Wednesday, August 20, 2014

END SESSION ( 20 / 08 )

Key indices slide on caution ahead of Fed minutes
Key benchmark indices dropped as caution prevailed ahead of the release of minutes from the US Federal Reserve's latest meeting. The barometer index, the S&P BSE Sensex, hit its lowest closing level in almost a week. The Sensex shed 106.38 points or 0.4% to settle at 26,314.29. The market breadth indicating the overall health of the market was positive. Pharma stocks saw across the board gains, with Sun Pharmaceutical Industries, Cipla, Glenmark Pharmaceuticals, Lupin, Cadila Healthcare and Aurobindo Pharma hitting record high and Ranbaxy Laboratories hitting 52-week high. Shares of a number of second line pharma stocks surged.
Index heavyweight and cigarette maker ITC dropped. PSU bank stocks declined. Shares of Oriental Bank of Commerce and Dena Bank dropped after both the banks issued separate clarification regarding misappropriation of funds at Mumbai branch. IT stocks gained on positive economic data in the US. Telecom stocks declined after the Telecom Regulatory Authority of India on Tuesday, 19 August 2014, issued regulations prescribing access charges payable by International Long Distance Operator to the Access Service Provider.
European stocks fell after minutes of Bank of England's latest policy meeting showed two members voted for interest-rate hike. Asian stocks rose after strong US housing data lifted US stocks on Tuesday, 19 August 2014. However, the gains for key indices in Asia were small. Brent crude rose after hitting 14-month low yesterday, 19 August 2014.
After remaining in red almost throughout the trading session, key indices extended losses in late trade. Key indices had slipped into the red shortly after a higher opening triggered by overnight gains in US stocks and lower crude oil prices took the 50-unit CNX Nifty to record high.
The S&P BSE Sensex fell 106.38 points or 0.4% to settle at 26,314.29, its lowest closing level since 14 August 2014. The index fell 143.06 points at the day's low of 26,277.61 in late trade. The index rose 83.85 points at the day's high of 26,504.52 at the onset of the trading session.
The CNX Nifty declined 22.20 points or 0.28% to settle at 7,875.30, its lowest closing level since 18 August 2014. The index hit a low of 7,864.05 in intraday trade. The index hit a high of 7,922.70 in intraday trade, a lifetime high for the index.
The total turnover on BSE amounted to Rs 3107 crore, slightly lower than Rs 3140.59 crore on Tuesday, 19 August 2014.
The market breadth indicating the overall health of the market was positive. On BSE, 1,692 shares gained and 1,285 shares fell. A total of 110 shares were unchanged.
The BSE Mid-Cap index gained 5.48 points or 0.06% to settle at 9,276.34. The BSE Small-Cap index advanced 94.71 points or 0.93% to settle at 10,263.51. Both these indices outperformed the Sensex.
The S&P BSE Capital Goods index (down 0.51%), the S&P BSE Auto index (down 0.56%), the S&P BSE FMCG index (down 0.7%) and the S&P BSE Oil & Gas index (down 1.32%) underperformed the Sensex.
The S&P BSE Healthcare index (up 2.93%), the S&P BSE Power index (up 0.73%), the S&P BSE Realty index (up 0.52%), the S&P BSE IT index (up 0.23%), the S&P BSE Teck index (up 0.1%), the S&P BSE Metal index (down 0.26%), the S&P BSE Bankex (down 0.29%) and the S&P BSE Consumer Durables index (down 0.33%) outperformed the Sensex.
Index heavyweight and cigarette maker ITC dropped 1.25% to Rs 344.55. The stock hit high of Rs 350.50 and low of Rs 344.
Index heavyweight Reliance Industries (RIL) fell 1.3%. RIL during market hours said that the company's investments in the shale gas business are disclosed at the end of every quarter in analyst and media interactions. In the financial year ended 31 March 2014, RIL invested $7 billion in shale gas business. The company said its future investments in the shale gas business will largely depend on the pace of drilling, current and future production rates and commodity prices. The clarification came after a newspaper report on Tuesday, 19 August 2014, indicated that RIL plans to invest $2 billion in its three shale assets in the US.
