9:55
am Buzzing: Shares of KPIT Technologies
tanked 20 percent intraday, hitting lower circuit at Rs 124.05 per share on
poor March quarter results. Its disappointing Q4FY1 earnings were dragged by
revenue de-growth and a sharp drop in margins. Revenue de-growth was led by the
US, manufacturing, energy & utilities, IES and SAP SBU, says
ICICIdirect.com.
Also,
what led to the drag is management’s mis-matched outlook. In March, the
management had indicated that dollar revenue in January-March quarter to be
flat quarter-on-quarter due to cross currency but it reported a 3.5 percent
decline in the period. KPIT Technologies' Q4FY15 result was bleak, with
revenues declining 3.2 percent Q-o-Q to USD 122 million
Antique
has downgraded the stock to sell with a target price of Rs 113 per share.
9:40
am Market check: The Sensex is up 15.04 points at
27411.42 and the Nifty is up 0.05 points at 8285.65. About 1015 shares
have advanced, 463 shares declined, and 113 shares are unchanged.
Axis
Bank, Sun Pharma, ICICI Bank, Tata Steel and HUL are top gainers while Vedanta,
ITC, TCS, Infosys and Tata Motors are laggards in the Sensex.
9:30
am FII view: Geoffrey Dennis, Head-Global
Emerging Market Strategy at UBS expects the US Fed to start raising rates in
September. He remains invested in emerging markets and feels the India story
stays intact in long-term. However, he sees some profit-taking. According to
Dennis, India is unlikely to give 35 percent returns as other countries like
Korea and China are attracting some money out of the country. He, however,
advises Indian investors to put money into market now and expects a 10-15
percent upside in the market by 2015-end.
Don't
miss: HDFC Q4 profit seen up 7.2%, NII may grow 16.5%: Poll
The
market has once again opened in negative terrain. The Sensex is down 39.55
points at 27356.83 and the Nifty is down 10.80 points at 8274.80. About 309
shares have advanced, 121 shares declined, and 77 shares are unchanged.
Sun
Pharma, Maruti, Wipro, Bajaj Auto and ICICI Bank are top gainers in the Sensex.
Among the losers are Bharti Airtel, HUL, Vedanta, Cipla and Tata Motors.
Bharti
Airtel's earnings disappointed after profits and revenues missed estimates. The
Indian operations of the company remain steady while Africa continues to drag.
The
Indian rupee opened marginally lower at 63.22 per dollar against 63.15 Tuesday.
The dollar dropped to an eight-week low after a weak US consumer confidence
report, with investors cautious about a Federal Reserve meeting.
Himanshu
Arora of Religare said, "The USD-INR pair is expected to trade lower today
on expectations that Greece will reach a bailout agreement soon. Improved risk
appetite along with surging equities may dampen demand of dollar. Further,
World Bank's statement that India is less vulnerable now than it was in 2013,
may also support the rupee in the short term.”
Among
global markets, US markets close mixed as investors digested the raft of
earnings and awaited the Federal Reserve's statement due later today.
In
Europe, equities closed lower as investors took a breather from a stellar rally
in the previous session and looked ahead to meeting by the US Federal reserve
policymakers.
Among
commodities, Brent crude prices hovered near USD 64 per barrel on expectations
that US crude stockpiles could be at record highs for the 16th consecutive
week. Gold prices rise to USD 1210 an ounce on soft dollar. For more information
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