Indian stock market crashed on sell off in heavy weights over the last two hours of trade. The crash seems to have been triggered by a greater than expected rate hike of 0.5% announced by the RBI. Stocks from the realty and banking space are the biggest losers while stocks from the consumer durables and IT space have lost the least.
The BSE-Sensex is trading down by 260 points while NSE-Nifty is trading 82 points below the dotted line. BSE-Midcap index is down by 0.7% while BSE-Small cap index is trading 0.4% below yesterday's closing. The rupee is trading at 44.27 to the US dollar.
Energy stocks are trading weak led by MRPL and Essar Oil. Reliance Industry Limited (RIL) released its 1QFY12 results. The company's top line grew by 37.2% YoY to stand at Rs 836.8 bn. This growth was on account of higher prices and volume growth. While higher prices accounted for 32.7% of top line growth, higher volumes accounted for the balance 4.5%. On the other hand, bottom line grew slower than top line during the quarter. Net profits for the quarter rose 16.7% YoY to stand at Rs 56.6 bn. This was on account of fall in gas output. For the quarter, RIL's gross refining margin stood at US$ 10.3 per barrel as against US $7.3 per barrel in the corresponding period last year.
Engineering stocks are trading weak. Key losers include Jyoti Structures and Crompton Greaves. As per a leading financial daily, Larsen and Toubro has bid for Rs 10.25 bn Tamil Nadu- Karnataka power link along with 17 others including the likes of Reliance Power, Adani Power, GMR Energy, Sterlite Energy etc. A few foreign companies have also put in their bids for this project. Power Finance Corporation is looking after the bidding process of the build-own-operate project. The project is about laying two high capacity 250 km transmission lines to connect Nagapattinam with Madhugiri in Karnataka.
It is interesting to note here that the government has revised the bidding norms some time ago. Earlier a bidder needed to have experience in setting up an infrastructure project of one-fifth size of the transmission project. But, now the requirement is that the bidder should have set up a project worth the same amount. The government has identified a few more such transmission projects that will be awarded to private companies in future.
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GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.
GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).
STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).
JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..
JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .
BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.
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