The market fell in opening trade on weak global cues. Rate
sensitive banking and realty stocks lost as a some prominent banks
hiked their lending rates in line with recent tightening of
monetary policy by the Reserve Bank of India. Reliance
Communications (RCom) dipped more than 12% on disappointing Q1
results. Reliance Industries slipped. The market breadth was weak.
At 10:21 IST, the 30-share BSE Sensex was down 213.83 points or
1.494% at 14,141.25. At the day's low of 14,032.87, the Sensex lost
322.88 points in early trade.
The broader based S&P CNX Nifty was down 58.35 points or 1.35% at
4,274.60.
The market breadth was weak on BSE with 640 shares advancing as
compared to 892 that declined. 43 remained unchanged.
Among the 30-member Sensex pack, 24 declined while the rest gained.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) fell 1.05% to Rs 2,183.
Realty stocks fell. India's largest-listed realty firm, DLF
declined 4.31% to Rs 487.35. On Thursday it reported 23% growth in
consolidated net profit to Rs 1864 crore on 23.2% growth in total
revenue to Rs 3846 crore in Q1 June 2008 over Q1 June 2007. Unitech
(down 1.5% to Rs 161) and Indiabulls Real Estate (down 0.91% to Rs
283.95) edged lower.
HDFC Bank (down 2.92% to Rs 1,064) and State Bank of India (down
2.18% to Rs 1,382.20) edged lower.
India's largest private secor bank by net profit ICICI Bank
declined 1.09% to Rs 628. On Thursday it had hiked lending and
deposit rates. The bank has hiked floating reference rate (FRR) for
consumer loans, including home loans, by 75 basis points to 14.25%,
with effect immediate effect. ICICI Bank has raised its benchmark
advance rate by 75 basis points to 17.25%.
ICICI Bank has also raised interest rates on various tenors of
retail fixed deposits by 75 basis points to 100 basis points with
effect from 1 August 2008.
India's largest dedicated mortgage firm by operating income HDFC
fell 2.2% to Rs 2,226.50. On Thursday, 31 July 2008, HDFC said it
has hiked its floating interest rates on home loans for both
existing and new customers with effect from Friday, 1 August 2008.
HDFC has increased its retail prime lending rate (RPLR) on which
its Adjustable Rate Home Loans (ARHL) is benchmarked, by 75 basis
points with effect 1 August 2008. The increase in RPLR will affect
existing borrowers whose loans come up for re-pricing on or after 1
August 2008, it said.
For new home loan customers the ARHL loans will now be priced at a
minimum of 11.75% per annum while the fixed rates will be at 14.00%
per annum, HDFC said.
India's second largest telecom services provider by sales Reliance
Communications fell 12.41% to Rs 438. On Thursday it reported 23.9%
growth in consolidated net profit to Rs 1512 crore on 23.7% growth
in revenue to Rs 5322 crore in Q1 June 2008 over Q1 June 2007. This
is the slowest profit growth for the company in nine quarters.
The world's sixth largest steel maker Tata Steel rose 1.57% to Rs
665.20. On the back of higher prices and strong volume growth, Tata
Steel on Thursday reported 22% growth in net profit to Rs 1488
crore on 46% growth in net sales to Rs 6165 crore in Q1 June 2008
over Q1 June 2007. The company said the profitability was impacted
by an exchange loss of Rs 303.40 crore on its overseas bonds due to
fall in rupee against the dollar.
Reliance Infrastructure (down 1.82% to Rs 947.60), Ranbaxy
Laboratories (down 1.77% to Rs 490.25), Wipro (down 1.44% to Rs
410), ITC (down 1.49% to Rs 185), Maruti Suzuki India (down 1.69%
to Rs 565) edged lower from Sensex pack.
Jaiprakash Associates (up 2.49% to Rs 160.75), NTPC (up 0.91% to Rs
172), Hindalco Industries (up 0.64% to Rs 142) edged higher from
Sensex pack.
TV Today Network fell 4.09% to Rs 101.The board of TV Today Network
on Thursday approved proposal for buyback of shares. The maximum
buyback price has been set at Rs 115. The company has set aside a
maximum Rs 29.30 crore for buyback which is 10% of aggregate of
paid-up equity capital and free reserves of the company as on 31
March, 2008.
National Aluminium Company rose 0.11% to Rs 425.95. National
Aluminium Company (Nalco) on Thursday reported 17.6% growth in net
profit to Rs 525.33 crore on 22.9% growth in total income to Rs
1593.70 crore in Q1 June 2008 over Q1 June 2007.
Nestle India slipped 1.57% to Rs 1,607. Nestle India on Thursday
reported 26.5% growth in net profit to Rs 121.10 crore on 23.5%
growth in net sales to Rs 1035.60 crore in Q2 June 2008 over Q2
June 2007.
Ispat Industries rose 1.34% to Rs 26.40. Ispat Industries on
Thursday reported 243.2% growth in net profit to Rs 28.73 crore on
54.56% growth in total income to Rs 2875.78 crore in Q1 June 2008
over Q1 June 2007.
Mahanagar Telephone Nigam rose 0.96% to Rs 104.80. Net profit of
Mahanagar Telephone Nigam (MTNL) rose 15.15% to Rs 115.20 crore on
6% fall in sales to Rs 1121.65 crore in Q1 June 2008 over Q1 June
2007.
JSW Steel rose 1.44% to Rs 746.80. It will raise prices in August
2008 after an agreed three-month freeze lapses but expects margins
to remain under pressure on soaring input costs and a ceiling on
selling price, Sajjan Jindal, vice chairman and managing director
told a news conference on Thursday.
The company on Thursday reported 53% fall in net profit to Rs
219.35 crore in Q1 June 2008 over Q1 June 2007 due to forex loss of
Rs 362.78 crore on its overseas bonds due to fall in rupee against
the dollar.
Futures & options contracts for July 2008 series which expired
yesterday 31 July 2008, saw poor rollovers. As per reports, Nifty
rollover of positions from July 2008 series to August 2008 series
stood at 65.05% as compared to 70.07% in the previous series. Even
in single stock futures, rollovers were relatively muted at 79.19%
compared to 82.05% in the previous series.
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