Latest news and updates

24th Dec, 2018

Max India to sell stake to Radiant Life, KKR

Published on: 3:58 pm

  • Shares of Max India plunged 5% as the company announced a ~50% stake sale in Max Healthcare Institute Ltd to Radiant Life.
  • Radiant Life, backed by KKR investments has entered into a share purchase agreement with Life Healthcare International Proprietary Limited ("Life Healthcare"), a South Africa based hospital operator for the purchase of 49.7 % share capital in Max Healthcare. Read more. 

Markets continue correction, Nifty ends below 200DEMA

Published on: 3:50 pm

  • Indian equity markets continued to trend lower in tandem with the correction seen in global equities.
  • The Nifty traded with a negative bias right through the day before witnessing further selling pressure at the fag end of today's session. Read more. 

BHEL end ~2% higher on report of forming JV with US-firm

Published on: 3:45 pm

  • Shares of Bharat Heavy Electricals (BHEL) ended ~3% higher on Monday after a PTI report claimed that the company is in talks with a US firm to form a joint venture (JV) that will manufacture lithium-ion batteries in India.
  • As per the report, the government is planning to curb imports of lithium-ion batteries, a key component used in electric vehicles. Read more. 

Nifty settles below 10,700 mark; JSW Steel, Hero MotoCorp stock falls 5%

Published on: 3:32 pm

  • Equity benchmark indices ended lower for third consecutive session, with the Nifty has ended below 10,700 mark. The stock market will be shut on Tuesday on account of Christmas.
  • Barring the IT index, all sectoral indices ended in the red, with auto, banks, consumption, energy and metals have closed lower.
  • The Sensex dropped 272 points at 35,470, while the Nifty ended lower 91 points at 10,664. The market breadth was negative as 532 shares advanced, while 1,177 shares declines, and 356 shares remained unchanged. 

Nifty Auto Index skids led by Hero MotoCorp, Bajaj Auto

Published on: 3:02 pm

  • Nifty Auto index were trading lower 1.3% on Monday amid heavy selling pressure in Hero MotoCorp, Bajaj Auto, Motherson Sumi, and Apollo Tyres.
  • The auto index is under pressure after global brokerage firm CLSA Asia Pacific Markets has reportedly said consensus earnings per share estimates for most automobile makers will be cut as domestic demand is slowing. Read more

Graphite India extends declines after Bengaluru plant gets KSPCB approval

Published on: 2:52 pm

  • Shares of Graphite India extended declines for the fourth consecutive session.
  • The stock fell ~10% over the last four trading days and is trading at its lowest level since October 8, 2018. Read more. 

Nifty IT Index gains 1% led by Wipro, TCS, Infosys

Published on: 2:50 pm

  • The Nifty IT Index gained 1% on Monday led by buying in Wipro, TCS, Infosys, Tech Mahindra, and Oracle Financial Services Software.
  • Shares of Wipro and TCS, which gained 2% each, led the index’s gain, followed by Infosys, Tech Mahindra, Oracle Financial Services Software, and NIIT Tech, which gained 1% each. Read more. 

Sensex slips over 250 points; Nifty below 10,700 mark

Published on: 2:46 pm

  • The Sensex is down 241 points at 35,501, while the Nifty slipped 86 points to 10,667. The market breadth is negative as 623 shares advanced, while 1,067 shares declined, and 384 shares remained unchanged.
  • Shares of Infosys gained on news that the board may consider a second share buyback proposal of $1.6bn, as per a media report. The announcement of the buyback could be a part of the board resolution when it meets on January 11, 2019, the report added. Read more.
  • Shares of Wipro and TCS, which gained 2% each, led the index’s gain, followed by Infosys, Tech Mahindra, Oracle Financial Services Software, and NIIT Tech, which gained 1% each. 

