India Infoline News Service / Mumbai Jul 29, 2009 18:53
Sensex lost 158 points or 1% at 15,173 while, Nifty slipped 51 points or 1.1% to shut shop at 4,513.
Indian markets
ended with losses on Wednesday as the bulls suffered from fatigue aftera two-week rally. It was the global cues that weighed on Dalal Street. The BSE Sensex slipped sharply after the main Shanghai index nose-dived nearly 8% in China posting its biggest drop since November 2008. The index finally shut shop losing 172 points, or 5% at 3,266.
According to reports, China's two biggest state-owned commercial banks have put a lid on their 2009 lending targets.
ended with losses on Wednesday as the bulls suffered from fatigue aftera two-week rally. It was the global cues that weighed on Dalal Street. The BSE Sensex slipped sharply after the main Shanghai index nose-dived nearly 8% in China posting its biggest drop since November 2008. The index finally shut shop losing 172 points, or 5% at 3,266.According to reports, China's two biggest state-owned commercial banks have put a lid on their 2009 lending targets.
Coming back to domestic markets, the exchanges recorded its third higher turnover ever in history. The Realty, Consumer Durables, Metal and FMCG stocks witnessed heavy offloading. Even the Mid-Cap and the Small-Cap stocks were under selling pressure.
On the other hand, bucking the negative trend were, the IT and the Oil & Gas stocks.
The BSE Sensex lost 158 points or 1% at 15,173 after touching a high of 15,373 and a low of 14,888. The index opened at 15,293 against the previous close of 15,332. The NSE Nifty slipped 51 points or 1.1% to shut shop at 4,513.
In Asia, the Nikkei in Japan ended up by 0.3% at 10,113, while Australia's S&P/ASX ended lower by 0.7% at 4,142. The Hang Seng index in Hong Kong slipped by 2.3% to end at 20,135. Shanghai index in China fell 5% to end at 3,266. In Europe, stocks were in momentum. The FTSE in the UK was up 1% at 4,566. The DAX was up at 1.5% 5,250 and the CAC 40 was up 1.3% at 3,376. Coming back to India, among the BSE sectoral indices, the Realty index was the top loser, losing 4.5%, followed by the Consumer Durables index that was down 3%. The BSE Metal index down 2.5% and the BSE Capital Goods index was down 2.5%.
The BSE Mid-Cap index slipped 1.5% and the BSE Small-Cap index fell 1.1%. Within the Sensex, the major losers were DLF, Tata Steel, Sterlite, Sun Pharma, Tata Motors, Grasim and Reliance Infra. Among the major gainers were TCS, Tata Power, M&M, Hindalco, Reliance Industries and Wipro. Outside the frontline indices, the top losers included IVRCL Infra, Century Tex, Nestle, Ispat, Titan and EKC.
Among the big gainers in the broader market were Balrampur Chini, Aban, Rolta, REC Ltd, Exide, Sun TV and PNB.
Among the big gainers in the broader market were Balrampur Chini, Aban, Rolta, REC Ltd, Exide, Sun TV and PNB.
Shares of Tata Steel slipped by 5.5% to Rs442 after the company posted a net profit of Rs7.89bn for the quarter ended June 30, 2009 as compared to Rs14.88bn for the quarter ended June 30, 2008. Thereby posting as decline of 47% YoY.
Total Income has decreased from Rs6.16bn for the quarter ended June 30, 2008 to Rs56.61bn for the quarter ended June 30, 2009. The stock opened at Rs467 and made an intra-day high of Rs470 and a low of Rs426. Total traded volumes stood at 6.7mn shares.
Shares of Sun Pharmaceutical declined by 5% to Rs1188 after the company posted a net profit after minority interest of Rs1.63bn for the quarter ended June 30, 2009 as compared to Rs5.01bn for the quarter ended June 30, 2008. Thereby posting a decline of 67% decline YoY. The total income decreased from Rs10.669bn for the quarter ended June 30, 2008 to Rs8.146bn for the quarter ended June 30, 2009.
Jindal Steel & Power (JSPL) has posted a net profit of Rs9.884bn for the quarter ended June 30, 2009 as compared to Rs4.436bn for the quarter ended June 30, 2008. Thereby posting a growth of 123% YoY. The total income has increased from Rs 21.803bn for the quarter ended June 30, 2008 to Rs 27.862bn for the quarter ended June 30, 2009.
Shares of JSPL shot up by over 3.5% to Rs3117. The stock opened at Rs3015 and made an intra-day high of Rs3237 and a low of Rs2861. Total traded volumes stood at 0.7mn shares.
The Board of Directors of JSPL also approved to issue five fully paid bonus shares of Re 1/- each for every one existing equity share of Re 1/- each held by the Shareholders of the Company.
Shares of Great Offshore gained by 4% to Rs457 after ~1.44mn equity shares, or 3.8% of its equity, changed hands on the BSE at an average price of Rs450.
Another 111,940 equity shares changed hands on the NSE at the same price. ABG Shipyard bought shares of Great Offshore in a block deal, stated media reports. The company had ~1.66mn equity shares, or 4.5% of its equity, change hands in two transactions on Wednesday.
Shares of Gammon India erased early losses and rallied by over 9% to end at Rs163. The stock fell sharply in the morning trades hitting a low of Rs130 after reports stated that the company may lose government in the future. The stock opened at Rs145 and made an intra-day high of Rs176 and a low of Rs130. Total traded volumes stood at 2.2mn shares.
Shares of Kingfisher Airlines surged by over 2.5% to Rs53 after the company announced that it plans to raise up to Rs5bn. The company may raise the money through a rights offer, or a secondary offering or a placement of depository receipts.
Shares of Gujarat Gas rallied by over 14% to Rs368 after the company announced it Q2 results with net profit at Rs478.3mn posting a 10% growth YoY. While, Net sales were at Rs3.32bn as against Rs3.06bn in the same period last year.
The board of directors of the company has recommended a bonus issue of equity shares in the ratio of one equity share of the company of Rs2/- each for every one equity share held by the equity shareholders of the company.
Shares of Hexaware gained by over 4% to Rs62.5 after the company announced its quarterly earnings. The stock opened at Rs59.9 and made an intra-day high of Rs64.7 and a low of Rs59.9. Total traded volumes stood at 1.9mn shares.
Revenue from operations stood at US$ 53.6mn surpassing the upper end of the revenue guidance of US$53mn. Q-o-Q increase of 1.8% in US$ terms, up from US$52.6mn. Profit after Tax rose up to US$ 8.2mn, Q-o-Q increase of 139.8% in US$ terms, up from US$3.4mn. Gross Margin rose up to 47.6% against 43.8% last quarter. EBITDA Margin improved to 21.5%, 670bps over Q1 ’09. Operating Margin (EBIT Margin) improved to 18.8% from 12.3% in Q1 ’09. PAT margin rose to 15.2% from 6.5 % in the previous quarter. 10 new clients added during the quarter; 166 active clients.