Latest news and updates

09th Jan, 2019

Nifty settles above 10,850 mark; Axis Bank, ITC stocks lead

Published on: 3:36 pm

  • Equity benchmark indices ended higher for fourth consecutive session on Wednesday’s trade.
  • Sensex rose 232 points at 36,213, the Nifty gained 53 points at 10,855 mark.
  • Bharti Airtel, Axis Bank and ITC are the top gainers, while Yes Bank, Tata Steel, GAIL and HPCL lost the most on the NSE. 

IndusInd Bank Ltd's Q3FY19 standalone net profit rises 5.2% yoy to Rs985cr: Beats Estimates

Published on: 3:08 pm

  • IndusInd Bank’s Q3FY19 NII has improved by ~21% yoy to Rs2,288cr against Rs1,821cr.
  • The net profit was above consensus estimates and has improved by 5.2% yoy to Rs985cr against Rs936.3cr yoy. Read more. 

Nifty reclaims 10,800 mark; HDFC twins, ITC stocks gain

Published on: 2:59 pm

  • Equity benchmark indices rebound after the Nifty slipped below 10,800 mark. The rally was led by HDFC twins, ITC, Axis Bank, and Infosys.
  • The BSE Sensex is up 169 points at 36,150.
  • Shares of YES Bank fell 3% ahead of the outcome of its board meeting to select a new managing director and chief executive officer. 

Bajaj Corp Ltd's Q3FY19 standalone net profit rises 8.9% yoy to Rs60.1cr: In-line with Estimates

Published on: 2:46 pm

  • Bajaj Corp Ltd's Q3FY19 numbers were broadly in-line with our estimates on all fronts.
  • The company's revenue in the third quarter of FY19 grew 10.3% yoy to Rs229.6cr, in-line with the estimates. Read more. 

Kellton Tech signs a multi-year cloud-based IoT project with dormakaba

Published on: 2:18 pm

  • Kellton Tech, a global leader in Digital Transformation, has won a multi-year project with dormakaba, a world leader in developing access control and security solutions, for building a futureready, Cloud-based IoT device connectivity solution.
  • As part of the engagement, Kellton Tech will leverage its technological expertise and innovative service delivery model to enable dormakaba digitally transform their access control and security systems, the company said in the BSE filing. Read more. 

Tera Software gains 20% on order wins worth Rs325cr

Published on: 2:00 pm

  • Shares of Tera Software gained 20% in afternoon trade on Wednesday after the company won an order worth Rs325cr from Andhra Pradesh State FiberNet Limited (APSFL).
  • Accordingly, the company has inked an agreement with APSFL "to act as a project implementation agency for BharatNet Phase-II works to establish Optical Fibre Grid Network (Supply, installation, and Commissioning) in 3,394 Gram Panchayats in Andhra Pradesh," the company said in a press note to the exchanges on Wednesday. Read more. 

Infosys gains ~1% as board to consider buyback, dividend on Jan 11

Published on: 1:52 pm

  • Shares of Infosys were trading ~1% up after the company announced that its board will meet on January 11 to consider buyback of equity shares and a special dividend.
  • The company’s board in its meeting on April 13, 2018, had approved the capital allocation policy. Read more. 

Dilip Buildcon plunges 5% on rating downgrade

Published on: 1:29 pm

  • Shares of Dilip Buildcon lost 5% on Wednesday morning after CRISIL downgraded the company’s rating on long-term bank facilities and NCD to A/Stable from A+/Stable, as per media reports.
  • "The downgrade factors in the company's stretched liquidity position as reflected by the near full utilisation of bank limits (average 95% over the 12 months through September 2018)," the research house mentioned. Read more. 

Nifty hovers around 10,850 mark; Metal stocks decline 1%

Published on: 1:03 pm

  • Equity benchmark were trading in the positive session, with the Nifty trading at 10,848, up 46 points. The Sensex rose 201 points at 36,182 levels.
  • On the sectoral front, metal stocks were trading lower by 1% on the NSE. NMDC, Jindal Steel, SAIL, and Tata Steel were down over 3.5%-2%, respectively.
  • The Indian rupee erased all its morning gains as it is trading lower at 70.36/$, down 16 paise.

