Rupee holds ground after a strong start; dollar’s strength restrict further gains

The rupee is trading at 63.76/$, stronger by 5 paise from its previous close of 63.81/$ on Friday

Indian rupee, after making tad strong start, continued holding ground against dollar on Monday on fresh selling of American currency by exporters and banks. Besides, positive local equities also helped Indian currency snapped its three days failing streak. However, further gains of local currency were restricted on account of dollar’s strength against the basket of other major currencies overseas. On the global front,  dollar held to a four-month high against a basket of currencies in Asian trade on Monday, after solid US jobs data bolstered the case for US Federal Reserve raising interest rates as early as September.

The rupee is trading at 63.76/$, stronger by 5 paise from its previous close of 63.81/$ on Friday. The currency touched a high and low of 63.73/$ and 63.79/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.80 and for Euro stood at 69.65 on August 07, 2015. While, the RBI’s reference rate for the Yen stood at 51.13, the reference rate for the Great Britain Pound (GBP) stood at 98.9250.

Jammu & Kashmir Bank Q1 net profit at Rs.159 cr; Gross NPA at 6.63%

Jammu & Kashmir Bank Ltd has announced the following results for the quarter ended June 30, 2015

The Bank has posted a net profit of Rs. 1,587.60 million for the quarter ended June 30, 2015 as compared to Rs. 1,300.50 million for the quarter ended June 30, 2014. Total Income has decreased from Rs. 18,990 million for the quarter ended June 30, 2014 to Rs. 18,883.50 million for the quarter ended June 30, 2015

Marksans Pharma rallies after good Q1 results

Total income increased marginally by 5 percent to Rs. 212 crore from Rs. 202 crore for the above mentioned period.

Marksans Pharma is trading higher on the BSE after the company reported 24.4 percent growth in consolidated net profit, which stood at Rs. 32.23 crore in Q1FY16, as against Rs. 25.91 crore in a year ago period.

Total income increased marginally by 5 percent to Rs. 212 crore from Rs. 202 crore for the above mentioned period.

The stock so far has rallied 5.7 percent to hit a high at Rs. 115 and is now up 4.1 percent at Rs. 113.

The BSE counter has witnessed trades of around 895,000 shares, when compared with two-week daily average volume of 1.5 million shares.

Meanwhile, the Sensex jumped 151 points at 28,388.

Sensex, Nifty trade firm; banking, pharma stocks gain

The market continues to trade on a positive note, on the back of sustained buying in shares like - realty, bank, power, IT, energy and pharma.The broader market is also trading in line with the BSE benchmark index, the Midcap and Smallcap indices have gained over 0.5 percent each at 11,643 and 12,180, respectively.The breadth is positive in morning deals - out of 2,262 stocks so far traded on the BSE 1,486 stocks have advanced, while 698 stocks have declined.

The key headline indices have rallied to a fresh intra-day high at 28,412 and 8,619, respectively.

At 10:42 AM, the BSE Sensex is up 158 points at 28,394 and the NSE Nifty is up 49 points at 8,614.

The broader market is also trading in line with the BSE benchmark index, the Midcap and Smallcap indices have gained over 0.5 percent each at 11,643 and 12,180, respectively.

Sectorwise, the BSE Realty index has spurted a percent at 1,452. The Bankex has advanced almost a percent at 21,884.

The Power, Oil & Gas, FMCG, Healthcare and IT indices have gained over 0.5 percent each.

The breadth is positive in morning deals - out of 2,262 stocks so far traded on the BSE 1,486 stocks have advanced, while 698 stocks have declined.

Among Sensex stocks - HDFC has surged almost 2 percent at Rs. 1,322. Hindalco has jumped 1.4 percent at Rs. 111.

TCS, ICICI Bank and Hero MotoCorp have spurted a percent each at Rs. 2,579, Rs. 313 and Rs. 2,684, respectively.

Dr. Reddy's, Lupin, BHEL, Maruti Suzuki, ITC, Bharti Airtel and Bajaj Auto have gained almost a percent each.

On the flip-side, Tata Motors has shed almost a percent at Rs. 389, after consolidated Q1 net profit slipped 48.7 percent to Rs. 2,769 crore.

Mahindra & Mahindra, ONGC and Sun Pharma have declined over 0.5 percent each at Rs. 1,377, Rs. 280 and Rs. 846, respectively.

