25 Jan 2011 Morning Market Updates 09:03
All eyes are on RBI Governor, D Subbarao as the central bank meets for the first time in 2011 to assess the monetary policy of the country. The RBI and government's desperation to fight inflation has prepared the markets for a rate hike on January 25. According to bankers and economists, majority expect RBI to hike repo and reverse repo rates by 25 basis points each. Only a minority 6% expect a larger hike of 50 basis points. But Mr.Governer is expert in giving surprises so hope for the betterment of the market and economy as well.
Market also does not expect RBI to cut SLR further from 24%. Instead majority expect RBI to keep open the second liquidity facility which allows banks to borrow from the repo window twice every day. Despite tight liquidity condition, market does not expect banks to hike their lending or borrowing rates anytime soon.
So, even with risng prices and tight monetary condition, growth for the current fiscal year remains intact. Nifty four percent of bankers and economists polled do not any change in the RBI's FY11 growth projection from the current 8.5% with an upward bias, whereas 6% expect it to be lowered to 8-8.5%.
Today's credit policy will decide the sentiment of the market.
Nifty immediate support at 5710 and resistance 5790. Breaching these levels will give decisive movement.
Results Today - DRL, Grasim, HUL, IDBI Bank, Sterlite Ind, Ultratech Cem, United Phosphorus, Ceat
JK Tyre - dissapointing numbers due to high rubber prices, lower tonnage. Margins slipped further and profits now at single digits
Q3FY11 YoY (cr - crore, vs - versus, cons - consolidated)
-Revenues up 46% at Rs 1178 cr vs Rs 802 cr
-PAT down 75% at Rs 9 cr vs Rs 36 cr
-OPM at 5.2% vs 12.1%
QoQ
-Revenues at Rs 1178 vs Rs 1138cr
-OPM at 5.2% vs 6.2%
-PAT at Rs 9 cr vs Rs 20cr
EIH Q3
-Net profit at Rs 28.4 cr vs Rs 22.3 cr (YoY)
-Net sales at Rs 282 cr vs Rs 222 cr (YoY)
Torrent Power cons Q3FY11
-Revenue up 5% at Rs 1558 cr vs Rs 1488 cr
-PAT down 20% at Rs 197 cr vs Rs 245 cr
-EBIDTA margin at 27.5% vs 34.8%
-Total Exp up 15% at Rs 1230 cr Vs Rs 1066 cr
Kirloskar Ferrous Q3FY11
-Revenue up 38% at Rs 284 cr Vs Rs 206 cr
-PAT down 23% at Rs 10 cr Vs Rs 13 cr
-EBIDTA margin at 4.55% vs 4.32%
-Consumption of raw material up 50% at Rs 235 cr Vs Rs 157 cr
Hinduja Foundires Q3FY11
-Revenue up 42% at Rs 156 cr Vs Rs 110 Cr
-PAT up 42% at Rs 3.2 cr Vs Rs 2. 2 Cr
-EBIDTA margin at 12.59% vs 14.35%
SKS Microfinance Q3
-Net profit at Rs 34.2 cr vs Rs 55.5 cr (YoY)
-Revenue at Rs 363 cr vs Rs 250 cr (YoY)
-Write off, provisioning stands at Rs 100 crore
-Makes Rs 26.98 crore provisioning;
-Provisioning followed by Malegam report;
Deccan Chronicle Holdings okays merger of 2 companies with self
Deccan Chronicle says
-Deccan Chargers Sporting Venture, Odyssey India to merge
-No fresh shares to be issued as units fully owned by company
SAIL Chairman says
-Committed to launching FPO by end of FY
-Still studying timing for filing DRHP
-FPO committee will take final call on I-Bankers by end of week
Other stocks and sectors that are in news today:
-L&T to turn itself in 9 business verticals to be more competitive and offer a planned transition to senior management (ET)
-Ispat allots 1.09 billion shares to JSW Steel
-USL acquires 7.3% equity of Pioneer Distilleries at Rs 88.55/sh through open market
-Sun Pharma plans its biggest acquisition in the USA to boost sales in the world’s largest pharmaceutical market (BS)
-Bharti Shipyard mulls rights issue to repay its debt, currently having a total debt of Rs 2300 crore (DNA)
-IDFC may raise funds through External commercial borrowing (ECB) in the global markets (DNA)
-Mahindra group buys strategic stake in East India company
-Karnataka Bank board fixes issue price for its rights issue in the ratio of 2:5 at Rs 85/share
-Zee Learn board meet on 27th: proposal for consideration of Education Infrastructure assets.