Pharma stocks saw across the board gains. Lupin gained 2.33% to Rs 1,244.85 after hitting record high of Rs 1,250.80 in intraday trade.
Cipla rose 3.79% to Rs 491.90 after hitting record high of Rs 496.40 in intraday trade.
Sun Pharmaceutical Industries jumped 4.64% to Rs 847.10. The stock hit a record high of Rs 849.95 in intraday trade.
Ranbaxy Laboratories galloped 4.60% to Rs 629.55. The stock hit a 52-week high of Rs 632 in intraday trade.
Aurobindo Pharma rose 3.52% to Rs 794.95. The stock hit a record high of Rs 799.90 in intraday today, 20 August 2014.
Dr Reddy's Laboratories rose 2.23% after a filing with the US Securities and Exchange Commission on Monday, 18 August 2014, showed market share gained in key drugs for the company in the US market. Dr Reddys Laboratories said global generics segment's revenues from North America (the United States and Canada) rose 51% to Rs 1646.80 crore in the three months ended 30 June 2014 over the three months ended 30 June 2013. In US dollar absolute currency terms (i.e., US dollars without taking into account the effect of currency exchange rates), such revenues increased by 43% in the three months ended 30 June 2014 as compared to the three months ended 30 June 2013.
This growth was largely attributable to revenues from new products launched between 1 July 2013 and 30 June 2014, such as decitabine, azacitidine and divalproex sodium ER; and gain in market shares of existing products, such as metoprolol succinate, fexofenadine, atorvastatin and ziprasidone.
The company said its global generics segment's revenues from Russia for the three months ended 30 June 2014 were Rs 419.80 crore, an increase of 15% as compared to the three months ended 30 June 2013.
The company's global generics segment's revenues from 'Rest of the World' markets were Rs 221.60 crore for the three months ended 30 June 2014, an increase of 50% as compared to the three months ended 30 June 2013. The growth was primarily attributable to sales volume growth in Venezuela and new products launched between 1 July 2013 and 30 June 2014.
The company's global generics segment's revenues from Europe were Rs 145.90 crore for the three months ended 30 June 2014, a decline of 7% as compared to the three months ended 30 June 2013. Revenues have declined primarily on account of reduced sales in Germany, which was mainly due to the company's reduced participation in the competitive bidding tenders sponsored by statutory health insurance funds and other health insurance providers.
Glenmark Pharmaceuticals rose 1.04% to Rs 726.90 after a wholly owned subsidiary announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302. The stock hit record high of Rs 749.05 in intraday trade. The announcement was made before market hours today, 20 August 2014. Glenmark Pharmaceuticals S.A. (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals (GPL), announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 bispecific antibody. GBR 1302 was discovered and developed by the Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland. GBR 1302 is based on Glenmark's innovative BEAT antibody technology platform which facilitates the efficient development and manufacture of antibodies with dual specificities, so-called bispecific antibodies. GBR 1302 is the first clinical development candidate based on the BEAT technology. Glenmark expects to obtain approval for the initiation of clinical studies during this financial year.
Cadila Healthcare rose 1.17% to Rs 1,206 after scaling a record high of Rs 1,239 in intraday trade. Cadila Healthcare during market hours said that the company has received the final approval from the US Food and Drug Administration (USFDA) to market Acyclovir tablets in the strengths of 400 mg and 800 mg. The drug falls under the anti-viral segment, Cadila Healthcare said. Sales of Acyclovir Tablets are estimated at $55.8 million in the United States in 2014, as per IMS. Cadila Healthcare now has 95 approvals and has so far filed 249 Abbreviated New Drug Application (ANDAs) since the commencement of the filing process in FY 2003-04, the company said.
Second line pharma stocks also participated in the rally. Indoco Remedies (up 12.35%), Orchid Chemicals & Pharmaceuticals (up 7.54%), Granules (India) (up 5.89%), Alembic Pharmaceuticals (up 6.04%), Shasun Pharmaceuticals (up 13.71%), Dishman Pharmaceuticals & Chemicals (up 2.3%), FDC (up 11.2%), Amrutanjan Healthcare (up 10.85%), Kopran (up 12.01%) and Elder Pharmaceuticals (up 11.43%) surged.
