Market may open flat to marginally lower

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 5 points at the opening bell. Punjab National Bank unveils Q1 result today, 25 July 2014.

Wipro’s consolidated net profit as per International Financial Reporting Standards (IFRS) jumped 30% to Rs 2100 crore on 14% growth in total revenue to Rs 11140 crore in Q1 June 2014 over Q1 June 2013. IT services revenue was $1.74 billion in Q1 June 2014, a sequential increase of 1.2% and year on year (YoY) increase of 9.6%. IT services revenues in rupee terms was Rs 10510 crore in Q1 June 2014, an increase of 18% YoY. IT services earnings before interest and tax (EBIT) was Rs 2400 crore in Q1 June 2014, an increase of 35% YoY. Non-GAAP constant currency IT services revenue in dollar terms was $1.725 billion in Q1 June 2014, which was within the company’s guidance range of $1.715 billion to $1.755 billion. Wipro expects revenue from IT services business to be in the range of $1.77 billion to $1.81 billion in Q2 September 2014.

T K Kurien, Executive Director Chief Executive Officer, Wipro, said that the company continues to win large deals, particularly in the application and infrastructure space. These wins demonstrate confidence of clients in Wipro’s transformational capabilities, he said. Suresh Senapaty, Executive Director Chief Financial Officer, Wipro said that Wipro’s operating margins for Q1 June 2014 was on expected lines, impacted largely due to wage hikes.

Tech Mahindra turns ex-dividend today, 25 July 2014, for dividend of Rs 20 per share for the year ended 31 March 2014.

Ranbaxy Laboratories announced after market hours on Thursday, 24 July 2014, that it has signed a licensing agreement with Cipher Pharmaceuticals Inc. to exclusively market, sell and distribute Cipher’s isotretinoin capsules in Brazil. The agreement extends the current relationship with Cipher, under which Ranbaxy is marketing and distributing Cipher’s isotretinoin product in the United States under the brand Absorica.

Under the terms of the agreement, Cipher will receive an upfront payment and is eligible for additional pre-commercial milestone payments. Cipher will be supplying the product and Ranbaxy will be responsible for gaining regulatory approval of the product in Brazil.

Ranbaxy plans to promote the product through a brand dermatology division in Brazil. The isotretinoin formulation is expected to be a flagship product in Ranbaxy’s dermatology franchise in Brazil, once it achieves regulatory approval.

Cipher’s isotretinoin product is a novel formulation of isotretinoin, which is used in the treatment of severe recalcitrant nodular acne. Isotretinoin is the most effective severe acne therapy available to teenagers who suffer from acne. The product is marketed in the United States by Ranbaxy as Absorica.

Ambuja Cements after market hours on Thursday, 24 July 2014 reported 26.06% rise in net profit to Rs 408.70 crore on 16.61% rise in total income to Rs 2858.14 crore in Q2 June 2014 over Q2 June 2013. Operating earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 12.4% to Rs 588 crore in Q2 June 2014 over Q2 June 2013.

Cement sales, by volume, increased by 7.8% to 5.79 million tonnes in Q2 June 2014 over Q2 June 2013.

In its outlook, Ambuja Cements said that although macro-economic condition remains challenging, construction activity is expected to pick up pace considering favorable announcement in the Union Budget for infrastructure and housing. The company continues to work on improving efficiencies and focus on customer and commercial excellence. The company believes that these initiatives will help to preserve and also improve performance, Ambuja Cements said.

Ambuja Cements’ board of directors at its meeting held on Thursday, 24 July 2014, has approved payment of interim dividend of Rs 1.80 per share.

Glenmark Pharmaceuticals after market hours on Thursday, 24 July 2014 reported 43.65% rise in consolidated net profit to Rs 184.84 crore on 20.04% rise in total income to Rs 1490.40 crore in Q1 June 2014 over Q1 June 2013. Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 38.16% to Rs 342.33 crore in Q1 June 2014 over Q1 June 2013.

We have delivered strong results backed by good performances by our India, Rest of the World, Europe and Latin America (LATAM) businesses. While we outperformed in the Indian Pharmaceutical market with a growth of over 20%; our Rest of the World business led by Russia and LATAM operations bounced back strongly in this quarter with growth rates of over 20% and 30% respectively; said Glenn Saldanha, Chairman MD, Glenmark Pharmaceuticals. We have been making steady progress in our innovation pipeline and now have three first-in-class monoclonal antibodies (mAb) in clinical development. It is encouraging to note that very few companies around the world have three first-in-class mAbs in clinical development. The inauguration of a new monoclonal antibody manufacturing facility in Switzerland was an important development during this quarter which now gives us end-to-end capabilities for the discovery and development of novel monoclonal antibodies; he added.

