Trading for the week ends on positive note
Positive lead from Asian markets aided the upmove on the domestic bourses, with key benchmark indices moving higher for the second day in a row. The barometer index, the S&P BSE Sensex, rose 278.54 points or 1.14% to settle at 24,616.97. The 50-unit Nifty 50 index rose 85.10 points or 1.15% to settle at 7,489.10. The two key benchmark indices extended gains after seeing a bout of volatility in late trade. Stocks of public sector banks, metal and mining firms and pharma companies led the rally for key benchmark indices. All the nineteen sectoral indices on BSE logged gains.
In overseas stock markets, Asian and European stocks edged higher amid reduced expectations for further interest rate increases from the US Federal Reserve in this calendar year.
Lupin jumped after the company reported strong financial performance on sequential basis in Q3 December 2015. Steel sector stocks surge on media reports the government may set minimum import price (MIP) on steel imports. Mahindra & Mahindra (M&M) rose after the company announced the launch of its new heavy commercial truck series under the BLAZO brand at the Auto Expo at Greater NOIDA.
The Sensex jumped 278.54 points or 1.14% to settle at 24,616.97, its highest closing level since 1 February 2016. The index rose 334.47 points or 1.37% at the day's high of 24,672.90. The index rose 7.36 points or 0.03% at the day's low of 24,345.79.
The Nifty rose 85.10 points or 1.15% to settle at 7,489.10, its highest closing level since 1 February 2016. The index rose 99.15 points or 1.33% at the day's high of 7,503.15. The index rose 2.65 points or 0.03% at the day's low of 7,406.65.
The BSE Mid-Cap index rose 1.9%. The BSE Small-Cap index rose 1.21%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,620 shares rose and 1,016 shares declined. A total of 135 shares were unchanged.
All the nineteen sectoral indices on BSE logged gains. The S&P BSE Basic Materials index (up 1.99%), the BSE Finance index (up 1.87%), the BSE Healthcare index (up 3.37%), the BSE Bankex index (up 2.11%), the BSE Metal index (up 3.37%), the BSE Telecom index (up 1.6%) and the S&P BSE Auto index (up 1.6%) outperformed the Sensex. The S&P BSE FMCG index (up 0.95%) and the BSE Realty index (up 1.03%) underperformed the Sensex.
Bank stocks edged higher on renewed buying. Among public sector banks, Canara Bank (up 6.04%), Union Bank of India (up 5.62%), Bank of India (up 4.88%), Punjab National Bank (up 4.07%), Bank of Baroda (up 3.21%) and State Bank of India (up 3.16%) gained.
Among private sector banks, Axis Bank (up 4.4%), ICICI Bank (up 2.52%), Kotak Mahindra Bank (up 2.45%), Yes Bank (up 2.3%) and HDFC Bank (up 0.58%) edged higher. IndusInd Bank (down 0.11%) declined.
Pharma stocks gained. Cadila Healthcare (up 4.74%), Strides Shasun (up 4.57%), Cipla (up 3.58%), Dr Reddy's Laboratories (up 3.38%), Aurobindo Pharma (up 2.94%), Sun Pharmaceutical Industries (up 2.91%), GlaxoSmithkline Pharmceuticals (up 2.38%), Wockhardt (up 2.36%), Glenmark Pharmaceuticals (up 1.51%) and Divi's Laboratories (up 1.43%) edged higher. Ipca Laboratories (down 2.02%) and Alkem Laboratories (down 0.52%) edged lower.
Lupin jumped after the company reported strong financial performance on sequential basis in Q3 December 2015. The stock jumped 9.04% at Rs 1,801.45. Lupin's consolidated net profit rose 29.6% to Rs 529.80 crore on 7.1% growth in revenue from operations (net) to Rs 3555.80 crore in Q3 December 2015 over Q2 September 2015. Operating profit surged 30.5% at Rs 877.20 crore in Q3 December 2015 over Q2 September 2015. The operating profit margin (OPM) edged up to 24.66% in Q3 December 2015 from 20.23% in Q2 September 2015.
