We expect Indian markets on positive note on expectation of revival on economy with the new NDA Govt. led by PM Narinder Modi. The Indian economy grew by 4.7% in 2013-14 the second successive year of sub-5% growth—data released on Friday after market hours showed. However, this will not have any significant effect on markets being discounted. On short term, eye will be on RBI's monetary policy review (due tomorrow) and the result of the monthly surveys on India's manufacturing and services sector for May 2014. Monthly Auto sales numbers will also start trickling in. On further cues, FIIs numbers on Friday were positive as they bought massive Rs 2978 crs in cash markets (even after excluding Kotak Mahindra's block deal of Rs 2200 crs, they were positive to the tune of Rs 778 crs).
MOVERS & SHAKERS
YES Bank: Shares of YES Bank were up 3.56% to Rs 569.45 on Friday as it launched Qualified Institutions Placement (QIP) to raise USD 500 million (Rs 5000 crore). The QIP is priced at Rs 550 per share.
YES Bank: Shares of YES Bank were up 3.56% to Rs 569.45 on Friday as it launched Qualified Institutions Placement (QIP) to raise USD 500 million (Rs 5000 crore). The QIP is priced at Rs 550 per share.
Voltas : Shares in Voltas gained 3.75% to Rs 186.70 after the operating profits for the quarter ended March 31, 2014 was significantly higher by 58% at Rs 123 crores as compared to Rs 78 crores for the corresponding period previous year.
J&K Bank: Shares in J&K Bank crashed 18.42% to Rs 1501.35 on Friday on media reports indicating that the bank has undisclosed amount of Rs 2500 crore as stressed loan.―In its latest balance sheet, three loans amounting to Rs 1100 crore -which by regulatory and prudential norms are non-performing assets (NPAs) - have not been classified and declared so by the Bank.
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