Wednesday, 28 February 2018

Benchmark Indices Continued To Trade Lower, With The Sensex Falling 215.61 Points

Benchmark indices continued to trade lower, with the Sensex falling 215.61 points to 34,130.78, weighed by banks stocks.

The 50-share NSE Nifty declined 69.50 points or 0.66 percent to 10,484.80.

The gap between advances and declines narrowed as about two shares declined for every share rising against 1:4 in the opening.

Falling for the third straight session, the rupee weakened by 22 paise to 65.09 against the US dollar to hit its three-month low in morning trade at the forex market.

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Asian Markets Edged Down Following A Congressional Testimony

Asian markets edged down following a congressional testimony from the Federal Reserve's new chief.

Japan's Nikkei, China's Shanghai Composite, Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi were down 0.6-1.6 percent.

PSU Bank index slipped over 2 percent as Bank of Baroda, Bank of India, Dena Bank, Canara Bank, IDBI Bank and Syndicate Bank were under pressure.

Oberoi Realty, VIP Industries, Chennai Petroleum, Vakrangee and Bharat Forge were down 1-5 percent.

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Tuesday, 27 February 2018

Shares Of Cement Major, ACC And Ambuja Cements Slipped 1-4 Percent

Shares of cement major, ACC and Ambuja Cements slipped 1-4 percent in the early trade on Tuesday as the merger between the companies have been called at this juncture.

A limitation in transferring mining assets has led to ACC and Ambuja Cements from dropping plans to merge their business, at least for the present.

"On the basis of a comprehensive evaluation carried out by both the Special Committee and the Board of Directors, the Board is of the opinion that there are present certain constraints in implementing the merger between the company and ACL, said an announcement by ACC.

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Punjab National Bank Lost Around 9 Percent Intraday On Tuesday

Punjab National Bank lost around 9 percent intraday on Tuesday as investors reacted to a clarification on the amount of scam.

The state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector.

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Monday, 26 February 2018

Shares Of Dr Reddy's Laboratories Slipped 4 Percent In Early Trade On Monday

Shares of Dr Reddy's Laboratories slipped 4 percent in early trade on Monday after the USFDA maintained OAI status for the company's Srikakulam plant.

The company received the establishment inspection report from the US Food and Drug Administration for its API manufacturing plant in Srikakulam, Andhra Pradesh.

"FDA has asked us for more details. We are providing those details and continuing to engage with FDA for resolution of pending issues," company said in press release.

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The Market Has Extended Its Gains From Opening Tick And Is Witnessing

The market has extended its gains from opening tick and is witnessing an upmove of over half a percent.

The Sensex is up 185.56 points or 0.54% at 34327.71, while the Nifty is up 56.00 points or 0.53% at 10547.00. The market breadth is positive as 1432 shares have advanced, against a decline of 537 shares, while 158 shares are unchanged.

Dr Reddy’s Labs and Sun Pharma are the top losers on both indices, while gains are seen in auto stocks such as Bajaj Auto and Tata Motors.

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Friday, 23 February 2018

Sun Pharma And Tata Steel Are The Top Gainers On Both Indices

Sun Pharma and Tata Steel are the top gainers on both indices, while Asian Paints, M&M, GAIL and Eicher Motors lost the most.

The Sensex is up 147.45 points or 0.44% at 33966.95, and the Nifty up 40.70 points or 0.39% at 10423.40. The market breadth is positive as 1412 shares have advanced, 483 shares declined, and 140 shares are unchanged.

Ministry of Commerce has recommended anti-dumping duty on import of dimethylacetamide. This is a product that Balaji Amines manufactures.

In an interview to CNBC-TV18, D Ram Reddy, JMD of Balaji Amines said that we are seeing support for dimethylacetamide post anti-dumping duty imposition.

