|
The markets opened the day with a large negative gap as
ONGC nosedived in opening trades as expected. For those
traders who mistook this weakness as the much awaited
correction in markets, what happened later in the day
would have been a rude shock.
The indices recovered from the lows without losing much
time as most other frontline stocks surged ahead. They
kept climbing as the last remaining short positions were
covered on the last day of derivatives settlement. Strength
in bank stocks, Reliance and Infosys took the Sensex to
7700 for the first time ever.
Banks continued their dizzy rise which started ever since
the RBI left short term interest rates unchanged. ICICI
Bank surged close to 5 per cent during intra day trades.
Strength was seen in SBI and a host of other large banking
stocks as well.
Just when it appeared that the Sensex would be able to
close above 7700, selling emerged and pulled down the
indices and the Nifty went into the red. The Sensex however
managed to stay in the positive as ONGC has a much lower
weight on the Sensex.
Sensex closed at 7635, a gain of 30 points and the Nifty
at 2312, a loss of 6 points. Nifty August futures closed
the day at a discount of 16 points to the spot index.
M&M, Bharti and Dr.Reddy's were among the major gainers
among Nifty stocks while SAIL, Ranbaxy and Dabur were
the major losers.
SBI reported a 15 per cent rise in first quarter profits
on an income growth of close to 17 per cent as compared
to the same quarter of previous year. Net interest income
was higher by close to 20 per cent helped by a more than
30 per cent growth in advances.
SBI's
bottomline was supported by close to Rs800 crore of one-time
receipts, of which over Rs700 crore was on account of
interest on income tax refunds. These receipts helped
the bank to post a profit growth despite a huge provision
of over Rs1,000 crore for depreciation in investments.
The
bank is planning to expand its overseas operations aggressively
and is looking at possible acquisitions as well. The stock
closed with gains of over 3 per cent.
Tata
Motors surprised the markets by reporting a 22 per cent
increase in profits for the quarter on a revenue growth
of over 8 per cent. Most analysts were expecting a decline
in profits as compared to the same quarter of previous
year.
Tata
Motors was helped by an improvement in operating margins
aided by improved price realisations. Exports for the
quarter almost doubled and contributed 17 per cent of
the revenues. The company announced that Ravi Kant, executive
director of the commercial vehicles division, would take
over as the managing director of the company. The stock
surged close to 2 per cent before closing flat.
ITC
Limited reported a better than expected performance in
the first quarter. Profits for the quarter were higher
by 20 per cent on a revenue growth of 25 per cent as compared
to previous year. Higher cigarette prices and improved
performance of the packaged foods division helped ITC
during the quarter. The company has recently launched
a range of personal care products as well. The stock closed
lower.
Steel
Authority of India reported disappointing results, similar
to the lower than expected performance by Tata Steel.
Profits for the first quarter were almost flat on a marginal
growth of 3 per cent in revenues as compared to the same
quarter of previous year. The stock closed over 7 per
cent lower.
BHEL,
in the eye of the disinvestment storm, said its profits
more than quadrupled for the quarter ended June 2005.
Sales were higher by over 60 per cent as compared to the
same quarter of the previous year. The company has also
won a Rs900-crore order from Oman for two power plants.
The stock closed with gains of well over 2 per cent.
Indian
Oil reported a loss of over Rs50 crore for the first quarter
as expected despite a growth of 22 per cent in revenues.
The company had reported a profit of over Rs1,400 crore
for the first quarter of previous year.
Indian
Oil blamed the subsidy burden for the losses and said
it may report a loss for the second quarter as well if
prices are not increased. Refining margins were lower
by over 15 per cent as compared to the same quarter of
previous year. The stock lost a per cent.
Standalone
refiner Chennai Petroleum reported a 43 per cent increase
in profits for the first quarter as refining margins remained
robust. Revenues were higher by almost 60 per cent as
compared to the same quarter of pervious year.
Engineering
major L&T reported a 78 per cent surge in first quarter
profits on a revenue growth of 18 per cent as compared
to the same quarter of previous year. The company has
announced that it will exit from the tractor business.
The stock closed with gains of 3 per cent.
Utility
vehicles and tractors major Mahindra & Mahindra reported
a 40 per cent increase in quarterly profits on a revenue
growth of 28 per cent. The stock closed the day with gains
of over 4 per cent.
First
quarter profits of pharma major Ranbaxy was lower by close
to 50 per cent even as revenues increased by close to
5 per cent on a consolidated basis. Markets were disappointed
with the results and the stock closed with losses of well
over 6 per cent.
Reliance
Capital has confirmed that it is in talks to buy the life
insurance business of AMP Sanmar. The company is on the
block as the Australian partner AMP is no longer committed
to the venture.
Mid-Cap
Action
Mid-caps
saw a correction as many of the smaller companies have
failed to deliver good results for the first quarter.
