Latest news and updates

21st Dec, 2018

Bloodbath on D-Street: Nifty, Sensex end 1.8% lower on global slowdown

Published on: 3:31 pm

  • Equity benchmark indices fell sharply on Friday, tracking the sharp correction in global peers.
  • The Sensex settled at 35,742, down by 689 points, while the Nifty closed 201 points lower to settle at 10,751.
  • Reliance Industries, TCS, Infosys and HDFC twins dragged indexes, while ICICI Bank and HDFC Bank contributed around 300 points to Nifty Bank fall.

Bloodbath on D-Street: Nifty down over 200 points; RIL, Infosys stocks drag

Published on: 3:21 pm

  • Equity benchmark indices have further extended their fall as investors booked profit across-the-board.
  • The Sensex is down 707 points or 1.94% at 35,734, and the Nifty down 204 points or 1.87% at 10,747.
  • The market breadth was negative as 862 shares advanced, against a decline of 1,707 shares, while 147 shares were unchanged.

Nifty Media index drops 2% led by Eros Media, Zee Entertainment, DB Corp

Published on: 3:20 pm

  • The Nifty Media index dropped 2% on Friday on sell-off in Eros Media, Zee Entertainment Enterprises, Zee Media Corporation, DB Corp, and TV Today.
  • Shares of Eros Media Zee Entertainment Enterprises and Zee Media Corporation, which were 3% down each, led the index’s fall. Read more.

Navkar Corp surges over 7% on heavy volumes

Published on: 2:48 pm

  • Shares of Navkar Corporation gained for the third consecutive session on Friday and surged over 7% after a more than 3.04x spurt in volumes.
  • Navkar Corporation Ltd share price is currently trading at Rs62.40, up Rs4.15, or 7.12%, from its previous close of Rs58.25 on the BSE. Read more. 

Government set to pump Rs2,345cr into Air India

Published on: 2:40 pm

  • The Government has sought Parliamentary approval to infuse Rs2,300cr into Air India after a failed bid to sell off the airline in May.
  • The Rs2,300cr is an addition to the Rs27,000cr already infused into the airline operator over a span of a decade. Read more. 

Sensex slips over 500 points; Nifty below 10,800 mark

Published on: 2:23 pm

  • Equity benchmark indices extended losses in the afternoon session led by declines in Reliance Industries, Infosys and HDFC Bank.
  • Tata Motors, Coal India, and HPCL were the top gainers, while Maruti, Infosys, IOC and UPL lost the most on the NSE.
  • The Sensex is down 538 points or 1.52% at 35,894, and the Nifty down 165 points or 1.51% at 10,786. The market breadth was negative as 456 shares advanced, while 1,224 shares declined and, 381 shares remained unchanged.

PFC gains 1% as board approves acquisition of government stake in REC

Published on: 2:22 pm

  • Shares of Power Finance Corporation (PFC) gained 1% intraday on Friday after its board approved the acquisition of the government's stake in REC.
  • The board of directors of PFC in a meeting held on December 20, 2018, granted in-principle approval, to purchase the government of India's entire shareholding in REC along with a transfer of management control. Read more. 

Sun Pharma secures USFDA approval for Elepsia

Published on: 2:20 pm

  • Sun Pharma said that its epilepsy drug Elepsia XR has been approved by the USFDA. This is a New Drug Approval.
  • ELEPSIA is a novel formulation of Levetiracetam 1000mg and 1500mg and is indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age. Read more. 

Nifty IT index drops 1.5% led by Infosys, TCS

Published on: 2:10 pm

  • The Nifty IT Index underperformed in today’s trade with most of its components trading in the red.
  • The Indian rupee depreciated 23 paise to open at 69.93 against the US Dollar. Read more. 

Texmaco Rail receives order worth Rs500cr

Published on: 2:06 pm

Shares of Texmaco Rail and Engineering were trading in the red on Friday afternoon.
Share prices fell by ~2% even as the company announced winning an order worth Rs500cr. Read more. 

Live share market update: Markets tumble, Nifty corrects 119 points in intraday trade

Published on: 1:35 pm

  • Indian equity markets are witnessing a sharp correction on Friday after trending higher for the major part of the week.
  • The Nifty was trading 119 points lower at 10,832, while Bank Nifty was down 233 points at 27,042, with both the indices erasing most of the gains generated during the week.
  • The selloff in the markets was in tandem with the correction in global equities, especially US markets which are trading at 14-month lows. Read more.

