10:55am Market Check
The 30-share BSE Sensex rose 297.82 points or 1.09 percent to
27644.15 and the Nifty jumped 89.10 points or 1.09 percent to 8258.30. About
1595 shares have advanced, 654 shares declined, and 88 shares are unchanged.
HDFC, Maruti Suzuki, Hero Motocorp, SBI, ONGC, IDFC and HCL
Technologies gained 2-2.5 percent.
10:45am Interview
Hindustan Construction Company (HCC) reported second quarter
standalone net profit at Rs 6.8 crore versus Rs 31.6 crore in the year-ago
period. But the previous year’s profit figure included a big other income
figure of Rs 116 crore, which led to a bottomline profit of Rs 31.6 cr for
Q2FY14.
Praveen Sood, CFO of HCC says the company is trying to maintain
profitability at these levels. He hopes that the next two quarters will be as
good as the last six quarters.
He says the profitability margins are coming from efforts to bring
down costs. The company is not seeing any major push on the order inflow side
and the good margins reported is despite that. Order inflows from the government
side has not picked up yet, says Sood. He expects government order inflows to
pick up only from next year.
He says: "Realised Rs 400 crore of claims in the last two
quarters which helped push margins." He hopes to realise similar claim
amounts in the second half of the year.
HCC has Rs 4,000 crore stuck in arbitration. He expects the
government to pay its dues in the next few months.
The company is seeing order inflow momentum only in the road
sector as of now. But sectors such as hydro and nuclear power saw no pick up in
order inflows. Sood hopes to end year with Rs 14500-15000 crore order book
position.
10:30am Market Update
The market remained at record high. The Sensex rose 260.01 points
or 0.95 percent to 27606.34 and the Nifty jumped 77.60 points or 0.95 percent
to 8246.80.
About 1537 shares have advanced, 595 shares declined, and 88
shares are unchanged.
Titan Company, Tech Mahindra, IDFC, SBI, Maruti Suzuki, Bharti
Airtel, TCS and Shriram Transport were the most active shares on exchanges.
In the midcap space, Relaxo Footwear, Gujarat Pipavav, Sintex
Industries, HCC and SKS Microfinance jumped 5-6 percent while SRF, Responsive
Industries, eClerx Services, Hindustan National Glass and FAG Bearings lost 2-4
percent.
10:15am Market Expert
There is a confluence of positives in India right now and that’s
the reason things are turning constructive for the Indian market, says Dipen
Sheth of HDFC Securities.
In an interview to CNBC-TV18, Sheth says the Nifty is currently in
a multi-year, multi-themed, multi-faceted bull run.
On his sectoral prefences, Sheth says he likes special restautants
and great fine-dining franchises. He also believes the midcap space has a lot
of talented companies that can be invested into right now.
10:00am Market Check
Equity benchmarks continued to trade around their record
highs with the Sensex rising 235.50 points to 27581.83 and the Nifty climbing
68.20 points to 8237.40 following strong US cues.
The broader markets too gained momentum with the BSE Midcap and
Smallcap indices adding 1 percent each. About three shares advanced for every
share declining on the Bombay Stock Exchange.
Technical Analysts Rajat Bose is bullish on the Indian market. He
says that Nifty is in an uptrend and it could touch 8,250-8,300 going ahead. He
recommends market participants to buy on dips.
Major largecaps like Reliance Industries, Infosys, HDFC, ITC, HDFC
Bank, TCS, Larsen and Toubro, ONGC, State Bank of India and Axis Bank gained
1-1.6 percent.
Hero Motocorp, Tata Steel, Wipro, Tata Power, Dr Reddy's Labs,
Coal India and Sesa Sterlite too climbed 1-1.6 percent.
However, Bharti Airtel (post Q2 earnings), Hindustan Unilever,
ICICI Bank and Hindalco Industries were only losers in the Sensex.
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