Latest news and updates

04th Dec, 2018

Equity Benchmark Indices give away 6-day rally; IT top sectoral gainer

Published on: 3:40 pm

  • Equity benchmark indices closed on a lower level on Tuesday.
  • Sensex closed at 36,134 levels down by 107 points, while Nifty is trading at 10,870 levels down by 14 points.
  • The indian rupee is trading at 70.68 per dollar weaker by 18 paise from its opening rate.
  • IT sectoral index emerged as top gainer while PSU Bank was the top loser.

Alembic Pharma subsidiary gets USFDA nod for Glycopyrrolate tablets

Published on: 3:13 pm

  • Alembic Pharmaceuticals Ltd (Alembic), in a release to the exchanges on Tuesday, announced that its wholly-owned subsidiary Orit Laboratories LLC has received approval from the USFDA for its ANDA Glycopyrrolate tablets USP, 1 mg and 2 mg.
  • According to IQVIA, Glycopyrrolate Tablets USP, 1 mg and 2 mg, had an estimated market size of $15mn to the twelve months ending December 2017.
  • Alembic has a cumulative total of 81 ANDA approvals (68 final approvals and 13 tentative approvals) from the USFDA. Read more

Shankara Building stock collapse continues; shares fall another 10%

Published on: 2:56 pm

  • Shares of Shankara Building Products lost another 10% on Tuesday after witnessing a 10% drop on Monday on weak guidance on retail margins.
  • Shankara Building, which has lost around 80% of its market value in the past one year due to high valuation and weak earnings growth, expects more turmoil as it focuses on competition and improving its balance sheet. Read more

Alkem Labs gains on completion of USFDA inspection at USA plant

Published on: 2:42 pm

  • Shares of Alkem Laboratories gained in afternoon trade on the BSE on Tuesday after the USFDA completed the inspection of its St. Louis, Missouri, plant with one observation.
  • “In response to the Form 483 issued by the USFDA containing one observation, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The inspection has now been closed by the USFDA,” the company said in a filing to the exchanges. Read more

Govt not to participate in LIC’s open offer: IDBI Bank

Published on: 2:32 pm

  • The government will not participate in Life Insurance Corporation’s (LIC) open offer to acquire a 51% controlling stake in IDBI Bank, the bank said in a press note the exchange on Tuesday.
  • "IDBI Bank is in a receipt of letter dated December 03, 2018, from the Government of India confirming that it will not participate in the open offer made by LIC," said the lender in a press note. Read more

Live market update: Nifty off days low, currently trading range bound

Published on: 2:01 pm

  • The Indian market has pulled back from the low point of the day on Tuesday with Nifty currently trading 8 points lower at 10873 after hitting an intraday low of 10,833.
  • Bank Nifty is currently trading 141 points lower at 26716 led by a correction in PSU Bank stocks.
  • Traders exercise caution ahead of the crucial two-day RBI monetary policy meeting, which commences today and the final outcome of which will be announced tomorrow at 2:30 pm. Read more

Shriram EPC rallies 10% after winning order in Jharkhand

Published on: 1:18 pm

  • Shares of Shriram EPC extended their rally in afternoon trade as the company received an order from the Jharkhand Urban Infrastructure Development Co. Ltd.
  • “The company has been awarded two separate orders amounting to Rs166.16cr and Rs59.55cr from the Jharkhand Urban Infrastructure Development Co. Ltd,” the company informed the exchanges. Read more

Hotel Leela stock loses another 5% on lack of clarity on "Minor" deal

Published on: 1:02 pm

  • Shares of Hotel Leela were down 5% after lack of further development and clarity on Minor International acquiring a major stake in the company.
  • Shares of Hotel Leela also nosedived 10% intraday on Friday (30 November, 2018) after doubling in the previous week on the news that a consortium comprising Thailand’s Minor International (Minor) and Trinity White City Ventures planned to invest ~Rs2,500cr (or $350mn) in Hotel Leela Venture. Read more

Sun Pharma stock slips even as Co denies insider trading allegation

Published on: 12:03 pm

  • Shares of Sun Pharma were trading ~1.5% after opening higher in morning trade on Tuesday.
  • The stock had gained 1% on the BSE in morning trade after the pharma major held a conference call after market hours on Monday over a recent broker report that raised several corporate governance issues at the company. Another news report had, meanwhile, claimed that the SEBI is planning to reopen the insider trading probe pertaining to the Ranbaxy acquisition. Read more

Nifty IT gains ~1% on rupee depreciation

Published on: 11:59 am

  • The Nifty IT index climbed ~1% on Tuesday after the Indian rupee extended its fall against the US dollar for the second straight session. Shares of Infibeam, Oracle Financial Services Software, Wipro, Infosys, and NIIT Tech led the gain on the index.
  • The fall in the IT index can be attributed to the depreciation of the local currency. The domestic currency opened 4 paise higher at 70.50 per US dollar on Tuesday vs. its previous close of 70.46. Read more