Sensex Jumps Over 150 Points, Nifty Reclaims 8,600

10:00 a.m.: The overall breadth was positive as 1,351 stocks were advancing while 629 were declining on the BSE.

9:54 a.m.: The markets continued to trade on a strong note in the morning deals. The Sensex was up 165 points at 28,401 and Nifty advanced 52 points to 8,616.

9:51 a.m.: Tata Motors was down 0.65 per cent at Rs 390. The company on Friday said that its net profit  fell 49 per cent to Rs 2,769 crore, compared with the same period a year ago.

9:48 a.m.: Jaiprakash Associates falls 4 per cent to hit intraday low of Rs 11.30 after the company reported that its loss in the first quarter of current financial year widened to Rs 465 crore against loss of Rs 81 crore during the same quarter last year.

9:42 a.m.: Divis Labs, Torrent Power, Unitech, Glenmark Pharma, NLC, Union Bank and Bajaj Holdings were among the gainers from the mid-cap space.

9:35 a.m.: Broader markets were witnessing buying interest. The BSE mid-cap index advanced 0.7 per cent and the small-cap index jumped 0.5 per cent.

9:30 a.m.: From the Nifty-50 basket of stocks, 40 were advancing while 10 were declining.

BPCL was the top Nifty gainer, the stock jumped 2 per cent to Rs 974. Dr Reddy's Labs, Hindalco, Tata Power, BHEL, Asian Paints and Tech Mahindra also advanced 1 per cent each.

On the other hand, ONGC, Coal India, ITC, Grasim Industries and Mahindra & Mahindra were among the notable laggards.

9:20 a.m.: After opening on a flat note, the Sensex saw a sharp upmove in the opening deals. The Sensex jumped 100 points to 28,336 and Nifty advanced 42 points to 8,608.

9:08 a.m.: Sensex jumps 14 points to 28,250 and Nifty advances 12 points to 8,577 in the pre-market session.

9:00 a.m.: Rupee opens higher at 63.75 per dollar against Friday's close of 63.81.

8:25 a.m.: Below are the stocks which will be in focus today:

Tata Motors: Tata Motors will be in focus today as the company posted Q1 results post the market hours on Friday. The company reported net profit of Rs 2,769 crore. Analysts on average expected profit to be Rs 3,459 crore, according to Thomson Reuters data.

Tata Motors' sales fell 5.6 per cent to Rs 61,019 crore from Rs 64,683 crore during the same quarter last year.

REC Ltd: REC Ltd posted net profit of Rs 1,478.58 crore compared to Rs 1,282.79 crore during the same period last financial year. The Q1 numbers were better than what the Street had estimated.  In the first quarter, company saw loan growth of 20 per cent.

Sobha Ltd: Sobha shares may face downward pressure in trades today after its first quarter numbers failed to meet analyst estimates.

J P Associates: J P Associates' loss widened to Rs 465 crore from Rs 80.61 crore during the same period last financial year. Its total income fell to Rs 2,392 crore from Rs 3,030 crore.

D B Realty: D B Realty's Q1 net loss came in at Rs 1.89 crore down from Rs 7.25 crore last financial year.

Lupin: Lupin has opened a R&D centre for inhalation products in Florida.

Sasken: Sasken's Rs 108 crore share buyback offer from Sasken will begin on Monday. The buyback proposal will be through tender offer route. Offer will close on August 24 the company plans to buy back 19.48 per cent of share capital at Rs 260 share.

J K Tyre, Kesoram Industries: J K Tyre has clarified that there is no transaction between JK Tyre and Kesoram Industries. Reports surfaced last week which suggested that JK Tyre will buy Kesoram Industries' Uttarakhand tyre unit.

Nalco: According to Reuters report, Nalco wants to invest $2.6 billion in Iran. Investment is for setting up smelters and power plant in Iran.

Thomas Cook: Thomas Cook (India) will buy Kuoni's travel business in India and Hong Kong. The deal is valued at Rs 535 crore.

7:55 a.m.: The Sensex and Nifty are likely to edge lower in trades today tracking weak sentiment in other Asian markets after the US employment rose at a solid clip in July and wages rebounded after a surprise stall in the prior month, signs of an improving economy that could open the door wider to a Federal Reserve interest rate hike in September.