Venus Remedies jumped 5.66% after the company said it received marketing authorisation from Swiss drug authority for anti-cancer drug Gemcitabine. The company made the announcement during trading hours today, 20 August 2014. Venus Remedies said it received its first marketing authorization (MA) in Switzerland from Swiss drug authority (Swissmedic) for Gemcitabine 200 milligram (mg) & 1 gram injection through Venus Pharma GmbH. This market approval of critically important oncology drug Gemcitabine injection will help Venus to strengthen its oncology portfolio. The company is planning to launch this product in early next quarter within this fiscal year to expand its presence in the oncology space. Venus Pharma GmbH the German subsidary will carry out complete analysis of the goods. The product will be launched in Switzerland market by Swiss Pharma GmbH with whom Venus has a marketing tie up, the company said in a statement.
PSU bank stocks declined. State Bank of India (SBI) (down 1.18%), Canara Bank (down 1.29%), Union Bank of India (down 2.33%), Bank of India (down 0.59%), Punjab National Bank (down 0.3%) Syndicate Bank (down 1.22%), Indian Overseas Bank (down 2.96%), Andhra Bank (down 1.14%) declined.
Shares of Oriental Bank of Commerce dropped 3.63% and Dena Bank dropped 4.58% after both the banks issued separate clarification regarding misappropriation of funds at Mumbai branch.
Dena Bank clarified during market hours that it has suspended the erring Branch Manager of Malabar Hill Branch and transferred the staff of the concerned branch after the funds were surreptitiously transferred out of the bank by creating fake overdraft facility, resulting in a fraud on the bank and the concerned entities/government organizations. The bank has lodged complaint in this regard with CBI. The Malabar Hill Branch of the bank received bulk Term Deposits from various Entities/Govt. Organisations between 30 January 2014 and 5 May 2014. Subsequently, Term Deposits amounting to Rs 256.69 crore were pledged to the Bank by the same signatories to obtain overdraft facilities of (Rs 223.25 crore) (Present outstanding Rs 217.17 crore). The bank has made a provision of Rs 54.29 crore during the quarter ended 30th June 2014 and the balance to be provided equally in subsequent three quarters of FY 2015. An appropriate disclosure was made at point No. 6, in Notes to Accounts in the SEBI format containing unaudited reviewed financial results for the quarter ended 30th June, 2014.
Oriental Bank of Commerce (OBC) said during market hours that Jawaharlal Nehru Port Trust (JNPT) lodged a complaint with the CBI and the case is under investigation after the non receipt of Term deposit receipt (TDR) from the bank. The bank initiated departmental action against the erring officials. The bank reported the matter to the RBI as well as the Department of Financial Services, Ministry of Finance. The disclosure in this regard was made by the bank in Financial accounts of Q1 June 2014. Jawahar Lal Nehru Port Trust (JNPT) had placed funds aggregating Rs.180 crore with the bank initially for the purpose of term deposit in two tranches in February 2014. These funds were surreptitiously transferred out of the bank upon instructions of the same signatory/constituent.
Dena Bank and OBC issued clarification after news reports said that the finance ministry has unearthed misappropriation of funds to the tune of Rs 436 crore by Mumbai-based branches of OBC and Dena Bank.
Karur Vysya Bank rose 0.7% to Rs 473 after the bank on Tuesday, 19 August 2014, initiated a share sale process to raise Rs 1000 crore from institutional placement. The bank made the announcement after market hours on Tuesday, 19 August 2014. The board of Karur Vysya Bank approved the opening of the qualified institutional placement (QIP) on Tuesday, 19 August 2014, Karur Vysya Bank said in a statement. The floor price for the QIP is set at Rs 461.70 per equity share.
Earlier, the bank had secured shareholders approval for raising up to Rs 1000 crore through QIP.