Inox Leisure up 2.5% on GST rate cut, multiplex opening

Published on: 2:40 pm

  • Shares of Inox Leisure were up 2.5% in intraday trade on Monday as GST rates were slashed on movie tickets. Read more.
  • GST on movie tickets costing up to Rs100 has been cut to 12% while tickets costing over Rs200 will attract 18% as against an earlier rate of 28%. Read more. 

Dr.Reddy’s launches gAggrenox in US

Published on: 1:37 pm

  • Dr.Reddy's Laboratories, in a filing to the exchanges on Monday, informed that the company, along with its subsidiaries, launched aspirin and extended-release dipyridamole capsules in the US markets.
  • The capsules are the therapeutic equivalent generic version of Aggrenox (aspirin and extended-release dipyridamole) capsules, the company added.
  • Dr.Reddy's Laboratories share price is currently trading at Rs2,596.95, down Rs7.1, or 0.27%, from its previous close of Rs2,604.05 on the BSE. Read more

Hero MotoCorp under pressure after ratings downgrade; stock down ~4%

Published on: 1:10 pm

  • Shares of Hero MotoCorp (HMCL) dropped ~4% on the BSE after global brokerage house Goldman Sachs downgraded the stock to sell from neutral. The stock was the top loser on the Nifty Auto index.
  • The brokerage firm slashed its target price sharply by 12.66% from Rs3,175 to Rs2,773, implying a 16.5% potential downside from December 21 closing levels, as per a media report. Read more.

Arshiya soars after MSD India Fund sells stake

Published on: 12:50 pm

  • Shares of Arshiya Ltd soared 12% on the BSE during afternoon trade on Monday.
  • The stock gained after MSD India Fund sold 26.91 lakh shares or 1.1% stake in the company. Read more. 

Cadila gets USFDA nod for Doxycycline Hyclate Delayed-Release Tablets

Published on: 12:28 pm

  • Zydus Cadila, in a filing to the exchanges on Monday, informed that it has received approval from the USFDA to market Doxycycline Hyclate Delayed-Release Tablets USP (US RLD-Doryx) in the strengths of 75mg, 100mg, and 150mg.
  • The group will manufacture the tablets at its formulations manufacturing facility at SEZ, Ahmedabad. "This medication is used only to treat or prevent infections that are proven or strongly suspected to be caused by susceptible bacteria," the company said in a press note to the exchanges on Monday. Read more. 

Government to consider additional soft loan to sugar mills of Rs7,400cr

Published on: 11:55 am

  • The Indian government is mulling an additional soft loan of Rs7,400cr to sugar mills for creating ethanol capacity, as per the media reports.
  • Earlier during the year, the government had announced a soft loan of Rs4,400cr. It also provided an interest subvention of Rs1,332cr to mills over a period of five years, including a moratorium period of one year under the scheme.
  • According to media reports, the ministry has received 282 applications seeking Rs13,400cr soft loans, of which, 114 applications for a loan amount of Rs6,000cr has been approved. The subsidy burden is expected to be Rs1,600cr for the balance loan amount. Read more.

HFCL wins overseas contracts worth Rs148cr

Published on: 11:37 am

Himachal Futuristic Communications Limited (HFCL) has been awarded two contracts worth Rs148cr from L&T. The announcement was made via a press release on Sunday morning.
The projects are for the Mauritius metro express project and for the Dhaka metro mass rapid transit system. Read more.

IL&FS Engineering appoints Dilip Bhatia as additional director; share gains 5%

Published on: 11:32 am

  • Shares of IL&FS Engineering & Construction were locked in 5% upper circuit on Monday after the company appointed Dilip Bhatia as an additional director with effect from Dec 24, 2018.
  • "Bhatia joined IL&FS Transportation Networks Limited as CFO on August 24, 2015, and was re-designated as Chief Strategy Officer effective September 22, 2018, and as Chief Executive Officer- Officiating since November 15, 2018," the company said in a press note to the exchanges on Monday. Read more. 

