Tuesday, July 29, 2014

MARKET BEGINS WITH A DOWN TREND - SENSEX LOSES 136 POINTS!

TUESDAY, 29th JULY 2014


Nifty too lost 42 points and closed at 7,749 points.

Among the leading Gainers were Indiabulls Housing and Central Bank which gained a little more than 7% each.  Amtek Auto gained 5%.

Among the losers, Wockhardt lost nearly 8%, while IRB Infra, CESC, DLF and BFUtilities each lost 5%.

FINANCIAL RESULTS

State Bank of Mysore has earned a net profit of Rs.74.77crore for the quarter ending June 2014, as against Rs.52.22crore for the corresponding period in the previous year.

Bank of Baroda has earned a net profit of Rs.1362crore for the quarter ending June 2014. During the same period, last year, the Bank had earned only Rs.1168crore.

Blue Star has recorded a 36% increase in its net profit for the quarter ended June 2014. It has earned a net profit of Rs.31.01crore for the quarter compared to Rs.22.77crore earned during the corresponding period in the previous year.

OTHER NEWS

The licences of six non-banking finance companies, based in Delhi, have been cancelled by the Reserve Bank of India. The companies in question are: GE Strategic Investments India; Profound Exports; Two Brothers Holding; Swank Services Private Ltd; Praxis Consulting and Information Services; and Credible Microfinance Ltd. In view of the cancellation of their licences, these companies will not be able to carry on business. The reasons for cancellation have not been indicated.

The Union Finance Minister, Arun Jaitely is scheduled to hold his first meeting with all the heads of the public sector banks on 31st July. He is expected to impress upon them the need to reduce the interest rate to boost growth.

DISINVESTMENT PLANS TO RAISE Rs.58,425CRORE

The Union Finance Minister, Arun Jaitely is hopeful of raising Rs.58,425crore through disinvestment.

The Public Sector Companies, lined up for disinvestment are:

Coal India – Likely dilution 10%; ONGC 5%; NHPC – 11%;SAIL, PFC, REC, CONCOR, NLC, MMTC, MOIL and STC – each 5%

A BOAT CLUB ROAD PROPERTY FETCHES RECORD PRICE!


A residential plot, measuring 9.5 grounds, in the prime locality (Boat Club Road) has been acquired by Ravi Appaswamy, for Rs.105crore! This deal beats the previous best price of Rs.10crore per ground, in the same locality!

SENSEX AND NIFTY END THE WEEK ON A DECLINE!

Saturday, 26th July, 2014

After nearly ten days of uptrend, the stock market went in the opposite direction at the close of the week.

Sensex ended the with 26,127 points, 145 points below the previous day’s closing. Nifty  ended with 7,790 points, 40 points below the previous day’s close.

LEADING GAINERS:

Wockhardt gained by 14%; Tata Sponge gained by nearly 9%; Guj.Pipanav, Glenmark and Indiabulls each gained 7%.

LEADING LOSERS:

TVS Motor lost almost 10%, while Jaypee Infra and Biocon lost 7% each.

OTHER NEWS

GVK Power and Infrastructure Limited, a Hyderabad based company is to start commercial operations of two of their power projects, in the current financial year.

LIC Housing Finance Ltd., Has announced its quarterly results. In the quarter ended June this year, it has made a net profit of Rs.32,230.68lakhs as against Rs.31,050.70lakhs, during the same quarter in 2013.

WILL THE FIFTH TIME BE LUCKY?

The New Delhi Municipal Corporation has given an extension of six months to the Tata-owned Indian Hotels Company Ltd., to operate the Taj Mansingh Hotel. The lease expires on 31st July. This extension is the fifth given to the IHCL. 
  
NOKIA PAYS VRS COMPENSATION

Nokia has paid a um of Rs.250crore, as compensation to its Chennai manufacturing facility employees who opted for the VRS offered by the company in May last. A total of 5,600 employees availed of this offer.
JK Lakshmi Cement has reported a net profit of Rs.40crore in the current quarter ended June, as against Rs.16crore during the same period last year. This shows an increase of 150%.
  
Punjab National Bank’s net profit for the quarter ended June has gone up. It has earned a net profit of Rs.1,405.12crore, compared to Rs.1,275.32crore earned for the same quarter last year.

The net profits of the Indian Bank and Allahabad Bank, for the quarter ending June, have gone down by 35% and 73% respectively.

A sort of breather has been given to Sahara Group Chief Subrata Roy, by the Supreme Court. It has asked the Delhi government, to explore the possibilities of providing a place (of course, within the Tihar jail complex) to enable Roy to hold talks, over deals with prospective buyers of his properties, either in person, or through video conferencing.

ALSTOM SA CHARGED FOR CORRUPTION!

Alstom is a diversified group with interests in rail, power and electricity transmission sectors. The company has been charged by the UK Sessions Fraud Office, for ‘alleged corruption relating to large transport projects in India and two other countries.

TVS Motor Company has come out with its financial results for the quarter ending June, 2014. The net profit for the quarter has gone up by 39.42% over the corresponding period in the previous year. This year, it has earned a net profit of Rs.72.32crore, for the quarter, whereas the net profit last year was Rs.51.87crore.

L&T Finance Holdings has reported a net profit of Rs.287.69crore for the quarter ending June, 2014 as against Rs.186.54crore earned during the same period in the previous year.

WILFUL DEFAULTER!


It is almost likely that Kingfisher Airlines will be declared a ‘Wilful Defaulter’. If that happens, the promoter Vijay Mallya may have to face criminal proceedings and a ban may be imposed on him on raising funds from financial institutions. Kingfisher Airlines owes around Rs.4,022 crore to a consortium of 17 lenders, led by SBI.

MARKET CONMTINUES ITS UPWARD TREND!

Friday, 25thJuly 2014

Stock market continued its upward trend, for the seventh day in succession. Sensex closed at 26,272 yesterday, improving by 125 points. Nifty also went up by 35 points and closed at 7,831.

TOP GAINERS

Among the top gainers were: Tatas Sponge (25%); Financial Tech (10%); Atul (8%); and UCO Bank (6%)
TOP LOSERS

Cain Industries, TVS Motor and JP Associates lost 7%, 6% and 6% respectively, while Sun TV Net and Voltas lost nearly 4%.

Tata Sponge, a t Rs.1011.10 recorded its life-time high! In the course of the last nine trading sessions, the scrip gained 64%.

Among the BSE small cap stocks, NDTV, Ashiana Housing and Thinksoft Global Services, gained substantially, improving by 20%, 19% and 10% respectively.



The Union Cabinet has cleared the bill, to raise the foreign investment ceiling in private insurance companies. The increase will be 50%, i.e., the ceiling has been increased from 26% to 49%. However, the management and control of these companies will be with Indians.