Capital goods stocks were mixed. ABB (India) (up 2.41%), Bharat Heavy Electricals (Bhel) (up 0.95%) and Siemens (up 0.2%) gained. L&T (down 1.34%), Crompton Greaves (down 2%) and Thermax (down 1.96%) declined.
BEML fell 0.76% as the stock turned ex-dividend today, 20 August 2014, for dividend of Re 1 per share for the year ended 31 March 2014.
IT stocks gained on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. HCL Technologies (up 1.76%), Tech Mahindra (up 0.62%), Infosys (up 0.01%) and Wipro (up 0.47%) gained. TCS shed 0.11%.
Telecom stocks declined after the Telecom Regulatory Authority of India (TRAI) on Tuesday, 19 August 2014, issued regulations prescribing access charges payable by International Long Distance Operator (ILDO) to the Access Service Provider. Bharti Airtel (down 0.77%), Reliance Communications (down 0.76%), Idea Cellular (down 2.52%) and MTNL (down 0.49%) declined. Tata Teleservices (Maharashtra) rose 0.49%.
Access charges to be paid by ILDO to Access Provider shall be 40 paisa per minute for wireless services and Rs 1.20 per minute for wireline services, TRAI said.
Grasim Industries rose 0.89%. The stock turned ex-dividend today, 20 August 2014, for dividend of Rs 21 per share for the year ended 31 March 2014.
ACC rose 0.33% to Rs 1,528 after hitting record high of Rs 1,544.95 in intraday trade.
Ashok Leyland fell 2.12%. The company said after market hours on Tuesday, 19 August 2014, that it has completed the sale of the residual section of one of its residential properties at Chennai as part of its strategy to sell non-core assets. With this transaction, the sale of the entire property stands completed, for a total consideration of Rs 210 crore the proceeds of which has since been received by the company fully, company said.
TVS Motor Company fell 1.63%. The company today, 20 August 2014, launched TVS Scooty Zest 110. The all new TVS Scooty Zest 110 offers customers an optimum balance of power, performance, ride quality and handling along with a host of other attractive features, while staying true to its Scooty DNA, the company said.
Just Dial rose 2.01% after the company said its board approved increasing the shareholding limit of foreign institutional investors in the company to 75% from 49%. The company made the announcement after market hours on Tuesday, 19 August 2014. Just Dial said its board has decided to seek shareholders' approval for increasing the aggregate shareholding limit of foreign institutional investors/foreign portfolio investors in the company from the existing 49% to 75%.
Further, the company's board also approved acquisition of Just Dial Inc from Just Dial Global, subject to necessary approvals and also decided to explore business opportunities in global markets.
Eros International Media jumped 8.93%. Zee Entertainment Enterprises rose 2.25%. Eros International Media after market hours on Tuesday, 19 August 2014 said its on-demand entertainment portal Eros Now has acquired world wide rights of Zee TV shows. Eros said that the partnership with Zee Entertainment Enterprises (Zee) would allow Eros Now to showcase Zee's television content ranging from serials and soaps to reality shows.
In the foreign exchange market, the rupee was a tad higher against the dollar. The partially convertible rupee was hovering at 60.655, compared with its close of 60.685 on Tuesday, 19 August 2014.
India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. The October Brent crude contract was up 52 cents at $102.08 a barrel. The contract fell 4 cents a barrel to settle at $101.56 a barrel yesterday, 19 August 2014, after falling to $101.07, the lowest since June 2013.
Key indices snapped six-day winning streak today, 20 August 2014. The Sensex had gained 1,091.53 points or 4.3% in six trading sessions to settle at 26,420.67 on Tuesday, 19 August 2014, from a recent low of 25,329.14 on 8 August 2014. The Sensex has gained 419.32 points or 1.61% in this month so far (till 20 August 2014). The Sensex has gained 5,143.61 points or 24.29% in calendar year 2014 so far (till 20 August 2014). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 8,865.58 points or 50.80%.
European stocks fell today, 20 August 2014, after minutes of Bank of England's latest policy meeting showed two members voted for interest-rate hike. Key benchmark indices in UK, France and Germany were down 0.25% to 0.3%.