On a consolidated basis and as per International Generally Accepted Accounting Principles (IGAAP), Bharti Infratel reported 29.41% rise in net profit to Rs 462.80 crore on 6.56% rise in total income to Rs 2959.90 crore in Q1 June 2014 over Q1 June 2013. Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 13% to Rs 1185 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Thursday, 24 July 2014.

Akhil Gupta, Chairman, Bharti Infratel said One of the key focus areas for the industry as well as the Government is internet connectivity across India. Industry expects clear road map for spectrum auctions in all bands, spectrum sharing and trading. All these steps shall accelerate the growth of data networks, users and usage which should result in growing demand for towers and higher sharing by operators. Bharti Infratel with its superior network footprint and service quality standards has the potential to be a major beneficiary of this growth.

The company’s board of directors declared an interim dividend of Rs 4.50 per share.

Zuari Global after market hours on Thursday, 24 July 2014 said that a meeting of the Board of Directors of the company will be held on 30 July 2014, to consider funds raising through issue of equity shares on rights basis.

La Opala RG after market hours on Thursday, 24 July 2014 said that meeting of the Board of Directors of the company will be held on 29 July 2014, to consider the proposal to raise fund by issuance of equity shares on preferential basis.

Brigade Enterprises turns ex-dividend today, 25 July 2014, for dividend of Rs 2 per share for the year ended 31 March 2014.

Graphite India turns ex-dividend today, 25 July 2014, for dividend of Rs 3.50 per share for the year ended 31 March 2014.

Lakshmi Vilas Bank turns ex-dividend today, 25 July 2014, for dividend of Re 1 per share for the year ended 31 March 2014.

National Peroxide turns ex-dividend today, 25 July 2014, for dividend of Rs 15 per share for the year ended 31 March 2014.

The monsoon rains were reportedly 24% above average in the week ended July 23.

The annual monsoon arrived over the southern Kerala coast on June 6, and then covered the entire country on July 17. Rains are vital to India’s farm sector, which accounts for about 14% of the country’s nearly $2 trillion economy. Two-thirds of its 1.2 billion population live in rural areas.

Key benchmark indices edged higher on Thursday, 24 July 2014, as Asian and European stocks rose after preliminary survey showed acceleration in growth in China’s manufacturing sector and improved growth in euro-area manufacturing and services sector this month. The upmove came during the last one and half hour of trade after indices hovered in the red for most part of the trading session. The barometer index, the SP BSE Sensex, and the 50-unit CNX Nifty, both, hit record high on intraday basis as well as on closing basis. The SP BSE Sensex garnered 124.52 points or 0.48% to settle at 26,271.85 on that day, a record closing high.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 282.44 crore on Thursday, 24 July 2014, as per provisional data from the stock exchanges.

Most Asian stocks climbed today, 25 July 2014. Key benchmark indices in Hong Kong, China, Japan and South Korea were up by 0.11% to 0.57%. Key benchmark indices in Indonesia, Singapore and Taiwan fell by 0.2% to 0.8%.

US stocks finished a quiet session mostly flat on Thursday, 24 July 2014, as earnings painted a mixed picture of the economy, though the SP 500 index set another record closing high.

The number of Americans filing applications for unemployment benefits dropped last week to the lowest level in more than eight years, reflecting what could be a pickup in auto making during a typically slow time of year. Jobless claims fell by 19,000 to 284,000 in the week ended July 19, the fewest since February 2006 and lower than forecast, a Labor Department report showed in Washington.

Fewer US new homes than forecast were sold in June and data for the prior month was revised down by a record, painting a troubling picture of a market struggling to gain traction. Sales declined 8.1% to a 406,000 annualized pace, the fewest since March and lower than forecast, Commerce Department figures showed in Washington. That followed a May rate of 442,000.

The International Monetary Fund lowered its outlook for growth yesterday as expansion rates from China to the US weaken and military conflicts from Ukraine to the Middle East raise the risk of a surge in oil prices. The world economy will expand 3.4% in 2014, the IMF said, less than its 3.6% prediction in April and stronger than last year’s 3.2%. Next year, growth will be 4% compared with an April forecast for 3.9%, the fund said.

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