Reliance Industries acquires stake in Vakt Holdings

Published on: 11:25 am

  • Reliance Industries in its filing to the exchanges on Monday informed that the company has acquired 5.56% stake in Vakt Holdings Limited (UK)  for cash aggregating $5mn.
  • "No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in VHL," the company said in a press note to the exchanges. Read more.

Sensex, Nifty trade volatile; cement, auto stocks decline

Published on: 11:18 am

  • Equity benchmark indices were trading volatile amid weakness in Asian markets. Buying activity in pharma, technology, banking auto and FMCG stocks, influenced market sentiment.
  • BSE Midcap and BSE Smallcap indices shed 0.35% and 0.68%, respectively.
  • Sun Pharma, Infosys, TCS, SBI, ITC, ICICI Bank, Tata Motors, IndusInd Bank, Kotak Bank, Axis Bank, Maruti Suzuki, L&T, Bharti Airtel, M&M and Coal India, were trading higher.

MCX Gold moved higher after taking support at 31,000

Published on: 11:10 am

  • Gold prices in Monday morning trade were trading higher with US gold futures trading 0.6% up. This is on the back of a political turmoil in the US, which prompted investors to take shelter of the safe haven asset.
  • Investors expect the partial US government shutdown to drag through the Christmas holiday after the Senate adjourned on Saturday without breaking an impasse over President Donald Trump's demand for more funds for a border wall. Read here

Minda Industries to purchase Magnetic Speed & Position Sensors

Published on: 11:02 am

  • The Board of Minda Industries (MIL) has approved the acquisition of Magnetic Speed & Position Sensors (Cam, Crank, & TISS sensor products) business from Sensata Technologies, i.e., business transfer of CAM, Crank, & TISS sensors, sharing of know-how, technical support, and engineering support for 5 years.
  • The project cost would be Rs32.97cr, as per BSE filing.
  • Shares of Minda Industries Ltd is currently trading at Rs325 up by Rs2 or 0.62% from its previous closing of Rs323 on the BSE. Read more

Aurobindo Pharma gets USFDA approval for Vecuronium Bromide injection

Published on: 10:33 am

  • Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Vecuronium Bromide Injection, 10mg and 20mg.
  • Aurobindo’s Vecuronium Bromide Injection is a generic equivalent of Organon’s Norcuron Injection. The product will be launched in Q4FY19, as per the company's BSE filing. Read here

Lupin in pact with Abbvie for Hematological cancers drug

Published on: 10:30 am

  • Pharma major Lupin and global biopharmaceutical company Abbvie Inc., announced that Abbvie has licensed Lupin's MALTl (Mucosa-Associated Lymphoid Tissue Lymphoma Translocation Protein 1) inhibitor program.
  • Through this partnership, AbbVie gains exclusive global rights to develop and commercialize Lupin's MALTl inhibitors, as per BSE filing. Read more. 

GE Power wins contract worth MYR595mn

Published on: 10:20 am

  • The consortium of GE Power India Limited (the “Company”), GE Hydro France, GE Renewable Malaysia Sdn. Bhd., and Sinohydro Corporation (M) Sdn. Bhd. has been awarded a project worth MYR595mn. 
  • The scope of the project pertains to the main electrical and mechanical works for the 1,285MW Baleh Hydroelectric Project in Sarawak, Malaysia by SEB Power Sdn. Bhd.
  • The value of the order is ~$98.4mn exclusive of taxes (i.e., ~Rs698cr). Read here

Lupin in pact with Abbvie for Hematological cancers drug

Published on: 10:08 am

  • Pharma major Lupin and global biopharmaceutical company Abbvie Inc., announced that Abbvie has licensed Lupin's MALTl (Mucosa-Associated Lymphoid Tissue Lymphoma Translocation Protein 1) inhibitor program.
  • Through this partnership, AbbVie gains exclusive global rights to develop and commercialize Lupin's MALTl inhibitors, as per BSE filing. Read here

Infosys stock gains on report of likely second share buyback

Published on: 9:55 am

  • Shares of Infosys gained on both the indices in Monday’s trade on news that the board may consider a second share buyback proposal of $1.6bn, as per a media report.
  • The announcement of the buyback could be a part of the board resolution when it meets on January 11, 2019, the report added. Read more. 

