EQUITY REPORT
INDIAN FACE
INDIAN EQUITY BENCHMARKS witnessed a sharp rally and
closed the trading session on a higher note amid firm global
cues. Rate sensitive shares rose after the RBI chief D. Subbarao
said that there is a need to reduce the reserves that banks have
to set aside via the cash reserve or the statutory liquidity
ratios.
Further, TECH MAHINDRA ended higher over 5% after
reporting 36% quarter-on-quarter (qoq) jump in its
consolidated adjusted net profit at Rs 686 crore for the quarter
ended June 30, 2013 (Q1) on back of higher non-operating
income from forex gains.
IT share INFOSYS rose to a 28-month high on optimism about
the sector's business outlook.
GLOBAL FACE
Asian stock markets were broadly higher on Tuesday, with markets
in Japan rallying sharply as traders continued to eye movements in
the yen.
European stocks remained higher on Tuesday, after data showed
that German economic sentiment improved to a five-month high in
August.
U.S. stocks edged higher as investors eyed the release of U.S. retail
sales data amid ongoing uncertainty over the future of the Federal
Reserve's stimulus program.
M&M Q1 net up 29% to Rs 938 cr on other income
Utility vehicle maker Mahindra and Mahindra (M&M) reported a 29
percent growth year-on-year in its net profit of Rs 938 crore during
April-June quarter, largely driven by other income and tractor
business. Total income from operations rose by 7 percent on yearly
basis to Rs 10,022 crore in the first quarter and EBITDA grew by 16
percent Y-o-Y to Rs 1,287 crore.
DLF Q1 profit falls 38 percent as costs bite.
DLF Ltd, India's largest real estate developer, reported a 38 percent
fall in quarterly net profit, weighed down by higher expenses on
land and property development. DLF, which builds homes, offices
and shopping malls, said its net profit for the June quarter was Rs
181 crore. Sales and other receipts rose 4 percent to Rs 2,314
crore from Rs 2,198 crore.
Morgan Stanley downgrades Cipla to 'underweight'.
Morgan Stanley downgraded Cipla Ltd to "underweight" from "equal-weight"
citing slower growth prospects and valuations. The
bank added that the drugmaker's move to build a marketing and
sales front-end operation in the United States and Europe will yield
results only in the longer term. Cipla on Saturday posted an 18.5
percent jump in April-June net profit to 4.75 billion rupees.
Hindalco's Q1 net up 12% on higher other income.
Hindalco, the world’s largest aluminium maker announced a 12
percent year-on-year jump in profit to Rs 474 crore during June
quarter, despite a challenging environment. The bottomline got a
boost from higher other income of Rs 428 crore. Net sales declined
over 3 percent Y-o-Y to Rs 5766 crore.
Indian Oil's Q1 loss narrows to Rs 3,093.23 cr.
State-owned Indian Oil Corp (IOC) reported a net loss of Rs
3,093.23 crore in the June quarter. The loss narrowed from Rs
22,450.95 crore in the same period a year ago. Turnover rose to Rs
110,466.61 crore in April-June from Rs 96,860.69 crore. The
company earned USD 1.67 on turning every barrel of crude oil into
fuel.
INDIAN FACE
INDIAN EQUITY BENCHMARKS witnessed a sharp rally and
closed the trading session on a higher note amid firm global
cues. Rate sensitive shares rose after the RBI chief D. Subbarao
said that there is a need to reduce the reserves that banks have
to set aside via the cash reserve or the statutory liquidity
ratios.
Further, TECH MAHINDRA ended higher over 5% after
reporting 36% quarter-on-quarter (qoq) jump in its
consolidated adjusted net profit at Rs 686 crore for the quarter
ended June 30, 2013 (Q1) on back of higher non-operating
income from forex gains.
IT share INFOSYS rose to a 28-month high on optimism about
the sector's business outlook.
GLOBAL FACE
Asian stock markets were broadly higher on Tuesday, with markets
in Japan rallying sharply as traders continued to eye movements in
the yen.
European stocks remained higher on Tuesday, after data showed
that German economic sentiment improved to a five-month high in
August.
U.S. stocks edged higher as investors eyed the release of U.S. retail
sales data amid ongoing uncertainty over the future of the Federal
Reserve's stimulus program.
M&M Q1 net up 29% to Rs 938 cr on other income
Utility vehicle maker Mahindra and Mahindra (M&M) reported a 29
percent growth year-on-year in its net profit of Rs 938 crore during
April-June quarter, largely driven by other income and tractor
business. Total income from operations rose by 7 percent on yearly
basis to Rs 10,022 crore in the first quarter and EBITDA grew by 16
percent Y-o-Y to Rs 1,287 crore.
DLF Q1 profit falls 38 percent as costs bite.
DLF Ltd, India's largest real estate developer, reported a 38 percent
fall in quarterly net profit, weighed down by higher expenses on
land and property development. DLF, which builds homes, offices
and shopping malls, said its net profit for the June quarter was Rs
181 crore. Sales and other receipts rose 4 percent to Rs 2,314
crore from Rs 2,198 crore.
Morgan Stanley downgrades Cipla to 'underweight'.
Morgan Stanley downgraded Cipla Ltd to "underweight" from "equal-weight"
citing slower growth prospects and valuations. The
bank added that the drugmaker's move to build a marketing and
sales front-end operation in the United States and Europe will yield
results only in the longer term. Cipla on Saturday posted an 18.5
percent jump in April-June net profit to 4.75 billion rupees.
Hindalco's Q1 net up 12% on higher other income.
Hindalco, the world’s largest aluminium maker announced a 12
percent year-on-year jump in profit to Rs 474 crore during June
quarter, despite a challenging environment. The bottomline got a
boost from higher other income of Rs 428 crore. Net sales declined
over 3 percent Y-o-Y to Rs 5766 crore.
Indian Oil's Q1 loss narrows to Rs 3,093.23 cr.
State-owned Indian Oil Corp (IOC) reported a net loss of Rs
3,093.23 crore in the June quarter. The loss narrowed from Rs
22,450.95 crore in the same period a year ago. Turnover rose to Rs
110,466.61 crore in April-June from Rs 96,860.69 crore. The
company earned USD 1.67 on turning every barrel of crude oil into
fuel.
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