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Expect rupee to trade in 60.80-61.50/USD range
Ashutosh Raina of HDFC Bank said,
"Markets await the outcome of the crucial 2-day FOMC meet and the Scottish referendum.” “We had poor IIP and CPI data but a better than expected WPI also failed to cheer the markets. Expect the rupee to trade in a narrow range of 60.80-61.50/dollar till the outcome of the FOMC meeting,” he added.
INDIAN BENCHMARKS end at Record High… Nifty closes above 8100
INDIAN EQUITY BENCHMARKS record
high as software exporters such as Infosys rallied after strong US
manufacturing and construction data, while continued foreign buying and falling
oil prices also helped.
·
Bharti Airtel was up 3% after the
company said its arm signed an agreement to acquire over 2.7 million
subscribers of yuMobile.
·
Further, Shares of Tata Motors gained
nearly 3%, after a slew of rating upgrades. Morgan Stanley upgrades the stock
to Overweight from Equal-weight.
The crucial resistance for Nifty is now seen at 8140
and above this 8165. Support for the immediate term is now placed at
8090 and next support will be 8040.
TOP CORPORATE NEWS 06 AUGUST 2014
·
Apollo Tyres Q1 net profit jumps
37%, EBITDA disappoints
Apollo Tyres
disappointed with operational performance. Net profit grew by 37.4 percent to
Rs 228 crore in the quarter ended June 2014 aided by other income. Profit in
the year-ago period was Rs 165.9 crore.
·
Amara Raja Batteries Q1 net up 8%
on strong revenue growth
Amara Raja
Batteries reporting a 8.3 percent growth in profit after tax at Rs 106 crore in
April-June quarter of current financial year 2014-15 driven by higher sales
growth despite higher depreciation cost. Profit in the year-ago period was Rs
97.8 crore.
·
Adani Ports Q1 net profit jumps
36% at Rs 568 cr
Adani Ports Q1FY15
(April-June) consolidated net profit jumped 36 percent at Rs 568 crore versus
Rs 417.5 crore in a year ago period. The consolidated total income was down
14.6 percent at Rs 1,261.6 crore versus Rs 1,478.4 crore, Y-o-Y.
·
IDBI Bank Q1 profit falls 66% on
lower other income, NII
IDBI
Bank reported net profit in April-June (Q1FY15) quarter plunged 66
percent to Rs 105 crore on account of lower other income and net interest
income but supported by lower provisions. Profit in the year-ago period was Rs
307 crore.
