Latest news and updates

10th Jan, 2019

Nifty holds 10,800 mark; Titan, Tata Motors stocks gain

Published on: 3:36 pm

  • Equity benchmark indices snapped four-day rally in Thursday’s session.
  • The Sensex ended 106 points lower at 36,106, while the Nifty slipped 34 points to 10,821. The market breadth was narrow with 846 shares advancing, 860 shares declining, and 359 remaining unchanged.
  • Titan, Tata Motors, Eicher were the top gainers, while HPCL, Grasim, IndusInd Bank, and Grasim are the top losers on the NSE.

HGIEL wins contract worth Rs432.50cr

Published on: 2:40 pm

  • HGIEL (HG Infra Engineering Limited) has been declared L-1 bidder by the National Highways Authority of India (NHAI) for a new hybrid annuity project in the state of Haryana.
  • HGIEL has been awarded a contract for the upgradation of four lanes in the Rewari-Ateli Mandi section of NH11. Read more. 

Sensex, Nifty slip; Bandhan Bank gains 4%

Published on: 2:34 pm

  • Equity benchmark indices were trading in the red on Thursday with the Sensex declining 121 points down at 36,100 levels. Nifty also dropped 48 points to trade at 10,807 levels.
  • However, shares of Bandhan Bank climbed 4% as the bank’s net profit improved 10.4% yoy to Rs331.3cr against Rs300cr in the corresponding period last year. 
  • Market breadth was negative on the NSE with 876 shares declining, 803 advancing, while 385 shares remaining unchanged.

Bandhan Bank stock rises 3% after PAT up 10% in Q3FY19

Published on: 2:23 pm

  • Shares of Bandhan Bank rose 3% on the BSE after the bank reported an increase in net profit.
  • The company’s net profit in the third quarter ended December 2018 was up 10% at Rs331cr against Rs300cr in the same period last year. Read more. 

Goa Carbon slips ~2% after Q3FY19 reports net loss at Rs4.9cr

Published on: 1:56 pm

  • Shares of Goa Carbon were trading ~2% down on Thursday after the company reported a net loss of Rs4.9cr for the third quarter ended December 2018 against a profit of Rs22.5cr in the same period a year ago.
  • The company's revenue also dropped to Rs94.3cr in the quarter compared to Rs186.6cr in the same period a year ago. Read more. 

Live share market update: Markets correct in tandem with Asian peers

Published on: 1:42 pm

  • The Indian equity markets were trading with a negative bias in tandem with the correction witnessed in Asian peers on Thursday.
  • The benchmark Nifty was trading 28 points lower at 10,826 while Bank Nifty was down 158 points at 27,561. Read more. 

IOL Chemicals and Pharma extends rally; stock up 2%

Published on: 1:23 pm

Shares of IOL Chemicals and Pharmaceuticals (IOL) extended their sixth day rally trading higher on the BSE.
The stock gained after CARE Ratings enhanced the credit rating for banking facilities availed by the company.

Rating agency CARE revised the rating on IOL's long-term bank facilities to CARE BBB+ from CARE BBB- and of short-term bank facilities to CARE A2 from CARE A3, as per a BSE filing. Read more.

Bandhan Bank stock up ahead of Q3FY19 numbers

Published on: 1:21 pm

  • Shares of Bandhan Bank snapped their six-day losing streak and are trading higher on the BSE in Thursday’s session. The company will announce its Q3FY19 numbers today.
  • 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. 

Sonata Software acquires remaining 40% share in Rezopia

Published on: 12:36 pm

  • Sonata Software North America, Inc., a wholly-owned subsidiary of Sonata Software, has entered into a definitive agreement on Wednesday with shareholders of Rezopia to acquire the remaining 40% stake in the Californian corporation.
  • Despite the news, shares of the software company were down ~1% in intraday trade on Thursday. Read more.

Sensex, Nifty trade lower; Metal, Pharma stocks decline

Published on: 12:08 pm

  • Equity benchmark indices snapped four day’s rally in Thursday’s trade.
  • TCS shares were trading flat, while Bandhan Bank were up 1% as both the companies are due to report their quarterly results later in the day.
  • The Sensex was down 85 points at 36,127, while the Nifty slipped 33 points to 10,822. The market breadth was narrow with 856 shares advancing, 762 shares declining, and 445 remaining unchanged.

Rupee extends two-day fall; trades at 70.53/USD

Published on: 11:59 am

  • The Indian rupee extended its fall for the third consecutive trading session on Thursday and depreciated 15 paise to 70.61 against the American currency in intraday trading.
  • Notably, the currency has been oscillating between gains and losses since it opened on Thursday. Read more. 

