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Equity Research Report: Religare Morning Digest

Due to F&O expiry, traders are advised to keep extra caution and trade with strict stop loss. In Nifty, decisive closing above 7800 spot would trigger further up move otherwise consolidation will continue.
31 Jul 2014 | 07:00 AM

Market Outlook for the day Due to F&O expiry, traders are advised to keep extra caution and trade with strict stop loss. In Nifty, decisive closing above 7800 spot would trigger further up move otherwise consolidation will continue.


Corporate News: 


GAIL (India) has signed long term agreements with the US based companies viz. Cheniere Energy Partner and Dominion Resources for transportation of LNG from Sabine Pass and Cove Point terminals in USA.

Dr Reddy’s Laboratories Ltd’s consolidated net profit increased 52 per cent at Rs. 550 crore in the first quarter ended June 30, 2014 compared to Rs. 361 crore in the corresponding quarter of previous year. The total revenue increased 24 per cent at Rs. 3,517 crore (Rs 2,844 crore).

Bank of India first quarter net profit fell 16 per cent as the bank made more provision as a cover for rising bad loans. In the quarter ended June 30, 2014, the bank's net profit fell to Rs. 806 crore from Rs. 964 crore, a year earlier.

Lupin reported 55.8 per cent YoY growth in net profit to Rs 625 crore for the quarter ended June 30, 2014. The Company reported 35.4 per cent YoY growth in sales to Rs 3280 crore for the first quarter of the current  fiscal year 2015, as compared to Rs 2421 crore reported in the year-ago period.


Economy News

Engineering exports grew at an impressive rate of 24.15% to $ 16.94 billion during the April-June quarter this fiscal helped by robust expansion in shipments of aircraft and spacecraft parts and automobiles. Exports of aircraft and spacecraft parts rose to $ 1.5 billion in the first quarter of  2014-15 from $ 574 million in the year-ago period, as per EEPC India.

Results on July 31,2014:  Aban Offshore, DLF, HDIL, HCL Tech, ICICI Bank, NTPC, Tech Mahindra.


Market Roundup 

Banking and auto stocks led intraday recovery on the bourses that helped the barometer index, the S&P BSE Sensex, regained the psychological 26,000 level. Although the market breadth indicating the overall health of the market was negative, it improved along with recovery in key indices in late trade. The BSE Mid-Cap index moved into positive zone from negative zone in late trade. The BSE Small-Cap index was almost unchanged for the day after trimming losses in late trade.