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Equity Research Report: Religare Morning Digest

Nifty is still looking weak and rise till 7680 spot can be a better opportunity to initiate fresh short positions.
12 Aug 2014 | 07:00 AM

Market Outlook for the day – Nifty is still looking weak and rise till 7680 spot can be a better opportunity to initiate fresh short positions.

 

Corporate News: 

Steel Authority of India reported 18% increase in net profit for the April-June quarter at Rs 530 crore on higher sales and realization. The turnover of the company rose to Rs 12,515 crore, registering a growth of 10 per cent as compared to year-ago period.

Tata Motors reported 212.7% YoY increase in net profit to Rs 5,398 crore for the quarter ended June 30, 2014. Total sales for the company rose 38.6 per cent YoY to Rs 64,857 crore for the quarter ended June 30, as compared to Rs 46,785 crore reported in the year-ago period.

GAIL (India) net profit declined 23.1% to Rs 621.44 crore on 4.53% growth in total income to Rs 13544.66 crore in Q1 June 2014 over Q1 June 2013.

Results on August 12,2014: BHEL, BPCL, Britannia Industries, Coal India, Engineers India, Essar Oil, Gillette India, IFCI, IOCL, IVRCL, Jaiprakash Associates, Motherson Sumi, NMDC, Oil India.

 
Market Roundup

 

 Key benchmark indices jumped in late trade on heavy buying by funds owing to positive global cues. Market opened positive in the morning trade and remained in green throughout the trading session. Realty stocks were in demand after the market regulator the Securities and Exchange Board of India's board at a meeting held on 10 August 2014, approved the SEBI (Real Estate Investment Trusts) Regulations, 2014 (REIT Regulations), thereby providing a framework for registration and  regulation of Real Estate Investment Trusts (REITs). The market breadth indicating the overall health of the market was positive.

 

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