Indiabulls Housing continues bull rally: stock up 3%

Published on: 11:59 am

Shares of Indiabulls Housing Finance were quoting up ~3% at Rs808 on the NSE in noon trade on Tuesday. The stock has been trading higher for the past four consecutive sessions. However, the stock is down more than 30% in the last one year as compared to a ~7% gain in Nifty and a ~11% gain in the Nifty Financial Services index. Read more

Nifty below 10,850 mark; IT stocks outperform

Published on: 11:33 am

  • Equity benchmark indices slipped further, with the Sensex down 189 points at 36,051, and the Nifty is down 41 points at 10,842.
  • About 787 shares have advanced, while 835 shares declined, and 438 shares remained unchanged on the NSE.
  • The most active stocks were YES Bank, Sun Pharma, Hindustan Unilever, HDFC and M&M.
  • From IT space, Wipro, OFSS, Infosys gained over 3%, respectively. The Nifty Financial index slipped ~1% led by HDFC, HDFC Bank, Kotak Mahindra Bank, and Axis Bank, as these stocks were down 1% respectively.

Realty stocks under pressure; Oberoi falls 3%

Published on: 11:22 am

  • The Nifty Realty index was trading 0.57% down at 236.55 ahead of the RBI policy meet outcome on Wednesday.
  • Oberoi Realty was the top loser on the index and dropped ~3%. Prestige, DLF, and Brigade were also trading in the red late on Monday morning. On the flipside, Unitech, Godrej Properties, Indiabulls Real Estate, and Phoenix Mills were trading in green. Read more

Welspun gains 2% after its arm inks pact with NHAI

Published on: 10:48 am

  • Shares of Welspun Enterprises gained 2% in Tuesday’s morning session after its arm Welspun Sattanathapuram Nagapattinam Road inked an agreement with the National Highways Authority of India (NHAI) for a road project. Read more

India Cements erases morning gains; stock skids ~2%

Published on: 10:46 am

Shares of India Cements (ICEM) erased their morning gains and were trading ~2% lower on the BSE on Monday. "The company has entered into a share purchase agreement for acquiring the entire shareholding of Springway Mining Pvt Ltd in a phased manner with the objective of setting-up of a cement plant in Madhya Pradesh," ICEM informed the exchanges. Read more

Rupee trades lower at 70.36 against US Dollar

Published on: 10:21 am

  • The Indian rupee opened lower on Tuesday against US Dollar following recovery in crude oil prices and buying in the US currency from banks and importers. The currency opened at 70.51/$ ahead of RBI monetary policy decision on Wednesday.
  • The 10-year government bond yield stood at 7.615% from its previous close of 7.626%. Read more

HDFC twins, Reliance Industries drag Sensex; Sun Pharma gains 1%

Published on: 9:56 am

  • Equity benchmark indices opened flat and slipped later in the morning session tracking weakness in Asian peers and a surge in crude oil prices. Heavy selling pressure was witnessed in HDFC twins, Reliance Industries, Kotak Mahindra Bank, M&M and NTPC.
  • The Sensex slipped 133 points at 36,108, and the Nifty is down 29 points at 10,855. About 800 shares have advanced, while 707 shares declined, and 534 shares remained unchanged. Read more

NCC receives orders worth Rs220.2cr

Published on: 9:31 am

  • NCC has received two orders worth Rs220.2cr in its various business segments, the company said in a press note to the exchanges on Monday after market hours.
  • Of the total, an order worth Rs174.2cr received by Electrical Division, while another order of Rs46cr pertains to Water Division. These orders are received from state government agencies and do not include any internal orders, the company said in a press note. Read more.

GAIL to challenge CESTAT Delhi’s order

Published on: 9:30 am

  • GAIL, the natural gas processing and distribution company, is all set to challenge Customs Excise and Service Tax Appellate Tribunal (CESTAT) Delhi bench’s order of demand notice worth Rs2,822cr at higher forum.
  • "The company is of the view that the order passed by the CESTAT Delhi is not sustainable considering the merit of the case and well-reasoned order passed by the commissioner, while adjudicating the Special Centre for Nanoscience (SCNS). Read more.

Nifty opens below10,900 mark; Realty top sectoral loser

Published on: 9:23 am

  • Equity benchmark indices opened on a flat note on Tuesday.
  • Sensex is trading at 36,240 levels down by 2 points, while Nifty is trading at 10,886 levels up by 3 points.
  • The indian rupee is trading at 70.38 per dollar stronger by 12 paise from its opening rate.
  • Most Nifty sectoral indices are in red with realty index leading at 0.6%.

