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07th Dec, 2018

Krishnamurthy Subramanian replaces Arvind Subramanian as CEA

Published on: 4:05 pm

  • The government has appointed Krishnamurthy Subramanian as the Chief Economic Adviser (CEA) to the finance minister for three years. He replaces Arvind Subramanian, who resigned from the post on June 20 this year, media reports said on Friday.
  • Arvind Subramanian’s term as the CEA was supposed to end in May 2019. Read more

Sensex, Nifty end higher ahead of exit polls

Published on: 3:35 pm

  • Equity benchmark indices ended higher ahead of exit polls for state elections due later in the day. Today’s surge led by Kotak Mahindra Bank, HDFC Bank, Infosys, and ITC.
  • The Sensex gained 361 points or 1.02% at 35,673, while the Nifty rose 93 points at 10,694.
  • The market breadth was negative as 1,077 shares advanced, while 1,458 shares declined and 155 shares remained unchanged.
  • Kotak Mahindra Bank, Adani Ports, and Bajaj Finserv were the top gainers, while Sun Pharma, Coal India, HCL Tech and GAIL lost the most on the NSE.

Muthoot Finance stock rallies 14% following Q2FY19 numbers

Published on: 2:37 pm

  • Shares of Muthoot Finance jumped after posting strong Q2FY19 numbers. The company has registered a 23% increase in net profit at Rs975cr in the first half of FY19, against Rs791cr in the previous year.
  • Its loan assets stood at Rs32,319cr as of September 30, 2018, as against Rs27,613cr as of September 30 ,2017, indicating a yoy growth of 17%. 
  • The total income of the company showed a marginal dip of 1% for the quarter at Rs1,650cr from the same period last year. Read more

Live market update: Markets consolidate, Nifty up 49 points

Published on: 2:22 pm

  • Indian markets are trading with a positive bias after opening gap up on Friday. The Nifty was trading 49 points higher at 10,650 near the high point of the day, while Bank Nifty was up 230 points at 26,423.
  • Nifty Media is the best performing sectoral index trading 1.36% higher at the current juncture.
  • All the major Asian peers are also trading with a positive bias, with the Nikkei currently higher by 0.82%.

Dilip Buildcon receives order worth Rs1,000cr; stock gains 3%

Published on: 2:00 pm

  • Dilip Buildcon has bagged an order worth Rs1,000cr from Mahanadi Coal field (MCL). Reacting to this, shares of the company gained 3% on Friday.
  • An order has been received for the hiring of HEMM for removal of all types of materials in all kinds of strata for exposing various coal seams from surface, down to Lajkura seam including its drilling, excavation, loading, transportation, dumping, spreading, and dozing at specified areas for dumping at Samaleswari OCP, IB Valley area for a quantity of 109 MBCM, the company said in a press note to the exchanges today. The contract period is 1,825 days. Read here

Kotak Mahindra Bank clarifies on report of Berkshire investment

Published on: 1:53 pm

Shares of Kotak Mahindra Bank (KMB) were trading higher on both the indices during the afternoon session. The bank has clarified that it is unaware of any plans by Berkshire Hathaway to buy stake in the bank.
“We confirm that we have nothing to report to the exchanges on the said item. Kotak Mahindra Bank is unaware of any plans by Berkshire Hathway buying stake in the bank as stated in the story,” the bank said in a BSE filing. Read more

Nifty holds 10,600 mark; Zee, Asian Paints stocks gain

Published on: 1:47 pm

  • Equity benchmarks erased morning gains ahead of crucial exit polls that will be announced in the evening.
  • The Sensex is up 70 points at 35,383, and the Nifty up 8 points at 10,601. The market breadth is negative as 705 shares advanced, while 949 shares declined, and 409 shares remained unchanged.
  • Kotak Mahindra Bank, Asian Paints, Infosys and Zee were the top gainers, while Yes Bank, GAIL, IOC lost the most on the NSE.

Vijay Mallya: Kingfisher Airlines defaulted, not me

Published on: 1:13 pm

  • Mallya shot off a series of tweets in the early hours of Wednesday to defend himself regarding the default on loans he had acquired from various banks as a means of keeping his now-defunct Kingfisher Airlines afloat.
  • "Airlines are struggling financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100% of the principal amount to them. Please take it," read one of his posts. Read more

JLR retail sales down 8% yoy in November due to 50% drop in China volumes

Published on: 12:50 pm

  • Jaguar Land Rover (JLR), the Tata Motors-owned British luxury carmaker, has reported an 8% yoy decline (9% mom growth) in retail vehicle sales in November 2018.
  • JLR sold 48,160 cars in November 2018 against 52,332 cars in November 2017 and 44,282 cars in October 2018. The company sold 14,909 Jaguars in November 2018, up 9% yoy and 8% mom, while it sold 33,251 Land Rovers, down 14% yoy and up 9% mom. Read more

