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Equity Research Report: Religare Morning Digest

Market Outlook for the day – We reiterate our negative view till Nifty is holding below 6150 spot level on closing basis while on the downside 5950-6000 is the immediate support zone.
13 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day We reiterate our negative view till Nifty is holding below 6150 spot level on closing basis while on the downside 5950-6000 is the immediate support zone.

 

Corporate News

KEC International has posted a 34% drop in net profit at Rs19 crore for the quarter ended in December, compared to Rs 29 crore a year ago. Net revenue of the engineering, procurement and construction company surged 22.5% at Rs2,202 crore as against Rs1,797 crore a year ago.

Repro India net profit fell 41.47% to Rs 6.45 crore on 18.43% rise in total income from operations (net) to Rs 114.53 crore in Q3 December 2013 over Q3 December 2012.

BPCL reported a net loss of Rs 1088.94 crore in Q3 December 2013 as against net profit of Rs 1647.57 crore in Q3 December 2012.

Results on 13 Feb 2014: Bombay Dyeing, Hindalco Industries, Hotel Leela, IOCL, JK Paper, MCX, Natco Pharma, ONGC, Peninsula Land.

 

Market Roundup 

Key benchmark indices edged higher as world stocks rose after better-than-estimated Chinese trade data eased concern that the global economy is slowing. The market edged higher in early trade on firm Asian stocks. The Sensex extended initial gains and hit fresh intraday high in morning trade. Market retained positive terrain in afternoon trade after Railway Minister Mallikarjun Kharge kept passenger fares and freight rates unchanged in the Interim Railway Budget for the first four months of the 2014/15 presented in the Lok Sabha. The market breadth was negative.