Consolidated net profit fell 11.9% to Rs 529.80 crore on 11.9% growth in revenue from operations (net) to Rs 3555.80 crore in Q3 December 2015 over Q3 December 2014. Operating profit fell 0.7% to Rs 877.20 crore in Q3 December 2015 over Q3 December 2014. The OPM fell sharply to 24.66% in Q3 December 2015 from 27.78% in Q3 December 2014. The result was announced during market hours today, 5 February 2016.
Nilesh Gupta, Managing Director of Lupin said that the quarter saw a significant pick up in approvals as well as product launches with the company clocking in good growth in the US, India and Japan. The company would continue its investments in research as well as its manufacturing operations and this will drive long-term growth, Gupta said.
Shares of public sector oil marketing companies (PSU OMCs) gained. HPCL (up 1.98%), BPCL (up 1.56%) and Indian Oil Corporation (up 1.35%) edged higher.
Shares of oil exploration and production (E&P) firms declined. ONGC (down 0.07%) and Reliance Industries (down 0.17%) declined. Cairn India (up 3.83%) edged higher.
In the global commodities markets, Brent for April settlement was currently up 16 cents at $34.62 a barrel. The contract had declined 58 cents or 1.65% to settle at $34.46 a barrel during previous trading session.
GAIL (India) fell 3.62% at Rs 341.75. The stock hit a high of Rs 354.60 and a low of Rs 338.50 in intraday trade. Oil India fell 0.12% at Rs 341.50. The stock hit a high of Rs 347.95 and a low of Rs 338.05 in intraday trade. GAIL (India) during market hours today, 5 February 2016, announced that Prime Minister Narendra Modi today, 5 February 2016, dedicated to the nation the Brahmaputra Cracker and Polymer (BCPL) petrochemical complex in Assam. BCPL is a central public sector enterprise under the Government of India (GoI), with GAIL (India) as the main promoter having 70% equity participation. The rest 30% is equally shared by Oil India, Numaligarh Refinery (NRL) and the state government of Assam. Set up with an investment of about Rs 10000 crore, the BCPL plant will have the capacity to manufacture 2.80 lakh tonnes per annum of polymer products which will result in the growth of new downstream plastic processing industries in the North Eastern region, besides reducing dependency on polymer supply from other parts of the country, GAIL (India) said in a statement.
Bosch edged lower after announcing third quarter results. The stock fell fell 4.97% at Rs 16,133.20. The stock was volatile. The stock hit a high of Rs 17,646 and a low of Rs 16,005 in intraday trade. The company's net profit rose 99.12% to Rs 220.77 crore on 12.7% growth in total income to Rs 2786.08 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours today, 5 February 2016.
Bosch's board of directors at its meeting held today, 5 February 2016, approved in principle the transfer by way of sale, of the Starter Motors and Generators business of the company (SG-IN) to a subsidiary of Robert Bosch Starter Motors Generators Holding GmbH. The board approved the sale of SG-IN business as a going concern on a slump sale basis for a consideration of Rs 486.2 crore. In case the global SG transaction gets executed within the next 18 months and results in a higher implicit price for SG-IN, there will be an additional contingent consideration payable to Bosch, the company said.
Steel sector stocks edged higher on media reports the government may set minimum import price (MIP) on steel imports. Jindal Steel & Power (up 10.44%), Steel Authority of India (up 6.1%) and JSW Steel (up 2.83%) edged higher. The government has been considering MIP on steel in order to protect domestic steel manufacturers from cheap imports from China, according to reports.
