Stocks
Sensex, Nifty will struggle to rally – Friday closing report
For the current rally to end, the the indices must close below any previous day’s low
 
Although the Indian market opened Friday in the negative follwing a sharp fall in the US markets, it showed an upward bias. Marching up for almost the entire session the indices kept up the trend of closing in the positive for the fourth consecutive session.
 
S&P BSE Sensex opened at 25,558 while NSE’s CNX Nifty opened at 7,630. Immediately both the indices hit the low of 25,441 and 7,596. By the end of the session the benchmarks hit the day’s high at 25,713 and 7,685 and closed at 25,642 ( up 80 points or 0.31%) and 7,664 (up 23 points or 0.31%), respectively. The NSE recorded a volume of 86.06 crore shares. India VIX rose 0.87% to close at 15.0950.
 
The highlight of the day was the draft regulations for infrastructure investment trusts by the Securities and Exchange Board of India (SEBI) and draft guidelines issued by the Reserve Bank of India (RBI) for those seeking a license to set up a payments bank or a small bank.
 
To provide easier financing options to developers of public works infrastructure investment trusts, regulated by SEBI, would be formed. Such trusts will be able to invest in infrastructure projects only directly or through special purpose vehicles (SPVs). For public-private partnership (PPP) projects, investments can be routed only be through an SPV, SEBI said.
 
The RBI in its guidelines said among other things that the minimum paid up capital required for both categories of bank licenses would be Rs100 crore of which the promoter would have to contribute at least 40% initially. Payments banks can accept deposits and remittances of funds but cannot provide loans. Small banks can lend, but have more limited areas of operations than a full-fledged commercial lender.
 
Tata Consultancy (2.58%) was among the top two gainers in the Sensex 30 pack. The company posted a net profit of Rs5,096.87 crore for the quarter ended June 2014 as compared to Rs3,461.89 crore for the quarter ended June 2013. Revenue has increased from Rs14,478.65 crore to Rs17,438.43 crore for the relevant period.
 
Tata Power (2.58%) was the top loser in the Sensex 30 stock. Tata Power foresees growth of India’s power sector to be affected adversely due to various reasons which includes, insufficient availability of coal, costlier imported fuel, delays in land acquisition and environmental clearances.
 
Exide Industries which recently hit its 52 week high on the BSE on 7 July 2014 was the top gainer (4.07%) in the ‘A’ group on the BSE.
 
Indian Hotels (down 6.96%) was the top loser in the ‘A’ group on the BSE.
 
US indices closed in the negative on Thursday following the crash of Malaysian Airliner brought down by Ukranian rebels.
 
Asian indices showed a mixed performance. Jakarta Composite (0.31%) was the top gainer while Nikkei 225 (1.01%) was the top loser. European indices were trading lower while US Futures were trading marginally higher.

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Sensex, Nifty may struggle to move higher – Thursday closing report
Keeping themselves above Wednesday’s low, the Indian indices moved mostly in a range throughout the session on Thursday. Positive data from the US also helped to keep the momentum going.
 
S&P BSE Sensex opened at 25,541 while the NSE's CNX Nifty opened at 7,613, which was also its intra-day low. Sensex hit a low of 25,494. From the lows, the benchmarks reached up to 25,613 and 7,656. After hitting their respective highs, the indices tried keeping themselves higher. During this period, the indices witnessed volatile moves.
 
Sensex closed at 25,561 (up 11 points or 0.04%) while Nifty closed at 7,640 (up 16 points or 0.21%). The NSE recorded a volume of 89.87 crore shares. India VIX rose 1.60% to close at 14.9650.
 
Except for Realty (0.59%), Finance (0.17%) and Auto (0.11%) all the other Asian indices closed in the green. The top five gainers were Metal (2.49%), Commodities (1.69%), Nifty Midcap 50 (1.56%), Infra (1.50%) and Smallcap (1.49%).
 
