Market closes at 6 month high on Tata Motors robust Q3 numbers
by Shishir Asthana Feb 14, 2012 9:36 IST
3.30 p.m: Markets closed at their 6 month high helped by a sharp move in Tata Motors towards the end of the day. Sensex closed the day at 17,848 a gain of 75 points while Nifty closed 28 points higher at 5417.
Tata Motors posted a net profit of Rs 3,406 crore as against market expectation of Rs 2,500 crore. This was the best ever profit figure by the company, thanks to its European operations which generated most of the profits.
SBI closed the day 3 percent higher at Rs 2,196 crore a day after the bank announced its results.
Lower inflation numbers resulted in some buying interest in real estate and auto sector stocks. HDIL, which also announced it results today closed the day 7.23 percent higher at Rs 104.60, DLF closed 1.82 percent higher at Rs 234.55. Hero Moto closed 3.6 percent higher at Rs 2085 while Ashok Leyland closed 2.95 percent higher at Rs 27.90.
Lanco Infra was the star performer of the day, closing 16.4 percent higher at Rs 18.80 after the company said that it will be raising $750 million at the same time divesting non-core businesses.
Cipla was the worst performer, falling 6 percent post announcement of its December numbers, which resulted in analysts downgrading the company.
Tata Motors jumps to 52 week high as net profit beats estimates
2.30 p.m: Tata Motors announced its profit of Rs 3,406 crore as compared to expectation of Rs 2,500 crore. The stock trades 4.4 percent higher at Rs 269.40 a new 52 week high.
Markets have moved higher led by metal stocks with Hindalco gaining 3.80 percent at Rs 161.85 while Tata Steel trades at Rs 490.55 up 1 percent as commodity prices rise in the global markets.
HDIL trades 7 percent higher at Rs 104.35 after the company said that DCR Amendment will result in higher TDR.
Lanco Infra has moved 16.5 percent higher after the company announced that it will be raising $750 million and will be exiting from non-core business. The stock trades at Rs 18.80.
Among the other counters that have moved are L&T which is up 2.25 percent at Rs 1357.95, Reliance Communication trades 4.5 percent higher at Rs 98.5 despite a poor set of numbers.
Sensex meanwhile trades at 17,796 up 23 points while Nifty is up 10 points at 5400.
Europe opens marginally lower post downgrades; Sensex up 50 pts
1.45 p.m: European markets have opened marginally lower after a series of country downgrades and bank downgrades by rating agencies S&P and Moody's.
Indian markets continue to remain subdued with Sensex trading 50 points higher at 17,821 while Nifty is up 18 points at 5408.
Lanco Infra trades 18 percent higher at Rs 19.10 after the company said that it plans to raise $750 million and exit from non-core business.
Tata Power trades 4.6 percent lower after the company posted a poor set of number over the weekend. The stock trades at Rs 103.50.
JP Associate trades nearly 2 percent higher after the company announced a profit of Rs 205 crore for the December quarter.
Auto stocks gain on hopes of a drop in interest rates
12.45 p.m: Bond yields falling to 8.17 percent raises after announcement of inflation data raises hopes of the central bank cutting interest rates. Auto stocks are trading at the day's high with Hero Moto gaining 2.65 percent at Rs 2066, Ashok Leyland is up 1.3 percent at Rs 27.45 while Tata Motors continues to trade 1.6 percent higher at Rs 262.5 and Maruti gaining by 1.6 percent at Rs 1245.
Sensex meanwhile has slipped marginally lower and trades at 17,800 up 28 points while Nifty is up 14 points at 5404.
Real Estate stocks too are moving higher on the interest rate cut hopes with HDIL gaining 4 percent at Rs 101.50, DLF gaining 1.13 percent at Rs 232.85.
HDIL has just slipped from its days high after the company announced its results with a profit of Rs 156 crore against market expectation of Rs 175 crore.
Inflation lower at 6.55%, pulls Sensex up by 75 pts
11.45 a.m: Inflation numbers just declared at 6.55 percent against expectations of 6.7 percent has helped Sensex to rise by 72 points to 17,845 and Nifty by 23 points at 5413.
Banking stocks other than SBI has started moving higher in anticipation of RBI easing its high interest rate policy. ICICI Bank has moved higher by 1 percent at Rs 943.60 while Axis Bank is up 1.25 percent at Rs 1130. SBI continues to trade 3.8 percent higher at Rs 2211. 10-year bond yields have fallen marginally to 8.17 percent.
Cipla falls 6% as Q3 numbers disappoint
11.15 a.m: Markets trade near the day's high with Sensex at 17,819 up 46 points while Nifty is up by 15 points at 5405.
Cipla has slipped by nearly 6 percent on posting a dismal set of numbers. The stock trades at Rs 322.10.
Tata Motors trades 1.6 percent higher at Rs 262.60 ahead of its results, which is expected to get a boost from its European JLR business.
SBI continues to trade 3.8 percent higher at Rs 2211 as analyst highlight the very weak asset quality.
SBI gains 4% as chairman says worst is over
10.25 a.m: SBI has gained 4 percent at Rs 2210 as the Chairman of the company, Pratip Chaudhuri said that the worst is over for the bank.
Sensex meanwhile trades 35 points higher at 17,808 while Nifty is up 10 points at 5400.
Cipla has slipped by 5 percent at Rs 324.95 on poor results and downgrades by borkers.
Sasken Communications trades 16 percent higher at Rs 125.25 after the company announced a buyback.
Markets open flat, SBI sees 2.5% boost after results
9.30 a.m: Rating cuts, by Moody's, of various eurozone nations is likely to take some of the sting away from the market. Asian markets are trading marginally lower after the ratings cut.
Indian markets opened flat with the BSE Sensex trading at 17,749, down 22 points while NSE Nifty is 6 points lower at 5,384.
Among the stocks in action today are Cipla, which trades 3.11 percent lower at Rs 331.80 after the company posted 16 percent lower profits as exports were lower.
Aurobindo Pharma trades 2.66 percent lower after the company posted a loss on account of ban on one of its production facility and foreign exchange losses.
Kingfisher trades 1.3 percent lower at Rs 26.50 on news of nearly 18,000 employees of the company not being paid their salary for 2 months.
Reliance trades marginally lower at Rs 845.30 as the company has submitted a fresh field development plan.
SBI trades 2.5 percent higher after the company announced its results on Monday. The stock trades at Rs 2,181.
Wockhardt is up by 5.50 percent after the company posted a 50 percent jump in its profit. The stock trades at Rs 467.25.
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Feb 14, 2012 8:31 IST
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