Index Trends And Stocks In Action October 28, 2014
The Indian market opened on positive note and showed initial promise of carrying forward the previous week’s momentum. However as the session progressed, market faced supply on higher level. Sentiment was further hit after FMCG heavyweight HUL came out with lower than expected quarterly earnings. The nifty index look exhausted at higher level and trader’s preferred to book out profits. Now going forward nifty has important support around levels of 7960 and next important support around 7920. On upside nifty needs to close above 8045 for fresh up-move.
Bharti Infratel (BSECode: 534816) reported a 68% jump in consolidated net profit at Rs 465 crore for the quarter ended September 30, 2014 on the back of increased number of tenants on towers. The company had reported a net profit of Rs 277 crore in the corresponding period last financial year. Revenue rose 9% to Rs 2,930 crore for Q2 FY15 as compared to Rs 2,684 crore in Q2 FY14. Consolidated EBITDA improved to Rs. 1,220 crore, up 13% on Y-o-Y, representing an operating margin of 41.6% and consolidated EBIT at Rs. 673 crore, witnessed a 25% Y-o-Y growth. The stock may remain in focus in today’s trade.
Indiabulls Housing Finance (BSE Code: 535789) reported a 21% increase in net profit in Q2 FY15 on increased interest income. The company’s net profit in the second quarter rose to Rs 448 crore from Rs 370 crore a year ago. Net interest income in Q2 FY15 rose 14.3% to Rs 737.4 crore from Rs 645 crore a year ago. Revenue during the quarter was Rs 1,706 crore, compared with Rs 1,474 crore a year ago. The company’s outstanding loans as on 30 September stood at Rs 45,027 crore, up 18% from Rs 38,140 crore last year. Indiabulls Housing Finance also sold loans worth Rs 3,747 crore during this period, higher than Rs 3,093 crore a year ago. Gross non-performing assets (NPAs) as a proportion of total assets remained steady at 0.85% during Q2 FY15, compared with a year ago. Net NPAs dropped to 0.34% from 0.44% a year ago. The stock may remain in focus in today’s trade.
Larsen and Toubro (BSE Code: 500510) bags contract to build 'Statue of Unity' for Rs 2979 cr in four years. Rs 1,347 crore will be spent on the main statue, Rs 235 crore will be spent on the exhibition hall and convention centre, while Rs 83 crore will be spent on the bridge connecting the memorail to the main land and Rs 657 crore would be spent to maintain the structure until 15 years after it is completed. The 182-metre-tall 'Statue of Unity', which would be double the size of New York's 'Statue of Liberty' (93 metres). The stock may remain in focus in today’s trade.