INDIAN BENCHMARKS slip on profit taking… Nifty holds 8,150

INDIAN EQUITY BENCHMARKS ended lower, amid weak European cues, as investors turned cautious and booked profits at higher levels after hit fresh record highs in the previous session.

•    Hindalco ended down 0.6% ahead of the SC verdict on the Mahan Coal block allocated to the company eight years ago to feed its aluminium plant in Madhya Pradesh.
•    Further, Larsen & Toubro acquired 50% of the stake in L&T-Ramboll Consulting Engineers Ltd (LTR) from its joint venture partner Ramboll Denmark AS.

The crucial resistance for Nifty is now seen at 8180 and above this 8210. Support for the immediate term is now placed at 8125 and next support will be 8105.
   
   NEWS TO WATCH:

•    Watch out for the CPI and IIP data on 12TH Sep. 2014.
•    Watch out for the Trade balance ,Export and Import data on 12TH Sep. 2014

COMMODITY MARKET STRATEGY 03 SEPTEMBER 2014

BASE METAL WRAP: Copper advanced in London as U.S. manufacturing expanded at the quickest clip in three years and construction spending rebounded, signaling increased demand.

ENERGY WRAP: Natural gas prices dropped on Tuesday after weather forecasting models called for falling temperatures across the U.S., which should cut into the need for air conditioning and thus reduce demand for the commodity at the nation's thermal power plants. Oil prices dropped on Tuesday due to mounting concerns that global supply is far outreaching demand, while a stronger U.S. dollar also bruised the commodity.

PRECIOUS METAL WRAP: Gold futures extended losses on Tuesday, slumping to more than two month lows as the broadly stronger dollar dampened investor demand for the precious metal.

GLOBAL EVENTS TO WATCH: Non-Manufacturing PMI(CNY), GDP q/q(AUD), HSBC Services PMI(CNY), RBA Gov Stevens Speaks(AUD), Services PMI(GBP), BOC Rate Statement(CAD), Overnight Rate(CAD), Factory Orders m/m(USD), Total Vehicle Sales(USD), Beige Book(USD).

COMMODITY MARKET STRATEGY 02 SEPTEMBER 2014

BASE METAL WRAP: Aluminium led most industrial metals higher as worse-than-expected manufacturing data in China and the euro area increased speculation of more economic stimulus. Copper fell in London on signs that factory demand will slow in China, the world’s largest consumer of the industrial metal.

ENERGY WRAP: West Texas Intermediate crude fell amid speculation that weakening manufacturing from Germany to China will cap demand for oil. Brent was steady in London.

PRECIOUS METAL WRAP: Gold extended a declined from a one-week high, retreating for a third day, as investors weighed the health of the global economy against tension between Ukraine and Russia.

           

GLOBAL EVENTS TO WATCH: Building Approvals m/m(AUD), Cash Rate(AUD), RBA Rate Statement(AUD), Construction PMI(GBP), Final Manufacturing PMI(USD), ISM Manufacturing PMI(USD), Construction Spending m/m(USD), IBD/TIPP Economic Optimism(USD), ISM Manufacturing Prices(USD).

INDIAN BENCHMARK open higher levels with upside gains.

INDIAN BENCHMARK open higher levels with upside gains. Auto stocks will be in focus on the back of robust August sales. Further, metal and power stocks could extend gains after the Centre requested the apex court not to cancel permits for 46 blocks.

FURTHER, Cipla Ltd has launched an anti-asthma inhaler in Germany and Sweden that is a generic version of GlaxoSmithKline Plc's Advair, a move that will further dent sales of the British firm's top-selling product. Tata Motors reported 17.59% decline in total sales at 40,883 units in August, 2014 as against 49,611 units in the same month last year.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Monday while the DIIs were net sellers of Rs. 561cr, as per the provisional figures released by the NSE.

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Markets may open lower on weak global cues

Markets are likely to open in the negative territory tracking    weak global cues.

Asian shares stumbled on Friday after a month-end swoon on Wall Street, though some were hoping China would offer better news on manufacturing and help steady investor sentiment.

The U.S. S&P500 stock index posted its worst daily fall since April and its first monthly drop since January on Thursday, as economic data sparked concern the Federal Reserve could raise interest rates sooner than some have expected.

 

Problems in overseas economies added to the bearish tone, with Argentina defaulting on its debt for the second time in 12 years.

