Key benchmark indices edged lower in early trade on negative Asian stocks. The barometer index, the S&P BSE Sensex was currently down 60.25 points or 0.21% at 28,310.59. The market breadth indicating the overall health of the market was positive
Wipro lost after declaring Q1 result. GAIL (India) dropped after declaring weak Q1 June 2015 result.
In overseas stock markets, Asian stocks edged lower today, 24 July 2015 after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 185.42 crore yesterday, 23 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 276.69 crore yesterday, 23 July 2015, as per provisional data.
At 9:29 IST, the S&P BSE Sensex was down 60.25 points or 0.21% at 28,310.59. The index lost 111.72 points at the day's low of 28,259.12 in early trade. The index rose 31.80 points at the day's high of 28402.64 in early trade.
The CNX Nifty was down 20.05 points or 0.23% at 8,569.75. The index hit a high of 8,589.15 in intraday trade. The index hit a low of 8,560.55 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 870 shares gained and 507 shares fell. A total of 51 shares were unchanged.
The BSE Mid-Cap index was up 8.80 points or 0.08% at 11,224.99. The BSE Small-Cap index was up 33.62 points or 0.29% at 11,769.75. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 386 crore by 09:30 IST.
Index heavyweight Reliance Industries shed 0.3% ahead of Q1 June 2015 result today, 24 July 2015.
Axis Bank rose 0.71% ahead of Q1 June 2015 result today, 24 July 2015.
Wipro lost 1.92%. Wipro's consolidated net profit rose 4% to Rs 2190 crore on 10% in increase in gross revenue to Rs 12240 crore in Q1 June 2015 over Q1 June 2014. The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 23 July 2015.
IT services revenue rose 1.1% to $1,794.1 million in Q1 June 2015 over Q4 March 2015. Wipro expects revenue from its IT services business to be in the range of $1,821 million to $1,857 million in Q2 September 2015. Wipro added 36 new customers in Q1 June 2015.
Commenting on the company's first quarter results, T K Kurien, Member of the Board & Chief Executive Officer of Wipro said that Wipro continued to win deals which deploy Wipro HOLMES, which is its Artificial Intelligence platform to drive down costs for customers. Designit's design capabilities in synergy with Wipro's scale in technology services will position Wipro uniquely in Digital, as an integrated design & technology player, Kurien said. It may be recalled that Wipro had early this month announced the acquisition of Designit, one of the largest independent global strategic design firms.
GAIL (India) lost 2.2%. GAIL (India)'s net profit fell 31.74% to Rs 424.14 crore on 6.65% decline in total income to Rs 12643.86 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 23 July 2015. GAIL (India) said that the decline in profit was mainly due to lower price realization of liquefied petroleum gas (LPG), other liquid hydrocarbons and petrochemicals and reduced production of LPG, reduced production of petrochemicals due to shut down in Pata petrochemical plant and increase in interest and depreciation charges due to commissioning of petrochemical expansion.
There was no subsidy sharing burden for GAIL (India) in Q1 June 2015. The company had shared Rs 500 crore towards LPG subsidy in Q1 June 2014.
Bank of Baroda rose 1.21%. The Reserve Bank of India (RBI) yesterday, 23 July 2015, announced removal of Bank of Baroda from caution list for the purpose of purchases of the shares of the state-run bank by foreign institutional investors (FIIs). The RBI said that the aggregate share holding by FIIs/Registered Foreign Portfolio Investors (RFPIs)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO) under Portfolio Investment Scheme in Bank of Baroda has gone below the prescribed threshold caution limit under the extant FDI policy. Hence, the restrictions placed on the purchase of shares of the state-run bank are withdrawn with immediate effect, the RBI said. As per current norms, the ceiling on investment by FIIs/Registered Foreign Portfolio Investors (RFPIs)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO) under Portfolio Investment Scheme is 20% for all state-run banks in India.
United Spirits rose 0.52%. United Spirits reported net profit of Rs 19.92 crore in Q1 June 2015 as against net loss of Rs 61.83 crore in Q1 June 2014. Total income rose 10.65% to Rs 2020.11 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 23 July 2015. EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 46.6% to Rs 202 crore in Q1 June 2015 over Q1 June 2014. EBITDA margin stood at 10.1% in Q1 June 2015, recording an increase of 2.4% from the EBIDTA margin in the corresponding period in the previous year.
Under the distribution and manufacturing agreements approved in January 2015, the company during Q1 June 2015 started the direct distribution/sales of relevant Diageo brands in India. This has resulted in the generation of net sales revenue of Rs 42 crore in Q1 June 2015, positively impacting the net sales growth by 2.4%, United Spirits said.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 23 July 2015, that the Southwest Monsoon has been vigorous over Saurashtra, Kutch & Diu and active over Gangetic West Bengal, Odisha, Jharkhand, Gujarat region, Vidarbha and Chhattisgarh during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 23 July 2015. Region wise, the rainfall was 13% below the LPA in South Peninsula, 12% below the LPA in Central India, 6% below the LPA in East & Northeast India and 6% above the LPA in Northwest India until 13 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Asian stocks edged lower today, 24 July 2015 after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.15% to 1.02%. In China, the Shanghai Composite index rose 1.07%.
China's factory sector contracted by the most in 15 months in July as shrinking orders depressed output, a preliminary private survey showed today, 24 July 2015. The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, the lowest reading since April last year. It was the fifth straight month below 50, the level which separates contraction from expansion. June's final reading was 49.4. China's Caixin Media Co is publishing the PMI for the first time this month after replacing HSBC as the sponsor of the survey.
The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 51.4 in July from a final 50.1 in June, suggesting economic growth is picking up after an expected slump in the second quarter.
US equities edged lower for the third consecutive session yesterday, 23 July 2015 as weak earnings from industrial bellwethers weighed on the market.
In US economic data, the weekly employment data yesterday, 23 July 2015 showed that initial jobless claims declined 26,000 to a seasonally-adjusted 255,000, the lowest since November 1973.
In Europe, Greece yesterday, 23 July 2015 reportedly moved another step closer to receiving its third bailout package, after the country's parliament approved a second set of economic overhauls required by lenders. The legislative approval is a precondition by the Greece's international creditors for starting official negotiations on the 86-billion-euro ($94.51 billion) aid program, aimed at helping the country stave off a debt default and get back on an economic-growth track.
Meanwhile, officials from the lender institutions the European Commission, the European Central Bank and the International Monetary Fund (formerly known as the Troika) will be in Athens today, 24 July 2015 to open detailed discussions with the Greek government.
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