Coal India hits 52-week-low; stock down 1%

Published on: 12:21 pm

  • Shares of Coal India (CIL) hit a fresh 52-week low of Rs237 on the BSE after the government sold more than 2% stake in the company to Reliance Nippon Life Asset Management. The stock has fallen by 6% in three days.
  • The President of India, acting through the Ministry of Coal, Government of India, has sold 13.7cr equity shares representing 2.21% stake of Coal India to Reliance Nippon Life Asset Management, as the AMC of the CPSE ETF mutual fund scheme, the company said in its BSE filing. Read here

HCL Tech shares down 6% after acquiring IBM software products for $1.8bn

Published on: 12:18 pm

  • Shares of HCL Technologies were trading down 6% in spite of the announcement that HCL Tech and IBM have signed a definitive agreement, under which, HCL will acquire select IBM software products for $1.8bn.
  • The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews. Read here

Gujarat Alkalies gains as board approves establishment of new project

Published on: 12:05 pm

  • Shares of Gujarat Alkalies & Chemicals rose 1% intraday on Friday after its board approved a proposal for the establishment of a 10,000MTA (80%) Hydrazine Hydrate Project at Dahej with a revised cost of Rs405.50cr, including Interest during construction (IDC).
  • "The company is not producing Hydrazine Hydrate at present. Therefore, there is no existing capacity of Hydrazine Hydrate," said Gujarat Alkalies in a press note to the exchanges on Friday. Read here

Gold prices marginally lower ahead of US non-farm data

Published on: 11:52 am

  • Gold prices were trading marginally lower in Friday morning trade amid caution ahead of the US non-farm payrolls report. A weaker-than-expected non-farm payroll data will keep gold prices up.
  • MCX gold prices opened with a small cut of 25 points. However, 30,850 stands a good support for the precious yellow metal going forward. Read here

Sensex up over 190 points; Kotak Mahindra Bank jumps 14%

Published on: 11:36 am

  • Equity benchmark indices extended their gains during morning trade on Friday with heavyweights Kotak Mahindra Bank, Infosys, ITC, and HDFC Bank boosting the markets higher. The Sensex was up 202 points at 35,514, while the Nifty was up 40 points at 10,640.
  • Kotak Mahindra Bank, Zee, Asian Paints, Dr.Reddy’s, and Adani Ports were the top Nifty gainers, while HCL Tech, GAIL, Yes Bank, Indiabulls HF, and JSW Steel were among the top losers. Read more

Banking, Media stocks lead market rally; IT reels under pressure

Published on: 11:34 am

  • The Nifty Private Bank index rose 1.2% led by Kotak Mahindra Bank, which has jumped over 6.2%, while South Indian Bank, ICICI Bank, and HDFC Bank were the other gainers.
  • Meanwhile, Nifty Media was the best performer led by gains in Zee, which jumped 3%, followed by EROS International Media and DB Corp. Read here

PFC skids 3% as cabinet approves merger proposal

Published on: 11:14 am

  • Shares of Power Finance Corporation (PFC) slipped 3% in the morning session on Friday after the Cabinet approved the sale of government’s entire 52.63% in Rural Electrification Corporation (REC) to PFC.
  • The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, has granted an in-principle approval for strategic sale of the government’s existing 52.63% of total paid-up equity shareholding in REC to Power Finance Corporation (PFC) along with transfer of management control. Read more

Berkshire Hathway may buy 10% stake in Kotak Mahindra Bank: Media Report

Published on: 10:47 am

  • Berkshire Hathway is looking to buy 10% stake in Kotak Mahindra Bank  (KMB) valued between ~Rs28,000cr and ~Rs42,000cr, according to CNBC-TV18.
  • Berkshire Hathaway is looking to buy promoter stake or take the route of preferential allotment. If the deal goes through, it would be a significantly positive development for the bank. Read here

OMCs gain on easing global crude oil prices

Published on: 10:22 am

Yusuff Ali to aid ailing Jet Airways: stock up 2%

Published on: 10:19 am

  • Shares of Jet Airways are trading 2% higher on the news that NRI businessman MA Yusuff Ali, founder of the Lulu Group, may play a key role in the ongoing talks between Etihad Airways and Jet Airways, as per media sources.
  • The ongoing talks between Etihad and Jet are now at an advanced stage, with Jet facing an urgent need for funds. Read here

Rupee makes smart recovery, up 34 paise against USD

Published on: 10:04 am

  • The Indian rupee opened higher on Friday after a decline in crude oil prices in the international market. The home currency opened up by 34 paise at 70.56 against the greenback.
  • The yields on the 10-year government bonds fell 0.34% to 7.40%.
  • The local currency ended lower by 44 paise at 70.90 against the US dollar amid a strengthening greenback and sharp decline in equity markets yesterday. Read more