The Bank of England (BOE) in its minutes from August policy meeting published in London today, 20 August 2014, said the policy makers were split on rate increase. The push for a rate rise by Martin Weale and Ian McCafferty, two external members of the nine-member Monetary Policy Committee, will reinforce expectations that the BOE remains on course to lift borrowing costs early next year.
Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Key benchmark indices in Japan, Taiwan, Singapore, Hong Kong, South Korea and Indonesia were up 0.03% to 0.48%. China's Shanghai Composite fell 0.23%.
Trading in US index futures indicated that the Dow could fall 6 points at the opening bell on Wednesday, 20 August 2014. US stocks ended higher for the second straight session on Tuesday, 19 August 2014, after a better-than-expected jump in July housing starts and upbeat earnings reports.
Housing starts posted their strongest rebound in eight months in July, topping expectations and adding another data point to suggest optimism is returning among homebuilders.
The minutes from the last Federal Open Market Committee meeting will be released today, 20 August 2014, which could give more hints on the first rate hike in the world's largest economy. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.

FOREIGN MARKET

Asia Pacific Market: Stocks up on robust US data
Headline shares of the Asia Pacific market mostly advanced on Wednesday, 20 August 2014, buoyed by an array of supportive factors, including solid gains for Wall Street overnight, and optimism over progress in solving geopolitical conflicts from Ukraine to Gaza and Iraq.

The regional markets benefited mainly from gain on the Wall Street overnight after positive U.S. economic figures. US home construction rebounded in July, rising to an eight-month high and offering hope that housing has regained momentum after two months of declines. Construction increased 15.7% in July to a seasonally adjusted annual rate of 1.09 million homes, official figures showed. Recent data on housing has reassured regional markets that the U.S. growth is on a relatively solid track.
However, gain on the upside was limited on caution ahead of the BoE and FOMC minutes later today. Later in the day investors will be looking to the Federal Reserve's minutes from the July 29-30 policy meeting. The Fed minutes will be scanned for any clues on when policymakers plan to raise US interest rates, with a set of mixed data in recent months keeping traders guessing about the timing of the tightening cycle.
Traders are also awaiting for annual Jackson Hole, Wyoming, summit in the US, which brings together business heads and central bankers from around the world. Federal Reserve chair Janet Yellen and her European counterpart Mario Draghi are both scheduled to address delegates late in the week.
Among Asian bourses
Nikkei rises for eighth straight session on weak yen, US data
Japanese share market closed marginally higher as profit-taking erased most of the market's early gains, which were buoyed by an array of supportive factors, including solid gains for Wall Street overnight, a significantly weaker yen, and data out ahead of the open showing a rebound for Japanese exports in July. The benchmark Nikkei 225 index advanced 4.66 points to close at 15454.45, extending gain for eighth straight session.
Japan's trade deficit rose in July from the month before to a wider than expected 964 billion yen ($9.4 billion), though exports were higher for the first time in three months, the Ministry of Finance said on Wednesday. Exports rose 3.9% from a year earlier to 6.19 trillion yen ($60.2 billion), slightly outpacing a 2.3% increase in imports, to 7.15 trillion yen ($69.5 billion). Japan recorded an 822 billion yen deficit in June.
Telecoms saw improvement, with Nippon Telegraph & Telephone Corp rising 2% to 6908 yen and KDDI Corp rallying 0.6% to 5971 yen after the Nikkei Asian Review reported the wireless provider would earn a record-high overseas operating profit this fiscal year.
Consumer lenders and insurers fell on profit booking. Aiful lost 3.6% to 427 yen and Anicom sank 5.3% to 1,157 yen.
Chugai Pharmaceutical Co dropped 1.7% to 3680 yen after rallying the past two sessions on reports that its top shareholder, Roche Holding AG, would buy the rest of the company.
Hitachi Metals advanced 3.2% to 1,790 yen after announcing plans to pay $1.3 billion for Waupaca Foundry, the largest-ever purchase for the Japanese specialty metals producer. The acquisition from KPS Capital Partners LP will be financed with cash and debt, according to a statement yesterday.
