INDIAN FACE
INDIAN EQUITY BENCHMARK gained for the fifth straight
session to end at five-week highs led by TCS, Tata Motors and
pharma shares. The government will announce GDP figures for
the December 2013 quarter later today.
Further, Dr. Reddy’s Laboratories ended up 2.4%, extending its
previous day’s 2% gain, after the company said it has launched
Sumatriptan Injection USP in the US.
The government has approved 10 % stake sale in Indian Oil
Corporation to state run ONGC and OIL at a discount of 10 %,
which will fetch about Rs 5,300 crore to the exchequer.
GLOBAL FACE
Asian stock markets were lower with the Nikkei also down in
thin trading despite robust economic data coming from Japan.
European stocks mixed to higher as investors were eyeing the
release of highly anticipated euro zone inflation data later in the
trading session.
U.S. stocks markets climbed higher after Federal Reserve Chair
Janet Yellen suggested harsh winter weather may have been the
reason behind a string of disappointing economic indicators
this year.
MARKET TALKS
Arvind gains on JV with a Japanese
firm
Arvind rose 0.97% to Rs 155.85 after the company announced a
joint venture with Goodhill Corporation of Japan by setting up a
Greenfield suits manufacturing facility based out of
Bommansandra Industrial estate in Bengaluru. Arvind's
consolidated net profit surged 35.6% to Rs 102.17 crore on 28%
growth in net sales to Rs 1792.20 crore in Q3 December 2013
over Q3 December 2012.
Jubilant Life up 8% on resolution to
USFDA warning letter
Investors are lapping up shares of Jubilant Life Sciences after the
company announced successful resolution to USFDA warning
letter for Canada's Montreal facility. The stock gained as much as
8 percent. This resolves all issues raised by the FDA on the facility
in February 2013 and subsequent communications.
Bharti Airtel slips after Nigeria fines
for poor service
Bharti Airtel fell 0.19% after Nigeria's telecoms regulator fined the company. The penalties were imposed because the operators
had failed to meet key performance indicators and poor quality of
service for the month of January 2014,
Titan drops on profit booking
Titan Company lost 1.26%, with the stock sliding on profit booking
after recent rally after the firm said it has entered into a joint
venture agreement with a Netherlands firm viz. Montblanc
Services B.V. Titan Company's net profit fell 18.8% to Rs 165.57
crore on 11.1% decline in net sales to Rs 2650.46 crore in Q3
December 2013 over Q3 December 2012.
RIL concerned about D6 gas price
block
Reliance Industries is fearing that it may be compelled to shut
down production from KG-D6 block in the absence of an
agreement on the price of gas. RIL may sign sales agreements
with consumers three weeks before the new price comes into
effect. The existing gas sales and supply agreements expire on
March 31.