Gruh Finance, Bandhan Bank down for second day after merger announcement

Published on: 12:59 pm

  • Shares of Gruh Finance and Bandhan Bank extended their declines for the second day on Wednesday after a merger deal was announced.
  • Bandhan Bank, on January 7, announced that it would buy Gruh Finance, a subsidiary of HDFC Ltd, in a share swap deal amounting to ~Rs20,855cr. Read more. 

Nifty Metal declines 1% led by NMDC, Jindal Steel

Published on: 12:16 pm

  • The Nifty Metal index was trading 1% down on Wednesday amid a selloff in stocks of NMDC, Jindal Steel & Power, Tata Steel, SAIL, and APL Apollo.
  • Shares of NMDC and Jindal Steel & Power, which dived 4% each, were leading the index’s fall. Read more. 

ICICI Bank stock gains after brokerage firm hikes target price

Published on: 11:59 am

  • Shares of ICICI Bank gained in Wednesday’s trade after Morgan Stanley hiked its target price to Rs510 from Rs460 and maintained its "Overweight" rating.
  • The brokerage firm said that the bank had a decent 2018 and remains its top pick in 2019. Read more. 

Rupee extends fall; trades at 70.45/US$

Published on: 11:19 am

  • The Indian rupee extended its decline for the second consecutive trading session and depreciated 27 paise to 70.48/US$ in late morning trade on Wednesday.
  • The domestic unit opened 13 paise higher today at 70.08 against the greenback compared to its previous close 70.21/US$. Read more. 

Lessons for investors from Pfizer's shutdown of two Indian plants

Published on: 11:16 am

  • Global pharma major Pfizer Inc. has said that it will be shutting down two plants in India. The two plants located at Irungattukottai and Aurangabad employs a total of 1,700 people. According to media sources, the company is looking to shut down the plants in early 2019.
  • During its operational days, the Irungattukottai plant manufactured generic injectables, while the Aurangabad plant supported Irungattukottai operations by supplying APIs.
  • Both the sites were also suppliers to Orchid Pharma which went bankrupt owing to its high debt after aggressively infusing capex. Regulatory issues at Pfizer’s injectable plant in Kansas also contributed to the shutdown of these plants.Read more

IndusInd Bank drops ahead of Q3FY19 results

Published on: 11:16 am

  • Shares of IndusInd Bank fell 1% in intraday trade on Wednesday with street estimates mixed for the private sector bank's Q3 earnings.
  • We expect the NII and pre-provision operating profit to be up 18.4% and 12%, respectively.  Read more. 

Sensex, Nifty off day’s high; HPCL, Tata Steel stocks drop

Published on: 11:13 am

  • Equity benchmark indices erased morning gains as selling pressure were seen in Tata Steel, SBI, IndusInd Bank, and Hero MotoCorp.
  • The Sensex was up 173 points at 36,154, while the Nifty rose 38 points at 10,840. The market breadth was narrow with 882 shares advancing, 772 shares declining, and 471 remaining unchanged.
  • IndusInd Bank stock slipped in morning trade ahead of Q3 results. The bank may post a decline in profits on yoy basis due to provisions for the IL&FS exposure.

R System Int'l rallies 13% as board to consider share buyback

Published on: 10:54 am

  • Shares of R System International rallied over 13% in morning trade on the BSE in Wednesday’s trade.
  • The stock surged after the company, in a filing with the exchanges, announced that its board of directors will meet to consider the proposal of a share buyback on January 15. Read more. 

