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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Profit booking witnessed in later half in some of the index majors is indicating selling pressure to continue, thus extra caution is advised at current levels.
14 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Profit booking witnessed in later half in some of the index majors is indicating selling pressure to continue, thus extra caution is advised at current levels.


Corporate News:

Dr Reddy's Laboratories consolidated net profit declined 15.64% to Rs 481.60 crore on 0.01% growth in total income to Rs 3503.53 crore in Q4 March 2014 over Q4 March 2013.

L&T has won new orders worth Rs 1137 crore across various business segments in April and May 2014. L&T reported that the power transmission & distribution business has bagged new orders worth Rs 754 crore. In the buildings and factories business new orders worth Rs 315 crore have been received.

Bank of Baroda net profit rose 12.48% to Rs 1157.27 crore on 13.18% increase in total income to Rs 11614.85 crore in Q4 March 2014 over Q4 March 2013. 

BHEL has commissioned a 600-MW thermal unit in Odisha. The unit was commissioned at Jindal India Thermal Power Ltd (JITPL)’s upcoming 2x600 MW thermal power project.

Punjab National Bank reported a 28.73% decline in net profit for the quarter ended March 2014 at Rs806 crore. Total income for the quarter under review increased 8.2% to Rs 12,498 crore.

Results on May 14, 2014: Asian Paints, Bajaj Finance, Bartronics, Gammon India, Moser Baer, Mphasis, Tata Steel, Tech Mahindra.


Market Roundup 

Key benchmark indices extended their recent strong gains after exit polls on 12 May 2014, signaled that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) would win a majority in the Lok Sabha elections which concluded on Monday, 12 May 2014. The barometer index, the S&P BSE Sensex, and the CNX Nifty, both, hit record high. Investors are expecting measures for revival of the economy, business-friendly policies and good governance from the new government that comes to power after the elections. The market breadth was positive.

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