Latest news and updates

02nd Jan, 2019

Nifty settles below 10,800 mark led by RIL, HDFC twins

Published on: 3:32 pm

  • Equity benchmark indices ended in the negative zone on weak global clues. On the sectoral front, all the sectors ended in the negative zone. Autos, banks, energy, metals and pharmaceuticals ended in the range of 3-2% in today’s trade.
  • The Sensex was down 363 points at 35,892, while the Nifty down 118 points at 10,793. The market breadth is negative as 549 shares advanced, while 1,134 shares declined, and 381 shares remained unchanged.
  • Sun Pharma, TCS, Asian Paints, and Infosys were the top gainers, while Eicher Motors, JSW Steel, Tata Steel, Vedanta, and M&M were the top losers on the Nifty50.   

Tamil Nadu govt moves SC for closure of Vedanta’s Tuticorin unit: Media reports

Published on: 2:32 pm

  • Shares of Vedanta slipped 4% on Wednesday after media reports said that the Tamil Nadu (TN) government moved the Supreme Court against the order of National Green Tribunal (NGT) allowing the company to re-open Sterlite's Tuticorin unit.
  • On December 15, NGT had trashed the state government’s order for closure of the plant citing non-sustainable and unjustified as a reason. Read more. 

BSE Oil index declines by 2%; HPCL slips 4%

Published on: 2:28 pm

  • Shares of most oil and gas companies were trading in the red on BSE. The index was trading down at 2.2% at 13,507.
  • The major contributors to this falling index were BPCL, GAIL, HPCL, Reliance Industries, and IOC. Read more. 

Pennar Industries bags orders worth Rs309cr

Published on: 2:23 pm

  • Pennar Industries Limited (PIL) has received multiple orders totalling Rs309cr across its business verticals.
  • The company made the announcement via a press release on Wednesday afternoon. Read more. 

Sensex slips over 450 points; Nifty below 10,800

Published on: 2:08 pm

  • Equity benchmark indices extended early losses and hit fresh intraday low in afternoon trade. Heavyweights HDFC twins, ITC and M&M contributed the most to the losses on the Sensex.
  • On the economy front, the Nikkei Manufacturing Purchasing Managers' Index released during the day subdued the market sentiments. Read more.

Capacite Infra bags order worth Rs97.69cr; stock up 1%

Published on: 1:53 pm

  • Capacite Infraprojects has received an order worth Rs97.69cr from Institute of Chemical Technology for RCC, civil, high side MEP works for sub-structure and superstructure of proposed research building of Institute of Chemical Technology in Mumbai.
  • The completion period of order is 15 months from the date of commencement, the company said in a press note to the exchanges on Wednesday. Read more. 

Surya Roshni bags order worth Rs102.52cr; stock gains 1%

Published on: 1:46 pm

  • Shares of Surya Roshni were trading 1% up on Wednesday after the company bagged orders worth Rs102.52cr in from Energy Efficiency Services (EESL) and Bharat Heavy Electricals (BHEL).
  • An order worth Rs33.03cr has been received for design, manufacture, testing, supply, warranty, and replacement of LED Bulbs, and other related works. The project is to be completed within 3 months, the company said in a press note to the exchanges on Wednesday. Read more.

Metal stocks melt; JSW Steel, Vedanta stocks drag

Published on: 1:20 pm

  • The Nifty Metal index is under pressure on Wednesday amid falling commodity prices.
  • The index is down over 2% led by JSW Steel, Vedanta, Tata Steel, Hindalco, and Jindal Steel. Read more. 

NCC jumps 3% on winning orders worth Rs2890cr

Published on: 1:12 pm

  • Shares of NCC Ltd jumped 3% as the company announced winning 4 orders worth Rs2,890.7cr in December, 2018.
  • The orders are from central and state government agencies. Read more. 

Sensex slips over 300 points; Eicher Motors, M&M extend losses

Published on: 12:58 pm

  • Equity benchmark indices extended decline in the afternoon session, with the Nifty50 trading at 10,802 down 109 points, and the Sensex is down 314 points at 35,941.
  • Nifty Auto index was trading lower 2.3% on Wednesday amid heavy selling pressure in Eicher Motors, M&M, Hero MotoCorp, and Ashok Leyland.
  • On the sectoral front, automobiles, metals, and pharmaceuticals were down 2-1%, respectively.

Steel Strips Wheels' December revenue gains 17%

Published on: 12:09 pm

  • Steel Strips Wheels reported 17% growth in net revenue for December at Rs148.46cr vs. Rs127.32cr in the same period a year ago.
  • The gross revenue of the company was up 12.39% on yoy basis in December. Read more.

