03:30 Market close
The market ended in red. The Sensex is down 117.03 points at 28883.11 and
the Nifty slipped 32.85 points at 8723.70. About 1332 shares have advanced,
1573 shares declined, and 236 shares are unchanged.
Axis Bank was down over 4 percent while BHEL, SBI, L&T and TCS were down
2-4 percent. On the gaining side were Hindalco, Tata Power, ONGC, Sesa Sterlite
and Coal India.
03:15 pm Brokerages on TVS Motor
Shares of TVS Motor rallied 4 percent intraday though it missed street expectations
on bottomline and operational front but topline was in line during
October-December quarter. The two-wheeler maker’s net profit jumped 31.1
percent year-on-year to Rs 90.2 crore in Q3FY15 as against expected growth of
38 percent.
Brokerages remain bullish on the stock and suggest buying. Goldman Sachs
reiterates buy rating with a target of Rs 345 per share. It reasons that Q3
margins were impacted by provisioning of Rs 16 crore pending government’s
clarification on possible restriction on input VAT credit and the management is
confident of 14-14.5 percent market share in Q4 (13.6 percent in Q3).
Macquarie maintains outperform rating with a target price of Rs 340 per
share and expects it to register a 54 percent EPS CAGR over FY14-17E. It feels
TVS Motor is well placed, given its high exposure to fast-growing segments like
scooters (25 percent of revenues), premium motorcycles (11 percent), and
exports (21 percent), along with a strong launch pipeline.
03:00 pm Result
Tata Power has turned profitable with consolidated net at Rs 198 crore
during October-December quarter aganist loss of Rs 74.91 crore in the year-ago
period.
The profit beat street expectations supported by forex gain while topline
was in line. Profit was expected at Rs 134 crore for the quarter. Net sales
increased 1.2 percent to Rs 8,806.6 crore in the quarter ended December 2014
from Rs 8,700 crore in same quarter last fiscal.
"Power business grew 9.8 percent year-on-year to Rs 6,545.7 crore with
EBIT rising 5 percent but coal revenue fell 18 percent to Rs 2,104 crore with
EBIT surging 17.4 times in Q3FY15," said the company in its filing.
02:30pm Raghuram Rajan says
Reserve Bank of India Governor Raghuram Rajan said that inflation was still
a concern but added the deflationary global environment gave the central bank
some elbow room with monetary policy.
"We still have concerns about inflation. Given the deflationary
environment elsewhere, it's actually easier for us because we are not fighting
inflation in an environment where inflation is picking up elsewhere,"
Rajan said in a conference call with analysts.
"So I think we are still in conventional monetary policy
territory."
The comments come a day after the central bank held interest rates steady at
7.75 percent, leaving its next move probably until after the government
presents its annual budget at the end of this month, reports Reuters.
02:00pm Market Check
The market remained lacklustre in afternoon trade as the Sensex hovered
around 29000 level. HDFC twins, metals, healthcare and PSU oil stocks gained
while banks, capital goods and auto stocks were under pressure.
The Sensex rose 7.09 points to 29007.23 and the Nifty fell 0.60 points to
8755.95. About 1372 shares have advanced, 1410 shares declined, and 239 shares
are unchanged on the BSE.
There have been too many earnings disappointments for the December quarter,
leading some investors to question if the India story has been hyped, says
Manishi Raychaudhuri, MD and Asian Equity Strategist at BNP Securities.
In an interview says the Indian economy had already bottomed out four
quarters ago and that growth prospects look much better compared to other
economies. Falling commodity prices is one of the key cushions for the Indian
economy, says Raychaudhuri.
ONGC was among the top gainers on the Nifty today, up 3 percent. The
government is moving to iron out the subsidy sharing formula and fast track the
ONGC divestment. Sources say, the oil ministry asked the government not to
impose any subsidy burden on upstream companies if crude prices stayed at or
less than USD 60 per barrel.
Cairn India gained 4 percent today in addition to 4 percent rally in
previous session post 19 percent jump in crude oil prices in last 4
sessions. Canara Bank and Wockhardt rallied 3 percent and 7.5 percent post good
third quarter earnings.
Global markets were a mixed bag today. Asian markets like Japan gained
almost 2 percent while European markets like Germany fell 0.5 percent. In
commodities, crude prices dropped around 2 percent after 4-day rally. More information
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