11:30am Buzzing: HDFC gained over 2 percent after Keki
Mistry told that with regards to HDFC Life the timing or amount of IPO is not
decided yet and Standard Life will want to increase stake in HDFC Life but the
quantum is not decided. Separately, they see scope of further 25 to 50 bps rate
cuts but don't expect any movement on April 7.
Idea Cellular saw a bounceback today. BoAML has upgraded Idea to buy from neutral.
According to them, Idea was the most vulnerable in the upcoming auction with
around 70 percent of revenue at risk but with the regulatory overhang behind,
BoAML expects the focus to return to operations. They prefer Idea to Bharti
Airtel.
11:00am Market Check:
The market has maintained its strong momentum with the Nifty trading at 8400
supported by telecom, banking & financials, IT and FMCG stocks. The broader
markets continued to outperform benchmarks with the BSE Midcap and Smallcap
indices rising 1.3 percent and 2.3 percent, respectively.
The Sensex surged 281.01 points or 1.02 percent to 27739.65 and the Nifty
rallied 75.40 points or 0.90 percent to 8416.80. About 1703 shares have
advanced, 540 shares declined, and 120 shares are unchanged on the BSE.
Asian markets traded mostly higher. Shanghai markets hit a new high as a
modestly positive lead from Wall Street offset the impact of sliding oil
prices. Crude continued to decline with the Brent trading near USD 56 per
barrel.
Oil and gas companies remained in focus on account of the likelihood of gas
prices being cut to USD 5.02 per mmbtu effective April 2015. Analysts say the
lower gas prices will impact the likes of ONGC where a 10 percent fall in gas
prices is likely to impact earnings by 9 percent. Reliance Industries is
expected to see a small impact as analysts say gas is now a small component of
its business.
Staying with the story city distribution gas stands to benefit as the
segment will get 100 percent allocation of cheap domestic gas which will
enhance margins. According to Edelweiss, Indraprastha Gas will be the largest
beneficiary while GSPL will benefit via stakes in city gas companies. More
information please visit this site www.bigprofitbuzz.com
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