10:30am Interview
Raymond reported a drop in margin and profit despite rise in revenue in
the second quarter of current fiscal year. Its apparel growth too continued to
be stagnant. M Shiv Kumar, CFO, Raymond says the textile segment was hit due to
higher store renovation cost.
He, however, expects to see better times in the textile segment going forward. The company has planned huge ad spends in this fiscal year.
Raymond did not hike prices during the quarter.
10:00am Market Check
Equity benchmarks remained volatile with a positive bias on expiry day for October derivative contracts. The Nifty rose 25 points to 8115.45 while the Sensex climbed 71.57 points to 27169.74.
About 1069 shares have advanced, 776 shares declined, and 76 shares are unchanged on the Bombay Stock Exchange.
The October F&O series, which expires today, is seen ending in the range of 8,000-8,100. Vineet Bhatnagar, MD, PhillipCapital says that foreign investors have been buying index futures, which is a positive sign and one can see strength in the index as move into the next series.
He sees immediate resistance for the Nifty at 8180 and firm support at 8030. He recommends market participants to buy 8100 Call and sell both 8200 Call and 8300 Call.
Tech Mahindra surprised the street with its Q2 results with a dollar revenue growth of 5.2 percent and a constant currency growth higher than peers. EBIT margin improved 220 basis points on a sequential basis. Nomura raised target price to Rs 2,760 while Citi says the revenue beat could help the stock near term, especially given the disappointment from peers. The stock surged 4.5 percent.
Real estate stocks get a leg up as the government relaxed FDI norms for construction and real estate. The government reduced minimum built up area by 60 percent to 20000 square metre from 50000 square metre and reduced minimum capital requirements to USD 5 million from USD 10 million earlier. This was already decided in the budget, now clearance has come. DLF surged 4 percent.
Dr Reddy's Labs bounced back today with 2 percent gains as brokerages are still bullish on the pharma major (post disappointing earnings in Q2) with UBS maintaining a buy rating with target price of Rs 3,400/share as it believes US revenues should pick up from here with focus on non-orals. Credit Suisse maintains outperform and raised target to Rs 3,600/share as it expects October 2014-March 2015 EBITDA to be better than April-September 2014. More information please visit this site www.bigprofitbuzz.com
He, however, expects to see better times in the textile segment going forward. The company has planned huge ad spends in this fiscal year.
Raymond did not hike prices during the quarter.
10:00am Market Check
Equity benchmarks remained volatile with a positive bias on expiry day for October derivative contracts. The Nifty rose 25 points to 8115.45 while the Sensex climbed 71.57 points to 27169.74.
About 1069 shares have advanced, 776 shares declined, and 76 shares are unchanged on the Bombay Stock Exchange.
The October F&O series, which expires today, is seen ending in the range of 8,000-8,100. Vineet Bhatnagar, MD, PhillipCapital says that foreign investors have been buying index futures, which is a positive sign and one can see strength in the index as move into the next series.
He sees immediate resistance for the Nifty at 8180 and firm support at 8030. He recommends market participants to buy 8100 Call and sell both 8200 Call and 8300 Call.
Tech Mahindra surprised the street with its Q2 results with a dollar revenue growth of 5.2 percent and a constant currency growth higher than peers. EBIT margin improved 220 basis points on a sequential basis. Nomura raised target price to Rs 2,760 while Citi says the revenue beat could help the stock near term, especially given the disappointment from peers. The stock surged 4.5 percent.
Real estate stocks get a leg up as the government relaxed FDI norms for construction and real estate. The government reduced minimum built up area by 60 percent to 20000 square metre from 50000 square metre and reduced minimum capital requirements to USD 5 million from USD 10 million earlier. This was already decided in the budget, now clearance has come. DLF surged 4 percent.
Dr Reddy's Labs bounced back today with 2 percent gains as brokerages are still bullish on the pharma major (post disappointing earnings in Q2) with UBS maintaining a buy rating with target price of Rs 3,400/share as it believes US revenues should pick up from here with focus on non-orals. Credit Suisse maintains outperform and raised target to Rs 3,600/share as it expects October 2014-March 2015 EBITDA to be better than April-September 2014. More information please visit this site www.bigprofitbuzz.com
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