03:30 Market closing
The market ended with smart gains ahead of October F&O expiry tomorrow.
The Nifty was up 62.85 points at 8090.45 while the Sensex ended up 217.35
points at 27098.17.
About 1589 shares advanced, 1374 shares declined, and 115 shares were
unchanged.
Hindalco was up 6 percent while Tata Steel, Tata Motors, Infosys and Bajaj
Auto were other major gainers in the Sensex. Among the losers were NTPC, Sun
Pharma, Dr Reddy's Labs, Bharti Airtel and SBI.
03:15 pm Buzzing
Investors of SRF are rejoicing as its shares hit record high at Rs 805.85,
up 20 percent intraday. The manufacturer of chemical-based industrial
intermediates reported a 60.87 percent increase in net profit at Rs 76.85 crore
for the second quarter ended September 2014. The company had posted a net
profit of Rs 47.77 crore for the corresponding quarter a year ago. Total income
from operations during the quarter under review increased 9.98 percent to Rs
928.17 crore as against Rs 843.89 crore a year ago, SRF said in a filing to the
BSE.
"The overall operations performed well this quarter. The company's
strategy of growing the chemicals business is paying dividends. Our traditional
business should pick once economy rebounds," SRF managing director Ashish
Bharat Ram said.
02:50 pm LPG rate hike
Subsidised cooking gas (LPG) rates have been hiked by Rs 3 per cylinder
after the government raised the commission paid to dealers.
The commission paid to dealers was last week hiked by Rs 3 per 14.2-kg
cylinder to Rs 43.71. Consequently, retail selling price of subsidised LPG too
have been increased in the same proportion, officials said.
Dealers' commission was last revised in December 2013 when it was hiked by
Rs 3.46 per cylinder to Rs 40.71. The increase in commission - which as per
practice is passed on to consumers - has been effected from October 23.
Subsidised LPG in Delhi now costs Rs 417 per 14.2-kg cylinder as against Rs
414 previously. In Mumbai, subsidised LPG will cost Rs 452 per 14.2-kg cylinder
as against Rs 448.50 previously. Prior to the December hike in LPG rates, price
of cooking gas was raised in October 2012 when because of an increase in
dealers' commission the rates were raised from Rs 399 per cylinder to Rs
410.50.
02:30pm Moody's on domestic banks
International rating agency Moody's today retained its negative outlook on
the domestic banking system, citing high leverage in the corporate sector that
may prevent any meaningful recovery in asset quality.
"Our outlook for the country's banking system remains negative, as it
has been since November 2011. The negative outlook reflects our view that high
leverage in the corporate sector could prevent any meaningful recovery in asset
quality, notwithstanding a moderate rebound in economic growth," the
agency Moody's Investors Service said in a note issued from Singapore.
The report further said continuing poor asset quality, wherein the NPAs
levels are set to touch 4.5 percent of the system, will require continued
provisioning and strengthened
capital buffers. After provisions, profitability of public sector banks will
generate insufficient internal capital for loan growth, the report added.
The negative outlook pertains mainly to the public sector banks as they
represent more than 70 percent of total banking system assets. These banks have
experienced higher growth rates in non-performing and restructured loans, as
well as greater weakening in profits, than their private sector peers, Moody's
said.
The report says while these trends are unlikely to improve for public sector
banks, in contrast, private sector banks have stronger margins, reserves, and
capital levels, which serve as buffers against conditions that remain
challenging.
On growth, which inched up to surprising 5.7 percent in the first quarter of
the current fiscal after logging in sub-5 percent growth in the past two
fiscals, Moody's said GDP will pick up moderately this fiscal, but remains constrained by the high interest
rates due to inflation.
02:00pm Market Check
Equity benchmarks maintained morning gains supported by auto, metals, FMCG,
oil and technology stocks. The Sensex rose 144.26 points to 27025.08 and the
Nifty climbed 39.55 points to 8067.15.
About 1527 shares have advanced, 1297 shares declined, and 108 shares are
unchanged.
Hindalco Industries, DLF, JSPL and Tata Steel topped the buying list, up 4-5
percent followed by Tata Motors, M&M and Bajaj Auto with 2-3 percent.
However, Dr Reddy's Labs reported a weak Q2 earnings as profit fell 16
percent year-on-year to Rs 574 crore while Grasim Industries reported pressure
in its viscose staple fibre business, standalone profit dropped 28 percent to
Rs 299 crore while Oriental Bank of Commerce shares lost 5 percent as bad loans
increased in second quarter.
Global markets remained in fourth gear as investors are convinced that Fed
will stay the course and end the third round of bond buying but also wait a
“considerable time “ before hiking short term rates. Hong Kong closed up almost
300 points while European markets were trading with almost 1 percent gains.
Meanwhile, the NDA government today submitted a list comprising 627 names of
Indians having accounts in foreign banks to the Supreme Court. More information
please visit this site www.bigprofitbuzz.com
No comments:
Post a Comment