Torrent Pharma recalls 2 lots of Losartan Potassium tablets: USFDA

Published on: 1:34 pm

  • Torrent Pharmaceuticals is voluntarily recalling two lots of Losartan potassium tablets, USP at the consumer level due to the detection of trace amounts of an unexpected impurity found in an active pharmaceutical ingredient (API) manufactured by Hetero Labs Ltd, USFDA said in a statement.
  • The impurity detected in the API is N-nitrosodiethylamine (NDEA), which is a substance that occurs naturally in certain foods, drinking water, air pollution, and industrial processes, and has been classified as a probable human carcinogen as per the International Agency for Research on Cancer (IARC) classification, the USFDA data added. Read more.

Aurobindo Pharma gets USFDA approval for Potassium Chloride ER tablets

Published on: 1:30 pm

  • Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Potassium Chloride ExtendedRelease tablets, 8 mEq (600 mg) and 10 mEq (750 mg).
  • Potassium Chloride Extended-Release tablets, a generic version of Upsher-Smith’s Klor-Con Extended Release tablets, will be launched in January 2019. Read more. 

RComm urges DoT to comply with SC order in spectrum deal case: Media report

Published on: 1:30 pm

  • Anil Ambani-led Reliance Communication has urged the Department of Telecommunication (DoT) to comply with the Supreme Court’s order and grant it the no-objection certificate in accordance with its deal with Reliance Jio, a PTI report said.
  • However, as per a media report, the DoT maintained its stance that the deal cannot be cleared unless it gets clarity on payment of dues and associated charges. Read more. 

Nifty extends losses; RIL, Infosys under pressure

Published on: 1:03 pm

  • After opening mildly lower, equity benchmark indices extended losses led by RILInfosysICICI BankHDFC twins, and ITC. The Nifty slipped below 10,900 mark. Only PSU Banks are trading slightly up.
  • Realty saw the worst fall, the index dipped 1.7%, followed by oil & gas, consumer durables, IT were major losing sectors.
  • The Nifty Realty index is trading lower led by SobhaOberoi Realty, and DLF. Read more.

Indian Hume Pipe gains 4% on order wins worth Rs502.89cr

Published on: 11:40 am

  • Shares of Indian Hume Pipe were trading 4% higher on Friday after the company won an order worth Rs502.89cr from Andhra Pradesh Drinking Water Supply Corporation (APDWSC).
  • An order has been won for the work of construction of drinking water supply projects in Guntur district. Read more. 

Rupee depreciates 23 paise; trades at 69.78/$

Published on: 11:15 am

  • After rallying to a crucial level 69/$, the Indian rupee depreciated 23 paise to open at 69.93/$ compared to its previous close of 69.70/$.
  • The currency appreciated to 69.66/$ from its lowest level of 70.90/$ over the past five trading sessions. Read more. 

Indiabulls Real Estate sells stake in 2 projects in Gurugram

Published on: 10:50 am

  • Indiabulls Real Estate shares were up 1% in early morning trade on Friday as the company announced in a BSE press release that it has signed a deal with subsidiaries owned by The Blackstone Group L.P., a globally renowned real estate private equity investor.
  • The deal was signed so that IndiaBulls Real Estate could divest up to 50% stake in two office assets in Udyog Vihar, Gurugram, aggregating 784,000 sq.ft. leasable office space. Read more. 

NDTV hits 10% upper circuit after Rs300cr deal with Taboola

Published on: 10:40 am

  • Shares of NDTV hit 10% upper circuit in morning trade on the BSE.
  • The company has struck an unprecedented five-year deal with Taboola. Read more. 

Aquestive and Indivior to file a petition to block DRL’s gSuboxone

Published on: 9:25 am

  • Aquestive and Indivior, who have partnered in selling Suboxone in the US, have said that they are filing a petition with the US Court of Appeals for the Federal Circuit (CAFC) for a rehearing on the ruling to vacate the preliminary injunction which allows the potential re-entry of gSuboxone in the US by Dr. Reddy’s Lab.
  • On November 20, the US Court of Appeals for the Federal Circuit overturned the preliminary injunction against Dr. Reddy's Laboratories’ from selling gSuboxone. Read more. 

