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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Momentum is still in favor of the bulls with 6380 as the nearest resistance level.
24 Jan 2014 | 09:08 AM

Highlights for Today

Market Outlook for the day Momentum is still in favor of the bulls with 6380 as the nearest resistance level.

Corporate News

Essar Ports consolidated net profit rose 4% to Rs 94 crore on 9% increase in revenues to Rs 398.80 crore in Q3 December 2013 over Q3 December 2012.

Amara Raja Batteries net profit rose 17.43% to Rs 95.01 crore on 13.69% increase in net sales to Rs 859.95 crore in Q3 December 2013 over Q3 December 2012.

Bharti Infratel consolidated net profit rose 62% to Rs 410.50 crore on 4% growth in revenue from operations to Rs 2731.10 crore in Q3 December 2013 over Q3 December 2012.

Indian Bank reported a 19.9 per cent decline in net profit at Rs 264.50 crore for the third quarter ended December 31, 2013. The bank had registered a net profit of Rs 330.58 crore during the same period of the previous fiscal. Total income of the bank grew to Rs 4,112.33 crore from Rs 3,786.68 crore.

Results on 24th January 2014: BEL, Engineers India, Glenmark Pharma, GMR Infra, Karnataka Bank, Maharashtra Seamless, UCO Bank

 

Market Roundup 

Key benchmark indices ended the session flat owing to lack of triggers. Investors were waiting for the upcoming RBI policy on January 28 to gain direction. Market languished in negative zone in early afternoon trade. Indices extended gains and hit fresh intraday high in mid-afternoon trade as European stocks reversed initial losses. The Sensex hit its highest level in more than six weeks. The 50-unit CNX Nifty hit three-week high. The market breadth, indicating the overall health of the market, was negative.

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