Rate hike in US would mean that the funds may move out of emerging market equities into the US bonds which will offer a higher interest rate post the rate hike.

Meanwhile, the SGX Nifty or Nifty futures traded on the Singapore Exchange was also indicating a weak start for the markets. The SGX Nifty was down 0.3per cent or 25 points at 8,573. 

25 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Tata Motors Ltd: The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 27,689.10 million for the quarter ended June 30, 2015 as compared to Rs. 53,982.10 mn for the quarter ended June 30, 2014. Total Income has decreased from Rs. 6,48,960.30 mn for the quarter ended June 30, 2014 to Rs. 6,13,267.50 mn for the quarter ended June 30, 2015.

Infosys: The IT company announced it would start construction of its 25,000 seat Mohali facility within one month and complete the first stage of the project within 18 months

Bharat Heavy Electricals Ltd: The company has posted a net profit of Rs. 338.90 mn for the quarter ended June 30, 2015 as compared to Rs. 1935.00 million for the quarter ended June 30, 2014. Total Income has decreased from Rs. 55027.60 million for the quarter ended June 30, 2014 to Rs. 48540.70 mn for the quarter ended June 30, 2015.

Lupin Limited: Pharma Major Lupin announced the opening of its new Center of Excellence for Inhalation Research in Coral Springs, Florida.

Mahindra & Mahindra Ltd: The company has posted a net profit of Rs. 8522.00 million for the quarter ended June 30, 2015 as compared to Rs. 8817.80 mn for the quarter ended June 30, 2014. The company will launch more products in the October-March period of this fiscal to fight volatility in the sector, Anand Mahindra said.

Thomas Cook India Ltd: India’s premier integrated travel and travel related financial services company has signed a definitive agreement with Kuoni Group to acquire Kuoni’s Travel businesses across India and Hong Kong in entirety for a consideration of Rs. 535 crore.

Kalpataru Power Ltd: The company reported a 45% rise in its net profit at Rs. 243.18 crore for the June quarter, from Rs. 167.93 crore a year ago.

ONGC: After arresting a seven-year decline in crude oil production, the company will see an 11% rise in output over the next three years as it brings newer fields in production.

Cox & Kings Ltd: The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 1345.172 mn for the quarter ended June 30, 2015 as compared to Rs. 1280.943 mn for the quarter ended June 30, 2014.

Eicher Motor: Eicher Polaris Pvt Ltd, a 50:50 joint venture between Eicher Motors and Polaris Industries plan to expand its market for Multix, a personal utility vehicle (PUV), nation-wide by mid 2017, and also look at exports to India-like markets in future.

Gujarat State Petronet Ltd: The company has posted a net profit of Rs. 1127.610 mn for the quarter ended June 30, 2015 as compared to Rs. 849.977 mn for the quarter ended June 30, 2014.

PNB: The bank has paid Rs. 366.32 crore dividend to government for the fiscal ended March 31.

DB Realty: The company posted consolidated net loss at Rs. 1.89 crore for the quarter ending June 2015.The Income from operations of the group increased to Rs. 62.71 crore in the April-June quarter.

NMDC: The company may soon secure 3,000-acre land in Jharkhand's West Singhbhum district for its proposed 6 million tonne steel plant, as per media reports.

Divis Laboratories Ltd: The pharma company has posted a net profit of Rs. 2,431.80 mn for the quarter ended June 30, 2015 as compared to Rs. 1,679.30 mn for the quarter ended June 30, 2014.

United Spirits Ltd: The company plans to revamp 15 'power' brands including McDowell's No 1, Antiquity and Signature as it increasingly focuses on selling premium products to consumers.

Mukta Arts: Foxconn tied up with Mukta Arts' subsidiary WhistlingWoods International (WWI) over the weekend for co-creation of content. Mukta Arts promoter and filmmaker Subhash Ghai reportedly said that there are many possibilities for the tie-up and that Foxconn may look at taking stake in either Mukta Arts or WWI.

UCO Bank: The bank has posted a net profit of Rs. 256.7crore for the quarter ended June 30, 2015 as compared to Rs. 521.4 crore for the quarter ended June 30, 2014. Total Income has decreased from Rs. 5,395.2 crore for the quarter ended June 30, 2014 to Rs. 5,169.1 crore for the quarter ended June 30, 2015.