Axis Bank climbs ~2% on brokerage upgrade

Published on: 10:52 am

  • Axis Bank shares are up ~2% in Wednesday morning trade after international brokerage firm CITI upgraded Axis Bank to buy and set the target price to Rs775, up from Rs610. The research house also raised FY20E/21E PAT by 6-8%.
  • CITI believes that RoA and RoE will expand by 800bps and 900bps over FY19E-21E. It will be driven by improving PPOP and decline in credit costs. Read more

Media stocks gain after govt raises advertisement rates

Published on: 10:33 am

  • The Nifty Media index gained on Wednesday on heavy buying in DB Corp, Jagran Prakashan, Zee Media, and TV Today. The media index is up 0.10% at 2,498.
  • DB Corp was leading the index’s gain by trading up 7%.
  • Shares of advertisement stocks gained after the Ministry of Information & Broadcasting (I&B) took the decision to hike advertisement rates for print media by 25% over and above the existing rate structure. The decision will be valid for a period of three years. Read more

IndusInd Bank Q3FY19E Result Expectation

Published on: 9:52 am

IndusInd Bank Q3FY19E Result Expectation

Consensus Expectations for Q3FY19E:
  • NII – Rs2,243cr, up 18.4% yoy due to ~31% yoy growth in loan book and flat margins.
  • Pre-provision operating profit – Rs1,877cr, up 12.8% yoy due to higher NII and non-interest income.
  • PAT – Rs373cr, down 60.1% yoy, due to higher provisions. Read more

Nifty reclaims 10,850 mark; IndusInd Bank, Yes Bank stocks down

Published on: 9:45 am

  • Equity benchmark indices extended their rally for the fourth consecutive session in Wednesday’s trade.
  • Today’s rally was led by Infosys, Reliance Industries, HDFC twins, Axis Bank, and TCS. Read more. 

Yes Bank’s board to appoint new MD, CEO on Jan 9: Media reports

Published on: 9:45 am

  • The board of Yes Bank is all set to take a decision over the appointment of Managing Director and CEO Rana Kapoor’s successor on January 9. 
  • As per media reports, the Search and Selection Committee of the board has shortlisted three candidates. The bank’s internal candidate, Executive Director Rajat Monga and Rajesh Sud, former MD, Max Life Insurance are seen as the top contenders for the post.
  • Yes Bank Ltd is currently trading at Rs190.80 down by Rs1.5 or 0.78% from its previous closing of Rs192.30 on the BSE. Read more

Nifty above 10,850 mark; Media, metal stocks gain

Published on: 9:21 am

  • The Sensex was up 208 points at 36,189, while the Nifty rose 58 points at 10,859. The market breadth was positive with 993 shares advancing, 501 shares declining, and 552 remaining unchanged.
  • Today’s rally was led by Infosys, Reliance Industries, HDFC twins, Axis Bank, and TCS.

I&B Ministry hikes advertisement rate for print media by 25%; Jagran Prakashan, D B Corp to benefit

Published on: 9:14 am

  • Ministry of Information & Broadcasting (I&B) has taken a decision to revise the advertisement rates for print media.
  • The ministry has announced a hike of 25% over and above the existing rate structure for advertisement in print media. \
  • The decision will be valid for a period of three years. Read more.

Oriental Bank of Commerce sells stake in NSDL E-governance infra

Published on: 9:10 am

  • Oriental Bank of Commerce has sold 0.8425% equity stakes in NSDL e-Governance Infrastructure Ltd. out of 3.125% equity stake held by the Bank prior to such sale, as per BSE filing.
  • The announcement made after market hours on Tuesday.
  • The bank’s board has also approved the proposal for raising capital for an amount ~Rs5,500cr through the issuance of equity shares to the Govt. of India on preferential basis. Read more.

Kridhan Infra's Singapore subsidiary wins order worth Rs167cr

Published on: 9:06 am

  • Kridhan Infra Limited announced that its Singapore Subsidiary, Swee Hong Limited (SHL), together with its step-down subsidiaries, has secured a contract from the Public Utilities Board worth SG$ 32.5mn (Rs167cr), the company said in a press note after market hours to the exchanges on Tuesday.
  • An order has been received in aggregate for construction of link sewers for the DTSS Phase 2 Project at Old Choa Chu Kang Road/ Jalan Bahar, in Singapore. Read more.

Share Market Update: 7 Stocks that have formed bullish positions ahead of today's opening

Published on: 9:00 am

  • Indian equities are expected to open higher amidst positive global cues.
  • Tracking the global cues all the Asian indices along the US indices have witnessed an upward momentum hinting a follow-up action by the Indian equities getting into today's trade. 
  • Since the beginning of the November expiry, baring few counters majority of the underline securities have witnessed short covering or long buildup activity, indicating a positive bias for the markets. Read more.