Tata Steel shrugged off dismal Q3 December 2015 results. The stock rose 3.47% at Rs 234. The stock hit a high of Rs 239.10 and a low of Rs 215 in intraday trade. The company reported consolidated net loss of Rs 2127 crore in Q3 December 2015 compared with net profit of Rs 157 crore in Q3 December 2014. Turnover fell 16.63% to Rs 28039 crore in Q3 December 2015 over Q3 December 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) excluding one-offs and profit on sale of investments declined 69.96% to Rs 838 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
T V Narendran, Managing Director of Tata Steel India and South East Asia said that steel markets in India have been affected by depressed international steel prices and predatory imports. The quarter saw a sharp decline in steel prices which has impacted the margins, Narendran said. Koushik Chatterjee, Group Executive Director (Finance and Corporate), Tata Steel said that the current business conditions for the global steel industry are extremely challenging with confluence of elevated imports across regions, currency headwinds and depressed market sentiments affecting Tata Steel Group's profitability. The Tata Steel Group has embarked on significant cost rationalisation program including fixed cost reduction, right sizing of manpower, productivity management and enriching the product mix across all geographies, Chatterjee said. These programs are expected to enhance the sustainable profitability profile of the company, he added. The company has also undertaken significant portfolio restructuring and will continue to pursue the same in the future, Chatterjee said.
Among other metal stocks, Vedanta (up 9%), Hindalco Industries (up 3.93%), NMDC (up 4.32%), Hindustan Zinc (up 4.28%), National Aluminium Company (up 2.71%) and Hindustan Copper (up 1.96%) gained.
Mahindra & Mahindra (M&M) rose after the company yesterday, 4 February 2016, announced the launch of its new heavy commercial truck series under the BLAZO brand at the Auto Expo at Greater NOIDA. The stock rose 1.73% at Rs 1,221.90. The BLAZO series of heavy commercial vehicles include multi-axle trucks, tippers and tractor trailers in the range of 25 to 49 ton GVW for the domestic market.
The Sensex and the Nifty rose for second straight session. The Sensex has gained 393.65 points or 1.62% in the preceding two trading sessions from its close of 24,223.32 on 3 February 2016. The Sensex has fallen 253.72 points or 1.02% in this month so far (till 5 February 2016). The Sensex has fallen 1,500.57 points or 5.74% in calendar year 2016 so far (till 5 February 2016). The Sensex is up 777.21 points or 3.26% from a 52-week low of 23,839.76 hit on 20 January 2016. The Sensex is off 5,407.77 points or 18.01% from a record high of 30,024.74 hit on 4 March 2015.
In overseas stock markets, Asian and European stocks edged higher amid reduced expectations for further interest rate increases from the US Federal Reserve in this calendar year.
Lupin jumped after the company reported strong financial performance on sequential basis in Q3 December 2015. Steel sector stocks surge on media reports the government may set minimum import price (MIP) on steel imports. Mahindra & Mahindra (M&M) rose after the company announced the launch of its new heavy commercial truck series under the BLAZO brand at the Auto Expo at Greater NOIDA.
The Sensex jumped 278.54 points or 1.14% to settle at 24,616.97, its highest closing level since 1 February 2016. The index rose 334.47 points or 1.37% at the day's high of 24,672.90. The index rose 7.36 points or 0.03% at the day's low of 24,345.79.
The Nifty rose 85.10 points or 1.15% to settle at 7,489.10, its highest closing level since 1 February 2016. The index rose 99.15 points or 1.33% at the day's high of 7,503.15. The index rose 2.65 points or 0.03% at the day's low of 7,406.65.
The BSE Mid-Cap index rose 1.9%. The BSE Small-Cap index rose 1.21%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,620 shares rose and 1,016 shares declined. A total of 135 shares were unchanged.
All the nineteen sectoral indices on BSE logged gains. The S&P BSE Basic Materials index (up 1.99%), the BSE Finance index (up 1.87%), the BSE Healthcare index (up 3.37%), the BSE Bankex index (up 2.11%), the BSE Metal index (up 3.37%), the BSE Telecom index (up 1.6%) and the S&P BSE Auto index (up 1.6%) outperformed the Sensex. The S&P BSE FMCG index (up 0.95%) and the BSE Realty index (up 1.03%) underperformed the Sensex.