OMAX Autos approves building new industrial unit in Uttar Pradesh

Published on: 9:11 am

  • OMAX Autos said in the filing that its board has approved the proposal for setting up a new industrial unit for manufacture and supply of 'Long Member' at or around Raibarelli in Uttar Pradesh.
  • The proposed capacity is to be added within 3 years at an investment of ~Rs165cr, the company said in the BSE filing. Read more

Uflex arm receives US patent for 20 years covering entire categories of Formable Films

Published on: 9:06 am

  • Shares of Uflex will be in focus today as its arm Flex Films has been granted United States Patent covering entire categories of Formable Films that include one or more BOPET layers used in Alu-Alu blister packaging.
  • The US patent was issued to Flex Films (USA) Inc on November 20, 2018 for a period of 20 years, lending a competitive advantage to the Films Business of the company over its opponents in cold formed pharmaceutical packaging industry. With the patent issuance, the company gets exclusive right of manufacturing & sale of this special BOPETfilm in US, Europe and India. Read more.

VST Tillers Tractors sees 6% yoy dip in November volumes

Published on: 8:59 am

Total volumes for India’s largest power tiller manufacturer, VST Tillers Tractors Limited (VSTTL), declined 6% yoy in November 2018. Volume was higher by 46% compared to October 2018. It sold a total of 2,736 units in November 2018 against 2,922 units in November 2017 and 1,879 units in October 2018. Read more

More trouble for IL&FS: NCLT to attach properties of 9 former directors

Published on: 8:55 am

  • The National Company Law Tribunal (NCLT) on December 03, 2018 passed an order to attach all movable or immovable properties of nine former directors of IL&FS, adding worries to the crippled group.
  • As per media reports, the tribunal restrained directors from selling properties and also directed them to disclose their securities and bank accounts within the country and overseas. Read more.

Asian markets decline as doubts emerge over Sino-US trade war truce

Published on: 8:34 am

Asian stock markets slipped in the morning trade on Tuesday as investors remain doubtful of the US-China trade war getting resolved before the 90-day deadline. Japan, Korea and Australia markets dropped, while the yen advanced and Treasuries edged up. Shanghai Composite and Jakarta Composite are slightly up in today’s trade. Read more

More trouble for IL&FS: NCLT to attach properties of 9 former directors

Published on: 8:30 am

  • The National Company Law Tribunal (NCLT) on December 03, 2018 passed an order to attach all movable or immovable properties of nine former directors of IL&FS, adding worries to the crippled group.
  • As per media reports, the tribunal restrained directors from selling properties and also directed them to disclose their securities and bank accounts within the country and overseas. Read more

Top stocks in focus today: Sun Pharma, Hindustan Unilever, GSK Consumer Healthcare, Yes Bank

Published on: 8:19 am

  • Sun Pharma held a conference call over the recent broker report that raised several corporate governance issues. There was also a news that the SEBI is planning to reopen the insider trading probe pertaining to the Ranbaxy acquisition. Sanghavi has said that points raised by the broker are sourced from public domain sources and are already known to the markets. Some of the points raised are old, unrelated, and misinformed. 
  • Hindustan Unilever (HUL) announced a merger with GSK Consumer Healthcare (GSKCH) in an all share deal, with a swap ratio of 4.39 shares of HUL given for every share of GSKCH, implying a total equity value of Rs31,700cr. Read here

SGX Nifty indicating a mildly negative opening, in line with Asian peers

Published on: 8:14 am

  • SGX Nifty is at 10,923, down 15 points. For today, we expect the positive outcome of the recent US-China tariff talks to lead to rising equities as most Asian markets trade at very attractive valuations.
  • Yesterday, Nifty saw a sharp turn in mid-session after opening higher, as profit booking by local funds saw the index trade in the red & finally close flat for the session.This came in as global cues were extremely positive, however higher oil prices & weakness in rupee led to profit booking. Metals, Realty & FMCG led the gainers, while Pharma & Banks saw selling as midcaps outperformed the broader markets. Read more

What not to miss today

Published on: 7:48 am

  • Markets to open mildly negative; Nifty support @10800, resistance 10941.
  • FIIs bought 293cr (cash), 401cr in Index Futures.
  • Asian, US, European markets in green on temporary US-China trade war truce.
  • Oil prices rally 4% as Russia, Saudi signal curb on output. 
  • Rupee down 88 paise to 70.46/$.

Derivative Watch

Published on: 7:32 am

  • Nifty futures added fresh long positions. Immediate resistance is placed at 11,000 levels.
  • Bank Nifty out of the money call and put options witnessed short selling.
  • India Bulls Housing Finance 960CE added 7000% in fresh open interest, consisting mainly of long positions.
  • Oriental Bank, PFC, and  HUL added fresh long positions.

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