Latest news and updates

12th Feb, 2019

Nifty settles below 10,850-mark; Sensex slips 200 pts

Published on: 3:43 pm

  • Equity benchmark indices ended in the red on Tuesday with the Sensex closing 241 points down at 36,153 levels. Nifty closed 57 points down at 10,831 levels, well below its key level of 10,850.
  • All sectoral indices on the NSE ended in the red except Nifty Media, Metal, and Pharma indices. The Nifty PSU Bank was the worst sectoral index performer, declining ~2%.
  • Market breadth was negative on the NSE with 1,002 stocks declining, 733 shares advancing, and 333 remaining unchanged.

Lupin launches Tadalafil tablets USP

Published on: 3:15 pm

  • Lupin, in a press note to the exchanges on Tuesday, informed that it has launched Tadalafil tablets USP, 20mg, in the US markets after having received the approval of the United States Food and Drug Administration (USFDA) earlier.
  • Lupin's Tadalafil tablets USP, 20mg, is the generic equivalent of Eli Lilly's Adcirca Tablets, 20mg. Read more. 

Live share market update: Markets drift lower for third straight session

Published on: 2:59 pm

  • The Indian equity markets were trading with a negative bias in afternoon trade on Tuesday.
  • The Nifty was trading points 44 points lower at 10,850, down for the third straight session, while Bank Nifty was 120 points lower at 27,105. Read more. 

Nifty Metal index gains 2% on positive global cues

Published on: 2:30 pm

  • The Nifty Metal index gained 2% on Tuesday amid positive comments from President Donald Trump that sparked optimism regarding a successful trade deal between the US and China.
  • Heavy buying in Jindal Steel, SAIL, Hindustan Copper, JSW Steel, and Tata Steel also led to the index’s gain. Read more. 

HEG soars 6% after Q3 net profits zoom 153%

Published on: 2:30 pm

  • Shares of HEG were trading in the green on Tuesday after the company posted solid net profit growth in its Q3FY19 results.
  • The HEG stock soared ~6% on the BSE after the company's net profit zoomed 153% in Q3FY19. Read more. 

KNR Constructions declines ~2% post Q3 results

Published on: 2:25 pm

  • Shares of KNR Constructions slipped ~2% in intraday trade on Tuesday after the company announced its Q3FY19 results.
  • The results beat street estimates on PAT, revenue and EBITDA fronts. Read more. 

Hindalco Industries Ltd's Q3FY19 standalone net profit declines 45.3% yoy to Rs247cr : Misses Estima

Published on: 2:25 pm

  • Hindalco Ltd missed standalone estimates for Q3FY19 due to sharp decline in profitability for the aluminium segment (ex-Utkal).
  • Revenue rose by 8.3% yoy to Rs11,938cr (expectation Rs12,283cr). Read more. 

Tata Motors’ global sales fall 12% in January

Published on: 2:06 pm

  • Tata Motors, in its filing to the exchanges on Tuesday, informed that global wholesales in January 2019, including Jaguar Land Rover, dropped 12% yoy in January 2019 to 1,00,572 units.
  • Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in January 2019 were at 40,886 units, lower by 9% over January 2018. Read more. 

HEG Ltd's Q3FY19 standalone net profit rises 153% yoy to Rs867cr

Published on: 1:59 pm

  • HEG reported a sequential decline in earnings despite higher revenues due to increased raw material costs.
  • Revenue grew by 121% yoy to Rs1,865cr (up 4% qoq). Read more. 

KNR Constructions Ltd's Q3FY19 standalone net profit declines 20.7% yoy to Rs52.11cr : Beats Estimat

Published on: 1:18 pm

  • KNR Construction Ltd reported Q3FY19 results beating the estimates.
  • Revenue grew by 3.6% yoy to Rs448.89cr against Rs433.19cr in Q3FY18, beating the estimate of Rs432cr. Read more. 

Theresa May seeks more time to negotiate Brexit deal with EU

Published on: 12:57 pm

  • UK Prime Minister Theresa May will address lawmakers in the House of Commons on Tuesday as she seeks more time to renegotiate her Brexit deal with the European Union.
  • Four weeks after she saw her agreement with the bloc defeated by the biggest margin in modern Parliamentary history, May met with MPs from across the political divide Monday as she continued to seek a deal that can win a majority in the House of Commons. Read more. 

Markets trade volatile; Nifty Metal index gains 3%

Published on: 12:37 pm

  • Equity benchmark indices were trading on a flat note on Tuesday with the Sensex declining 30 points at 36,365 levels. Nifty dropped 5 points to trade at 10,883 levels.
  • All the sectoral indices were trading on a mixed note on the NSE. The Nifty Metal index climbed 3%, while Nifty IT index slumped 1%.
  • Among stocks, JSW Steel, Vedanta, Tata Steel, NTPC, and BPCL were the top gainers. Conversely, Bharti Infratel, HCL Tech, Infosys, Hero MotoCrop, and Tech Mahindra lost the most.
  • Market breadth was negative on the NSE with 907 shares declining, 754 shares advancing, and 402 remaining unchanged.

