Sensex up 73 pts,HUL surges 3.7%

The 30-share barometer,which lost over 401 pts in past two sessions,recovered by 72.77 pts.

Written by Agencies | New Delhi | Published: July 24, 2012 9:00:22 am

The BSE benchmark Sensex recovered by nearly 73 points in early trade today after recent losses on emergence of buying by funds and retail investors at prevailing levels amid strong first quarter earnings announced by Hindustan Unilever.

Covering-up of short positions by speculators,too,helped stocks to recover part of lost grounds.

The 30-share barometer,which had lost over 401 points in the past two sessions,recovered by 72.77 points,or 0.43 per cent,to 16,950.12 points with all the sectoral indices led by FMCG and oil and gas,were trading in positive zone with gains up to 0.56 per cent.

The wide-based National Stock Exchange index Nifty also moved up by 15.50 points,or 0.30 per cent,to 5,133.45.

Shares of Hindustan Unilever,country’s largest consumer goods maker,surged 3.70 per cent to Rs 459.25.

Brokers said emergence of buying by funds as well as retail investors at existing levels after Hidnustan Uniliver posted over two-fold jump in its net earnings for the quarter ended June 30,2012 mainly boosted the sentiment.

They said,however,a weak trend in overseas markets on renewed euro zone sovereign debt concerns that Spain was headed for a full state bailout,restricted the gains.

In the Asian region,the Japan’s Nikkei fell by 0.20 per cent,while opening on the Hong Kong’s Hang stock market delayed due to Typhoon Vicente lashing the city. The US Dow Jones Industrial Average ended 0.79 per cent down in yesterday’s trade.

STOCKS/PRE-OPEN: Stocks to watch


* The Nifty futures in Singapore Exchange rose 0.2 percent,while the MSCI Asia-Pacific index excluding Japanfell 0.1 percent.

* U.S. stocks fell for a second straight session on Monday,as Spain appeared closer to needing a national bailout and poor corporate results weighed on the market.

* Asian shares were capped on Tuesday after the previous day’s deep losses as a surge in Spain’s borrowing costs,to levels seen as unsustainable,triggered alarms indebted regions could push the euro zone’s fourth-largest economy to seek a bailout.


* Lupin Ltd,India’s No 4 drugmaker by sales,will announce its April-June numbers. Analysts expect the drugmaker to report strong numbers on robust U.S. sales and a weaker rupee. (0730 GMT)

* Ashok Leyland,India’s second-largest truck and bus maker,releases its fiscal Q1 results.

* Other earnings on Tuesday: Jindal Steel & Power,LIC Housing Finance,Sesa Goa and Canara Bank.

* An Indian ministerial panel meets Tuesday afternoon to discuss airwave prices. The panel has been asked to give its recommendations on starting price for bidding in an auction as well as a proposal to levy a one-time fee on existing airwave holding by carriers.



* Wipro Ltd,India’s No. 3 software services exporter, reported an 18 percent rise in quarterly net profit,meeting expectations,as customers outsourced more work to the company to cut their operational expenses.

* Hindustan Unilever,India’s largest consumer goods maker,warned of challenges from a deficient monsoon,persistent inflation and currency volatility when it reported a doubling of quarterly profit on Monday.

* Idea Cellular,India’s third-biggest mobile phone carrier by revenue,said a squeeze on margins held back a rise in profit below expectations and forecast sector growth would be muted in the first half of the year.

* Cairn India said April-June net profit rose 40.3 percent to 38.26 billion rupees.

* Tata Global Beverages Ltd said April-June net profit fell 51.7 percent to 776.9 million rupees.

* Merck’s India unit said April-June net profit rose 14.4 percent to 201.5 million rupees.

* JK Paper Ltd said April-June net profit fell 41.7 percent to 141.4 million rupees.

* Rallis India said April-June net profit fell 6.8 percent to 154.4 million rupees.

Stocks More on Merck

Company INFO More on Lupin


* Aditya Birla Group has sweetened a takeover offer for Australia’s Northern Iron by about 4 percent to A$518 million ($532 million),two months after an earlier attempt was rebuffed.

* Canada’s CIC Energy Corp said it received an all-cash offer from India’s Jindal Steel & Power for C$2 per share,valuing the company’s equity at C$116 million ($114 million).

* Indian Oil Corp will raise gasoline prices from Tuesday by 70 paise (0.01 U.S. cents) per litre,excluding taxes,a statement from the country’s biggest fuel retailer said.

* India’s crucial monsoon rains are now expected to be below average,the government said on Monday,turning to contingency plans as rainfall has been about a fifth below normal so far and recent rains have not been enough to ease concerns.


* India has decided to stop giving a detailed break-down of industrial output data,something that has been the norm for years,as the sub-sectors are already provided by other government departments,according to officials.

* India is mulling measures to remove irritants for foreign portfolio investors,including flexibility in the collateral that they have to bring to trade in the domestic market, according to a senior government official.

At present,entire collateral has to be in cash,locking up significant funds of overseas investors.

* India has received its first investment through the qualified framework investor route. Kotak Mahindra Bank has concluded the deal worth $5 million for a U.S.-based client,said a finance ministry official.

* Carlyle Group may acquire a 49 percent stake in India’s largest mattress maker Kurlon for over 4 billion rupees,said sources directly briefed on the matter.

* Retail investors’ participation in the equity cash market is at a seven-year low,with more and more savings finding their way to properties,gold,risk-free avenues like bank deposits and high-yield debt instruments.

* The government is considering allowing Securities and Exchange Board of India (Sebi) to utilise telephone call records as evidence in insider trading cases.

A senior finance ministry official told a high-level government to discuss the issue of adding SEBI to the list of enforcement and investigating agencies allowed to ask the department of telecommunications for emails and call data records from service providers.


* Maruti Suzuki may dismiss a large number of workers at its troubled Manesar factory as the company has decided to have a zero-tolerance policy against those involved in last week’s violent clashes,a top official of the company said.

* In a move to fast-track the investigation,the Haryana government on Monday announced the appointment of a special prosecutor to frame criminal cases against those identified in connection with the violence at Maruti Suzuki’s Manesar plant.

* Bajaj Auto is launching a third 100 cc bike in October-November and is expected to be priced at around 40,000 rupees.


* Axiata Group,which holds a stake in Idea Cellular,has threatened to drag the Indian government to international arbitration under bilateral investment protection pacts (BIPA),according to a letter sent to government officials.

The Supreme Court’s decision to cancel 13 of Idea Cellular’s licences without compensation and any further actions taken by the Republic of India to execute this decision amount to a clear violation of Axiata’s rights under the Mauritius-India bilateral investment treaty,the company said in its June 6 communication.


* Embattled euro gets no reprieve; China in focus

* Oil falls,pressured by Spain,euro zone worries

Mutual Funds Check for top funds

For all the latest News Archive News, download Indian Express App