Index Trends And Stocks In Action November 13, 2014

The Indian market continues to edge higher as investors and traders betting on more reforms announcement from government. Sensex closed above the 28,000 milestone for first time ever. Nifty on daily chart continue to consolidate for the 5th trading session in row. However today’s closing will favor the bulls as market has managed to pierce the supply zone of 8380. Now going forward its likely nifty will scale up to levels of 8430 and next level would be 8460. On down side 8350 would act as a support level and next support around 8300 levels.

Siyaram Silk Mills (BSE Code: 503811) reported 18.9% increase in net profit at Rs 22 crore for the second quarter ended September 30, 2014. Its net sales in Q2 of the current fiscal were Rs 398 crore, increase 17.6%, compared to Rs 338.5 crore in the year ago period. The stock may remain in focus in today’s trade.

Jammu & Kashmir Bank (BSE Code: 532209) has reported a 43% decline in its net profit at Rs 172.30 crore for the second quarter ended September 30 due to higher provisioning towards bad loans. The bank had reported a net profit of Rs 302.66 crore in the corresponding July-September quarter in the previous fiscal. On the asset quality, bank's gross NPAs rose to 4.73% of total advances in Q2 of FY15, from 1.69% in the year-ago period. Net NPAs went up to 2.46% from 0.19% a year ago. The stock may trade with a negative bias in today’s trade.

Bharat Petroleum Corp (BSE Code: 500547) reported a 50% drop at Rs 464.20 crore in Q2 FY15 from Rs 931.13 crore in Q2 FY14 due to refining margin dipped on slumping international oil prices. The company earned USD 2.36 on turning every barrel of crude oil into product as opposed to a gross refining margin of USD 4.38 per barrel last year. Turnover was marginally higher at Rs 62,025.16 crore in the second quarter as compared to Rs 61,784.51 crore in the same period a year ago. The stock may remain in focus in today’s trade.

Tata Steel (BSE Code: 500470) reported 37% YoY increase in net profit number to Rs 1,254 crore for the quarter ended September 30, helped by one-time gain of Rs 1,147 crore. The steel major reported a consolidated net profit of Rs 917 crore in the corresponding quarter of last fiscal. Tata Steel reported net sales of Rs 35,503 crore for the second quarter of the current fiscal, down 2 per cent YoY as compared to Rs 36,369 crore reported in the year-ago period. The stock may remain in focus in today’s trade.