Fertilizer stocks gain; Rashtriya Chemicals surges 6%

Published on: 11:31 am

  • Shares of fertilizer companies are trading higher in an otherwise subdued market.
  • The Sensex was down 58 points at 36,154, while the Nifty slipped 26 points to 10,829. Read more. 

Asian stock markets trade flat; Nikkei 225 down ~1%

Published on: 11:04 am

  • India’s pure play Commercial Vehicle (CV) manufacturer, Ashok Leyland Limited (ALL) acquired 50,00,010 shares of Ashley Aviation Limited (AAL), constituting 12.50% of the paid-up share capital of AAL.
  • On January 2, 2019 ALL had announced that it had raised stake in AAL from 49% to 76.25%. Read more. 

AGC Networks gains 7% after arm acquires Black Box Corporation

Published on: 10:11 am

  • Shares of AGC Networks were trading ~7% higher on Thursday after the company’s wholly-owned subsidiary completed the acquisition of Black Box Corporation.
  • "The acquisition will help add $600mn to AGC’s revenue, taking the company’s combined revenue to over $750mn, and global headcount to more than 4,000 people serving clients worldwide," the company said in a press note after market hours to the exchanges on Wednesday. Read more. 

Ashok Leyland raises stake in Ashley Aviation to 88.75%

Published on: 10:00 am

  • India’s pure play Commercial Vehicle (CV) manufacturer, Ashok Leyland Limited (ALL) acquired 50,00,010 shares of Ashley Aviation Limited (AAL), constituting 12.50% of the paid-up share capital of AAL.
  • On January 2, 2019 ALL had announced that it had raised stake in AAL from 49% to 76.25%. Read more. 

Nifty trades below 10,850; Tata Motors, Ashok Leyland stocks gain

Published on: 9:38 am

  • Equity benchmark indices opened flat in Thursday’s trade amid mixed global clues.
  • The Sensex was down 52 points at 36,160, while the Nifty slipped over 21 points at 10,833. Read more. 

Vakrangee gains 5% after probe finds no irregularity over auditor resignation, stock trading matters

Published on: 9:29 am

  • Shares of Vakrangee were trading 5% up on Thursday after the company updated on the Preliminary Findings of Ministry of Corporate Affairs, which stated that there were no irregularities over the auditor resignation and stock trading matters.
  • However, the company is still waiting for the final report, which will be issued by the ministry after the company gives an explanation on certain observations, the company said in a press note after market hours to the exchanges on Wednesday. Read more. 

Sensex, Nifty open flat; NTPC, Yes Bank stocks gain

Published on: 9:19 am

  • Equity benchmark indices opened flat in Thursday’s trade amid mixed global clues.
  • The Sensex was down 52 points at 36,160, while the Nifty slipped over 21 points at 10,833. The market breadth was positive with 845 shares advancing, 640 shares declining, and 558 remaining unchanged. Read more

JLR may cut up to 5,000 jobs in the UK as a part of its cost-cutting plan: Media report

Published on: 8:59 am

  • British luxury carmaker, Jaguar Land Rover (JLR), owned by India’s Tata Motors Limited (TML), could cut up to 5,000 jobs in the UK, according to a report by BBC.
  • The job cuts are a part of the £2.5bn cost reduction efforts that the company is currently undertaking, for a two-year period. Read more. 

Yes Bank Board shortlists candidates for MD & CEO

Published on: 8:59 am

  • Yes Bank in a filing to the exchanges informed that its board has shortlisted the names of candidates for the position of MD and CEO.
  • The selected candidate will replace MD and CEO Rana Kapoor, who is to demit office by end of January 2019. Read more. 

Ashok Leyland bags orders for 2580 buses from State Transports

Published on: 8:46 am

  • Ashok Leyland, flagship of the Hinduja Group, and India’s largest Bus manufacturers said that it bagged orders from IRT (Institute of Road Transport, Chennai), UPSRTC (Uttar Pradesh State Roadways Transport Corporation), and CTU (Chandigarh Transport Undertaking) for 2580 buses. These orders are among the largest from STU’s for a single OEM.
  • All these buses can be delivered before March 2019, the company said in a press note after market hours to the exchanges on Wednesday. Read more.

Broker Radar for January 10

Published on: 8:45 am

CLSA maintained ‘Buy’ on IndusInd Bank with a TP of Rs1,910.
  • Slippages rise and IL&FS will be back-ended to Q4.
  • Healthy growth in operating profit but CASA growth needs to improve.
  • Normalisation of slippage and uptick in CASA growth key.
Nomura maintained BUY on JSW Steel, TP at Rs365/share
  • Realisations/spread to be impacted in Q3’19.
  • Input costs like iron ore and coking coal remain resilient. Read more.

