COMMODITY MARKET STRATEGY 28 August 2014

BASE METAL WRAP: Copper traded near the lowest in almost a week after China reported industrial profit growth slowed and before economic expansion data today from the U.S.

ENERGY WRAP: Gasoline fell after a government report showed U.S. output rose before the Labor Day holiday that marks the end of the country’s peak-demand driving season. West Texas Intermediate crude settled little changed.

PRECIOUS METAL WRAP: Gold futures dropped for the second time in three days on signs of waning investor demand for the metal as an alternative asset.

                                             

GLOBAL EVENTS TO WATCH: Private Capital Expenditure q/q, German Prelim CPI m/m, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Pending Home Sales m/m, Natural Gas Storage.

MORNING MAIL TODAY open trading session on a positive note.

INDIAN BENCHMARK open trading session on a positive note with Nifty touching fresh record high despite mixed global cues.

FURTHER, Shares of Ranbaxy Laboratories rose nearly 2%, on reports that UBS has maintained buy rating on the stock with a target price of Rs784 per share. Adani Group plans to sign a pact (MoU) with the Odisha government soon for setting up of a 2,500 Mw rejected coal based power plant in Angul district.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Friday while the DIIs were net sellers of Rs. 183cr, as per the provisional figures released by the NSE.

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TOP CORPORATE NEWS 23 JULY 2014

·        YES Bank Q1 profit up 10% to Rs 439.5 cr, misses forecast

YES Bank first quarter (April-June) net profit rising 9.7 percent on yearly basis to Rs 439.5 crore despite fall in provisions. Lower other income and higher operating expenses impacted bottom line.

·        Polaris Q1 profit slips 15.6% to Rs 38.3 cr

Polaris Financial Technology  disappointed the street by reporting a consolidated net profit at Rs 38.3 crore in April-June quarter, down 15.6 percent compared to Rs 45.4 crore in previous quarter due to fall in revenues and higher tax cost.

·        NIIT Q1 FY15 net profit at Rs. 60 lakh

NIIT Ltd reported its results for the first quarter ended June 30, 2014. In this quarter, the company recorded Net Revenue of Rs 225.3 Cr with a PAT of Rs 0.6 Cr. EBITDA was recorded at Rs 12.8 Cr, up 23% YoY, and the Operating margin stood at 6% up 101 bps YoY.

·        KPIT Tech slumps after poor Q1 results

KPIT Technologies slumped 6.76% after consolidated net profit fell 17.13% to Rs 50.80 crore on 1.5% decline in revenue to Rs 689.70 crore in Q1 June 2014 over Q4 March 2014.

TOP CORPORATE NEWS

• Asian Paints Q1 profit rises 23% on strong revenue, EBITDA

Asian Paints reported slightly better-than-expected earnings on top line as well as bottom line fronts while operational performance was very strong led by increase in product prices despite higher raw material cost. Consolidated net profit grew 23.2 percent on yearly basis to Rs 338.7 crore on total income of Rs 3,362 crore.

• Ceat skids post June quarter results

Ceat has falling nearly 12% after reporting 21% year on year decline in consolidated net profit at Rs 52 crore for the first quarter ended June 30, 2014, due to higher expenditure.

• Axis Bank Q1 profit rises 18%, asset quality disappoints

Axis Bank reported a 18.3 percent growth in net profit at Rs 1,667 crore for the quarter ended June 2014 compared to Rs 1,703 crore in same quarter last year, which was lower than expectations of 21 percent growth due to lower other income and higher operating expenses despite significant fall in provisions.

• Hexaware Tech Q1 PAT at Rs765mn

Hexaware Technologies Ltd has posted results for the first quarter ended 30th June, 2014. The net profit for the quarter stood at Rs765mn. The net sales stood at Rs610crore for Q1. EBITDA margin for the quarter was 16.7%. EBIT margin at 14.9%.

TOP CORPORATE NEWS

·        HDFC Q1 profit beats forecast, jumps 14.7% to Rs 1,345 cr

HDFC reported a 14.7 percent growth, in first quarter net profit at Rs 1,345 crore compared to Rs 1,173 crore in same quarter last year.

·        Canara Bank Q1 profit rises 1.9%, asset quality weakens

Canara Bank first quarter (April-June) net profit grew 1.9 percent, lower than expected, to Rs 807 crore on account of lower other income during the quarter despite fall in provisions. Its asset quality performance weakened on sequential basis.

·        R Power drops amid volatility after Q1 results

Reliance Power lost 0.62% after consolidated net profit rose 1.66% to Rs 244 crore on 56.09% growth in operating revenue to Rs 1753 crore in Q1 June 2014 over Q1 June 2013.

·        HDFC Bank Q1 net misses forecast, rises 21% to Rs 2,233 cr

HDFC Bank reported a profit after tax of Rs 2,233 crore in April-June quarter, a growth of 21 percent compared to Rs 1,844 crore in same quarter last year. Profitability of the bank was lower than street estimates due to higher provisioning and lower other income.

TOP CORPORATE NEWS

•    Zee Entertainment Q1 net falls 6%, OPM beats estimates

Zee Entertainment Enterprise has reported a 6 percent fall in its first quarter (April-June) consolidated net profit at Rs 211 crore compared to Rs 224.6 crore in the year-ago period.

•    Tata Elxsi Q1 net profit rises 133% at Rs 20.8 cr

Tata Elxsi  first quarter (April-June) consolidated net profit jumped 133 percent to Rs 20.8 crore compared to Rs 8.9 crore in the year-ago period. Net sales of the company increased to Rs 190.7 crore as against Rs 173.2 crore during the same period.

•    TCS Q1 beats estimates, net at Rs 5057cr, $ revenue up 5.5%

Tata Consultancy Services reported the first quarter (April-June) consolidated net profit at Rs 5,057 crore, Net profit in March quarter was Rs 5,296.7 crore.

•    Rallis India consolidated Jun '14 sales at Rs 468.54 crore

Rallis India has reported a consolidated sales turnover of Rs 468.54 crore and a net profit of Rs 36.98 crore for the quarter ended Jun '14. Other income for the quarter was Rs 3.14 crore.

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TOP CORPORATE NEWS 17 JULY 2014

·        Crompton Greaves gains over 10% on demerger plan of consumer products biz

Crompton Greaves has surged 12% after the company’s board proposed to demerge its consumer products business unit into a separate listed company.

·        Mindtree Q1 PAT at Rs129 crore

Mindtree Ltd has posted results for the first quarter ended 30th June, 2014.The net profit for the quarter stood at Rs129 crore. The net sales for the quarter stood at Rs843.5 crores.

·        Hindalco Industries hits 52-week high

Hindalco Industries rose 2.42% with the stock extending Wednesday's gains triggered by a foreign brokerage upgrading the stock to buy from underperform.

·        Bajaj Auto Q1 net at Rs 740cr, operating profit margin weak

Bajaj Auto disappointed with the first quarter (April-June) results, net profit rising marginally to Rs 740 crore compared to Rs 737.7 crore in same quarter last year, dented by weak operational performance and higher depreciation charge.