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Punjab National Bank, Which Is Reeling Under A Major Financial Fraud

Punjab National Bank, which is reeling under a major financial fraud, has appointed auditor PwC to conduct an investigation into the alleged Rs 11,300-crore fraud involving luxury jewellers Nirav Modi, Mehul Choksi and their companies. 

A report in The Economic Times stated quoting sources that the auditing company has been asked to gather evidence against Nirav Modi and his associates so that it can be presented in court.

Shares have extended their gains from the opening bell, with the Sensex trading around 150 points higher, while the Nifty is comfortably trading above 10,400.

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Thursday, 22 February 2018

Shares Of Allahabad Bank Lost Over 3 Percent Intraday On Thursday

Shares of Allahabad Bank lost over 3 percent intraday on Thursday as investors reacted to its announcement of exposure to Rotomac Group.

In a filing to exchanges, the public sector bank declared that it has exposure of over Rs 500 crore to the group. Further, it clarified that the said amount has been declared as a non-performing asset and the required provision has been made.

It also informed that some accounts have been filed under National Company Law Tribunal as well.

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Glenmark Pharmaceuticals Has Entered Into An Exclusive Agreement

Glenmark Pharmaceuticals has entered into an exclusive agreement with South Korea's Sam Chun Dang Pharm. Co. Ltd. to develop, manufacture and market a portfolio of ophthalmic products in the US and Canada.

"Under this agreement, these products will be developed and manufactured by SCD in South Korea. Glenmark will seek all market authorisations and commercialise the products in North America," the company said in a BSE filing.

Glenmark Pharmaceuticals President, North America & Global API, Robert Matsuk said, the agreement for these ophthalmic products is aligned with the company's strategy to strengthen its focus on complex generic formulations.

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Wednesday, 21 February 2018

Shares Of Ambuja Cements Were Up Over 2 Percent Intraday On Wednesday

Shares of Ambuja Cements were up over 2 percent intraday on Wednesday as investors reacted to the December quarter performance of the company.

The company’s Q4CY17 beat analyst expectations as standalone net profit growth of 88.8 percent year-on-year at Rs 338 crore was far ahead of CNBC-TV18 poll estimates of Rs 251 crore.

Profit in year-ago quarter stood at Rs 179 crore.

The cement maker said standalone revenue from operations increased 21.9 percent to Rs 2,712.6 crore in Q4, compared to Rs 2,224.5 crore in same quarter last year.

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Shares Of Coal India Lost Around 2 Percent Intraday After The Government On Tuesday

Shares of Coal India lost around 2 percent intraday after the government on Tuesday allowed private sector to mine coal and sell it for commercial use.

The move ended state-owned CIL's monopoly in a bid to cut imports by raising domestic output.

The Cabinet Committee on Economic Affairs approved the auctioning of coal mines to any firm bidding the highest per tonne price, Minister for Coal and Railways Piyush Goyal said briefing the media.

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Tuesday, 20 February 2018

Tata Steel Was Among Top Sensex Gainers After CLSA Bet Big On The Indian Steel

Benchmark indices continued to trade higher, with the Sensex rising more than 100 points supported by private banks, technology, metals stocks.

Tata Steel was among top Sensex gainers after CLSA bet big on the Indian steel industry, saying tightening demand-supply will aid stock performance. Macquarie too maintained outperform rating on the stock, saying the recent correction has made the risk-reward attractive.

PNB fell for fifth consecutive session, falling another 3 percent after 3 new arrests were made in the fraud case. Gitanjali Gems was locked at another 10 percent lower circuit, taking total loss to more than 56 percent in February so far.

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JSW Energy Shares Gained As Much As 2.5 Percent In Morning

JSW Energy shares gained as much as 2.5 percent in morning on signing pact with Maharashtra government for setting up manufacturing unit for electric vehicles and energy storage systems in the state.

"The company has now entered into another MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and Energy Storage Systems in the state of Maharashtra, subject to receipt of internal corporate approvals," Sajjan Jindal-led company said in a BSE filing.

