Hexaware rallies on stellar Q4 numbers Ø CSEC Research

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Hexaware rallies on stellar Q4 numbers 

Ø   The S&P CNX Nifty posted its gains for the third straight day and managed to close above 5250 mark. Volumes were also on the higher side.

Ø   The Supreme Court cancelled licenses given to the telecom firms involved in 2G spectrum allocation scam. A total of 122 licenses had been issued since January 2008. Bharti remained firm and posted 7 percent gains on hopes that the company might get more spectrum post court verdict.

Ø   Cement stocks rallied on the back of its strong January production and dispatches numbers. ACC, Ambuja and India cements posted modest gains.

Ø    In the midcap space, Hexaware Technologies surged 10 percent on the back of better than expected numbers in Q4CY11.

Ø   BHEL and ONGC were in action ahead of EGOM meet to take a call on divestment stake in these firms. However, the EGOM committee decided not to divest its stake in this current scenario.

Outlook

Ø  U.S. indices were flat ahead of January employment report as the next indicator of the economic recovery.The economy created 121,000 jobs last month and the unemployment rate likely held steady at 8.5%.

Ø  In today’s trade Asian peers are trading mixed and SGX Nifty is trading flat, indicating our market to open on a flattish note.

 

Regards,

CSEC Research