made after market hours, today, 22 July 2014.
Tech Mahindra rose 1.18%. The company during market hours today, today, 22 July 2014, announced its plans to significantly expand in Korea. The company said it will focus on offering innovative solutions and consultancy services in Korea to customers in manufacturing, auto, aerospace & defense, telecom, oil & gas, BFSI, healthcare, engineering services, device engineering and EBS segments. The company said it will establish partnerships with local universities, business schools and trade bodies to enable creation of 300 jobs in Korea in the next 3 years. The company aspires to be the largest Indian based system integrator in Korea by 2017. The company believes that localisation is the key to achieve the target and plans to run as a local Korean company in partnership with a Korean conglomerate.
Telecom stocks rose after the Telecom Regulatory Authority of India (TRAI) said on Monday, 21 July 2014, in its recommendations on the guidelines on sharing of spectrum by telecom operators that all access spectrum will be shareable provided that both the licensees are having spectrum in the same band. Bharti Airtel (up 4.61%), Tata Teleservices (Maharashtra) (up 0.24%) and Reliance Communications (up 3.8%) gained. MTNL declined 1.71%.
If any one of the two licensees sharing spectrum, has administratively assigned spectrum in that band, then after sharing, they will be permitted to provide only those services which can be provided through administratively held spectrum, TRAI said in its guidelines on spectrum sharing. If both the licensees are sharing that spectrum which has either been assigned through an auction in the year 2010 or afterwards, or on which the licensee has already paid the prescribed market value to the government, they can offer services using all those technologies viz. GSM, CDMA, WCDMA, LTE etc, which they can independently provide through their own spectrum holding, TRAI said.
Considering the fact that spectrum sharing results in better spectral efficiency, a portion of additional capacity created needs to be counted for the purpose of applying the prescribed spectrum caps of 25% of total spectrum assigned and 50% in a band. For the limited purpose of applying the prescribed market caps, 50% of the spectrum held by the other licence in the band being shared shall be counted as the additional spectrum being held by the licensee, TRAI said.
Considering the fact that spectrum sharing results in additional quantity of spectrum with both the licensees to serve higher number of consumers, the spectrum usage charge (SUC) rate of each of the licensees post-sharing shall increase by 0.5% of adjusted gross revenue (AGR), according the TRAI guidelines on spectrum sharing. TRAI has said that leasing of spectrum will not be allowed.
Separately, Telecom Regulatory Authority of India (TRAI) on Monday, 21 July 2014, in its response to the Department of Telecommunications (DoT) on additional entry fee, performance bank guarantee (PBG) and financial bank guarantee (FBG) to be charged from the existing Mobile Number Portability licensees for enhancement of scope of their licence, recommended no change in the entry fee for MNP service providers for implementing Full Mobile Number Portability and that the performance bank guarantee and financial bank guarantee for the MNP service providers should be continued as per the existing licence conditions.
Idea Cellular rose 4.54% to Rs 146.10 after the company reported strong Q1 results. The stock hit high of Rs 147.60 and low of Rs 142.65. The company after market hours on Monday, 21 July 2014 reported 57.37% rise in consolidated net profit to Rs 728.20 crore on 15.63% rise in total revenue to Rs 7560.99 crore in Q1 June 2014 over Q1 June 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) margin improved to 33.2% in Q1 June 2014 from 31.8% in Q1 June 2013.
Idea Cellular reported 23.47% rise in consolidated net profit to Rs 728.20 crore on 7.34% rise in total revenue to Rs 7560.99 crore in Q1 June 2014 over Q4 March 2014. Idea Cellular's EBITDA margin improved to 33.2% in Q1 June 2014 from 31.8% in Q1 June 2014 and from 31.7% in Q4 March 2014.
With additional capital infusion of Rs 3000 crore from the qualified institutional placement of equity shares in June 2014 and cash profit of Rs 2023 crore in Q1 June 2014, the company has reduced its net debt by Rs 5208.70 crore. The net debt to annualized EBITDA ratio now stands at 1.54, providing the company sufficient headroom to participate in the forthcoming spectrum auction.
Idea Cellular carried 165.2 billion minutes on its network, registering 12.2% growth in Q1 June 2014 over Q1 June 2013 and 32.5 billion Megabytes of Mobile Data on its 2G+3G platform, registering growth of 136% in Q1 June 2014 over Q1 June 2013.
The higher voice rate realization and jump in data contribution to 11.5% of service revenue helped improve 'Average Realisation per Minute' (ARPM) by 1.5 paisa from 43.6p in Q4 March 2014 to 45.1p in Q1 June 2014. The Value Added Services (VAS) contribution has improved sharply to 17.8% of overall service revenue, Idea Cellular said.
Brand Idea continued its subscriber growth momentum with 3.2 million net new customer additions, now servicing 139 million quality base as 'Average Revenue Per User' (ARPU) improved to Rs 181 in Q1 June 2014 from Rs 173 in Q4 March FY14 and MoU/Subscriber increased to 401 minute in Q1 June 2014 from 397 minute in Q4 March 2014.
Average Realisation per MB (ARMB) data rate improvement by 1 paisa to 26.3p in Q1 June 2014 from 25.3p in Q4 March 2014.