Nifty Auto index slips after weak December sales; Eicher Motors falls 6.5%

Published on: 11:59 am

  • Nifty Auto index was trading lower 1.7% on Wednesday amid heavy selling pressure in Eicher Motors, M&M, Hero MotoCorp, and Ashok Leyland.
  • Eicher Motors extended decline on disappointing RE sales. Royal Enfield (RE), the motorcycle franchise owned by Eicher Motors reported 13% yoy volume decline (11% mom decline) in December 2018. Read more. 

Chambal Fertilizers up ~3.5% on commencing urea production in Kota plant

Published on: 11:33 am

  • Chambal Fertilizers has commenced commercial production from Gadepan-III Plant with effect from January 01, 2019.
  • Chambal Fertilizers has started a new urea plant for production of 1.34mn MT of urea per annum at the existing site at Gadepan, District, Kota, Rajasthan (“Gadepan-III Plant”) in November. Read more. 

Jet Airways defaults on debt payment to banks; stock slips 2%

Published on: 11:20 am

  • Shares of Jet Airways were down 2% in late morning trade on Wednesday as the debt-ridden airline company delayed the payment to a consortium of Indian banks led by the State Bank of India (SBI).
  • "The payment has been delayed due to temporary cash flows mismatch and the company has engaged with the banks in relation to the same," the airline company said in a press note after market hours to the exchanges on Tuesday. Read more. 

Sensex, Nifty off day’s low; Eicher Motors drops 6%

Published on: 11:00 am

  • Equity benchmark indices erase morning losses and trading in a narrow range. The Sensex is down 67 points at 36,186, and the Nifty down 30 points at 10,880. The market breadth is narrow as 787 shares advanced, while 795 shares declined, and 470 shares remained unchanged.
  • Shares of Eicher Motors dipped 6% after Royal Enfield (RE), the motorcycle franchise owned by the company, reported a 13% yoy decline in total sales at 58,278 units in December 2018.

MCX gold inching towards resistance of 31,600

Published on: 11:00 am

  • Gold prices on the COMEX futures were trading in the green on Wednesday as concerns regarding the global economic growth prompted investors to take shelter of safe-haven assets.
  • Meanwhile, as per media reports, the US President Donald Trump has invited Republican and Democratic congressional leaders to a border security briefing at the White House as the federal government remained partially shut down over his demand to fund a wall along the US-Mexico border. Read more. 

India Nikkei Manufacturing PMI at 53.2 in Dec

Published on: 10:47 am

  • The Nikkei India Manufacturing Purchasing Managers Index, or PMI, was 53.2 in December, from 54.0 in November.
  • The Nikkei India Manufacturing PMI was consistent with a further improvement in operating conditions across the sector. Read more. 

Bajaj Auto December volumes miss estimate on weak CV numbers

Published on: 10:20 am

  • Bajaj Auto Limited (BJAUT) reported slightly weak set of volume numbers in December 2018.
  • It sold a total of 3,46,199 vehicles in December 2018 against 2,92,547 vehicles in December 2017 and 4,06,930 vehicles in November 2018, implying growth of 18% yoy and decline of 15% mom. Read more. 

Asian markets trade lower on the first trading day of 2019

Published on: 10:10 am

  • Asian stock markets were trading lower on the first trading day of the new year on disappointing economic data from China.
  • The Japanese stock markets are closed for a public holiday on Wednesday. Read more. 

Ashok Leyland stock drops 2% on weak December numbers

Published on: 10:08 am

  • Ashok Leyland Limited (ALL) reported 20% yoy volume decline (18% mom volume growth) for the month of December 2018.
  • Total sales were 15,493 units in December 2018 vs. 19,251 units in December 2017 and 13,121 units in November 2018. Read more. 

Nifty holds 10,850 mark; Eicher stocks slips 5%

Published on: 9:21 am

  • The Sensex is down 164 points at 36,091, and the Nifty down 52 points at 10,858. The market breadth is narrow as 627 shares advanced, while 847 shares declined, and 567 shares remained unchanged.
  • Bharti Infratel, Tech Mahindra, Wipro, TCS, and Yes Bank were the top gainers on the Nifty50, while Eicher, JSW Steel, Hindalco, M&M, and Tata Steel lost in today’s session.
  • Volatility index India VIX rose 3.14% to 15.80.

Coal India Production update: Production and offtake down; coal stocks rise on weak power demand

Published on: 9:15 am

  • Coal India Ltd (CIL) saw reduction in production and offtake in the month of December 2018 as weak power demand and higher coal imports curbed offtake.
  • Coal production fell by 0.9% to 54.13mn tonnes in December 2018 compared to 52.09mn tonnes (up 1.6% yoy) in November 2018. Read more. 