Lumax Auto Technologies to merge with wholly owned subsidiary

Published on: 9:50 am

  • Lumax Auto Technologies board has considered and approved a scheme of merger pursuant to sections 230 to 232 of the Companies Act, 2013.
  • The merger is between itself and Lumax DK Auto Industries Limited. Read more. 

Sensex, Nifty trade higher; Infosys, Indiabulls HF stocks gain

Published on: 9:21 am

  • Equity benchmark indices opened flat amid mixed global cues. Today’s gains led by Infosys, TCS and ITC were offset by losses in HDFC twins, Hero MotoCorp and Reliance Industries.
  • Shares of Infosys rose 1% after reports that the firm may announce a $1.6 billion buyback.
  • The Sensex is up 83 points at 35,825, while the Nifty rose 13 points at 10,767. The market breadth is positive as 820 shares advanced, while 665 shares declined and 554 shares remained unchanged.

Indigo inks Codeshare agreement with Turkish Airlines; shares gain 1%

Published on: 9:20 am

  • Shares of InterGlobe Aviation (Indigo) climbed 1% in the morning session on Monday after the company signed a codeshare and mutual cooperation agreement with Turkish Airlines.
  • The effectiveness of the agreement is subject to the approval of all necessary Board and regulatory, the company said in a press note after the market to the exchanges on Friday. Read more. 

Strides Pharma gets USFDA nod for Polyethylene Glycol 3350 and Electrolytes for oral solution

Published on: 9:20 am

  • Strides Pharma Science (Strides) announced that its step‐down wholly owned subsidiary, Strides Pharma Global Pte. Ltd, Singapore, has received USFDA approval for Polyethylene Glycol 3350 and Electrolytes for Oral Solution in several strengths.
  • The product is a generic version of GoLYTELY of Braintree Laboratories, Inc, as per BSE filing. Read more. 

Reliance Industries completes acquisition of 5.56% strategic stake in Vakt Holdings

Published on: 9:20 am

  • Reliance Industries Ltd (RIL) has acquired 5.56% equity stake (on fully diluted basis) in Vakt Holdings Limited, UK (VHL), a closely held start up entity engaged in the technology space, for cash aggregating to ~$5mn.
  • The strategic investment accelerates Reliance's digital journey, through active participation in an emerging and evolving, yet promising, block chain enabled technology solution for energy markets. Read more. 

Bandhan Bank clarifies on news item

Published on: 8:55 am

  • Bandhan Bank to remaing in focus today, as it has issued a clarification to the news news article.
  • The company clarified to CNBC TV 18 dated December 21, which claimed, "Bandhan bank in talks with HDFC for control of Gruh Finance." Read more. 

Unichem Labs received USFDA approval for Pramipexole Dihydrochloride tablets

Published on: 8:38 am

  • Unichem Laboratories in its filing to the exchanges informed that it has received final ANDA approval from USFDA for Pramipexole Dihydrochloride tablets 0.125mg, 0.25mg, 0.5mg, 0.75mg, 1mg, and 1.5mg.
  • The announcement was made after market hours on Friday. Read more. 

Share Market Update: 10 Stocks that have witnessed maximum change in its Put-Call ratio

Published on: 8:32 am

  • Put/Call ratio (PCR) is a popular derivative indicator, specifically designed to help traders gauge the overall mood of the market.
  • The ratio is calculated either on the basis of options trading volumes or on the basis of the open interest for a particular period. Read more. 