-Securities in F&O ban: Videocon and Suzlon
-Listing of Dalmia Bharat Enterprises post scheme of arrangement on 27th January
-Hindustan Composite buy back at maximum Rs 550/share
F&O Cues:
Total Nifty futures up Rs 1154 crore, Options up Rs 693 crore
Stock futures net add 2 cr shares in Open Int
Nifty Fut OI net add 5.7 lakh shares in Open Int; Nifty futures discount at 3 pts versus 5 pts prem
Nifty Open Int PCR up at 0.93 versus 0.89
Nifty Put add 21 shares in Open Int, Call shed 12.1 shares in Open Int
Highest Open Int outstanding on call side at 6200 call, 5600 Put, 6000 call
Nifty Jan 5700 Put add 8.4 lakh shares in Open Int
Nifty Feb 5800 Call add 6.6 lakh shares in Open Int
Nifty Feb 5700 Put add 5.7 lakh shares in Open Int
Nifty Jan 5400 Put add 3.6 lakh shares in Open Int
Nifty Feb 6100 Call add 3.7 lakh shares in Open Int
Nifty Feb 5900 Call add 3 lakh shares in Open Int
Nifty Feb 6000 Call add 2.5 lakh shares in Open Int
Nifty Jan 5700 Put shed 16.8 lakh shares in Open Int
Nifty Jan 5600 Call shed 11.7 lakh shares in Open Int
Nifty Jan 5600 Put shed 3 lakh shares in Open Int
FIIs in F&O Jan 24
FIIs net sell Rs 261 crore in Index Futures; Open Int up 51996 contracts
FIIs net buy Rs 184 crore in Index Options; Open Int down 5217 contracts
FIIs net buy Rs 549 crore in Stock Futures; Open Int up 12023 contracts
FIIs were net sellers to the tune of Rs 261 crore in Index Futures; which open interest (OI) was up by 51996 contracts. However, FIIs were net buyers of Rs 549 crore in Stock Futures; which OI was up by 12023 contracts.
Marketwide rollover was at 37% and Nifty rollover at 31%. Nifty Open Interest PCR was up at 0.93 versus 0.89.
Nifty January 5700 Put added 8.4 lakh shares in OI while Nifty February 6100 Call added 3.7 lakh shares in Open Interest.
SBI rallied 3.3%; its OI was down by 10%. Delivery volume surged to 16.2 lakh shares as against 10.8 lakh and there was delivery based buying worth Rs 450 crore.
Unwinding and fresh shorts were seen in ONGC. The stock rose 2.7%; its OI was down 5%.
Tata Steel went up 3%; its OI was up by 4% and delivery volume increased at 27.8 lakh shares versus 21.6 lakh. It has completed rollover of 61%.
Shree Renuka Sugars rose 4.3%; its OI was down by 6% and delivery volume went up to 37 lakh shares versus 12.7 lakh. Rollover of the stock was at 50%.
Orbit Corp shot up 11.5%; its OI was down by 3%. Short covering & speculative buying were seen in stock.
All eyes are on RBI Governor, D Subbarao as the central bank meets for the first time in 2011 to assess the monetary policy of the country. The RBI and government's desperation to fight inflation has prepared the markets for a rate hike on January 25. According to bankers and economists, majority expect RBI to hike repo and reverse repo rates by 25 basis points each. Only a minority 6% expect a larger hike of 50 basis points. But Mr.Governer is expert in giving surprises so hope for the betterment of the market and economy as well.
Market also does not expect RBI to cut SLR further from 24%. Instead majority expect RBI to keep open the second liquidity facility which allows banks to borrow from the repo window twice every day. Despite tight liquidity condition, market does not expect banks to hike their lending or borrowing rates anytime soon.
So, even with risng prices and tight monetary condition, growth for the current fiscal year remains intact. Nifty four percent of bankers and economists polled do not any change in the RBI's FY11 growth projection from the current 8.5% with an upward bias, whereas 6% expect it to be lowered to 8-8.5%.
Today's credit policy will decide the sentiment of the market.
Nifty immediate support at 5710 and resistance 5790. Breaching these levels will give decisive movement.
