Jul 25

Daily Market Commentary : 22nd July 2016

The Indian stock market ended with smart gains on Friday amid a volatile trading session. Sentiment got a fillip after reports stated that the Rajya Sabha will take up GST Bill for discussion next week. Today’s upsurge was led by the realty, power, metals, utilities, industrial, basic materials, capital goods and telecom stocks. Only IT stocks closed in red on BSE. Nifty closed 31 points higher at 8,541 points, while BSE Sensex ended with a gain of 93 points at 27,803.

On the global front, Asian stocks closed on mixed note. The Shanghai Composite index and Hong Kong’s Hang Seng index closed lower. Nikkei 225 slipped 1.1%.

Biocon climbed 15.3% to Rs.808. The pharma company posted a net profit after taxes, minority interest and share of profit of associates of Rs.1666 mn for the quarter ended June 30, 2016 as compared to Rs.1239 mn for the quarter ended June 30, 2015.

Raymond dropped 6.6% to Rs.457.65 on BSE. The company reported net loss at Rs.16.61 crore in the quarter ended June 2016 as against net loss of Rs.14.47 crore during the previous quarter ended June 2015. The company’s sales increased by 4.81% to Rs.1,057.36 crore in the quarter ended June 2016 as against Rs.1,008.82 crore during the previous quarter ended June 2015.

Reliance Defence and Engineering Limited jumped 2% after the company signed Sub-Concession Agreement with Gujarat Maritime Board and Gujarat Pipavav Port Limited at Gandhi nagar, Gujarat. The SCA is for a period of 30 years expiring in June 2046.

Nava Bharat Ventures Ltd dropped 5.4% to Rs.247.65. The Board of Directors of the Company has approved the issuance of bonus shares in the ratio of 1:1 i.e. One Bonus Equity Share of Rs.2/- each for every One existing Equity Share of Rs.2/- each, by capitalizing a part of the general reserves, subject to the approval of shareholders at the ensuing Annual General Meeting scheduled to be held on August 24, 2016.

Gujarat Narmada Valley Fertilizers and Chemicals dropped 7.5% to Rs.158. The company posted a net profit of Rs.69.25 crore as compared to net loss of Rs.27.11 crore a year ago.

Gammon India advanced 1.3% to Rs.16.10 after the company said it will transfer civil EPC undertaking to Gammon Engineering & Contractors. GP Group, Thailand to buy 75% stake in Gammon Engineering for Rs.150 crore.

Bharat Financial Inclusion Ltd jumped 10.5% to Rs.845 on BSE. The company has posted a profit after tax of Rs. 2359.112 million for the quarter ended June 30, 2016 as compared to Rs. 611.556 million for the quarter ended June 30, 2015.

ITC Ltd closed marginally lower at Rs.249.55 after the company posted a net profit of Rs.23846.70 million for the quarter ended June 30, 2016 as compared to Rs.21660.90 million for the quarter ended June 30, 2015.

USDINR trade today trading up five paise at 67.12 per US dollar.

Out of 1,530 stocks traded on the NSE, 591 declined and 876 advanced today.

Top 5 Nifty Gainers: BHEL (1.81%), SBI (1.63%), Maruti Suzuki (1.58%), HDFC (1.39%) and ONGC (0.88%).

Top 5 Nifty Losers: Dr. Reddys Lab (-3.39%), Axis Bank (-1.78%), Baja Auto (-0.83%), Hind. Unilever (-0.65%) and Bharti Airtel (-0.64%)

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