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Equity Research Report: Religare Morning Digest

Market Outlook for the day – For the index to trade at higher levels, it is important that 6100-6120 must be decisively crossed.
17 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day For the index to trade at higher levels, it is important that 6100-6120 must be decisively crossed.


Corporate News

Mahindra & Mahindra net profit rose 11.7% to Rs 934.06 crore on 1.82% decline in total income to Rs 10650.32 crore in Q3 December 2013 over Q3 December 2012.

State Bank of India net profit fell 34.21% to Rs 2234.34 crore on 14.91% increase in total income to Rs 39060.76 crore in Q3 December 2013 over Q3 December 2012. SBI's ratio of net non-performing assets to net advances stood at 3.24% as on 31 December 2013, compared with 2.91% as on 30 September 2013 and 2.59% as on 31 December 2012.

Hindalco Industries' net profit for the third quarter was Rs 334 crore, down 23% compared with Rs 434 crore a year ago, hurt by weak demand for aluminum and higher taxes. Net sales rose 6% to Rs 7,273 crore.

Economy News

The Wholesale Price Index (WPI)-based inflation for January came in at an eight-month low of 5.05%. This was significantly lower than the 6.16% WPI inflation seen for December 2013. The significant fall is mainly due to the steep fall in vegetable prices on a month-on-month basis.

Result on 17 Feb 2014:  Castrol India.


Market Roundup 

In a volatile trading session the key benchmark indices closed positive at the end of the day. Market sentiment was positive as the WPI-based inflation for January came in at an eight-month low of 5.05% and strong response to the telecom spectrum auction which will help the government achieve its fiscal deficit target of 4.8% of gross domestic product for the year ending 31 March 2014. The investor sentiments were also boosted by the FII buying on February 13,2014. Going ahead, Finance Minister P Chidambaram will present the Vote-on-Account or interim budget for the first four months of 2014/15 on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections.