Key benchmark indices surged in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, was up 96.14 points or 0.37%, up about 30 points from the day's low and off almost equal points from the day's high. The market breadth indicating the overall health of the market was strong.
Asian Paints and Axis Bank gained ahead of their Q1 results today, 22 July 2014. Idea Cellular rose after the company reported strong Q1 results.
At 9:30 IST, the S&P BSE Sensex was up 96.14 points or 0.37% to 25,811.31. The index surged 123.90 points at the day's high of 25,839.07 in early trade. The index rose 65.22 points at the day's low of 25,780.39 in early trade.
The CNX Nifty was up 33.20 points or 0.43% to 7,717.40. The index hit a high of 7,716.60 in intraday trade. The index hit a low of 7,704.80 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 862 shares rose and 285 shares fell. A total of 33 shares were unchanged.
The BSE Mid-Cap index was up 39.80 points or 0.43% at 9,340.22. The BSE Small-Cap index was up 51.20 points or 0.5% at 10,320.79. Both these indices outperformed the Sensex.
Bharti Airtel (up 2.33%), Tata Power Company (up 0.87%) and ITC (up 0.79%) edged higher from the Sensex pack.
Asian Paints gained 0.77% ahead of its Q1 results today, 22 July 2014.
Axis Bank gained 0.06% ahead of its Q1 results today, 22 July 2014.
Idea Cellular rose 3.47% to Rs 144.55 after the company reported strong Q1 results. The stock hit high of Rs 146.60 and low of Rs 144.20 so far during the day. The company after market hours on Monday, 21 July 2014 reported 57.37% rise in consolidated net profit to Rs 728.20 crore on 15.63% rise in total revenue to Rs 7560.99 crore in Q1 June 2014 over Q1 June 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) margin improved to 33.2% in Q1 June 2014 from 31.8% in Q1 June 2013.
Idea Cellular reported 23.47% rise in consolidated net profit to Rs 728.20 crore on 7.34% rise in total revenue to Rs 7560.99 crore in Q1 June 2014 over Q4 March 2014. Idea Cellular's EBITDA margin improved to 33.2% in Q1 June 2014 from 31.8% in Q1 June 2014 and from 31.7% in Q4 March 2014.
With additional capital infusion of Rs 3000 crore from the qualified institutional placement of equity shares in June 2014 and cash profit of Rs 2023 crore in Q1 June 2014, the company has reduced its net debt by Rs 5208.70 crore. The net debt to annualized EBITDA ratio now stands at 1.54, providing the company sufficient headroom to participate in the forthcoming spectrum auction.
Idea Cellular carried 165.2 billion minutes on its network, registering 12.2% growth in Q1 June 2014 over Q1 June 2013 and 32.5 billion Megabytes of Mobile Data on its 2G+3G platform, registering growth of 136% in Q1 June 2014 over Q1 June 2013.
The higher voice rate realization and jump in Data contribution to 11.5% of service revenue helped improve 'Average Realisation per Minute' (ARPM) by 1.5 paisa from 43.6p in Q4 March 2014 to 45.1p in Q1 June 2014. The Value Added Services (VAS) contribution has improved sharply to 17.8% of overall service revenue, Idea Cellular said.
Brand Idea continued its subscriber growth momentum with 3.2 million net new customer additions, now servicing 139 million quality base as 'Average Revenue Per User' (ARPU) improved to Rs 181 in Q1 June 2014 from Rs 173 in Q4 March FY14 and MoU/Subscriber increased to 401 minute in Q1 June 2014 from 397 minute in Q4 March 2014.
Average Realisation per MB (ARMB) data rate improvement by 1 paisa to 26.3p in Q1 June 2014 from 25.3p in Q4 March 2014.
The strong consumer demand & brand affinity, expanding network footprint & spectrum portfolio and steady Cash flows from operations reaffirms Idea ability to deliver consistent, competitive, responsible and profitable growth. The company is well geared to meet all volatile, uncertain, complex and ambiguous developments and remain on course of its mission to improve its market standing both in Mobile voice and data business, Idea Cellular said.
Asian stocks rose today, 22 July 2014. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rose by 0.04% to 1.17%. Indonesia's Jakarta Composite fell 0.16%.
US stocks declined on Monday, 21 July 2014, as investors hit the pause button after Friday's sharp gains.
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