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Tuesday, August 14, 2012
Markets may start in green; July inflation eyed
Indian markets may open on a flat to positive note tracking mixed global cues. SGX Nifty is trading 6.50 points higher. Events for the day: Results: Opto Circuits (India), Essar Oil, Pipavav Defence and Offshore Eng, Piramal Healthcare, Reliance Infrastructure, Reliance Power, Unitech, HDIL, Hindalco Industries, Hindustan Copper, MMTC, IDFC, Videocon Industries, National Aluminium Co, Welspun Corp");'> Welspun Corp, Jain Irrigation Systems. Headlines for the day: BoB hikes interest rates on deposits by up to 1.75%. Cement cos told to comply with CCI's order within 90 days. Welspun Corp bags orders worth Rs819 cr.
Market seen opening higher on positive Asian stocks; July inflation data eyed
The market is likely to open higher tracking mostly positive Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 6.50 points at the opening bell. Hindalco Industries, Reliance Infrastructure and IDFC unveil their Q1 results today, 14 August 2012. Hindalco Industries' US unit -- Novelis Inc. -- also unveils Q1 June 2012 results today, 14 August 2012. Most Asian shares rose on Tuesday ahead of more macro economic data figures from Europe and the United States later in the global day. On the macro front, inflation based on the monthly wholesale price index (WPI) is seen inching up to 7.4% in July 2012 from 7.25% (provisional) for the month of June 2012, as per the median estimate of a poll of economists carried out by Capital Market. The data is due for release at 11:30 IST today, 14 August 2012. Private sector steel major Tata Steel after market hours on Monday, 13 August 2012 said consolidated net profit dropped 88.81% to Rs 597.88 crore on 2.48% rise in total income to Rs 33821.20 crore in Q1 June 2012 over Q1 June 2011. Tata Steel said the Q1 June 2011 net profit was boosted by Rs 3361.92 crore due to profit on sale of non current investments.
Sensex scales 21-1/2-week high
Key benchmark indices edged higher with the market sentiment boosted by data showing continuation of buying of Indian stocks by foreign funds. The market breadth turned positive from negative in late trade. The barometer index, BSE Sensex, achieved its highest closing level in 21-1/2 weeks. The 50-unit S&P CNX Nifty scaled its highest closing level in nearly 19 weeks. The Sensex jumped 75.71 points or 0.43%, up close to 120 points from the day's low and off about 10 points from the day's high. Private sector banking major HDFC Bank scaled record high. Index heavyweight Reliance Industries (RIL) edged higher.
Saturday, August 11, 2012
GVK Power
GVK’s Q1FY13 results were dismal led by poor PLF across power plants, MMR expenses at JP-II and Gautami, muted show at airports, one time expenditure (~|30 crore) at MIAL and higher interest cost for additional stake acquisition of MIAL and BIAL. While, the near term pain on earnings is likely in terms of poor power segment performance and high interest cost, GVK is looking for PE deal at Airport and Road division, which could partially allay investors concern over funding gap across the business verticals. Furthermore, land monetisation at MIAL and environmental clearance for Hancock would be the key catalysts for the stock. Maintain BUY purely on valuation and near term trigger… We highlight that unavailability of gas supply at its power plants as well as interest burden to fund additional stake in MIAL & BIAL will weigh on bottomline. However, in our view, PE deal in Airport & Road division holds the key for stock price performance, going ahead as this would partially allay investors concerns over funding gap across airport & transportation verticals. Furthermore, land monetisation at MIAL and environmental clearance for Hancock would be the key near term trigger for the stock. We maintain BUY purely on attractive valuation.
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