Adani Group signs accord with Andhra Pradesh govt

Published on: 8:42 am

  • The Government of Andhra Pradesh (GoAP) signed an MoU with the Adani Group to build Data Center Parks up to 5 GW capacities in and around Visakhapatnam over the next 20 years.
  • This project would be a first-of-its-kind 100% renewable energy powered project in the world. Read more. 

Current FII Data

Published on: 8:24 am

FII/DII Data:  In yesterday’s trading session, FIIs bought 276cr stock in the cash market whereas DIIs bought Rs439cr worth of stock. In the derivative market, FIIs bought 460cr of Index futures and bought Rs1249cr worth of Index options. In the Stock futures segment, FIIs sold 366cr worth of stock futures and bought 35cr stock options.

FII View: FIIs created bullish positions in the derivative segment in yesterdays’ trading session, which is deduced by the fact that they created 3710 net long contracts in Index Futures while simultaneously creating 8616 long contracts in Index Call Options.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 194 3 31 0.9 0.9
Index Short 205 1 42
Index Call Long 192 5 45 3.3 0.8
Index Call Short 58 1 76
Index Put Long 355 7 58 2.9 0.8
Index Put Short 122 6 100

SGX Nifty indicates a marginally higher opening for markets

Published on: 8:23 am

  • SGX Nifty is at 10,909, up 33 points. For today, we expect the broader market to outperform as investors get more confidence in buying mid caps with the market breadth showing improvement.
  • On Wednesday, Nifty saw a volatile session end with gains as Nifty edged up above 10850. FMCG, private banks, and financial services lead the gainers, while PSU banks and metals saw profit booking. The breadth was positive with mid-caps also joining the rally. Read more.

Ashok Leyland bags orders for 2580 buses from State Transports

Published on: 8:18 am

  • Ashok Leyland, flagship of the Hinduja Group, and India’s largest Bus manufacturer, said that it bagged orders from IRT (Institute of Road Transport, Chennai), UPSRTC (Uttar Pradesh State Roadways Transport Corporation) and CTU (Chandigarh Transport Undertaking) for 2580 buses.
  • These orders are among the largest from STU’s for a single OEM. Read more. 

Bulk deal

Published on: 8:08 am

  • IOL Chemical: Oregon Public Employees Retirement System bought 3.03lakh shares of the company at Rs196.88 per share on the NSE.
  • Rolta India: Central Bank of India (Capital Market Service Branch) sold 16.97lakh shares of the company at Rs8.6 per share on the NSE.
  • Shalimar Paints: Equity Intelligence India bought 3lakh shares of the company at Rs67.17 per share, while Atul Goel sold 3.35 lakh shares at Rs67.38 per share, and Rajasthan Global Securities sold 2.55lakh shares at Rs67.3 per share on the NSE.

Top stocks in focus: Yes Bank, Ashok Leyland, Vakrangee, Adani Enterprises

Published on: 8:00 am

  • Yes Bank board finalised names of potential candidates for the position of MD & CEO and will submit an application to the RBI on January 10, seeking approval for the appointment of the new MD & CEO.
  • Ashok Leyland has bagged orders for 2,580 buses from Institute of Road Transport, Chennai, Uttar Pradesh State Roadways Transport Corporation and Chandigarh Transport Undertaking.
  • Vakrangee stock in focus today. A probe by the Ministry of Corporate Affairs into the accounts and operations of Vakrangee Ltd. has found no irregularity in matters pertaining to the resignation of its auditor, abnormal trading in the company’s stock, among other issues. Read more

What not to miss today

Published on: 7:56 am

  • Market to open marginally higher; Nifty support @10749, resistance 10940.
  • FIIs bought 276 (cash), 460 in Index Futures.
  • Rating agency Fitch warns of possible cut to US triple-A rating if shutdown continues. Read more.

Derivative Watch

Published on: 7:51 am

  • Markets posted a stellar show on Wednesday, as pendulum swings lead to a strong recovery in the closing hour of trade.
  • Since the start of the January series, Bank Nifty futures has added open interest to the tune of a whopping ~85% along with a rise of ~3% in the underlying price, indicating a build-up of massive long positions. 
  • On the options front (January 10, 2019 expiry), a big delta move in the index led to an unwinding of short positions in At-the-money and In-the-money call strikes, as option writers ran for cover amidst strong market momentum. Put/Call ratio of major ITM option strikes surged higher, hinting a continued upward momentum for the index.
  • Axis Bank & IndusInd Bank added long positions while Apollo Hospital & Eicher Motors saw short covering.

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