3.30 p.m: Markets recovered from the day’s low with Sensex closing 82 points lower at 17,748 while Nifty closed the day down 30 points at 5381.
IIP data announced during the day, once again highlighted the ground realities. Capital goods sector was the biggest affected posting a negative growth of 16.5 percent, overall IIP saw a 1.8 percent growth.
Tata Steel closed near the high of the day at Rs 475 a gain of 5 percent higher after announcing its results late Thursday evening. Though the company reported a loss, it was on account of a write down of its inventories in Europe. What was encouraging was the prospects from the current quarter onwards which is already witnessing higher prices in the international.
Numeric Power announced a sale of its UPS division, which led the stock to close at the upper circuit at Rs 281.50.
IDFC announced its results during the day, though the profit numbers were in line with market expectation, higher non-performing asset provisioning pulled the stock lower by 3 percent to close at Rs 133.
Numeric Power’s unit sale pulls battery stocks higher
2.30 p.m: Numeric Power announced a sale of its UPS division which has taken the stock 20 percent higher at Rs 281.50. Not only has the shareholders of Numeric Power benefited, other battery manufacturers too are enjoying the attention. HBL power has also hit the upper circuit of Rs 21.65, while Genus Power has gained 11.6 percent to Rs 13.50.
Meanwhile markets have come off the day’s low and presently trades at 17,716 down 115 points while Nifty is down 40 points at 5371.
Tata Steel is up 4.3 percent at Rs 471.60 after the company announced it results, while IDFC trades 3.5 percent lower at Rs 132.90.
Banks fall on IIP data, Sensex down 200 pts
1.15 p.m: Banking stocks are trading lower as IIP data highlights the continual slowing of the economy. ICICI Bank has slipped by 2.18 percent at Rs 920, SBI is down by 1.1 percent to Rs 2160 while Axis Bank is down by 2.2 percent at Rs 1109.50.
Sensex meanwhile has slipped to 17,645 down 185 points, while Nifty is down 64 points to 5348.
European markets have opened over 1 percent lower even as Greece is said to have reached an agreement to increase austerity measures.
IDFC falls 2% on higher NPA, Sensex down 110 pts
12.00 p.m: Markets have slipped after a lag on announcement of IIP numbers which were much lower than market expectation. Sensex trades 110 points lower at 17714 while Nifty trades 40 points lower at 5371.
Tata Steel has come down from the day’s high and presently trades at Rs 470 up 4 percent.
Banking stocks have started falling on fears of higher non-performing assets as the economy shows no signs of improvement. ICICI Bank is down 1.82 percent at Rs 922.35, SBI is down 0.27 percent at Rs 2178.
IDFC trades 2 percent lower after announcement of its results at Rs 134.90. Though profits of the company were in line with market expectation, the company has posted higher non-performing assets, highlighting the stress in infrastructure companies.
Capital Goods IIP declines by 16.5%; mkts unmoved
11.00 a.m: Subhash Ghai’s Mukta Arts has fallen by 9 percent as to Rs 35.30 as High Court cancels land allotment by the Maharashtra state government.
IIP numbers just declared show the sorry state of affair of the economy. Capital Goods posted a -16.5 percent growth while the over growth has been tepid at 1.8 percent in December 2011 against 5.9 in November 2011.
Markets have slipped after the announcement of the numbers with Sensex now trading at 17,841 up 11 points while Nifty trades at 5410 down 2 points.
L&T and Bhel have come down from the day’s high and trade less than a percent higher after announcement of the results.
Tata Steel gains 4% despite an unexpected loss
10.00 a.m: Tata Steel trades 3 percent higher at Rs 465.30 after the company posted an unexpected loss of Rs 687 crore. A large portion of the loss has been on account of inventory write-down of its European unit, adjusted for which the company has posted results mostly in line with market expectation. Importantly the company is likely to benefit in the present quarter as steel prices are rising, while raw material prices has moved marginally lower.
HPCL has moved higher and presently trades 7 percent higher at Rs 308.40 on a sharp jump in its profit.
Mukta Arts trades 8.5 percent lower at Rs 35.40 after Bombay High Court cancelled the land allotted to the company.
Numeric Power gains 20 percent at Rs 281.50 on announcement of sale of its UPS division.
Meanwhile Sensex trades at 17,846 a gain of 16 percent while Nifty trades 1 point higher at 5413.
Markets subdued, HPCL surges 6% on 13-fold jump in profit
9.30 a.m: A subdued US markets and European markets despite the Greek parliament agreeing on further austerity measures has resulted in Indian markets opening flat.
BSE Sensex trades 47 points higher while NSE Nifty trades 9 points higher at 5422.
Tata Steel which surprised the markets with a poor set of numbers trades 2.5 percent higher despite opening lower. The stock trades at Rs 464.
AFP
HPCL trades 6.4 percent higher as the company posted a huge profit while market expected a big loss on account of under recoveries. The stock trades at Rs 305.05. The company’s profit jumped 13 folds to Rs 2725 crore as the company accounted for Rs 6582 crore as payment made by government.
ACC trades 1.35 percent higher at Rs 1408 after the company posted a 85 percent jump in profits.
Gati trades 4.5 percent higher at Rs 47.40 after the company said that it is talks with investors for a 25 percent stake sale.
Tata Motors trades marginally higher after the company said it will be raising car prices. The stock trades at Rs 258.70 up 0.6 percent.