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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Possibility of profit taking in the coming session cannot be ruled out.
25 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Possibility of profit taking in the coming session cannot be ruled out.

 

Corporate News:

Pfizer spurted 9.36% on BSE after the company announced an internal corporate restructuring plan. Under the plan, Pfizer East India B.V. Netherlands proposes to acquire 60.94% stake, which is collectively held by Pfizer Corporation (31.42% stake) and Pfizer Investments Netherlands B V (29.52% stake).

CEAT fell 0.43% on BSE after the company said that its plant at Bhandup in Mumbai had an incident of fire at its raw material store on the evening of 23 February 2014.

Reliance Power rose 1.11% on BSE after the company received favorable order from the electricity regulator in connection with the petition filed by Sasan Power, the company's wholly owned subsidiary.

NTPC slumped 11.43% on BSE on reports the electricity regulator Central Electricity Regulatory Commission has announced the final tariff order.

United Bank of India surged 5.95% on BSE after the bank said its board has approved allotment of equity shares on preferential basis to the Government of India.

 

Market Roundup

The benchmark indices recovered in afternoon trade after trading in the red in the morning session. The recovery was supported by buying in capital goods and bank stocks. Among the sectoral indices Capital goods, banks, and healthcare were the top gainers while Power index was the top loser. Dr. Reddy's Laboratories, Lupin and Cadila Healthcare hit record high. Shares of state-run power generation major NTPC tumbled after the Central Electricity Regulatory Commission in its latest order directed power utilities to charge production incentives based on actual offtake, instead of on their readiness to produce power at above 85% capacity utilization. 

 

 

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