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Research Report

Equity Research Report: Religare Morning Digest

Market Outlook for the day – Wednesday's trading session is expected to remain volatile on account of February month's derivatives expiry.
26 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Wednesday's trading session is expected to remain volatile on account of February month's derivatives expiry.

 

Corporate News:

Tata Power lost 2.06% on BSE on equity dilution worries after the company said its board of directors will meet on 27 February 2014 to consider various fund raising options.

Wipro has been selected for a 10-year deal by Carillion, a UK-based company that does a lot of public-private partnership projects.

Indian Oil Corp will buy Malaysian firm Petronas’ 10% stake in a shale-gas assets and liquefied-natural-gas (LNG) project in British Columbia for $900 million.

Kinetic Engineering was locked at 5% upper circuit on BSE after the firm said it has sold its entire shareholding in Mahindra Two Wheelers to Samena Capital, a Private Equity Investment Group focused on Asia and Middle east.

Vesuvius India net profit fell 23.05% to Rs 13.59 crore on 1.17% increase in total income from operations to Rs 155.34 crore in Q4 December 2013 over Q4 December 2012.

 

Market Roundup

 

Key benchmark closed positive in a volatile trading session. Market edged higher in early trade on firm Asian stocks. Metal and mining stocks edged lower. IT stocks rose on renewed buying, with HCL Tech hit record high and Wipro hit 52-week high. Sugar stocks rose after raw sugar futures on ICE soared to three-month high on Monday, 25 February 2014, on worries about potential crop damage from dry weather in Brazil. The market breadth, indicating the overall health of the market, was negative.