This agreement was in addition to the earlier MoU with the Government of Gujarat with respect to EV manufacturing and associated businesses.

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Friday, 16 February 2018

Sensex Trades Lower, Midcap Index Falls 1%; IT Stocks Outperform

Shares of Union Bank of India declined more than 3 percent intraday after the lender said it has an exposure of Rs 1,900 crore to the PNB fraud case.

"We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank as counterparty under various Letters of Undertakings issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges.

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Reliance Communications Said The Shareholders Approved The Monetisation

Reliance Communications said the shareholders approved the monetisation of its assets. The company announced the results of postal ballot on February 15, 2018,

whereby the shareholders approved the resolution to monetise the spectrum, towers, fiber, telecom infrastructure and other assets with overwhelming majority of 99.91 percent.

"RCom's asset monetisation is proceeding on fast track to close by March 2018, subject to lenders’ consents and other regulatory approvals," the company said.

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Thursday, 15 February 2018

Idea Cellular Will Raise Up To Rs 3,500 Crore By Issuing Equity Shares

Idea Cellular will raise up to Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement route.

"The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors," Idea said in a regulatory filing.

The floor price in respect of QIP, based on pricing formula, has been fixed at Rs 86.84 per share, it said in another filing.

The company may give a discount of up to 5 percent on the floor price in the QIP, it added.

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Axis Bank, In A BSE Filing, Confirmed That Through Overseas Branches In The Past

Axis Bank, in a BSE filing, confirmed that through overseas branches in the past, it had undertaken such transactions with PNB against their authenticated SWIFT LOUs but it had sold down all the referred transactions.

In the normal course of trade business, Axis Bank said, through its overseas branches, it undertakes transactions against letters of undertakings issued by other banks. These amounts are then credited to the LOU issuing bank's Nostro accounts.

Axis Bank had discounted bills of over Rs 2,000 crore against PNB’s LoUs, according to CNBC-TV18 report quoting sources.

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Wednesday, 14 February 2018

Share Price Of JK Tyre And Industries Slipped 6 Percent Intraday

Share price of JK Tyre and Industries slipped 6 percent intraday as company reported poor numbers in the quarter ended December 2017.

The company's Q3 net profit was down 88.43 percent at Rs 9.97 crore against Rs 86.19 crore in the same quarter last year. Revenue of the company was up 15 percent at Rs 2,123 crore.

The operating profit was down 16 percent at Rs 212 crore and margin was down 370 bps at 10 percent.

The board at its meeting held on February 12 approved raising of funds for an amount upto Rs 1,000 crore.

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Indian Rupee Opens Higher By 16 Paise At 64.15 Per Dollar

The Indian rupee opened higher by 16 paise at 64.15 per dollar on Wednesday versus 64.31 Monday.

Pramit Brahmbhatt of Veracity said, "We expect the rupee to trade sideways with a positive bias in absence of any directional cues." 

"The trading range for the spot USD-INR pair is seen between 64-64.50," he added. The US dollar continued to show weakness as the yen hits a 5-month high. Broad-based selling in the greenback and speculation that the Bank Of Japan will dial back the monetary stimulus pushed the yen higher.

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Monday, 12 February 2018

Benchmark Indices Continued To Trade Higher, With The Sensex Rising 196.62 Points

Benchmark indices continued to trade higher, with the Sensex rising 196.62 points or 0.58 percent at 34,202.38 as all the sectoral indices traded in the green, with the Nifty Pharma and Realty gaining 2 percent each.

The 50-share NSE Nifty rallied 53.90 points or 0.52 percent to 10,508.90 while the Nifty Midcap traded 1.34 percent higher on strong breadth.

About four shares advanced for every share falling on the BSE. Public sector lender Bank of India is likely to post net loss at Rs 51.5 crore for quarter ended December 2017 against net profit of Rs 101.7 crore in same quarter last year.