Weakness in highly liquid mid-caps has led to a weak trend
in most other smaller stocks and market breadth was very
negative. The CNX Mid-Cap 100 index closed the day at
3409, a loss of 30 points.
Gokaldas
Exports, the country's largest exporter of garments, reported
a profit of Rs11.6 crore on revenues of close to Rs180
crore. The company said it has won orders from three large
retailers during the quarter. The company expects the
performance to improve in the coming quarters as additional
capacities have been commissioned.
First
quarter profits of software products company I-Flex declined
substantially to Rs5.8 crore from over Rs80 crore for
the same quarter of previous year. Revenues were also
lower by over 22 per cent. There were reports that Oracle
is in negotiations to acquire a majority stake in the
company.
South-based
private bank, Federal Bank, has reported an 8 per cent
increase in first quarter profits on an income growth
of around 5 per cent as compared to the same quarter of
previous year.
Air
conditioning and cooling solutions company Blue Star reported
a 40 per cent rise in first quarter profits as compared
to the same quarter of the previous year on a revenue
growth of close to 30 per cent.
Detergents
major Nirma has reported a 27 per cent increase in first
quarter profits even though revenues were flat as compared
to the same quarter of previous year.
Auto
ancillary Phoenix Lamps reported a 90 per cent jump in
first quarter profits as compared to the same quarter
of previous year on a revenue growth of over 20 per cent.
 Syndicate
Bank, Gufic Bio and Gujarat State Fertilizer were among
the best performing stocks among mid-caps.
Mangalam
Timber, KCP Limited and Matrix Labs were among the significant
mid-cap losers.
*Disclaimer:
The author does not have any position in the stocks specifically
mentioned
above at the time of writing this article. This analysis
/ report is only for the purpose of information and is
not an investment advice. Readers are advised to consult
a certified financial advisor before taking any investment
decisions. While efforts have been made to ensure the
accuracy of the information provided in the content the
author or publisher shall not be held responsible for
any loss caused to any person whatsoever.
Other
articles by Rex Mathew
List
of general reports on markets
List
of general reports on finance
Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
7,635.42
|
+
30.39 |
| NIFTY
|
2,312.30
|
-
6.80 |
Last
Update : 29 July, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| BHARTI
TELE |
277.00
|
287.20
|
270.00
|
283.10 |
| LARSEN
& TOUBRO LTD. |
1,230.00
|
1,290.00
|
1,200.00
|
1,270.25 |
| STATE
BANK OF INDIA |
778.55
|
808.80
|
771.00
|
800.80 |
| DR.REDDY'S
LABORATORIES LTD. |
802.00
|
842.75
|
802.00
|
835.55 |
| ICICI
BANK L |
522.00
|
550.00
|
512.25
|
536.00 |
| BHEL
|
990.00
|
1,039.00
|
986.00
|
1,006.60 |
| HOUSING
DEVELOPMENT FINANCE CO |
905.00
|
937.40
|
905.00
|
925.70 |
| GRASIM
INDUSTRIES LTD. |
1,151.00
|
1,200.00
|
1,151.00
|
1,188.05 |
| BAJAJ
AUTO |
1,355.00
|
1,450.00
|
1,355.00
|
1,443.30 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,225.00
|
2,294.80
|
2,220.30
|
2,269.20 |
| HINDUSTAN
LEVER LTD. |
165.00
|
170.00
|
163.80
|
166.95 |
| WIPRO
LTD. |
725.00
|
744.00
|
721.00
|
735.60 |
| HEROHONDA
M |
610.00
|
631.00
|
605.00
|
613.85 |
| RELIANCE*
|
699.90
|
711.35
|