Cosmo Oil fell 2.5% to 194 yen after its rating was cut to neutral from outperform by Mitsubishi UFJ Morgan Stanley. The 12-month price target is 120 yen per share.
Australia stocks rise for the fifth day in a row
Australian share market closed higher for fifth consecutive session on the back of positive cues from offshore markets overnight after upbeat U.S. economic figures. However, plunge in heavyweight BHP Billiton shares capped the overall gain. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each rose by 0.2% to 5634.60 points and 5629.20 points, respectively.
The consumer goods and retailers stocks advanced, with Wesfarmers improving 3.8% to A$45.66 after a solid earnings gain and announcement of plans to return more than A$1 billion to its shareholders via dividends and a one-time distribution. Woolworths shares jumped 0.3% to A$36.94, Harvey Norman rose 0.6% to A$3.22 and Myer added 0.9% to A$2.36.
The financial stocks rose, with top lenders being the biggest winner. Commonwealth Bank of Australia added 0.4% to A$80.30, ANZ Banking Group 1.4% to A$33.27, National Australia Bank 0.9% to A$34.24, and Westpac Bank 0.3% to A$34.88. QBE Insurance Group rose 5.6% to A$11.31 after the insurer completed a capital raising that had helped weigh on the shares.
Materials and resources stocks closed down, with resources giant BHP Billiton falling3.9% to A$38.13 after its earnings missed expectations and an anticipated stock buyback failed to materialize. The mining major also announced plans to spin off a host of assets. Rival Rio Tinto lost 0.6% to A$65.98. Fortescue Metals sank 1.5% to A$4.55.
Shanghai Composite falls 0.23% from 8-month high
Mainland China share market closed down amid profit booking after the benchmark index surged to eight-month high yesterday. The benchmark Shanghai Composite closed 5.12 points down at 2240.21 after raising to intraday peak of 2248.94. Turnover decreased to 139.63 billion yuan from yesterday's 155.44 billion yuan.
The Chinese market has risen about 13% from this year's low as monetary easing, accelerated government spending and gains in manufacturing spur speculation the nation will meet its 7.5% economic expansion target.
Shares of Chinese media companies declined on profit taking after sharp rally on Tuesday because of a government plan to promote new media. The central government approved on Monday a plan to promote new media, giving a fillip to the sector. The government's plan to transform the traditional media such as newspapers, TV and broadcast, and publishing is expected to provide opportunities for investors.
Shanghai Xinhua Media Co ended 1.3% down at 9.89 yuan. People.cn Co, the online unit of the Communist Party's newspaper, declined 2.5% to 40.14 yuan. Shanghai Xinhua Media Co dropped 1.3% to 9.89 yuan. Jiang Daily Media Group Co. all jumped by the 10% daily limit. Northern United Publishing & Media gained by 5.2% to 9.45 yuan and Jiang Daily Media Group Co rose 4.9% to 17.46 yuan.
Bank of China shares rose 0.4% to 2.70 yuan in spite of the China's fourth-biggest lender reported slower profit growth in the first half as it doubled provisions for bad loans during the period. Net profit grew a slower 11.1% year on year to 89.7 billion yuan (US$14.6 billion) in the first six months, compared with 12.9% in the same period of last year, the lender said in a filing to the Shanghai Stock Exchange. The bank's net interest income added 14% from a year earlier to 156.7 billion yuan in the six months, while non-interest income rose 13% to 78.2 billion yuan.
Hang Seng rises 0.2%
Hong Kong share market closed higher after swinging between small gains and losses, as risk sentiments lifted up on tracking positive session on Wall Street overnight. But, gain was marginal as profit-taking emerged after the benchmark index surged to highest level since May 2008 on Tuesday. The Hang Seng Index climbed 0.15%, or 36.81 points, to 25159.76, a highest level since 21 May 2008. Market turnover stood at HK$70.36 billion, down from HK$72.37 billion on Tuesday.