Sensex, Nifty volatile; Bharti Airtel gains 2%

Published on: 9:19 am

  • Equity benchmark indices opened flat on Friday amid weak global cues. Bharti Airtel, M&M, Tata Steel, JSW Steel, and Hindalco are the top gainers, while IOC, Infosys, Asian Paints, and Dr. Reddy’s have lost the most on the NSE.
  • The Sensex is up 30 points at 36,462, while the Nifty marginally up seven points at 10,958.
  • The market breadth is positive as 1,015 shares advanced, while 483 shares declined and 537 shares remained unchanged.

NHPC buyback offer to open on January 1

Published on: 9:15 am

  • NHPC said its offer to buyback 21.43cr equity shares at Rs28 apiece, aggregating to Rs600cr, will open on January 01, 2019.
  • The share repurchase programme will close on January 14, 2019, the company said in a regulatory filing. Read more. 

Bosch announces suspension of manufacturing operations at Bidadi plant for two days

Published on: 9:12 am

  • Leading technology and auto ancillary company, Bosch Limited (Bosch), part of the Robert Bosch Group, announced that it was suspending manufacturing operations at its Bidadi (Karnataka)plant for two days i.e. December 28 and 29, 2018.
  • The move is aimed at adjusting production with market demand. Read more. 

Indian Hume Pipe wins contract worth Rs502.89cr

Published on: 8:59 am

  • Indian Hume Pipe Company announced in a BSE filing that it has won an award for Rs502.89cr, from Andhra Pradesh Drinking Water Supply Corporation (APDWSC).
  • Reacting to the news, shares of Indian Hume pipe went up by ~5% in intraday trade on Thursday. Read more. 

Power Finance approves proposal to buy Govt's stake in REC

Published on: 8:52 am

  • The board of directors of Power Finance Corporation has approved the strategic sale of government's stake in Rural Electrification Corporation (REC).
  • "Board of Directors of Power Finance Corporation in its meeting held on 20th December, 2018 has approved following in regard to strategic sale of Government of India Equity Shareholding in REC Ltd to Power Finance Corporation (PFC)," as per BSE filing.Read more. 

Coal India to pay interim dividend of Rs7.25/share

Published on: 8:35 am

  • The board of directors of Coal India (CIL) has approved an interim dividend of Rs7.25 a share for financial year 2018-19.
  • The company has already fixed December 31 as record date for payment of dividend, as per BSE filing. Read more. 

Bharti Airtel to divest Infratel’s 32% shares to Nettle

Published on: 8:35 am

  • Bharti Airtel in its filing to the exchanges informed that its board has approved divestment of up to 59.12cr equity shares, representing 32% stake of Bharti Infratel, owned by the company, to its arm Nettle Infrastructure Investments.
  • "The transfer to Nettle shall be in accordance with all the applicable statutes, rules, and regulations," the company said in a press note after markets hours to the exchanges on Thursday. Read more. 

Markets to open marginally down tracking SGX Nifty amid weak global cues

Published on: 8:05 am

  • SGX Nifty is at 10955, down 39 points.
  • For today, we expect consolidation with rupee and fall in oil seeing selected PSU energy stocks leading the gainers. Read more,

Top stocks in focus: Dr Reddy’s, Bharti Airtel, Coal India, Infosys

Published on: 8:05 am

  • Dr Reddy’s Laboratories stock in focus today.
  • As per media reports, Aquestive and Indivior said they would file a petition with the US Court of Appeals for the Federal Circuit for hearing on the ruling to vacate the preliminary injunction that enjoined Dr. Reddy’s from launching its generic buprenorphine/naloxone sublingual film. Read more. 

Broker Radar for December 21

Published on: 7:59 am

JP Morgan maintains Neutral on Pidilite IND; raises TP to Rs1,120.
  • Growth levers in place; valuations cap upside
  • Expect 18% EPS CAGR over Fy 19-21. Read more

What not to miss today

Published on: 7:46 am

  • Markets to open marginally down; Nifty support @ 10880, resistance 11050.
  • FIIs sold 386cr (cash), bought 300cr in Index Futures.
  • US market extends fall; Asian shares follow suit.
  • Rupee gains 69 paise to settle at 69.70/$. Read more.

Derivative Watch

Published on: 7:40 am

  • Nifty and Bank Nifty future saw muted action, both in terms of changes in the price and the Open Interest. Overall structure for both the indices remains bullish.
  • Nifty OTM puts added fresh short positions, making the 10,800 level as an immediate floor for the index.
  • Ujjivan and Bajaj Fin added fresh long positions.

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