Nestle India: Five more samples of instant snack Maggi have failed tests at a laboratory here as they contained lead content beyond the permissible limit.

Jaiprakash Associates Ltd: The company has posted a net loss of Rs. 4649.90 million for the quarter ended June 30, 2015 as compared to net loss of Rs. 806.10 million for the quarter ended June 30, 2014.

Sasken Communication Technologies: The Rs. 108-crore buyback offer from Sasken Communication Technologies will begin on Monday. The buyback proposal will be through tender offer route. The offer will close on August 24 the company has decided to buy-back 41.57 lakh equity shares, representing 19.48% of total paid-up equity share capital of the company, at a price of 260 a piece.

VA Tech Wabag Ltd: The company has posted a net loss after taxes, minority interest and share of profit /(loss) from associates of Rs. 98.80 mn for the quarter ended June 30, 2015 as compared to Net Profit of Rs. 101.70 mn for the quarter ended June 30, 2014. 

Sobha Developers: The real estate firm has reported 21% drop in the first quarter profit for the fiscal year 2016 at Rs 45 crore primarily on account of higher overheads.

JK Tyre Ltd:The company is set to buy the Uttarakhand tyre unit of BK Birla flagship Kesoram Industries for an enterprise valuation of Rs. 2,000-2,200 crore.

MRPL: The company posted a net profit of Rs. 406 crore in the first quarter of 2015-16 as against a loss of Rs. 36 crore during the corresponding previous quarter. 

Top corporate news of the day- August 10, 2015

Mahindra and Mahindra will launch more products in the October-March period of this fiscal to fight volatility in the sector, its chairman Anand Mahindra said.

Mahindra and Mahindra will launch more products in the October-March period of this fiscal to fight volatility in the sector, its chairman Anand Mahindra said.

Thomas Cook India said it will acquire rival Kuoni group's business in India and Hong Kong for Rs5.35bn. 

Eicher Polaris Pvt Ltd, a 50:50 joint venture between Eicher Motors and Polaris Industries, is planning to expand its market for Multix, a personal utility vehicle (PUV), nation-wide by mid 2017, and also look at exports to India-like markets in future. 

Infosys announced it would start construction of its 25,000 seat Mohali facility within one month and complete the first stage of the project within 18 months. 

The government has imposed penalty of Rs. 108 mn on telecom operators for exceeding the prescribed limit for radiation from mobile towers, Parliament was informed. According to the statement, the maximum penalty of Rs. 21.5 mn was imposed on Bharti Airtel followed by Rs. 18mn on Vodafone, Rs. 16.5mn on Reliance and Rs. 14.5mn on Tata Teleservices. 

United Spirits Ltd, majority owned by Diageo plans to revamp 15 'power' brands including McDowell's No 1, Antiquity and Signature as it increasingly focuses on selling premium products to consumers. 

State-run BHEL said it has commissioned a 500 MW Unit of NTPC's Vindhyachal Super Thermal Power Station in Madhya Pradesh. 

Five more samples of instant snack Nestle’s Maggi have failed tests at a laboratory here as they contained lead content beyond the permissible limit. 

After arresting a seven-year decline in crude oil production, state-owned Oil and Natural Gas Corp (ONGC) will see an 11% rise in output over the next three years as it brings newer fields in production. 

Lupin said it has opened a research and development centre for inhalation products in Florida, the US. 

Coal India to spend Rs.10,600 crore capex in FY16

For FY16, the company has earmarked Rs.5,990 crore for ramping up capacity and starting new projects, which will help it to achieve a production target of 1 billion tonnes by 2020.

Coal India will spend Rs.10,600 crore in FY16 on augmenting its production capacity and ramping up infrastructure, according to its annual report. India's largest coal producer has also set aside INR 500 crore for its Mozambique project, although this fund may not be spent in the current fiscal year.

In FY15, Coal India had spent Rs.5,173 crore on projects as against a targeted investment of INR 5,225 crore. For FY16, the company has earmarked Rs.5,990 crore for ramping up capacity and starting new projects, which will help it to achieve a production target of 1 billion tonnes by 2020.

Coal India has also proposed an investment of ~Rs.4,150 crore on infrastructure projects this fiscal year, including railway infrastructure, which will ensure coal evacuation from areas not easily accessible.