Results Today - DRL, Grasim, HUL, IDBI Bank, Sterlite Ind, Ultratech Cem, United Phosphorus, Ceat
JK Tyre - dissapointing numbers due to high rubber prices, lower tonnage. Margins slipped further and profits now at single digits
Q3FY11 YoY (cr - crore, vs - versus, cons - consolidated)
-Revenues up 46% at Rs 1178 cr vs Rs 802 cr
-PAT down 75% at Rs 9 cr vs Rs 36 cr
-OPM at 5.2% vs 12.1%
QoQ
-Revenues at Rs 1178 vs Rs 1138cr
-OPM at 5.2% vs 6.2%
-PAT at Rs 9 cr vs Rs 20cr
EIH Q3
-Net profit at Rs 28.4 cr vs Rs 22.3 cr (YoY)
-Net sales at Rs 282 cr vs Rs 222 cr (YoY)
Torrent Power cons Q3FY11
-Revenue up 5% at Rs 1558 cr vs Rs 1488 cr
-PAT down 20% at Rs 197 cr vs Rs 245 cr
-EBIDTA margin at 27.5% vs 34.8%
-Total Exp up 15% at Rs 1230 cr Vs Rs 1066 cr
Kirloskar Ferrous Q3FY11
-Revenue up 38% at Rs 284 cr Vs Rs 206 cr
-PAT down 23% at Rs 10 cr Vs Rs 13 cr
-EBIDTA margin at 4.55% vs 4.32%
-Consumption of raw material up 50% at Rs 235 cr Vs Rs 157 cr
Hinduja Foundires Q3FY11
-Revenue up 42% at Rs 156 cr Vs Rs 110 Cr
-PAT up 42% at Rs 3.2 cr Vs Rs 2. 2 Cr
-EBIDTA margin at 12.59% vs 14.35%
SKS Microfinance Q3
-Net profit at Rs 34.2 cr vs Rs 55.5 cr (YoY)
-Revenue at Rs 363 cr vs Rs 250 cr (YoY)
-Write off, provisioning stands at Rs 100 crore
-Makes Rs 26.98 crore provisioning;
-Provisioning followed by Malegam report;
Deccan Chronicle Holdings okays merger of 2 companies with self
Deccan Chronicle says
-Deccan Chargers Sporting Venture, Odyssey India to merge
-No fresh shares to be issued as units fully owned by company
SAIL Chairman says
-Committed to launching FPO by end of FY
-Still studying timing for filing DRHP
-FPO committee will take final call on I-Bankers by end of week
Other stocks and sectors that are in news today:
-L&T to turn itself in 9 business verticals to be more competitive and offer a planned transition to senior management (ET)
-Ispat allots 1.09 billion shares to JSW Steel
-USL acquires 7.3% equity of Pioneer Distilleries at Rs 88.55/sh through open market
-Sun Pharma plans its biggest acquisition in the USA to boost sales in the world’s largest pharmaceutical market (BS)
-Bharti Shipyard mulls rights issue to repay its debt, currently having a total debt of Rs 2300 crore (DNA)
-IDFC may raise funds through External commercial borrowing (ECB) in the global markets (DNA)
-Mahindra group buys strategic stake in East India company
-Karnataka Bank board fixes issue price for its rights issue in the ratio of 2:5 at Rs 85/share
-Zee Learn board meet on 27th: proposal for consideration of Education Infrastructure assets.
-Securities in F&O ban: Videocon and Suzlon
-Listing of Dalmia Bharat Enterprises post scheme of arrangement on 27th January
-Hindustan Composite buy back at maximum Rs 550/share
F&O Cues:
Total Nifty futures up Rs 1154 crore, Options up Rs 693 crore
Stock futures net add 2 cr shares in Open Int
Nifty Fut OI net add 5.7 lakh shares in Open Int; Nifty futures discount at 3 pts versus 5 pts prem
Nifty Open Int PCR up at 0.93 versus 0.89
Nifty Put add 21 shares in Open Int, Call shed 12.1 shares in Open Int
Highest Open Int outstanding on call side at 6200 call, 5600 Put, 6000 call
Nifty Jan 5700 Put add 8.4 lakh shares in Open Int
Nifty Feb 5800 Call add 6.6 lakh shares in Open Int
Nifty Feb 5700 Put add 5.7 lakh shares in Open Int
Nifty Jan 5400 Put add 3.6 lakh shares in Open Int
Nifty Feb 6100 Call add 3.7 lakh shares in Open Int
Nifty Feb 5900 Call add 3 lakh shares in Open Int
Nifty Feb 6000 Call add 2.5 lakh shares in Open Int
Nifty Jan 5700 Put shed 16.8 lakh shares in Open Int
Nifty Jan 5600 Call shed 11.7 lakh shares in Open Int
Nifty Jan 5600 Put shed 3 lakh shares in Open Int
FIIs in F&O Jan 24
FIIs net sell Rs 261 crore in Index Futures; Open Int up 51996 contracts
FIIs net buy Rs 184 crore in Index Options; Open Int down 5217 contracts
FIIs net buy Rs 549 crore in Stock Futures; Open Int up 12023 contracts
FIIs were net sellers to the tune of Rs 261 crore in Index Futures; which open interest (OI) was up by 51996 contracts. However, FIIs were net buyers of Rs 549 crore in Stock Futures; which OI was up by 12023 contracts.
Marketwide rollover was at 37% and Nifty rollover at 31%. Nifty Open Interest PCR was up at 0.93 versus 0.89.
Nifty January 5700 Put added 8.4 lakh shares in OI while Nifty February 6100 Call added 3.7 lakh shares in Open Interest.
SBI rallied 3.3%; its OI was down by 10%. Delivery volume surged to 16.2 lakh shares as against 10.8 lakh and there was delivery based buying worth Rs 450 crore.
Unwinding and fresh shorts were seen in ONGC. The stock rose 2.7%; its OI was down 5%.
Tata Steel went up 3%; its OI was up by 4% and delivery volume increased at 27.8 lakh shares versus 21.6 lakh. It has completed rollover of 61%.
Shree Renuka Sugars rose 4.3%; its OI was down by 6% and delivery volume went up to 37 lakh shares versus 12.7 lakh. Rollover of the stock was at 50%.
Orbit Corp shot up 11.5%; its OI was down by 3%. Short covering & speculative buying were seen in stock.
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