Bank stocks edged higher on renewed buying. Among public sector banks, Canara Bank (up 6.04%), Union Bank of India (up 5.62%), Bank of India (up 4.88%), Punjab National Bank (up 4.07%), Bank of Baroda (up 3.21%) and State Bank of India (up 3.16%) gained.
Among private sector banks, Axis Bank (up 4.4%), ICICI Bank (up 2.52%), Kotak Mahindra Bank (up 2.45%), Yes Bank (up 2.3%) and HDFC Bank (up 0.58%) edged higher. IndusInd Bank (down 0.11%) declined.
Pharma stocks gained. Cadila Healthcare (up 4.74%), Strides Shasun (up 4.57%), Cipla (up 3.58%), Dr Reddy's Laboratories (up 3.38%), Aurobindo Pharma (up 2.94%), Sun Pharmaceutical Industries (up 2.91%), GlaxoSmithkline Pharmceuticals (up 2.38%), Wockhardt (up 2.36%), Glenmark Pharmaceuticals (up 1.51%) and Divi's Laboratories (up 1.43%) edged higher. Ipca Laboratories (down 2.02%) and Alkem Laboratories (down 0.52%) edged lower.
Lupin jumped after the company reported strong financial performance on sequential basis in Q3 December 2015. The stock jumped 9.04% at Rs 1,801.45. Lupin's consolidated net profit rose 29.6% to Rs 529.80 crore on 7.1% growth in revenue from operations (net) to Rs 3555.80 crore in Q3 December 2015 over Q2 September 2015. Operating profit surged 30.5% at Rs 877.20 crore in Q3 December 2015 over Q2 September 2015. The operating profit margin (OPM) edged up to 24.66% in Q3 December 2015 from 20.23% in Q2 September 2015.
Consolidated net profit fell 11.9% to Rs 529.80 crore on 11.9% growth in revenue from operations (net) to Rs 3555.80 crore in Q3 December 2015 over Q3 December 2014. Operating profit fell 0.7% to Rs 877.20 crore in Q3 December 2015 over Q3 December 2014. The OPM fell sharply to 24.66% in Q3 December 2015 from 27.78% in Q3 December 2014. The result was announced during market hours today, 5 February 2016.
Nilesh Gupta, Managing Director of Lupin said that the quarter saw a significant pick up in approvals as well as product launches with the company clocking in good growth in the US, India and Japan. The company would continue its investments in research as well as its manufacturing operations and this will drive long-term growth, Gupta said.
Shares of public sector oil marketing companies (PSU OMCs) gained. HPCL (up 1.98%), BPCL (up 1.56%) and Indian Oil Corporation (up 1.35%) edged higher.
Shares of oil exploration and production (E&P) firms declined. ONGC (down 0.07%) and Reliance Industries (down 0.17%) declined. Cairn India (up 3.83%) edged higher.
In the global commodities markets, Brent for April settlement was currently up 16 cents at $34.62 a barrel. The contract had declined 58 cents or 1.65% to settle at $34.46 a barrel during previous trading session.
GAIL (India) fell 3.62% at Rs 341.75. The stock hit a high of Rs 354.60 and a low of Rs 338.50 in intraday trade. Oil India fell 0.12% at Rs 341.50. The stock hit a high of Rs 347.95 and a low of Rs 338.05 in intraday trade. GAIL (India) during market hours today, 5 February 2016, announced that Prime Minister Narendra Modi today, 5 February 2016, dedicated to the nation the Brahmaputra Cracker and Polymer (BCPL) petrochemical complex in Assam. BCPL is a central public sector enterprise under the Government of India (GoI), with GAIL (India) as the main promoter having 70% equity participation. The rest 30% is equally shared by Oil India, Numaligarh Refinery (NRL) and the state government of Assam. Set up with an investment of about Rs 10000 crore, the BCPL plant will have the capacity to manufacture 2.80 lakh tonnes per annum of polymer products which will result in the growth of new downstream plastic processing industries in the North Eastern region, besides reducing dependency on polymer supply from other parts of the country, GAIL (India) said in a statement.