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The Rupee Recovered By 15 Paise To 64.25 Against The Dollar In Morning

The rupee recovered by 15 paise to 64.25 against the dollar in morning on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.

Forex dealers said the dollar's losses against major global currencies overseas after last week's rally supported the rupee.

On Friday, the rupee had dropped 14 paise against the greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks.

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Friday, 9 February 2018

Sensex Slips Over 450 Pts, Midcap Outperforms; Tata Steel, Lupin Gain

Out of Nifty 50 stocks, 47 stocks continued to trade in the red. Three stocks, which bucked the trend, are Tata Steel, Lupin and Coal India.

The US government today was assured of careening into a shutdown at midnight after the Senate adjourned with no vote on a measure to extend federal funding beyond the 12:00 am deadline.

The upper chamber of Congress struggled to overcome roadblocks to passing a government funding bill and budget plan when a conservative senator objected to a swift vote, and leadership opted to close up shop and then reopen at 12:01 am.

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Asian Markets Followed Wall Street Down After The Dow Entered

Asian markets followed Wall Street down after the Dow entered correction" territory for the first time in two years.

The Shanghai Composite Index dipped 5.5 percent but recovered slightly to end morning trading down 4.1 percent at 3,127.91. Tokyo's Nikkei 225 was off 3 percent and Hong Kong's Hang Seng fell 3.3 percent.

Benchmarks in Australia, South Korea and Southeast Asia also retreated. Financial analysts regard corrections as a normal market event but say the latest plunge might have been triggered by a combination of events that rattled investors. 

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Thursday, 8 February 2018

The Rupee Depreciated 1 Paise To 64.29 Against The US Dollar In Morning

The rupee depreciated 1 paise to 64.29 against the US dollar in morning due to increased demand for the US currency from importers amid fresh foreign funds outflow.

However, a weak dollar in global markets helped the rupee limit its losses, dealers said. The rupee opened weak at 64.38 at the interbank forex market against its previous close of 64.28.

The recovery in the rupee was largely due to strong equity markets. Benchmark indices rallied further in morning, with the Sensex rising 311.55 points or 0.91 percent to 34,394.26, driven by Infosys and HDFC.

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The Sensex Surged More Than 400 Points And The Nifty Reclaimed 10,600 Levels

The Sensex surged more than 400 points and the Nifty reclaimed 10,600 levels. The 50-share NSE Nifty gained 88.50 points or 0.84 percent at 10,565.20 while Nifty Midcap rose over a percent.

All sectoral indices traded in the green. Nifty Bank, Auto, IT, Pharma and Realty indices gained 1-3 percent.

Midcaps also participated in the rally, with the Nifty Midcap rising over a percent as about five shares advanced for every share falling.

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Wednesday, 7 February 2018

Aurobindo Pharma May Post 18% Growth In Q3 Profit, US Business Seen Up 12%

Healthcare company Aurobindo Pharma is expected to report a 18 percent growth year-on-year in third quarter profit at Rs 682 crore compared to Rs 578.6 crore in year-ago.

Revenue growth and steady margins may lead to YoY profit growth.

Revenue from operations in Q3 may increase 11 percent to Rs 4,328.4 crore from Rs 3,906.2 crore in corresponding quarter of last fiscal, according to average of estimates of analysts polled by CNBC-TV18.

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Tuesday, 6 February 2018

The Market Rallied In The Year Gone By Was On The Back Lower Cost

The market rallied in the year gone by was on the back lower cost of capital. But now one should be careful on equity, keep wait and watch approach, he said.

He feels low PE stocks will do better in falling market. He sees fair value of Sensex at 32,000, which indicates little bit of downside from here on. Now reversal of cost of capital is playing for the market.

He is hoping that rural India will look better given the government's focus in Budget 2018. Hence, two-wheeler, cement, tractors and staples sectors will be better in growth.