Of the 50 stocks on the Nifty, 31 ended in the green. The top five gainers were Tata Power (3.72%), Grasim (3.27%), Kotak Mahindra Bank (3.18%), ACC (3.06%) and Hindalco (3.02%). The top five losers were M&M (3.28%), IDFC (2.48%), Bajaj Auto (2.34%), DLF (1.66%) and ONGC (1.20%).
 
Of the 1,598 companies on the NSE, 1,032 companies closed in the green, 500 companies closed in the red while 66 companies closed flat.
 
With the monsoon covering the entire country, though delayed, it is 15% below average in the past week, which is better as compared to the earlier weeks where it was around 40% below average.
 
Achieving the budgetary target of Rs 6.24 lakh crore in indirect tax collection during the current fiscal will be a challenge, a senior Finance Ministry official said today. The amount budgeted Rs6.24 lakh crore from indirect tax collection in 2014-15 is around 25% higher than the indirect tax mop-up (revised estimates) last fiscal.
 
With the positive move in the budget by raising export duty on bauxite companies like Hindalco may be benefitted by this move. Hindalco hit its 52-week high today and was the top gainer (3.91%) in the Sensex 30-pack.
 
Mahindra & Mahindra (3.18%), top loser in the ‘A’ group on the BSE and the top loser in the Sensex 30 stock, traded ex-dividend today. The company filed its shareholding pattern for June 2014 quarter on Wednesday, which saw an increase in the FII holding from 36.92% in March 2014 quarter to 39.24% in June 2014 quarter, while DIIs holding fell marginally from 15.88% to 15.52%. 
 
Crompton Greaves (up 13.45%) was the top gainer in the ‘A’ group on the BSE. Its board of directors at its annual strategic review meeting proposed to demerge its consumer products business unit into a separate listed company. The board believes that such a demerger will create better growth opportunities for its two large but significantly different businesses - power, industrial and automation which are B2B business, and the consumer products business which is B2C. The board has constituted a committee of directors to examine all relevant aspects of the process of demerger and listing and make suitable recommendations to the board.
 
US indices closed Wednesday in the positive. The Federal Reserve said in its Beige Book business survey released on Wednesday, 16 July 2014 that economic growth was modest to moderate in the latest period as all 12 of its districts reported stronger consumer spending and expanded manufacturing.
 
Except for Straits Times (0.07%) and Seoul Composite (0.37%) all the other Asian indices closed in the negative. Jakarta Composite (0.84%) was the top loser.
 
European indices were in the red and US Futures too were trading lower on the news that Housing starts fell to a nine-month low in June, and US and European Union imposed sanctions on Russian banks, energy companies and defense firms in the latest attempt to pressure the country to end support for Ukranian rebels.
 

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Bajaj Auto Q1 net profit marginally up at Rs740 crore

During the June quarter, Bajaj Auto's net profit increased by just Rs2 crore even as its revenues rose by Rs385 crore from same period last year

Bajaj Auto Ltd, the second largest motorcycle manufacturer in India, showed marginally improved net profit in the June quarter despite a rise in its revenues, especially 20% increase in exports.

 

For the quarter to end-June, the automaker said its net profit increased marginally to Rs740 crore from Rs738 crore, while its total revenues, includig sales rose to Rs5,472 crore from Rs5,087 crore, same period a year ago.

 

The Bajaj group company said its revenues from export rose 20% to Rs2,251 crore in June quarter from Rs1,876 crore in June 2013. Exports now contirbute 44% of net sales with 3.84 lakh motorcycles and 58,000 three wheelers sold abroad in the June quarter of FY15, the company added.

 

During the June quarter, Bajaj Auto sold 8.75 lakh units of its motorcycles, including domestic sales and exports. Pulsar, along with Avenger, sold 1.73 lakh units in the domestic market, recording a growth of 18%. Platina recorded a growth of 15%, while Discover sales remained subdued. With the planned launch of the new Discover model in the coming month, Bajaj Auto's market share in this segment would improve, the company said in a release.

 

At 12:09pm Thursday, Bajaj Auto was trading 2.3% down at Rs2,091 on the BSE, while the 30-share benchmark Sensex was marginally down at 25,526.

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