DAILY EQUITY REPORT 29TH JuLY 2013
INDIAN FACE
INDIAN EQUITY BENCHMARKS ended on a negative note on looming fear over slowdown in China coupled with caution ahead of Reserve Bank of India and US Federal Reserve’s policy meeting next week. The August series started off on a subdued note as NIFTY ended a choppy day marginally in the red. Most of the PSU banks were weak in today’s session.
Further, PNB tanked 5%, its lowest level since June 2009, after the state-owned bank said that its gross non-performing assets (NPA), as a percentage of advances, rose to 4.84% in June 2013 quarter against 3.34% in year ago quarter.
Jet Airways saw significant buying today, ending the day with a gain of around 17 percent as Jet and Etihad have submitted a revised agreement to regulatory authorities making changes largely with respect to 'effective control'.
GLOBAL FACE
Asian stocks traded mostly higher in the week’s final trading session, but Japanese shares languished despite some encouraging consumer price inflation data.
European stocks were mixed as a flurry of earnings reports were expected throughout the trading session, while uncertainty over the future of the Federal Reserve's stimulus program persisted.
U.S. stocks pointed to a lower open as investors remained cautious ahead of U.S. consumer sentiment data, amid sustained uncertainty over the future of the Federal Reserve's stimulus program.
MARKET TALKS
PUNJAB NATIONAL BANK Q1 net up 2.3% at Rs 1,275crores.
Public sector lender Punjab National Bank (PNB) reported a muted rise of 2.3 percent year-on-year in its first quarter (April-June) net profit at Rs 1,275 crore, dented by significant surge in its bad loans or non-performing assets (NPAs). Net interest income or the difference between interest earned and paid out, grew by 5.7 percent y-o-y to Rs 3,907 crore.
Hindustan Unilever Q1 income rose 7% at Rs 6809 cr.
HUL disappointed with its first quarter total income rising lower-than-expected 7% y-o-y to Rs 6809 crore, though reported net profit was higher-than-expected at Rs1019 crore, compared with Rs 1331 crore in a year ago period. Analysts on an average had expected the largest FMCG company in India to report net profit at Rs 860 crore, on total income of Rs 7,025 crore for the quarter.
Biocon Q1 net up 19% at Rs 93.50 cr.
Biotechnology major Biocon reported a 18.65 percent rise in consolidated net profit at Rs 93.50 for the first quarter ended June 30, 2013 mainly on account of strong performance in the biopharma segment. Consolidated total income of the company also rose to Rs 700.69 crore for the April-June, 2013 quarter as against Rs 576.68 crore for the year ago period.
Dish TV posts Q1 loss at Rs 30.4 crores.
Dish TV disappointed with the higher-than-expected net loss at Rs 30.4 crore in first quarter, sending shares nearly 3-year low. In a year ago period, the direct-to-home service provider had posted a loss of Rs 32.3 crore. Net sales grew by 10.9 percent year-on-year to Rs 576.5 crore for April-June quarter and EBITDA fell by 21.5 percent Y-o-Y to Rs 121.7 crore during the first quarter.
CESC Q1 net profit rises 4.8% to Rs 131 cr.
CESC's first quarter net profit grew by 4.8 percent year-on-year (fall 48.8 percent sequentially) to Rs 131 crore. Revenue increased just 1 percent to Rs 1419 crore in April-June quarter (down 4.9 percent Q-o-Q) from Rs 1404 crore reported in a year ago period. CESC says that project in Haldia is progressing well.
INDIAN FACE
INDIAN EQUITY BENCHMARKS ended on a negative note on looming fear over slowdown in China coupled with caution ahead of Reserve Bank of India and US Federal Reserve’s policy meeting next week. The August series started off on a subdued note as NIFTY ended a choppy day marginally in the red. Most of the PSU banks were weak in today’s session.
Further, PNB tanked 5%, its lowest level since June 2009, after the state-owned bank said that its gross non-performing assets (NPA), as a percentage of advances, rose to 4.84% in June 2013 quarter against 3.34% in year ago quarter.
Jet Airways saw significant buying today, ending the day with a gain of around 17 percent as Jet and Etihad have submitted a revised agreement to regulatory authorities making changes largely with respect to 'effective control'.
GLOBAL FACE
Asian stocks traded mostly higher in the week’s final trading session, but Japanese shares languished despite some encouraging consumer price inflation data.
European stocks were mixed as a flurry of earnings reports were expected throughout the trading session, while uncertainty over the future of the Federal Reserve's stimulus program persisted.
U.S. stocks pointed to a lower open as investors remained cautious ahead of U.S. consumer sentiment data, amid sustained uncertainty over the future of the Federal Reserve's stimulus program.
MARKET TALKS
PUNJAB NATIONAL BANK Q1 net up 2.3% at Rs 1,275crores.
Public sector lender Punjab National Bank (PNB) reported a muted rise of 2.3 percent year-on-year in its first quarter (April-June) net profit at Rs 1,275 crore, dented by significant surge in its bad loans or non-performing assets (NPAs). Net interest income or the difference between interest earned and paid out, grew by 5.7 percent y-o-y to Rs 3,907 crore.
Hindustan Unilever Q1 income rose 7% at Rs 6809 cr.
HUL disappointed with its first quarter total income rising lower-than-expected 7% y-o-y to Rs 6809 crore, though reported net profit was higher-than-expected at Rs1019 crore, compared with Rs 1331 crore in a year ago period. Analysts on an average had expected the largest FMCG company in India to report net profit at Rs 860 crore, on total income of Rs 7,025 crore for the quarter.
Biocon Q1 net up 19% at Rs 93.50 cr.
Biotechnology major Biocon reported a 18.65 percent rise in consolidated net profit at Rs 93.50 for the first quarter ended June 30, 2013 mainly on account of strong performance in the biopharma segment. Consolidated total income of the company also rose to Rs 700.69 crore for the April-June, 2013 quarter as against Rs 576.68 crore for the year ago period.
Dish TV posts Q1 loss at Rs 30.4 crores.
Dish TV disappointed with the higher-than-expected net loss at Rs 30.4 crore in first quarter, sending shares nearly 3-year low. In a year ago period, the direct-to-home service provider had posted a loss of Rs 32.3 crore. Net sales grew by 10.9 percent year-on-year to Rs 576.5 crore for April-June quarter and EBITDA fell by 21.5 percent Y-o-Y to Rs 121.7 crore during the first quarter.
CESC Q1 net profit rises 4.8% to Rs 131 cr.
CESC's first quarter net profit grew by 4.8 percent year-on-year (fall 48.8 percent sequentially) to Rs 131 crore. Revenue increased just 1 percent to Rs 1419 crore in April-June quarter (down 4.9 percent Q-o-Q) from Rs 1404 crore reported in a year ago period. CESC says that project in Haldia is progressing well.
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