Bosch edged lower after announcing third quarter results. The stock fell fell 4.97% at Rs 16,133.20. The stock was volatile. The stock hit a high of Rs 17,646 and a low of Rs 16,005 in intraday trade. The company's net profit rose 99.12% to Rs 220.77 crore on 12.7% growth in total income to Rs 2786.08 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours today, 5 February 2016.
Bosch's board of directors at its meeting held today, 5 February 2016, approved in principle the transfer by way of sale, of the Starter Motors and Generators business of the company (SG-IN) to a subsidiary of Robert Bosch Starter Motors Generators Holding GmbH. The board approved the sale of SG-IN business as a going concern on a slump sale basis for a consideration of Rs 486.2 crore. In case the global SG transaction gets executed within the next 18 months and results in a higher implicit price for SG-IN, there will be an additional contingent consideration payable to Bosch, the company said.
Steel sector stocks edged higher on media reports the government may set minimum import price (MIP) on steel imports. Jindal Steel & Power (up 10.44%), Steel Authority of India (up 6.1%) and JSW Steel (up 2.83%) edged higher. The government has been considering MIP on steel in order to protect domestic steel manufacturers from cheap imports from China, according to reports.
Tata Steel shrugged off dismal Q3 December 2015 results. The stock rose 3.47% at Rs 234. The stock hit a high of Rs 239.10 and a low of Rs 215 in intraday trade. The company reported consolidated net loss of Rs 2127 crore in Q3 December 2015 compared with net profit of Rs 157 crore in Q3 December 2014. Turnover fell 16.63% to Rs 28039 crore in Q3 December 2015 over Q3 December 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) excluding one-offs and profit on sale of investments declined 69.96% to Rs 838 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
T V Narendran, Managing Director of Tata Steel India and South East Asia said that steel markets in India have been affected by depressed international steel prices and predatory imports. The quarter saw a sharp decline in steel prices which has impacted the margins, Narendran said. Koushik Chatterjee, Group Executive Director (Finance and Corporate), Tata Steel said that the current business conditions for the global steel industry are extremely challenging with confluence of elevated imports across regions, currency headwinds and depressed market sentiments affecting Tata Steel Group's profitability. The Tata Steel Group has embarked on significant cost rationalisation program including fixed cost reduction, right sizing of manpower, productivity management and enriching the product mix across all geographies, Chatterjee said. These programs are expected to enhance the sustainable profitability profile of the company, he added. The company has also undertaken significant portfolio restructuring and will continue to pursue the same in the future, Chatterjee said.
Among other metal stocks, Vedanta (up 9%), Hindalco Industries (up 3.93%), NMDC (up 4.32%), Hindustan Zinc (up 4.28%), National Aluminium Company (up 2.71%) and Hindustan Copper (up 1.96%) gained.
Mahindra & Mahindra (M&M) rose after the company yesterday, 4 February 2016, announced the launch of its new heavy commercial truck series under the BLAZO brand at the Auto Expo at Greater NOIDA. The stock rose 1.73% at Rs 1,221.90. The BLAZO series of heavy commercial vehicles include multi-axle trucks, tippers and tractor trailers in the range of 25 to 49 ton GVW for the domestic market.
The Sensex and the Nifty rose for second straight session. The Sensex has gained 393.65 points or 1.62% in the preceding two trading sessions from its close of 24,223.32 on 3 February 2016. The Sensex has fallen 253.72 points or 1.02% in this month so far (till 5 February 2016). The Sensex has fallen 1,500.57 points or 5.74% in calendar year 2016 so far (till 5 February 2016). The Sensex is up 777.21 points or 3.26% from a 52-week low of 23,839.76 hit on 20 January 2016. The Sensex is off 5,407.77 points or 18.01% from a record high of 30,024.74 hit on 4 March 2015.
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