10:55am Market Check
The 30-share BSE Sensex rose 297.82 points or 1.09 percent to 27644.15 and
the Nifty jumped 89.10 points or 1.09 percent to 8258.30. About 1595 shares
have advanced, 654 shares declined, and 88 shares are unchanged.
HDFC, Maruti Suzuki, Hero Motocorp, SBI, ONGC, IDFC and HCL
Technologies gained 2-2.5 percent.
10:45am Interview
Hindustan Construction Company (HCC) reported second quarter standalone
net profit at Rs 6.8 crore versus Rs 31.6 crore in the year-ago period. But the
previous year’s profit figure included a big other income figure of Rs 116
crore, which led to a bottomline profit of Rs 31.6 cr for Q2FY14.
Praveen Sood, CFO of HCC says the company is trying to maintain
profitability at these levels. He hopes that the next two quarters will be as
good as the last six quarters.
He says the profitability margins are coming from efforts to bring down
costs. The company is not seeing any major push on the order inflow side and
the good margins reported is despite that. Order inflows from the government
side has not picked up yet, says Sood. He expects government order inflows to
pick up only from next year.
He says: "Realised Rs 400 crore of claims in the last two quarters
which helped push margins." He hopes to realise similar claim amounts in
the second half of the year.
HCC has Rs 4,000 crore stuck in arbitration. He expects the government to
pay its dues in the next few months.
The company is seeing order inflow momentum only in the road sector as of
now. But sectors such as hydro and nuclear power saw no pick up in order
inflows. Sood hopes to end year with Rs 14500-15000 crore order book position.
10:30am Market Update
The market remained at record high. The Sensex rose 260.01 points or 0.95
percent to 27606.34 and the Nifty jumped 77.60 points or 0.95 percent to
8246.80.
About 1537 shares have advanced, 595 shares declined, and 88 shares are
unchanged.
Titan Company, Tech Mahindra, IDFC, SBI, Maruti Suzuki, Bharti Airtel, TCS
and Shriram Transport were the most active shares on exchanges.
In the midcap space, Relaxo Footwear, Gujarat Pipavav, Sintex Industries,
HCC and SKS Microfinance jumped 5-6 percent while SRF, Responsive Industries,
eClerx Services, Hindustan National Glass and FAG Bearings lost 2-4 percent.
10:15am Market Expert
There is a confluence of positives in India right now and that’s the reason
things are turning constructive for the Indian market, says Dipen Sheth of HDFC
Securities.
In an interview to CNBC-TV18, Sheth says the Nifty is currently in a
multi-year, multi-themed, multi-faceted bull run.
On his sectoral prefences, Sheth says he likes special restautants and great
fine-dining franchises. He also believes the midcap space has a lot of talented
companies that can be invested into right now.
10:00am Market Check
Equity benchmarks continued to trade around their record highs with the
Sensex rising 235.50 points to 27581.83 and the Nifty climbing 68.20 points to
8237.40 following strong US cues.
The broader markets too gained momentum with the BSE Midcap and Smallcap
indices adding 1 percent each. About three shares advanced for every share
declining on the Bombay Stock Exchange.
Technical Analysts Rajat Bose is bullish on the Indian market. He says that
Nifty is in an uptrend and it could touch 8,250-8,300 going ahead. He
recommends market participants to buy on dips.
Major largecaps like Reliance Industries, Infosys, HDFC, ITC, HDFC Bank,
TCS, Larsen and Toubro, ONGC, State Bank of India and Axis Bank gained 1-1.6
percent.
Hero Motocorp, Tata Steel, Wipro, Tata Power, Dr Reddy's Labs, Coal India
and Sesa Sterlite too climbed 1-1.6 percent.
However, Bharti Airtel (post Q2 earnings), Hindustan Unilever, ICICI Bank
and Hindalco Industries were only losers in the Sensex. More Information please
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