LIC Housing Chairman V.K. Sharma resigns

Published on: 8:59 am

  • LIC Housing Finance said that V.K. Sharma has resigned as Chairman of the company from December 31, 2018, after superannuation from the services of LIC.
  • The government has appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India, as the Acting Chairman, as per media reports. Read more.

Karnataka Bank raises one year MCLR

Published on: 8:57 am

  • Karnataka Bank said on Monday that it has revised upward marginal cost of fund-based lending rate (MCLR) by 0.15% to 9.10% for one-year tenor, the bank said in a regulatory filing.
  • The announcement made after market hours. Read more. 

Share Market Update: 2 Stocks that could be heading lower in today's trade

Published on: 8:57 am

  • This pattern is characterized by a large red body engulfing the prior day’s smaller blue body, which appears during an uptrend.
  • The red body does not necessarily engulf the shadows of the blue candle but totally engulfs its body.Read more. 

Glenmark Pharma transfers API biz to Glenmark Life Sciences

Published on: 8:56 am

  • Glenmark Pharma announced in a statement to the BSE that the Company’s API (Active Pharmaceutical Ingredients) business has been transferred to Glenmark Life Sciences Limited, a wholly owned subsidiary of the company, on December 31, 2018.
  • The company's shareholders had entered into an agreement for transfer of the company's API business to Glenmark Life Sciences in October. Read more. 

Govt likely to bring construction materials in 5% slab of GST: Media reports

Published on: 8:46 am

  • Government is in the favor of fixing 5% goods and services tax (GST) for construction related material, media reports said citing Prime Minister Narendra Modi.
  • As per media report, Modi also informed that changes in the tax structure will continue as there is scope for improvement. Read more 

NMDC’s board to consider buyback proposal on Jan 8

Published on: 8:45 am

  • NMDC in its filing to the exchanges informed that its board will meet on January 08 to consider buyback proposal.
  • The announcement was made after market hours on Tuesday.  Read more. 

GST revenue collection lower at Rs94,726cr in December

Published on: 8:30 am

  • India’s goods and services tax (GST) revenue collection in December eased to Rs94,726cr compared to Rs97,637cr in the previous month, the government data showed.
  • Of the total, Central GST was Rs16,442cr, State GST was Rs22,459cr, integrated GST was Rs47,936cr (including Rs23,635cr collected on imports) and Cess was Rs7,888cr (including Rs838cr collected on imports). Read more.

Top stocks in focus: Tata Motors, Tech Mahindra, Coal India, Power Grid

Published on: 8:23 am

  • Tata Motors December sales total sales down 8% to 50,440 units vs. 54,627 units on yoy basis.
  • Glenmark Pharma completed the transfer of the company’s API business to its wholly owned arm Glenmark Life Sciences. Read more. 

Markets to open flat tracking SGX Nifty

Published on: 8:05 am

  • SGX Nifty is at 10938, up 16 points.
  • For today, we expect more action as global cues see more participation after a holiday period. Read more. 

RBI releases guidelines on restructuring of advances to MSMEs

Published on: 8:04 am

  • Micro, Small and Medium Enterprises (MSMEs) form an important component of the Indian economy and contribute significantly to the country’s GDP, exports, industrial output, employment generation, etc.
  • Considering the importance of MSMEs in the Indian economy, it is considered necessary at this juncture to take certain measures for creating an enabling environment for the sector. Read more. 

Broker Radar for January 2

Published on: 8:00 am

Deutsche Bank Research maintained ‘Buy’ on L&T with a TP of Rs1,620.
  • Order announcements lagging guidance.
  • L&T’s guidance could be cut to 0-2%.
  • Expect good execution in December quarter; stock valuations undemanding. Read more. 

What not to miss today

Published on: 7:47 am

  • Markets to open higher; Nifty support @10807, resistance 10970.
  • FIIs sold 48cr (cash), 475cr in Index Futures.
  • Asian markets trade cautiously.
  • Rupee appreciated 34 paise to 69.43/$.
  • GST revenue collection eases to Rs94,726cr in Dec. Read more.

Derivative Watch

Published on: 7:43 am

  • Bank Nifty witnessed an addition of 13% in open interest mainly fresh long positions.
  • On the options front, Bank Nifty witnessed short covering in ATM and ITM call option strikes with 27,300CE and 27,400CE witnessing a reduction of ~2 lakh shares and ~1.58 lakh shares, respectively, which fueled the rally in the Index. Meanwhile, weekly expiry is on January 3.

Bulk deal

Published on: 7:29 am

  • Proseed India: Shree Mallikarjun Trad Invest Private Limited sold 4.91lakh shares of the company at Rs1.35 a share on the NSE.
  • Sai Baba Investment and Commercial: Foram Nikul Patel sold 12 lakh shares of the company at Rs1.77 a share on the NSE.

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