Stocks to watch:

Maruti Suzuki  India, the country’s largest car maker, reported a 20.7 per cent increase in net profit at Rs 762 crore for the financial year’s first quarter ended June.

 

JSW Steel, India’s third-largest steel maker, plans to invest $22 billion (about Rs 1,32,000 crore) through the next 10 years to raise its total capacity from 14.3 million tonnes (mt) to 40 mt by 2025.

 

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TOP CORPORATE NEWS 23 JULY 2014

·        YES Bank Q1 profit up 10% to Rs 439.5 cr, misses forecast

YES Bank first quarter (April-June) net profit rising 9.7 percent on yearly basis to Rs 439.5 crore despite fall in provisions. Lower other income and higher operating expenses impacted bottom line.

·        Polaris Q1 profit slips 15.6% to Rs 38.3 cr

Polaris Financial Technology  disappointed the street by reporting a consolidated net profit at Rs 38.3 crore in April-June quarter, down 15.6 percent compared to Rs 45.4 crore in previous quarter due to fall in revenues and higher tax cost.

·        NIIT Q1 FY15 net profit at Rs. 60 lakh

NIIT Ltd reported its results for the first quarter ended June 30, 2014. In this quarter, the company recorded Net Revenue of Rs 225.3 Cr with a PAT of Rs 0.6 Cr. EBITDA was recorded at Rs 12.8 Cr, up 23% YoY, and the Operating margin stood at 6% up 101 bps YoY.

·        KPIT Tech slumps after poor Q1 results

KPIT Technologies slumped 6.76% after consolidated net profit fell 17.13% to Rs 50.80 crore on 1.5% decline in revenue to Rs 689.70 crore in Q1 June 2014 over Q4 March 2014.

TOP CORPORATE NEWS

• Asian Paints Q1 profit rises 23% on strong revenue, EBITDA

Asian Paints reported slightly better-than-expected earnings on top line as well as bottom line fronts while operational performance was very strong led by increase in product prices despite higher raw material cost. Consolidated net profit grew 23.2 percent on yearly basis to Rs 338.7 crore on total income of Rs 3,362 crore.

• Ceat skids post June quarter results

Ceat has falling nearly 12% after reporting 21% year on year decline in consolidated net profit at Rs 52 crore for the first quarter ended June 30, 2014, due to higher expenditure.

• Axis Bank Q1 profit rises 18%, asset quality disappoints

Axis Bank reported a 18.3 percent growth in net profit at Rs 1,667 crore for the quarter ended June 2014 compared to Rs 1,703 crore in same quarter last year, which was lower than expectations of 21 percent growth due to lower other income and higher operating expenses despite significant fall in provisions.

• Hexaware Tech Q1 PAT at Rs765mn

Hexaware Technologies Ltd has posted results for the first quarter ended 30th June, 2014. The net profit for the quarter stood at Rs765mn. The net sales stood at Rs610crore for Q1. EBITDA margin for the quarter was 16.7%. EBIT margin at 14.9%.

TOP CORPORATE NEWS

·        HDFC Q1 profit beats forecast, jumps 14.7% to Rs 1,345 cr

HDFC reported a 14.7 percent growth, in first quarter net profit at Rs 1,345 crore compared to Rs 1,173 crore in same quarter last year.

·        Canara Bank Q1 profit rises 1.9%, asset quality weakens

Canara Bank first quarter (April-June) net profit grew 1.9 percent, lower than expected, to Rs 807 crore on account of lower other income during the quarter despite fall in provisions. Its asset quality performance weakened on sequential basis.

·        R Power drops amid volatility after Q1 results

Reliance Power lost 0.62% after consolidated net profit rose 1.66% to Rs 244 crore on 56.09% growth in operating revenue to Rs 1753 crore in Q1 June 2014 over Q1 June 2013.

·        HDFC Bank Q1 net misses forecast, rises 21% to Rs 2,233 cr

HDFC Bank reported a profit after tax of Rs 2,233 crore in April-June quarter, a growth of 21 percent compared to Rs 1,844 crore in same quarter last year. Profitability of the bank was lower than street estimates due to higher provisioning and lower other income.