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Asian Stocks Plunged Today After A Record-Breaking Loss On Wall Street

Asian stocks plunged today after a record-breaking loss on Wall Street, extending a global rout as panicked investors fret over rising US borrowing costs and cash in profits after months of market euphoria.

Tokyo led a collapse throughout the region, diving 6.5 percent, while Hong Kong was down almost 5 per cent and Sydney sank 3.5 percent.

Dealers tracked their colleagues in New York, where the Dow suffered its worst points fall in history, wiping out all its 2018 gains, while the S&P 500 also took a beating to sit down for the year.

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Monday, 5 February 2018

Benchmark Indices Continued To Trade Sharply Lower

Benchmark indices continued to trade sharply lower, though recovered a bit from opening lows.

The 30-share BSE Sensex was down 407.24 points or 1.16 percent to 34,659.51 and the 50-share NSE Nifty fell 137.60 points or 1.28 percent to 10,623.A

About nine shares declined for every share rising on the BSE.

TCS, Infosys, Tata Motors, Bharti Airtel, ITC, Tech Mahindra, Wipro and HCL Technologies were gainers.

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Bharti Airtel Said Singtel Would Invest Rs 2,649 Crore In Promoter Company

Bharti Airtel said Singtel would invest Rs 2,649 crore in promoter company, Bharti Telecom via preferential issue.

Funds raised will be used towards debt reduction, it added. Singtel's stake in Bharti Telecom will increase to 48.9 percent from 47.2 percent.

PC Jeweller rallied more than 20 percent in early trade on huge buying, after the stock hit hard in previous session.

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Friday, 2 February 2018

Asian Shares Came Under Pressure After Wall Street Closed Mixed

Asian shares came under pressure after Wall Street closed mixed and yields on US government debt rose in the last session.

Japan's Nikkei 225 declined 0.8 percent after snapping a six-day losing streak in the previous session while China's Shanghai Composite fell 0.5 percent.

The rupee depreciated by 6 paise to 64.08 against the dollar in morning at the interbank foreign exchange today due to concerns over widening fiscal deficit.

The Centre yesterday introduced a long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh, resulting in volatility in forex market.

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PC Jeweller Crashed Nearly 60 Percent In Morning Following Further Correction

PC Jeweller crashed nearly 60 percent in morning following further correction in Vakrangee wherein the company holds some stake, but post the management clarification saying there is no business interest with the IT firm, the stock recovered half of losses to trade lower by 30 percent.

Investors in Vakrangee, which was locked at lower circuit for third consecutive session today, were spooked as reports indicated that the company is facing a probe from SEBI for alleged stock price and volume manipulation.

Fitch Ratings today said high debt burden of the government constrains India's rating upgrade, a day after Finance Minister Arun Jaitley projecting a fiscal deficit of 3.5 percent of GDP against the earlier target of 3.2 percent.

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Thursday, 1 February 2018

Budget 2018 To Test Investors' Faith In PM Modi's Government

Since his election four years ago, Indian markets have welcomed Prime Minister Narendra Modi's campaign to mend patchy public finances and develop new areas of growth in Asia's third largest economy.

To keep investors' confidence, however, Modi's government will need to be seen containing the fiscal deficit, while also increasing spending in key areas of the slowing economy.

Markets will be focused on how much India widens its fiscal deficit beyond the 3 percent of gross domestic product projected for 2018/19.

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The Rupee Weakened By 9 Paise To 63.67 Against The US Dollar

The rupee weakened by 9 paise to 63.67 against the US dollar in opening trade at the interbank foreign exchange market ahead of the budget today.

A strong dollar in overseas markets weighed on the Indian currency, a currency dealer said. Yesterday, the rupee had ended 2 paise higher at 63.58 against the US dollar.

The global research firm believes that the valuation right now in the market is rich on a fundamental basis. Further, it said that it is tough to argue for a correction, given the fund flows as well as global rally.

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