HCL Technologies to acquire select IBM Software products for $1.8bn

Published on: 9:28 am

  • HCL Technologies (HCL) and IBM announced a definitive agreement under which HCL will acquire select IBM software products for $1.8bn. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews.
  • HCL and IBM have an ongoing IP Partnership for five of these products.
  • The products include Appscan for secure application development, BigFix for secure device management, Unica (on-premise) for marketing automation, Commerce (on-premise) for omni-channel eCommerce, Portal (on-premise) for digital experience, Notes & Domino for email and low-code rapid application development, and Connections for workstream collaboration. Read more

Nifty opens above 10,600 mark; IT sole sectoral loser

Published on: 9:21 am

  • Equity benchmark indices opened on a higher level on Friday.
  • Sensex is trading at 35,500 levels up by 185 points, while Nifty is trading at 10,647 levels up by 47 points.
  • The indian rupee is trading at 70.5 per dollar trading flat from its opening rate.
  • All Nifty sectoral indices gained except the IT index which is down by ~1%.

Zydus Wellness to raise Rs2,575cr through preferential issue to fund Heinz India acquisition

Published on: 9:09 am

  • Zydus wellness (ZWL) has proposed to raise Rs2,575cr through preferential allotment in order to fund the Heinz India acquisition worth Rs4,595cr (Read more here). It also stated that it would raise debt by issuing listed, secured, redeemable, non-convertible debentures on private placement basis for an amount up to Rs1,500cr anytime within one year from the date of passing the special resolution.
  • Company is issuing 1,86,32,416 number of shares on a preferential basis at an issue price of Rs1,382 per share. Read more

Cabinet approves sale of Govt's 52.63% stake in REC to PFC

Published on: 8:59 am

The Cabinet Committee on Economic Affairs (CCEA), chaired by the PM, Narendra Modi, has given its ‘In Principle ’approval for strategic sale of the Government of India’s existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control. Read more

Top stocks in focus: Lupin, Zydus Wellness, Coal India, REC, PFC

Published on: 8:40 am

  • Lupin’s Canada arm received an approval from Health Canada for Zaxine drug used for the treatment of irritable bowel syndrome.
  • Cabinet approves sale of govt’s 52.6% stake in REC to PFC for Rs15,000cr.
  • Zydus Wellness to raise funds by issuing preference shares worth Rs2,575cr to Cadila Healthcare, Zydus Family Trust, Pioneer Investment Fund and True North Fund. Read more.

SGX Nifty indicating gap up opening as crude prices witnessed a sharp decline

Published on: 8:30 am

  • SGX Nifty is at 10,690, up 66 points. For today, we expect weekend blues to keep the markets range bound as globally the volatility has seen sharp spike & hurt investors, as sentiment turns fragile.
  • Yesterday, Nifty saw a sharp correction for the second day running as extremely weak global cues took their toll with Nifty falling nearly 200 points.This came in even as foreign investors continue to buy stocks as India emerges best destination in emerging markets basket with longer term outlook. Fall in oil should see auto, paints & OMCs outperform today with financials also seeing value buying.

OPEC meet fails to reach consensus on oil cuts; Brent burns down ~4%

Published on: 8:06 am

  • OPEC talks ended in Vienna with the group failing to reach a consensus on an oil production deal, with the size of Russia’s contribution remaining a bone of contention. The talks will continue with non-OPEC allies on Friday.
  • Saudi Energy Minister Khalid Al-Falih said he isn’t confident of an agreement after discussions of the 1mn-barrel-a-day output reduction concluded without an agreement. Read more.

Derivative Watch

Published on: 7:45 am

  • Nifty Futures witnessed fresh short positions, while Bank Nifty Futures continued to witness long unwinding in yesterdays trade.
  • On the options front, heavy call writing was witnessed in out of the money strikes with 11,000CE adding ~13lakh shares in open interest acting as the major resistance levels in the current series.
  • Nifty PCR dipped from 1.63 to 1.44.

What not to miss today

Published on: 7:39 am

  • Markets to open gap up; Nifty support @10588, resistance 10750.
  • FII purchased 72cr (cash), sold 1722cr in Index Futures.
  • Rupee depreciated 44 paisa to 70.90/$.
  • US, Asian markets up on reports that Fed may pause rate hikes. Read more.

Bulk deal

Published on: 7:35 am

  • Wasatch International Growth fund acquired 10.37lakh shares or 0.65% equity at Rs 435.35 each.
  • Abu Dhabi Investment Authority sold 10.1lakh shares or 0.64% equity at Rs435.26 each.

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