Key benchmark regained positive terrain after opening lower tracking weak Asian stocks. The S&P BSE Sensex and the 50-unit CNX Nifty, both, recovered after hitting their lowest level in nearly five weeks. The Nifty regained psychological 6,000 mark after falling below that mark in early trade. The Sensex was up 6.54 points or 0.03%, off close to 30 points from the day's high and up about 65 points from the day's low. The market breadth, indicating the overall health of the market, was negative.
Reliance Communications (RCom) rose on strong Q2 result. Mahindra & Mahindra and Tata Steel rose ahead of their Q2 results today, 13 November 2013. State Bank of India and ONGC fell ahead of their Q2 results today, 13 November 2013.
Asian stocks fell on Wednesday after China's leaders failed to outline steps to curb state dominance of the economy and amid bets the Federal Reserve may start reducing U.S. stimulus next month.
At 9:37 IST, the S&P BSE Sensex was up 6.54 points or 0.03% to 20,288.55. The index fell 57.72 points at the day's low of 20,224.19 in early trade, its lowest level since 10 October 2013. The index rose 36.42 points at the day's high of 20,318.33 in early trade.
The CNX Nifty was down 11.30 points or 0.19% to 6,006.75. The index hit a low of 5,994.25 in intraday trade, its lowest level since 10 October 2013. The index hit a high of 6,013.05 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 412 shares fell and 312 shares rose. A total of 35 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks fell and rest of them rose. Bharti Airtel (down 0.93%), HDFC Bank (down 0.92%) and GAIL (India) (down 0.89%), declined.
Sun Pharmaceutical Industries rose 2.44% ahead of its Q2 results today, 13 November 2013.
BPCL gained 0.81% ahead of its Q2 results today, 13 November 2013.
Cipla fell 0.99% ahead of its Q2 results today, 13 November 2013.
Coal India declined 0.81% ahead of its Q2 results today, 13 November 2013.
Mahindra & Mahindra gained 0.2% ahead of its Q2 results today, 13 November 2013.
ONGC dropped 0.34% ahead of its Q2 results today, 13 November 2013.
State Bank of India shed 0.36% ahead of its Q2 results today, 13 November 2013.
Tata Steel rose 1.33% ahead of its Q2 results today, 13 November 2013.
Reliance Communications (RCom) rose 3.56% on strong Q2 result. The company's consolidated net profit spurted 562% to Rs 675 crore on 3.7% growth in operating revenue to Rs 5394 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Tuesday, 12 November 2013.
RCom's consolidated profit after tax (PAT) excluding provision write-back surged 129.4% to Rs 234 crore in Q2 September 2013 over Q2 September 2012. There was a provision write-back of Rs 441 crore in Q2 September 2013.
RCom's operating EBITDA (earnings before interest, taxation, depreciation and amortization) rose 15.2% to Rs 1887 crore in Q2 September 2013 over Q2 September 2012. Total EBITDA rose 42.1% to Rs 2328 crore.
RCom's revenue from India operations grew 5.4% to Rs 4624 crore in Q2 September 2013 over Q2 September 2012. EBITDA rose 15.1% to Rs 1640 crore.
The company's revenue from global operations declined 0.3% to Rs 1139 crore in Q2 September 2013 over Q2 September 2012. EBITDA grew 15.5% to Rs 246 crore.
RCom said it has generated operational cash flow (EBITDA) of Rs 2328 crore in Q2 September 2013, paid net finance charges of Rs 676 crore and invested Rs 364 crore on capex during the quarter. It remains free cash flow (FCF) positive and this is expected to continue, the company said in a statement.
Reliance Capital fell 1.07%. The company's consolidated net profit jumped 201% to Rs 181 crore on 20% growth in total income to Rs 1869 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Tuesday, 12 November 2013.
The consolidated profit after tax (PAT) in Q2 September 2013 is after excluding one-time capital gains on stake-sale in RCAM last year.
As on 30 September 2013, the networth of the company stood at Rs 12373 crore.
As on 30 September 2013, the total assets of Reliance Capital stood at Rs 41721 crore. The company has not raised any fixed deposits from the public.
The domestic bourses will remain shut tomorrow, 14 November 2013, on account of Moharram.
On macro front, Index of industrial production (IIP) rose 2% in September 2013, showing increase in growth from 0.4% growth recorded in August 2013. The entire growth in IIP was mainly driven by 12.9% surge in electricity generation in September 2013. The mining output also witness rise in output, while the manufacturing sector output showed a marginal rise in September 2013. The industrial production growth for the month of August 2013 has been revised downwards to 0.4% from 0.6% reported earlier, while the growth for the month of June 2013 has undergone final revision, registering growth of (-1.8%). The data was announced after market hours on Tuesday.
The annual consumer price inflation quickened more than expected to 10.09% in October from 9.84% in September, driven by food prices, government data showed on Tuesday. Food prices for consumers last month rose 12.56% from a year earlier, faster than September's 11.44% rise. The data was announced after market hours on Tuesday.
Asian stocks fell on Wednesday after China's leaders failed to outline steps to curb state dominance of the economy and amid bets the Federal Reserve may start reducing U.S. stimulus next month. Key benchmark indices in China, Taiwan, Japan, South Korea, Singapore, Hong Kong and Indonesia shed 0.28% to 1.59%.
China elevated the role of markets while maintaining the state's dominance in the nation's economic strategy, seeking to balance finding new sources of growth with sustaining the Communist Party's grip on power. The nation will make markets "decisive" in allocating resources, according to yesterday's communique from the third full meeting, or plenum, of the party's 18th Central Committee in Beijing, which stopped short of unveiling detailed policy shifts. The state will remain "dominant" in the economy, indicating limits on reducing government involvement. China will set up a party panel to coordinate and supervise policies under the updated principles and more specific measures may follow in the coming weeks or months. The communique also announced the party's determination to draw a red line to protect the environment, after years of economic expansion have polluted China's soil, water and air. China will also reform its judicial system to protect people's rights, it said.
US stocks fell on Tuesday, with the Dow Jones Industrial Average retreating from a record, as corporate earnings and an improving economy fueled speculation the Federal Reserve will reduce stimulus next month.
Powered by Capital Market - Live News