694.00
|
702.90 |
| TATA
MOTORS |
479.50
|
491.75
|
471.65
|
480.95 |
| RANBAXY
LABORATORIES LTD. |
448.55
|
498.00
|
448.55
|
470.60 |
| RELIANCE
ENR |
630.95
|
636.00
|
600.00
|
607.60 |
| ONG
CORP LTD |
880.50
|
947.90
|
880.50
|
938.45 |
| ASSOCIATED
CEMENT COMPANIES LT |
442.00
|
447.50
|
427.50
|
429.75 |
| SATYAM
COMP |
532.00
|
538.70
|
514.00
|
521.60 |
| HDFC
BANK LT |
704.90
|
724.90
|
675.15
|
685.50 |
| GUJARAT
AMBUJA CEMENTS LTD. |
66.80
|
66.80
|
64.10
|
64.55 |
| TATA
IRON AND STEEL CO. LTD. |
372.00
|
379.10
|
365.70
|
368.15 |
| TATA
POWER |
395.00
|
399.00
|
391.00
|
392.30 |
| HINDALCO
IN |
1,290.30
|
1,299.95
|
1,260.00
|
1,270.35 |
| TCS
LTD |
1,260.00
|
1,289.90
|
1,260.00
|
1,269.15 |
| I
T C LTD |
1,685.00
|
1,699.90
|
1,666.00
|
1,680.80 |
| CIPLA
LTD. |
340.00
|
340.90
|
333.00
|
336.30 |
| NTPC
LTD |
95.45
|
96.00
|
92.15
|
93.85 |
| MARUTI
UDYOG |
480.00
|
489.50
|
472.00
|
482.10 |
Last
Update : 29 July, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
698.00
|
711.90
|
693.00
|
703.35 |
| ONGC
|
900.00
|
948.80
|
890.00
|
938.50 |
| INFOSYSTCH
|
2221.00
|
2293.00
|
2221.00
|
2268.45 |
| VSNL
|
416.00
|
444.60
|
403.40
|
417.50 |
| SBIN |
775.00 |
809.45
|
771.00
|
800.25 |
| TISCO |
401.00 |
401.00
|
365.00
|
367.65 |
| ICICIBANK
|
523.00
|
554.90
|
512.00
|
534.45 |
| SATYAMCOMP
|
529.70
|
538.00
|
514.30
|
521.80 |
| HDFCBANK
|
700.00
|
730.00
|
680.05
|
699.45 |
| TCS
|
1275.00
|
1290.00
|
1262.00
|
1268.80 |
| ITC
|
1686.00
|
1700.00
|
1660.10
|
1682.85 |
| BHARTI
|
273.00
|
287.00
|
270.00
|
283.15 |
| TATAMOTORS
|
479.00
|
491.50
|
470.00
|
480.90 |
| ZEETELE
|
185.55
|
195.00
|
183.55
|
189.35 |
| RANBAXY
|
450.50
|
498.00
|
450.50
|
469.05 |
| SAIL
|
56.10
|
56.10
|
49.80
|
52.80 |
| PNB
|
434.95
|
435.00
|
421.05
|
424.20 |
| IPCL
|
196.70
|
197.40
|
185.85
|
187.95 |
| MTNL
|
136.75
|
140.00
|
131.15
|
133.30 |
| M&M
|
654.35
|
785.00
|
652.75
|
681.30 |
| HDFC
|
915.00
|
950.00
|
908.00
|
925.80 |
| REL
|
627.10
|
634.95
|
590.15
|
607.10 |
| LT
|
1230.00
|
1282.00
|
1226.00
|
1268.00 |
| MARUTI
|
471.00
|
489.00
|
436.95
|
482.70 |
| HINDLEVER
|
165.00
|
170.00
|
162.55
|
166.65 |
| WIPRO
|
721.00
|
745.00
|
721.00
|
736.35 |
| BHEL
|
998.00
|
1155.00
|
995.00
|
1006.85 |
| ORIENTBANK
|
284.95
|
286.15
|
273.30
|
275.85 |
| HEROHONDA
|
600.20
|
634.00
|
600.20
|
622.70 |
| ACC
|
442.00
|
447.65
|
427.55
|
430.40 |
| BAJAJAUTO
|
1414.00
|
1457.00
|
1410.00
|
1449.10 |
| DRREDDY
|
809.90
|
844.75
|
800.00
|
837.25 |
| BPCL |
364.90 |
373.00
|
346.00
|
366.60 |
| GAIL
|
228.00
|
230.00
|
224.30
|
226.00 |
| TATACHEM
|
185.90
|
187.50
|
179.00
|
180.90 |
| HINDALC0
|
1301.00
|
1315.00
|
1245.70
|
1262.25 |
| HCLTECH
|
398.00
|
413.50
|
392.05
|
403.60 |
| HINDPETRO
|
299.30
|
300.00
|
283.60
|
290.45 |
| GUJAMBCEM
|
64.15
|
66.40
|
63.95
|
64.45 |
| GRASIM
|
1175.00
|
1245.00
|
1135.55
|
1176.20 |
| SUNPHARMA
|
614.80
|
626.00
|
602.25
|
621.50 |
| CIPLA
|
339.00
|
343.00
|
333.00
|
336.95 |
| TATATEA
|
680.00
|
690.00
|
665.00
|
679.40 |
| NATIONALUM
|
158.45
|
160.95
|
155.70
|
156.75 |
| TATAPOWER
|
396.50
|
400.70
|
391.00
|
393.20 |
| GLAXO
|
885.15
|
898.00
|
866.25
|
882.05 |
| DABUR
|
151.60
|
152.70
|
144.05
|
145.40 |
| ABB
|
1506.00
|
1549.00
|
1422.00
|
1459.95 |
| SCI
|
150.00
|
151.25
|
145.00
|
146.35 |
| COLGATE
|
232.95
|
237.00
|
222.05
|
225.20 |
Last
Update : 29 July, 2005, 16:00PM
| 