The strong consumer demand & brand affinity, expanding network footprint & spectrum portfolio and steady cash flows from operations reaffirms Idea ability to deliver consistent, competitive, responsible and profitable growth. The company is well geared to meet all volatile, uncertain, complex and ambiguous developments and remain on course of its mission to improve its market standing both in Mobile voice and data business, Idea Cellular said.
Asian Paints rose 1.36% to Rs 602 on good Q1 result. The stock hit record high of Rs 610.60 in intraday trade. The company's consolidated net profit rose 23.07% to Rs 338.70 crore on 18.85% increase in total income to Rs 3409.55 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours today, 22 July 2014. The Q1 June 2014 results include consolidated financials of Sleek International, in which the company obtained 51% stake on 8 August 2013. In view of this, the results for the quarter ended 30 June 2014 are not comparable with the corresponding previous period, Asian Paints said.
Thermax tumbled 8.33% after net profit fell 17.7% to Rs 41.40 crore on 2.7% decline in operating revenue to Rs 839.40 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced during market hours today, 22 July 2014.
Thermax's order balance as on 30 June 2014 stood at Rs 5206 crore, down 5.9% from Rs 5530 crore as on 30 June 2013. During the quarter, the company booked orders worth Rs 662 crore, significantly lower than the corresponding figure last year of Rs 2123 crore, which included a big order of Rs 1350 crore from a petrochemical company, Thermax said in a statement.
On consolidated basis, Thermax had on order balance of Rs 6296 crore as on 30 June 2014, compared to Rs 6322 crore as on 30 June 2013.
Exide Industries jumped 4.75% after the company reported 16.68% rise in net profit to Rs 185.30 crore on 17.41% rise in net sales to Rs 1909.61 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Monday, 21 July 2014.
Realty stocks were mostly higher. DLF (up 1.02%), D B Realty (up 4.99%), Oberoi Realty (up 5.16%) and Godrej Properties (up 3.98%) gained. Indiabulls Real Estate (down 0.42%), Unitech (down 2.79%) and Housing Development & Infrastructure (HDIL) (down 2.29%) declined.
Timken India galloped 8.06% to Rs 345.95 after hitting a 52-week high of Rs 371.45 in intraday trade.
Savita Oil Technologies slumped 8.98% after net profit declined 15.5% to Rs 6.31 crore on 1.1% growth in net sales to Rs 485.61 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Monday, 21 July 2014.
Foseco India rose 3.35% after net profit rose 26.3% to Rs 6.34 crore on 12% increase in net sales to Rs 64.72 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Monday, 21 July 2014.
Hitachi Home & Life Solutions (India) gained 2.43% after net profit surged 202.3% to Rs 43.02 crore on 27.1% increase in net sales to Rs 595.94 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Monday, 21 July 2014.
Key benchmark indices surged in early trade on firm Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Key benchmark indices further extended gains and hit fresh intraday high in mid-morning trade. Firmness continued on the bourses in early afternoon trade. Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. Key benchmark indices trimmed intraday gains in mid-afternoon trade. Key benchmark indices surged and hit fresh intraday high in late trade. The Sensex moved past the 26,000 level in late trade. The Sensex and the 50-unit CNX Nifty, both, hit two-week high.
Indian stocks gained for the sixth day in a row today, 22 July 2014. From a recent low of 25,006.98 on 14 July 2014, the Sensex has risen 1,018.82 points or 4.07% in six trading sessions. The Sensex has risen 612.02 points or 2.4% in this month so far (till 22 July 2014). The Sensex has gained 4,855.12 points or 22.93% in calendar year 2014 so far (till 22 July 2014). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 8,577.09 points or 49.15%. From a record high of 26,190.44 on 8 July 2014, the Sensex has fallen 164.64 points or 0.62%.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.26, compared with its close of 60.295 on Monday, 21 July 2014.
European stocks rose today, 22 July 2014, amid signs that tension over Ukraine's crisis is easing. Key benchmark indices in UK, Germany and France were up by 0.78% to 0.84%.
Asian stocks rose today, 22 July 2014, as investors shrugged off international tension after the downing of a passenger jet in Ukraine on 17 July and fighting between Israel and Palestinian militants in Gaza Strip. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rose by 0.19% to 1.69%. Indonesia's Jakarta Composite fell 0.85%.
Trading in US index futures indicated that the Dow could gain 50 points at the opening bell on Tuesday, 22 July 2014. US stocks declined on Monday, 21 July 2014, as investors hit the pause button after Friday's sharp gains.
Russia is facing international pressure after pro-Russian rebels downed Malaysia Airlines flight MH17 in Ukraine on 17 July, killing all 298 people on board. Malaysian Prime Minister Najib Razak said yesterday, 21 July 2014, that the separatists agreed to release the victims' bodies, grant access to the crash site and hand over the two black boxes and data recorders.
As per reports, European Union foreign ministers are set to today, 22 July 2014, approve sanctions against a range of Russian oligarchs.
Meanwhile, in the Middle East, the death toll continues to mount on both sides of the Gaza conflict. Nearly 600 Palestinians and 29 Israelis have died in 14 days of fighting, according to reports.
Powered by Capital Market - Live News