TOP CORPORATE NEWS

•    Zee Entertainment Q1 net falls 6%, OPM beats estimates

Zee Entertainment Enterprise has reported a 6 percent fall in its first quarter (April-June) consolidated net profit at Rs 211 crore compared to Rs 224.6 crore in the year-ago period.

•    Tata Elxsi Q1 net profit rises 133% at Rs 20.8 cr

Tata Elxsi  first quarter (April-June) consolidated net profit jumped 133 percent to Rs 20.8 crore compared to Rs 8.9 crore in the year-ago period. Net sales of the company increased to Rs 190.7 crore as against Rs 173.2 crore during the same period.

•    TCS Q1 beats estimates, net at Rs 5057cr, $ revenue up 5.5%

Tata Consultancy Services reported the first quarter (April-June) consolidated net profit at Rs 5,057 crore, Net profit in March quarter was Rs 5,296.7 crore.

•    Rallis India consolidated Jun '14 sales at Rs 468.54 crore

Rallis India has reported a consolidated sales turnover of Rs 468.54 crore and a net profit of Rs 36.98 crore for the quarter ended Jun '14. Other income for the quarter was Rs 3.14 crore.

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TOP CORPORATE NEWS 17 JULY 2014

·        Crompton Greaves gains over 10% on demerger plan of consumer products biz

Crompton Greaves has surged 12% after the company’s board proposed to demerge its consumer products business unit into a separate listed company.

·        Mindtree Q1 PAT at Rs129 crore

Mindtree Ltd has posted results for the first quarter ended 30th June, 2014.The net profit for the quarter stood at Rs129 crore. The net sales for the quarter stood at Rs843.5 crores.

·        Hindalco Industries hits 52-week high

Hindalco Industries rose 2.42% with the stock extending Wednesday's gains triggered by a foreign brokerage upgrading the stock to buy from underperform.

·        Bajaj Auto Q1 net at Rs 740cr, operating profit margin weak

Bajaj Auto disappointed with the first quarter (April-June) results, net profit rising marginally to Rs 740 crore compared to Rs 737.7 crore in same quarter last year, dented by weak operational performance and higher depreciation charge.

TOP CORPORATE NEWS

·        Sun Pharma at record high, arm buys US-based Pharmalucence

Shares of Sun Pharmaceutical Industries  touched an all-time high of Rs 753 on the up 1.93 percent after its subsidiary acquired US-based Pharmalucence Inc.

·        Kotak Mahindra Bank Q1 net up 11%, asset quality improves

Kotak Mahindra Bank reported stable earnings with the consolidated net profit rising 11.3 percent on yearly basis to Rs 698.3 crore during April-June quarter on account of lower provisions and higher other income but higher operating expenses limited profitability of the bank.

·        Federal Bank Q1 profit up 108% on fall in provisions

Federal Bank reported strong earnings with the first quarter (April-June) net profit surging 108 percent to Rs 220.2 crore compared to Rs 105.7 crore in same quarter last year, aided by sharp fall in provisions and improvement in asset quality performance despite fall in other income.

·         DLF plans to raise Rs35bn

DLF Ltd is planning to raise up to Rs 3,500 crore through issue of securities backed by IT-SEZ. The company has office assets of 26-27 million sq ft, of which 12 million sq ft is IT-SEZs.

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TOP CORPORATE NEWS

·        Gems and jewellery stocks extend fall post budget

Gems and jewellery stocks are continued under pressure third day in a row falling by up to 17% after the government kept gold import duty unchanged at a record 10% in the budget.

·        WPI inflation eases to 4-month low of 5.43% in June

WPI inflation eased to a four-month low of 5.43% in June from 6.01% last month. Food articles inflation at 8.14% vs 9.50% mom, Manufactured products inflation at 3.61% vs 3.55% mom, Fuel and power group inflation at 9.04% vs 10.53% mom, Primary articles inflation at 6.84 vs 8.58% mom.

·        Tata Power seeks shareholders nod to raise Rs70bn

Tata Power is seeking shareholders nod to raise up to Rs 7,000 crore through issue of non-convertible debentures. The company has proposed increasing its borrowing limit to Rs 27,000 crore.

·        Titan declines on buzz jewellery unit closes gold deposit schemes

Titan Company lost 2.54% on reports that the company's jewellery unit, Tanishq had closed two gold deposit schemes. Tanishq said it would close the deposit schemes due to changes to rules governing the sale of deposits under the Companies Act passed last year.