Broker Radar for January 9

Published on: 8:15 am

CLSA maintained buy call on Sun Pharma with a TP at Rs560/sh.
  • Specialty pipeline execution will be the key focus area for CY19.
  • CY19 will be a make-or-break year for the company.
  • Stronger-than-expected specialty portfolio ramp-up could drive rerating
Morgan Stanley maintained equal-weight call on Vedanta with a TP at Rs235/share.
  • Timeline of the actual restart of Sterlite unit will be key
  • This poses upside risks of 4% & 8% to FY20 EBITDA and earnings estimates
  • Restart of Sterlite unit would add 8% to price target. Read more.

Current FII Data

Published on: 8:07 am

FII/DII Data: In yesterday’s trading session, FIIs sold 553cr stock, whereas DIIs bought 698cr worth of stock. In the derivative market, FIIs sold 418cr of Index futures and sold 487cr worth of Index options. In the Stock futures segment, FIIs bought 227cr worth of stock futures and sold 27cr stock options.

FII View: FIIs created bearish positions in the derivative segment in yesterdays’ trading session, which is deduced by the fact that they created 6829 net short contracts in Index Futures while simultaneously creating 10637 long contracts in Index Put Options.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 188 2 27 0.9 0.9
Index Short 202 5 40
Index Call Long 184 3 38 3.2 0.8
Index Call Short 58 4 75
Index Put Long 332 1 48 2.9 0.8
Index Put Short 116 10 89

Markets set to open gap up; focus on Q3 earnings

Published on: 8:05 am

  • SGX Nifty is 10911, up 73 points.
  • For today, we expect more traction on the upside as after this consolidation above 10,800 levels Nifty looks set to hit the 11,000-mark in the coming week.
  • On Tuesday, Nifty saw a flat day as bouts of buying and selling saw it oscillate before closing 30 points higher.
  • The rupee weakened further above 70 levels, which kept sentiment low, however, banks led the gainers with PSU banks leading from the front. Read more.

Derivative Watch

Published on: 8:04 am

  • Nifty Bank witnessed a huge surge in opening interest mainly fresh long positions.
  • On the Options front, short covering was witnessed in Bank Nifty (10th Jan expiry) at-the-money strikes with 27,500CE witnessing a reduction of ~2.4lakh shares which fuelled the rally in the index.
  • ICICI Bank added fresh long positions.

Broker Radar for January 9

Published on: 7:59 am

  • CLSA maintained buy call on Sun Pharma with a TP at Rs560/sh.
  • Specialty pipeline execution will be the key focus area for CY19.
  • CY19 will be a make-or-break year for company. Read more. 

What not to miss today

Published on: 7:56 am

  • Market to open gap up; focus on Q3 earnings; Nifty support @10733, resistance 10900.
  • FIIs sold 553 cr (cash), 418 cr in Index Futures.
  • Dow gains ~250 pts; Asian shares up on US-China trade truce optimism.
  • Brent rises 1% to $59.48/bbl on OPEC output cuts. Read more.

Markets set to open gap up; focus on Q3 earnings

Published on: 7:56 am

  • SGX Nifty is 10911, up 73 points.
  • For today, we expect more traction on the upside as after this consolidation above 10,800 levels Nifty looks set to hit the 11,000-mark in the coming week. Read more. 

Top stocks in focus: IndusInd Bank, Yes Bank Pfizer, NMDC

Published on: 7:36 am

  • Pfizer will be soon being shutting down two of its plants in Aurangabad, Maharashtra and Irungattukottai (IKKT) near Chennai in Tamil Nadu citing lack of viability.
  • The board of directors of state-owned NMDC cleared a Rs1,000cr share buyback proposal. Read more. 

Bulk deal

Published on: 7:24 am

  • BC Power Controls Ltd: Abhishek AshvinbhaiKamdar (HUF) sold3 lakh shares, or ~0.5% equity, at Rs37 a share.
  • CL Educate: ICICI Lombard General Insurance Company Limited sold 76,644 shares of the company at Rs115 per share on the NSE.

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