Stocks
Sensex, Nifty move higher on rumours: Friday closing report
The overbought rally continues with expected reforms 
 
Indian market on Friday opened well in the positive and started trending higher. At around 1.00pm, the indices traded close to the intra-day low, but managed to make a quick recovery and hit the day’s high at the end of the session. The current uptrend developed strength from reports that the finance ministry is working on a proposal to cut the fiscal deficit to 3.8% to 3.9% of GDP for the year ending 31 March 2015.
 
The BSE 30-share Sensex opened at 24,535 while the NSE 50-share Nifty opened at 7,307. Sensex moved in the range of 24,471 and 24,746 and closed at 24,693 (up 319 points or 1.31%) while Nifty moved between 7,294 and 7,381 and closed 7,367 (up 91 points or 1.25%). The gain on the NSE was on a lower volume of 177.46 crore shares. India VIX fell 0.73% to close at 17.7050.
 
Except for FMCG (0.32%) and Media (0.31%) all the other indices on the NSE closed in the green. The top five gainers were PSU Bank (8.12%), Nifty Midcap 50 (3.28%), Infra (3.06%), PSE (2.89%) and Energy (2.80%).
 
Of the 50 stocks on the Nifty, 35 ended in the green. The top five gainers were State Bank of India (10.28%), Tata Power (6.99%), Jindal Steel (6.39%), IDFC (5.70%) and Maruti (5.53%). The top five losers were Kotak Bank (1.58%), HDFC Bank (1.57%), Hindalco (1.48%), ITC (1.39%) and Infosys (1.38%).
 
Of the 1,598 companies on the NSE, 1,113 companies closed in the green, 444 companies closed in the red while 41 companies closed flat.
 
State Bank of India posted weak quarterly results today. Yet, it came as the top gainer (9.69%) in the Sensex 30 pack on improvement in the lender's asset quality. 
 
HDFC Bank had approached the government to raise the cap on foreign institutional investment in the bank to 67.55% from 49% but, according to reports, the government has turned down the proposal. This implies that foreign investors will not be able to invest further in HDFC Bank. The bank was among the top two losers (fell 1.63%) in the Sensex 30 stock.
 
Ashok Leyland posted superb growth in the quarterly net profit inspite of registering a fall in the net sales. The annual result was weak. The stock was the top gainer (13.67%) in the ‘A’ group on the BSE.
 
A day after RBI eased the gold import rules when the stocks of the line rose. Today one such player, Gitanjali Gems, was the top loser (4.69%) in the ‘A’ group on the BSE.
US indices closed in the positive on Thursday. New applications for unemployment benefits rose sharply in mid-May, reversing a big drop earlier in the month that put initial claims at a seven-year low. Sales of existing homes rose 1.3% in April to a seasonally adjusted annual rate of 4.65 million, the National Association of Realtors reported Thursday.
 
The Markit Economics preliminary index of US manufacturing increased to 56.2 in May from 55.4 a month earlier as output accelerated, the London-based group said on Thursday.
 
Except for KLSE Composite (0.31%) all the other Asian indices closed in the positive. Nikkei 225 (0.87%) was the top gainer.
 
European indices were showing mixed performance while US Futures were trading marginally higher.
 

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Kochadaiiyaan: Rejoice for Rajinikanth fans
India's first motion capture photo-realistic 3D animation opened to full houses across south India. Kochadaiiyaan is recieving mixed, mostly positive, reviews from audience around the world
 
 
Kochadaiyan, which marked the directorial debut of Rajinikanth's daughter Soundarya Rajinikanth finally hit the screens Friday after delays due to financial and technical reasons. With a record launch in a record 4000 screens - 450 in Tamil Nadu, 300 in Karnataka and Kerala, 700 in Andhra Pradesh, around 2,000 screens in North India and 700 screens in US and Europe - analysts expect it to earn more than Rs30 crore in the first day box office collection. 
 
Film trade analyst Taran Adarsh, in a tweet, said, “Expect new records to be set (for Kochadaiiyaan)”.
 
According to a report from Filmfare, the Rajnikanth Starrer Kochadaiyaan has opened with 90% occupancy in South. “Kochadaiiyaan broke all records in Tamil Nadu which makes it the biggest Rajinikanth opener. Trade pundits are predicting 100 crore haul just in Tamil Nadu. Overseas too the film is creating waves, its a huge hit in the UAE and it's also receiving a good response in USA, Malaysia and Singapore as well,” the report says. 
 
The actors received accolades for their performance while AR Rahman's background score and Ravikumar's script are also being praised by the audience. The audience, both Indian and overseas were impressed with the movie and took to twitter to express their appreciation. Here are some of the tweets.
 
The Rajinikanth-Deepika Padukone starrer is shot with motion capture in 3D and is India's first performance capture photorealistic project. It is a joint venture project between Eros International and Media One Global Ltd and looking at the advance bookings trade analysts expect it to get the biggest opening of 2014.
 
It took Soundarya two years and over 200 technicians in India and abroad to make this film which is compared to Hollywood movies like Avatar and Tin Tin which are made using the same technology.  While Kochadaiyaan is made with a budget of Rs125 crore, Avatar was made with Rs3,000 crore budget and completed in five years and Tin Tin cost about Rs4,000 crore and five years to be completed.
 
 

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SBI shares up 10% on improved asset quality in March quarter
During the March quarter, SBI reported healthy performance on the asset quality front while its operating performance came ahead of the market expectations
 
Shares of State Bank of India (SBI), the country's largest lender, Friday jumped 10% on the BSE, mainly on its 'healthy performance' during the fourth quarter, especially improvement in asset quality and annoucement of a 150% final divident. The improvement in asset quality was ahead of the market expectations.
 
Asset Quality of SBI
 
 
For the quarter to end-March, the state-run lender, said its net profit fell 8% to Rs3,041 crore from Rs3,299 crore while its net interest income rose 16% to Rs12,903 crore from from Rs11,078 crore, same period last year. 
 
SBI said its gross non-performing assets (G-NPAs) during the fourth quarter declined 78 bps sequentially to 4.95% from 5.73%, while its net NPA declined 67 bps sequentially to 2.57% from 3.24% in December 2013 quarter.
 
For the 12 months to end-March, the state-run lender said its net profit fell 23% to Rs10,891 crore from Rs14,104 crore even as its total income, including interest income, rose to Rs1.55 lakh crore from Rs1.36 lakh crore, a year ago. Its full year NII rose 11% to Rs49,282 crore, SBI said.
 
The Bank's total business increased by Rs3.58 lakh crore to Rs26.4 lakh crore during FY14. 
 
The state-run lender declared a final dividend of Rs15 or 150% for 2013-14. It had earlier paid an interim dividend of Rs15.
 
SBI closed Friday 9.7% higher at Rs2,755 on the BSE, while the 30-share Sensex ended the day 1.3% up at 24,693.
 
SBI: Details of Profit and Loss account on stand alone basis:
 

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