Maanshan Iron & Steel shares declined 2.7% to HK$1.81 after the steelmaker said its net loss for the six months ended 30 June 2014 widened to Rmb730 million from Rmb333 million for the same period in 2013. Operating revenue amounted to Rmb28.86 billion, a decrease of 21.89% from a year earlier.
Ping An Insurance shares fell 0.7% to HK$63.35. The insurer said its net profit rose 19.3% year-on-year to Rmb21,362 million for the six months ended 30 June 2014. Total income amounted to Rmb266,345 million, an increase of 23.4% from a year earlier. In the first half of 2014, written premiums of the life insurance business reached Rmb148,310 million, up 17% over the same period last year. The value of new business in the first half of the year grew 16.7% over the same period last year.
China Mobile (00941) dipped 1.2% to HK$94.70 on reports that the company started a massive job cut involving 300,000 people. The company yesterday denied the reports.
Sensex slips in afternoon trade
Indian stock market erased initial gains and was trading down around afternoon due to profit-taking by funds and retail investors amid weak Asian cues. At 13.30 p.m., the 30-share BSE index Sensex was trading at 26335.70, down 84.9 points or 0.3%. The 50-share NSE index Nifty was trading at 7875.70, down 22 points or 0.3%. There was profit-booking in FMCG, auto, realty, banks, capital goods and consumer durable sector stocks that made the 30-share index fall.
Elsewhere in the Asia Pacific region-- South Korea's KOSPI index jumped 0.1% to 2072.78. Taiwan's Taiex index gained 0.5% to 9288.05. Malaysia's KLCI rose 0.07% to 1873.45. New Zealand's NZX50 added 0.5% to 5140.34. Singapore's Straits Times index rose 0.3% to 3326.18. Indonesia's Jakarta Composite index rose 0.34% to 5182.50.

TOP 50

BSE Sensex on Aug 20,2014 26314.29 [-106.38]
Prev. Day Close:26420.67 Change:-0.40%
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532540  TCS LTD. 477227.46 195.87 2436.45 25.55 .01 Aug 20,2014 104882 
500312  ONGC CORPN 362581.24 4277.74 423.80 41.95 .01 Aug 20,2014 989963 
500325  RELIANCE 322808.90 3233.91 10 998.20 47.89 .01 Aug 20,2014 479714 
500875  ITC LTD. 274775.25 796.45 345.00 8.38 .00 Aug 20,2014 242811 
533278  COAL INDIA 231589.34 6316.36 10 366.65 4.24 .00 Aug 20,2014 115524 
500209  INFOSYS LTD 203998.76 287.12 3552.50 5.93 .00 Aug 20,2014 16695 
500180  HDFC BANK 197830.50 482.19 820.55 19.65 .01 Aug 20,2014 239504 
500112  STATE BANK 180151.07 746.57 10 2413.05 57.43 .03 Aug 20,2014 237986 
532174  ICICI BANK 178428.69 1156.75 10 1542.50 15.73 .01 Aug 20,2014 101977 
524715 10  SUN PHARMA. 175451.35 207.12 847.10 18.68 .01 Aug 20,2014 220471 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
500010 11  HDFC 168072.30 313.48 1072.30 49.57 .03 Aug 20,2014 462307 
500696 12  HIND UNI LT 153991.09 216.31 711.90 15.29 .01 Aug 20,2014 214774 
532454 13  BHARTI ARTL 149522.75 1998.70 374.05 9.34 .01 Aug 20,2014 249813 
500510 14  LARSEN & TOU 140866.58 185.65 1517.55 17.56 .01 Aug 20,2014 115712 
500570 15  TATA MOTORS 140023.26 547.34 511.65 25.16 .02 Aug 20,2014 491836 
