Market Roundup
Market plunged after RBI kept its key policy rate unchanged at 8% after Second Quarter Review of Monetary Policy 2012-13 citing high inflation. The market extended losses to hit fresh intraday low in early afternoon trade. Weakness prevailed in late noon trade. BSE Sensex hit its lowest level in more than 5-1/2 weeks. Maruti Suzuki India falters after weak Q2 results but surged in late trade, while Dr. Reddy's Laboratories (DRL) rose after strong Q2 results. Index heavyweight ITC and Reliance dropped. The market breadth was weak. On BSE, 1,801 shares fell and 997 shares rose.
The Key benchmark indices closed in green at the end of the session after witnessing morning volatility. The market sentiment boosted by a survey showing that India's manufacturing growth inched up in October from September's 10-month low, supported by a pick up in new orders and an easing of price pressures. The sentiment also led by auto shares on the back of robust October sales. Mahindra & Mahindra (M&M) hit a record high on strong October sales. Titan Industries jumped on good Q2 results. The market breadth was
Industry and Economy News
The HSBC India Manufacturing Purchasing Managers’ Index (PMI) — a measure of factory production — stood at 52.9 in October slightly up from September, when it was 52.8 - on a 100-point scale. The index has remained above the 50-mark, below which it indicates contraction. The October reading of HSBC PMI points to a further improvement in the health of the manufacturing sector, which witnessed the weakest growth rate in nine months in August.
Corporate News
TVS Motor Company has reported a 4 per cent growth in sales in October, over the same period last year, at 1,90,438 units. Total two-wheeler sales grew 4 per cent to 1,86,376 units. The company recorded a 6 per cent increase in domestic sales at 1,70,273 units.
L&T Construction has won new orders valued at over Rs 1,063 crore across various business segments in October. In the Building and Factories IC, the company has secured new orders worth Rs 323 crore for the construction of an IT campus facility in Pune. In Water and Effluent Treatment Business Unit, L&T Construction has bagged new orders worth Rs 371 crore.
Mahindra & Mahindra reported 28.74% increase in total sales at 53,438 units in October, its highest ever in a month. The company had sold 41,506 units in the same month last year. The company's domestic sales stood at 51,316 units during the month against 39,352 units in October 2011, up 30.4%.
Bata India Ltd reported a net profit of Rs 32.04 crore in the third quarter to September 30 against Rs 30.42 crore in the comparable quarter last year. Sequentially, however, Bata net dipped from Rs 52.65 crore in the Q2. In a note, Bata said that it opened 33 new large format retail stores during the last quarter.
Maruti Suzuki India reported a 85.46 per cent increase in total sales at 1,03,108 units in October. The company had sold 55,595 units in the same month last year. In October, Maruti recorded domestic sales of 96,002 units compared with 51,458 units in the year-ago period, registering a rise of 86.56 per cent.
Jyothy Laboratories Ltd net profit rose by 22.35 per cent to Rs 15.27 crore for the quarter ended September 30, 2012. Net sales rose to Rs 177.82 crore for the September quarter against Rs 154.64 crore in the year-ago period.
Market plunged after RBI kept its key policy rate unchanged at 8% after Second Quarter Review of Monetary Policy 2012-13 citing high inflation. The market extended losses to hit fresh intraday low in early afternoon trade. Weakness prevailed in late noon trade. BSE Sensex hit its lowest level in more than 5-1/2 weeks. Maruti Suzuki India falters after weak Q2 results but surged in late trade, while Dr. Reddy's Laboratories (DRL) rose after strong Q2 results. Index heavyweight ITC and Reliance dropped. The market breadth was weak. On BSE, 1,801 shares fell and 997 shares rose.
The Key benchmark indices closed in green at the end of the session after witnessing morning volatility. The market sentiment boosted by a survey showing that India's manufacturing growth inched up in October from September's 10-month low, supported by a pick up in new orders and an easing of price pressures. The sentiment also led by auto shares on the back of robust October sales. Mahindra & Mahindra (M&M) hit a record high on strong October sales. Titan Industries jumped on good Q2 results. The market breadth was
Industry and Economy News
The HSBC India Manufacturing Purchasing Managers’ Index (PMI) — a measure of factory production — stood at 52.9 in October slightly up from September, when it was 52.8 - on a 100-point scale. The index has remained above the 50-mark, below which it indicates contraction. The October reading of HSBC PMI points to a further improvement in the health of the manufacturing sector, which witnessed the weakest growth rate in nine months in August.
Corporate News
TVS Motor Company has reported a 4 per cent growth in sales in October, over the same period last year, at 1,90,438 units. Total two-wheeler sales grew 4 per cent to 1,86,376 units. The company recorded a 6 per cent increase in domestic sales at 1,70,273 units.
L&T Construction has won new orders valued at over Rs 1,063 crore across various business segments in October. In the Building and Factories IC, the company has secured new orders worth Rs 323 crore for the construction of an IT campus facility in Pune. In Water and Effluent Treatment Business Unit, L&T Construction has bagged new orders worth Rs 371 crore.
Mahindra & Mahindra reported 28.74% increase in total sales at 53,438 units in October, its highest ever in a month. The company had sold 41,506 units in the same month last year. The company's domestic sales stood at 51,316 units during the month against 39,352 units in October 2011, up 30.4%.
Bata India Ltd reported a net profit of Rs 32.04 crore in the third quarter to September 30 against Rs 30.42 crore in the comparable quarter last year. Sequentially, however, Bata net dipped from Rs 52.65 crore in the Q2. In a note, Bata said that it opened 33 new large format retail stores during the last quarter.
Maruti Suzuki India reported a 85.46 per cent increase in total sales at 1,03,108 units in October. The company had sold 55,595 units in the same month last year. In October, Maruti recorded domestic sales of 96,002 units compared with 51,458 units in the year-ago period, registering a rise of 86.56 per cent.
Jyothy Laboratories Ltd net profit rose by 22.35 per cent to Rs 15.27 crore for the quarter ended September 30, 2012. Net sales rose to Rs 177.82 crore for the September quarter against Rs 154.64 crore in the year-ago period.
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