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Ambuja Cements drops after weak Q3 outcome

Capital Market/ 09:29 , Oct 24, 2013

Key benchmark indices reversed small initial fall. The S&P BSE Sensex was up 94.32 points or 0.45%, up 111.22 points from the day's low and off 16.01 points from the day's high. The market breadth, indicating the overall health of the market, was strong.

Bharti Airtel rose after the company said its board of directors has approved the Scheme of Amalgamation of Airtel Broadband Services (formerly known as Wireless Business Services) which is a wholly owned subsidiary with the company. GAIL (India) rose after the company announced after market hours on Wednesday, 23 October 2013 that it has signed a Gas Cooperation Agreement (GCA) for natural gas infrastructure and city gas distribution with the Department of Industries, Government of Bihar. Ambuja Cements dropped after the company after market hours on Wednesday, 23 October 2013, declared weak Q3 result.

Shares of PSU banks gained after the Ministry of Finance after trading hours on Wednesday, 23 October 2013, said that the Government of India (GoI) has approved infusion of a total of Rs 14000 crore in 20 public sector banks (PSBs) during Financial Year 2013-14 through preferential allotment of equity shares. Personal care products maker Emami advanced after the company reported good Q2 result after trading hours on Wednesday, 23 October 2013. Kotak Mahindra Bank rose ahead of its Q2 results today, 24 October 2013. NMDC also gained ahead of its Q2 results today, 24 October 2013.

Foreign institutional investors (FIIs) bought shares worth a net Rs 644.80 crore on Wednesday, 23 October 2013, as per provisional data from the stock exchanges.

At 9:23 IST, the S&P BSE Sensex was up 94.32 points or 0.45% to 20,862.20. The index jumped 110.33 points at the day's high of 20,878.21 in early trade. The index fell 16.90 points at the day's low of 20,750.98 at the onset of the trading session.

The CNX Nifty was up 22.30 points or 0.36% to 6,200.65. The index hit a high of 6,201.25 in intraday trade. The index hit a low of 6,162.60 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 581 shares gained and 207 shares fell. A total of 31 shares were unchanged.

The total turnover on BSE amounted to Rs 123 crore by 09:25 IST.

Among the 30-share Sensex pack, 21 stocks gained and rest of them declined.

Power Grid Corporation of India shed 0.3%. The company's net profit rose 10.06% to Rs 1239.20 crore on 26.57% increase in total income to Rs 4104.43 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 23 October 2013.

Bharti Airtel rose 1.02%. The company before market hours today, 24 October 2013, said that the company's board of directors has approved the Scheme of Amalgamation of Airtel Broadband Services (formerly known as Wireless Business Services) which is a wholly owned subsidiary with the company.

GAIL (India) rose 0.61%. The company announced after market hours on Wednesday, 23 October 2013, that in a landmark development to expand the natural gas footprint in eastern India, GAIL (India) has signed a Gas Cooperation Agreement (GCA) for natural gas infrastructure and city gas distribution with the Department of Industries, Government of Bihar. Under the provisions of the GCA, GAIL and the Bihar Government will evaluate the feasibility for cooperation for the development of the use of eco-friendly fuel, especially natural gas, in the state as well as development of natural gas distribution and city gas infrastructure in identified urban areas and cities after obtaining due authorization from the Petroleum and Natural Gas Regulatory Board (PNGRB).

GAIL (India) is constructing the 2,050 km. Haldia-Jagdishpur pipeline from transmission and distribution of natural gas, of which about 621 km. will pass through 14 districts of Bihar. The mainline of the Haldia Jagdishpur will cover 4 districts of Bihar such as Kaimur, Rohtas, Aurangabad, Gaya and 10 districts for the spur lines. GAIL will explore the possibility of City Gas Distribution in major towns of Bihar along this pipeline route.