507685 16  WIPRO LTD. 136033.28 493.50 551.30 4.96 .00 Aug 20,2014 90011 
532555 17  NTPC LTD 119847.76 8245.46 10 145.35 7.59 .01 Aug 20,2014 522291 
532281 18  HCL TECHNO 109134.40 140.10 1557.95 3.23 .00 Aug 20,2014 20722 
532215 19  AXIS BANK 92926.84 471.65 394.05 8.31 .01 Aug 20,2014 210799 
500295 20  SSLT 87384.53 296.47 294.75 9.84 .01 Aug 20,2014 333857 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
530965 21  INDIAN OIL 86265.06 2427.95 10 355.30 3.88 .00 Aug 20,2014 109086 
500520 22  MAH & MAH 83633.42 307.94 1357.95 5.06 .01 Aug 20,2014 37274 
532500 23  MARUTISUZUK 82842.42 151.04 2742.40 4.74 .01 Aug 20,2014 17268 
500247 24  KOTAK MAH.BK 76848.76 385.40 997.00 8.36 .01 Aug 20,2014 83874 
532538 25  ULTRATECH CM 73974.32 274.36 10 2696.25 2.82 .00 Aug 20,2014 10473 
532898 26  POWER GRID 71751.26 5231.59 10 137.15 14.61 .02 Aug 20,2014 1065286 
500188 27  HINDUS.ZI 71618.84 845.06 169.50 2.85 .00 Aug 20,2014 167947 
526371 28  NMDC LTD 69858.01 396.47 176.20 2.62 .00 Aug 20,2014 148712 
532977 29  BAJAJ AUTO 63604.97 289.37 10 2198.05 4.16 .01 Aug 20,2014 18928 
532921 30  ADANI PORTS 60704.22 414.01 293.25 22.02 .04 Aug 20,2014 750952 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532792 31  CAIRN IND 60553.78 1874.44 10 323.05 5.23 .01 Aug 20,2014 161862 
500820 32  ASIAN PAINTS 58727.02 95.92 612.25 7.48 .01 Aug 20,2014 122183 
500103 33  BHEL 56441.66 489.52 230.60 12.44 .02 Aug 20,2014 539578 
532822 34  IDEA CELL 56153.88 3596.15 10 156.15 7.10 .01 Aug 20,2014 455002 
500790 35  NESTLE (I) 55902.39 96.42 10 5797.80 2.17 .00 Aug 20,2014 3740 
500257 36  LUPIN LTD. 55833.26 89.71 1244.75 6.42 .01 Aug 20,2014 51597 
512599 37  ADANI ENTER 54693.05 109.98 497.30 16.78 .03 Aug 20,2014 337375 
532155 38  GAIL (I) LTD 54379.74 1268.48 10 428.70 3.53 .01 Aug 20,2014 82320 
500470 39  TATA STEEL 52974.65 971.21 10 545.45 37.77 .07 Aug 20,2014 692526 
532755 40  TECH MAH 52213.45 234.91 10 2222.70 13.83 .03 Aug 20,2014 62234 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
500182 41  HEROMOTOCO 50840.62 39.94 2545.85 7.30 .01 Aug 20,2014 28655 
534816 42  BH INFRATEL 49475.72 1890.19 10 261.75 .40 .00 Aug 20,2014 15104 
500124 43  DR.REDDY'S 49194.19 85.17 2888.00 7.48 .02 Aug 20,2014 25883 
500547 44  BHARAT PET. 48323.44 723.08 10 668.30 13.06 .03 Aug 20,2014 195415 
500530 45  BOSCH LTD 44835.90 31.40 10 14278.95 3.34 .01 Aug 20,2014 2341 
500087 46  CIPLA LTD. 39494.65 160.58 491.90 19.38 .05 Aug 20,2014 394061 
500096 47  DABUR (I) 38632.02 175.64 219.95 2.96 .01 Aug 20,2014 134608 
532134 48  BNK OF BAROD 38037.84 432.15 10 880.20 9.46 .02 Aug 20,2014 107462 
500440 49  HINDALCO 37228.34 206.48 180.30 16.20 .04 Aug 20,2014 898430 
533106 50  OIL INDIA 36151.96 601.13 10 601.40 1.45 .00 Aug 20,2014 24172 

* During market trading hours, as traded values are not available on a real time basis, an approximation is done. The traded value is calculated as follows, using the last traded price:
Traded Value (Rs. cr) = (Last Price * Volume) /100,00,000 
This value will be updated with the actual figures, once trading closes and end-of-day data is available.