The Indian stock market snapped two day winning streak on Thursday(21st July 2016) as momentum failed to sustain at higher levels. Index heavy weights like HDFC Bank, Kotak Bank announced their results which failed to lift the sentiment. Nifty closed with a loss of 58 points at 8,510, while BSE Sensex ended with a loss of 205 points at 27,711.
On the global front, Asian stocks closed on mixed note. The Shanghai Composite index and Nikkei 225 closed higher. Hong Kong’s Hang Seng index closed marginally up.
Kotak Mahindra Bank dropped 2.7% after the bank posted net profit of Rs.742 crore for the quarter ended June 30, 2016 as compared to Rs.190 crore for the quarter ended June 30, 2015.
ACC zoomed 4% to Rs.1701. The company said that two new cement grinding facilities, one each at Jamul in Chhattisgarh and Sindri in Jharkhand, which form part of this integrated project, are expected to be commissioned within third quarter of 2016.
Suven Life Sciences gained 1.3% to Rs.207. The pharma company has undergone USFDA renewal inspection at their facility in Pashamylaram near Hyderabad for the manufacture and supply of active pharmaceutical ingredients (bulk drugs), intermediates and formulations under cGMP during April 4th through 14th 2016.
ITC closed marginally lower at Rs.250. The company will announce its Q1 numbers today.
VRL Logistics zoomed 10.7% to Rs.348. The company said they have cancelled plans to launch a regional airline, citing an adverse civil aviation policy.
Axis Bank slipped 3.6% to Rs.538. The bank has slashed its minimum lending rate by 10 basis points to 9.35%, with effect from July 27. The bank will announce its Q1 results tomorrow.
Welspun Corp zoomed 4.9% to Rs.88 after the company entered into a definitive agreement with an American midstream major to supply over 274 kilometers (@ 184K MTs) heavy wall, large diameter, 18 meters length, Longitudinal Saw line-pipe for a prestigious Gas Project in Americas. The stock is currently trading higher by 7% to Rs.89.65.
Ambuja Cements gained 1.5% to Rs.266. The cabinet committee approved Ambuja Cements planned acquisition of a 24% stake in Holcim India Pvt. Ltd, paving the way for the proposed restructuring of the holding pattern of Holcim’s India units, ACC Ltd and Ambuja Cements Ltd.
Neyveli Lignite zoomed 5.5% to Rs.77. The Cabinet Committee on Economic Affairs has given its approval for installation of Ghatampur Thermal Power Project (GTPC) of 1980 MW (3 X 660 MW) capacity through a Joint Venture Company named Neyveli Uttar Pradesh Power Limited.
Sasken Communication Technologies jumped 3.7% to Rs.361.The company reported its net profit at Rs.15.6 crore in the quarter ended June 2016 as against net profit of Rs.17.4 crore during the previous quarter ended June 2015.
UltraTech Cement soared 2% to Rs.3637.Aditya Birla Group-owned Ultra Tech is is expected to complete its acquisition of Jaiprakash Associates’ cement plants within the next one year, group chairman Kumar Mangalam Birla said at the 16th annual general meeting of the company, according to reports. The company has announced that it has received shareholder nod to issue NCDs up to Rs 9,000 crore.
KPIT Technologies climbed 3% to Rs.137. The company’s consolidated revenue stood at Rs.803.23 crore, down 4.49% qoq but up 5.78% yoy.
USDINR trade today trading down one paise at 67.20 per US dollar.
Out of 1,462 stocks traded on the NSE, 928 declined and 487 advanced today.
Top 5 Nifty Gainers: GAIL (1.84%), BHEL (1.50%), Tata Motors (1.13%), L&T (1.04%) and Adani Ports & Sez (0.87%).
Top 5 Nifty Losers: Baja Auto (-1.19%), Infosys Ltd (-1.15%), Hind. Unilever (-1.06%), Sun Pharma (-0.83%) and Wipro (-0.79%)
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