Info Edge acquires Nopaperforms for Rs28cr

Published on: 8:30 am

  • Info Edge India’s wholly owned subsidiary has acquired Nopaperforms solutions for a sum of Rs28cr.
  • The aggregate shareholding of the company, post the investment would be 48.1% on fully converted and diluted basis. Read more. 

Asian stock markets trade mixed

Published on: 8:25 am

  • Asian stock market was trading mixed on Monday as investors grappled with political instability in the United States and fears of a global economic slowdown.
  • According to the media reports, US President Donald Trump’s budget director and chief of staff on Sunday said the partial US government shutdown could continue into January, when the new Congress convenes and Democrats take over the House of Representatives. Read more. 

Current FII Data

Published on: 8:14 am

FII/DII Data:  In Friday’s trading session, FIIs bought 134cr stock in the cash market, whereas DIIs sold 488cr worth of stock. In the derivative market, FIIs sold 315cr of Index futures and bought 1628cr worth of Index options. In the Stock futures segment, FIIs sold 1204cr worth of stock futures and sold 121cr stock options.

FII View: FIIs created bearish positions in Index Futures in Friday’s trading session, which is deduced by the fact that they created 3024 net short contracts in the segment, while simultaneously creating 19054 long contracts in Index Put Options. The long-short ratio in Index Futures currently stands at 0.8x since the start of the December series which is a bearish sign.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 190 1 36 0.9 0.8
Index Short 216 2 63
Index Call Long 247 (0) 28 2.4 0.8
Index Call Short 101 3 59
Index Put Long 393 5 56 2.5 1.0
Index Put Short 154 (4) 53

SGX Nifty indicates flat opening for markets as global turmoil persists

Published on: 8:12 am

  • SGX Nifty is at 10777, up 17 points.
  • This holiday-shortened week should see higher than normal volatility as derivative contracts expiry coupled with global cues could see both sided movements on the index.
  • On Friday, the Nifty saw a sharp selloff on Friday as domestic mutual funds sold in anticipation of the global selloff and ahead of future contract expiry this Thursday.
  • Nifty has been an outperformer in the global context with lower yields, stable rupee and fall in the crude oil all boding well for Indian stocks. Read more.

Top stocks in focus: Fortis, IndiGo, Bandhan Bank, Info Edge, Sundaram Finance

Published on: 8:10 am

  • Fortis Healthcare stock in focus today as SEBI orders Singh brothers and other eight group companies to repay Rs403cr to company itself.
  • Bandhan Bank clarified that the bank was unaware of the news that it is in talks with HDFC for control of Gruh Finance. The bank also stated that it is evaluating various opportunities and will not comment on market speculation.
  • Info Edge arm increased stake in Nopaperforms Solutions to 48.1% by investing Rs28cr.
  • IndiGo signed codeshare mutual agreement with Turkish Airlines. The aviation company said this agreement is a part of its international expansion strategy. Read more

Broker Radar for December 24

Published on: 7:56 am

Nomura on Tyres: Crude price drops a margin tailwind for tyre companies
  • Maintain BUY on Apollo Tyres with target at 288/share
  • Crude prices and Tyre gross margins inversely correlated. Read more. 

What not to miss today

Published on: 7:43 am

  • SGX Nifty indicates flat opening for markets; Nifty support @10680, resistance 10850.
  • FIIs purchased 134cr (cash), sold 315cr in Index Futures.
  • Asian markets trade in red mimicking US’ performance.
  • Rupee depreciated 40 paise 70.19/$. Read more.

Derivative Watch

Published on: 7:28 am

  • Nifty January contract added 57% in fresh open interest with a sharp decline in the underlying price, indicating a buildup of short positions. 
  • On the Options front, Nifty put writers got strangled as the sharp delta move got played out.
  • Nifty 10,900PE saw a huge short covering as the option premium surged 238% along with a decline of 55% in the option positions.
  • Titan added fresh short positions.
  • India Vix ended the 12% higher at 16.05

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