 "SBI, DLF take market higher, Sensex up by 100 points")
• Markets after remaining in a narrow band has moved up on a good all round performance. BSE Sensex was up 106 points at 18,619 while the NSE Nifty was trading higher by 5567 up by 27 points.
[caption id=“attachment_8106” align=“alignleft” width=“380” caption=“SBI is among the top performers. Reuters”]
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• Among the top performer in the index stocks were banks like Hero Honda up by 3.35%, DLF higher by 2.33% and SBI up by 2.01%.
•Tata Motors has moved up by 1.7% on news of a sharp improvement in the financials of Jaguar Land Rover (JLR). JP Morgan has come out with a report on the company on the back of JLR’s 1 billion pound bond issue. The company intends to use the proceeds to refinance its debt and for general corporate purpose. JP Morgan has maintained an ‘Overweight’ rating on the company. Conversion of 1 billion pound preference share into equity shares has improved the debt equity ratio of the company from 6 times in December 2010 to 0.5 times currently. The preference shares are all owned by Tata Motors, thus the company tends to benefit from higher holding in JLR.
•Ranbaxy, which announced its results post trading hours yesterday, is currently trading at Rs 478, up by 6%. The company posted nearly twice the net profit that was expected by the market.
• SBI, moved up to Rs 2684 higher by 2.01% after it announced an interest rate hike of 75 basis points.
• Wipro moved up in the opening trade after it announced the acquisition of a Brazilian unit. It is currently trading near the low of the day at Rs 442, up 1.3%.
• Oracle Financial has been the star performer trading higher by 11% at Rs 2,240. The company posted a net profit of Rs 1111 crore a jump of 43%.
• SKS Microfinance has hit the upperband at Rs 328.50 as the company said that it plans to raise between Rs 4,000 and Rs5,000 crore in 2011-12 and use the funds to move into gold loan segment.
•Market breadth has improved further with 1596 stocks trading higher, 1124 are trading lower while 136 are unchanged.