We expect Indian markets to open higher on relatively better global cues. U.S. stocks advanced on Monday, with the Dow industrial coming back from a triple-digit deficit, as an upbeat read of the U.S. services sector countered concern about conflict in Ukraine and growth in China.Asian share markets shuffled higher in early trades after promising U.S. economic news helped Wall Street to a firmer finish, though activity was again light with Tokyo still on holiday. FIIs data yesterday was decent as they had bought Rs 86 crs in index futures suggesting they see very limited downside.On Monday, Sensex gained a marginal 41 points to close at 22445. Market was moving in a narrow band for the most part of the day due to few days being left for Union Election results outcome. There was stock specific action in the market. Banking stocks gained after Canara Bank reported better than expected Q4 result and 10-year G-Sec fell to 2-month low at 8.75%.Oil & Gas, Capital Goods and Metal stocks gained. However Pharma and Tech stocks witnessed profit booking. Both Asian and European markets fell by half to one percent due to disappointing Chinese manufacturing data. Oil & Gas stocks were biggest gainers today.
MOVERS & SHAKERS
Canara Bank : Shares in Canara Bank closed higher by 6.49% to Rs 304.20 after the bank said its net non-performing assets, as a percentage of total assets, declined to 1.98% in March quarter from
2.39% in the previous quarter ended December 2013. The bank’s gross non-performing loans as a percentage of total assets too declined to 2.49% from 2.79% in previous quarter.
Ajanta Pharma : Shares in Ajanta Pharma soared 8.47% to Rs 1,060.45 after reporting over two-fold jump in standalone net profit at Rs 70 crore for the quarter ended March 31, 2014, on back of
higher revenues from export. The pharmaceutical company had profit of Rs 27 crore in the same quarter year ago.Revenue from operations grew 32% at Rs 311 crore during the quarter under review against Rs
249 crore in the corresponding quarter of previous fiscal.
Deepak Nitrite : Shares in Deepak Nitrite rallied 5.86% to Rs 563.30 after the company said its board has recommended issuance of bonus shares in the ratio of one bonus share for every one equity share held.The board also approved sub-division of equity share of the company of face value of Rs 10 each into 5 equity shares of face value of Rs 2, Deepak Nitrite said in a statement.Meanwhile, the commodity chemicals maker has reported a 68% year-on-year jump in net profit at Rs 15.86 crore for the quarter ended March 31, 2014, on the back of higher operational income.
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MOVERS & SHAKERS
Canara Bank : Shares in Canara Bank closed higher by 6.49% to Rs 304.20 after the bank said its net non-performing assets, as a percentage of total assets, declined to 1.98% in March quarter from
2.39% in the previous quarter ended December 2013. The bank’s gross non-performing loans as a percentage of total assets too declined to 2.49% from 2.79% in previous quarter.
Ajanta Pharma : Shares in Ajanta Pharma soared 8.47% to Rs 1,060.45 after reporting over two-fold jump in standalone net profit at Rs 70 crore for the quarter ended March 31, 2014, on back of
higher revenues from export. The pharmaceutical company had profit of Rs 27 crore in the same quarter year ago.Revenue from operations grew 32% at Rs 311 crore during the quarter under review against Rs
249 crore in the corresponding quarter of previous fiscal.
Deepak Nitrite : Shares in Deepak Nitrite rallied 5.86% to Rs 563.30 after the company said its board has recommended issuance of bonus shares in the ratio of one bonus share for every one equity share held.The board also approved sub-division of equity share of the company of face value of Rs 10 each into 5 equity shares of face value of Rs 2, Deepak Nitrite said in a statement.Meanwhile, the commodity chemicals maker has reported a 68% year-on-year jump in net profit at Rs 15.86 crore for the quarter ended March 31, 2014, on the back of higher operational income.
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