GAIL (India) and Industries Department, Bihar will also work towards promotion of joint venture for City Gas Distribution projects for domestic, commercial, industrial and transport sectors with the participation of GAIL or its wholly owned subsidiary GAIL Gas Limited and concerned departments of the Bihar Government, other state agencies or private players.

As per the GCA, Natural Gas Demand Assessment and Preliminary Techno Economic Feasibility Study will be undertaken for evaluation of medium and long term gas demand potential for the state for industrial, commercial, transport and residential sectors; assessment of pipeline infrastructure and associated facilities required for supply of natural gas including optical fibre network; and evaluation of natural gas supply options to Bihar on a long-term and competitive basis.

Ambuja Cements fell 1.86% on weak Q3 results. Net profit fell 45.4% to Rs 166 crore on 7.4% fall in net sales to Rs 2005 crore in Q3 September 2013 over Q3 September 2012. The result was announced after market hours on Wednesday, 23 October 2013.

Ambuja Cements' operating EBITDA (earnings before interest, taxation, depreciation and amortization) declined 48.7% to Rs 268 crore in Q3 September 2013 over Q3 September 2012.

Cement and clinker sales volume rose 2.1% to 4.89 million tonnes in Q3 September 2013 over Q3 September 2012.

Ambuja Cements said that the cement industry is going through subdued demand on account of overall economic slowdown. Lower realisation and higher logistics cost adversely impacted the company's profitability in Q3 September 2013.

Ambuja Cements said that the outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued demand for cement. The company will continue working on improving efficiencies, Ambuja Cements said. The company further added that it has been able to cap its production cost increase to about 4.5% QoQ.

Subsequent to quarter ended 30 September 2013, the company commissioned a bulk packing terminal of 1 million ton capacity at Mangalore in Karnataka.

Shares of PSU banks gained after the Ministry of Finance after trading hours on Wednesday, 23 October 2013, said that the Government of India (GoI) has approved infusion of a total of Rs 14000 crore in 20 public sector banks (PSBs) during Financial Year 2013-14 through preferential allotment of equity shares. The largest capital infusion will be SBI at Rs 2000 crore, followed by Rs 1800 crore each in Central Bank of India and IDBI Bank, Rs 1200 crore in Indian Overseas Bank and Rs 1000 crore in Bank of India. GoI will infuse Rs 550 crore in Bank of Baroda and Rs 500 crore in Punjab National Bank.

State Bank of India (SBI) (up 1.09%), Punjab National Bank (up 1.27%), Bank of Baroda (up 1.67%), Bank of India (up 0.7%) and Union Bank of India (up 1.5%) gained.

Personal care products maker Emami advanced 1.55%. The company after trading hours on Wednesday, 23 October 2013, reported 35.06% growth in consolidated net profit to Rs 79.96 crore on 13.59% growth in total income to Rs 423.17 crore in Q2 September 2013 over Q2 September 2012.

Kotak Mahindra Bank rose 1.08% ahead of its Q2 results today, 24 October 2013.

NMDC gained 1.83% ahead of its Q2 results today, 24 October 2013.

Asian markets were trading lower on Thursday, 24 October 2013, as China's money-market rates continued to surge and after US shares retreated from a record amid disappointing company earnings forecasts. Key benchmark indices in Taiwan, South Korea, Hong Kong, China, Singapore and Japan fell by 0.1% to 0.81%. Indonesia's Jakarta Composite rose 0.15%.

China's manufacturing is extending its rebound into October, according to a preliminary reading of the sector released Thursday from HSBC and Markit, with the results helping ease local stocks off their lows. The “flash” reading of October's China manufacturing Purchasing Managers' Index (PMI) rose to a seven-month high of 50.9, up from September's final reading of 50.2, though it remained just below the Chinese government's own PMI, which hit 51.1 last month. The result also remained above the 50 level, indicating growth rather than contraction.

US stocks closed lower on Wednesday with the S&P 500 falling from a record, as investors assessed mixed results from US corporations, including a disappointment from equipment-maker Caterpillar Inc.

The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.

 



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