Dilip Buildcon gains 4% on completion of rehabilitation work

Published on: 12:25 pm

  • Shares of Dilip Buildcon gained 4% on Tuesday after the company completed rehabilitation and up-gradation of NH-18 (New NH-40) from 108km/850km to 160km/200km (Rayachoty to Kadapa section) in Andhra Pradesh.
  • Accordingly, NHAI issued the Provisional Completion Certificate to the company and declared the project fit for entry into commercial operation as on September 10, 2018, the company stated in the press note to the exchanges. Read more. 

GA, Varde emerge top bidders for PNB's housing finance biz

Published on: 12:10 pm

  • General Atlantic Partners and Varde Partners have won the bid to buy a 22% stake in PNB Housing Finance from Punjab National Bank for ~Rs3,500cr.
  • The plan to sell the venture resurged after PNB and private equity investor Carlyle dropped the plan to sell a 66% stake in the company as liquidity pressures mounted post the IL&FS default in September-October 2018. Read more. 

Nifty IT index declines ~2% led by Infosys, HCL Tech, TCS

Published on: 11:59 am

  • The Nifty IT index declined 2% in Tuesday’s trade led by Infosys, HCL Tech, TCS, MindTree, and Tech Mahindra. Appreciation in the Indian rupee also kept the index under pressure.
  • The Indian rupee breached its crucial level of 71/$ and depreciated 21 paise to trade at 70.97/$. Read more. 

Dr.Reddy’s launches Tadalafil Tablets USP in US

Published on: 11:40 am

  • Dr.Reddy’s Laboratories, in a press note to the exchanges on Tuesday, informed that the company has launched Tadalafil Tablets USP, a therapeutic equivalent generic version of Adcirca (Tadalafil) Tablets in the United States market.
  • "Dr.Reddy's Tadalafil Tablets are available in 20mg with 60 count bottle size. Adcirca is a trademark of Eli Lilly and company," the pharma company added.  Read more. 

Asian stocks rise on US federal funding, trade hopes

Published on: 11:40 am

  • Japanese stocks led the Asia-Pacific region higher after a drop in the yen, and US equity futures advanced on news of a deal among American lawmakers to avert another federal government shutdown.
  • The dollar held gains, trading near the strongest since early January, having recouped most of the losses stemming from the Federal Reserve’s dovish pivot since the start of the year. Read more. 

Aviation, IT stocks under pressure; Metal stocks lead

Published on: 10:58 am

  • Equity benchmark indices were trading slightly lower on Tuesday’s trade ahead of key macroeconomic data such as retail inflation and IIP even as major Asian peers were in the green, buoyed by optimism over ongoing US-China trade talks.
  • The Sensex was down 47 points at 36,347, while the Nifty was down 2 points at 10,877. Read more. 

Q3FY19 earnings reaction: SpiceJet down; PI Industries, Triveni Turbine up

Published on: 10:45 am

  • Shares of SpiceJet declined 2%, while those of PI Industries and Triveni Turbine spurted 8% and 1% in Tuesday’s morning trade post their respective earnings numbers for the third quarter of FY19.
  • SpiceJet’s net profit plummeted 77.1% yoy to Rs55.07cr in Q3FY19 vs. Rs240cr in Q3FY18. Read more. 

Rupee breaches 71/$-mark; trades at 70.97

Published on: 10:41 am

  • The Indian rupee breached its crucial level of 71/$ and depreciated 21 paise to trade at 70.97/$.
  • The Indian rupee appreciated 17 paise against the dollar in Tuesday’s morning session at 71.01 against the dollar. The domestic units opened 3 paise lower at 71.21/$ compared to its previous close of 71.18/$.
  • At 9:55 AM, IST, the currency was trading at 71.04/$. The unit appreciated 13 paise to close at 71.18/$ on Monday. Read more.

L&T Hydrocarbon Engineering wins mega order from Sonatrach Algeria

Published on: 10:31 am

  • Larsen and Tourbo Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary of Larsen and Toubro, has won a mega order from Sonatrach-Algeria.
  • The Engineering, Procurement, Construction and Commissioning (EPCC) contract is to set up three Central Processing (CPF) facilities at:
  • 1. Hassi Ba Hamou and Reg Mouaded Field (6 MMSCMD capacity)
  • 2. Hassi Tidjerane Field (4 MMSCMD capacity)
  • 3. Tinerkouk Field (4 MMSCMD capacity). Read more. 

Reliance Capital’s arm files DRHP with SEBI for IPO

Published on: 10:30 am

  • Reliance Capital, in its filing to the exchanges on Tuesday, informed that its  Reliance General Insurance Company has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Despite this news, shares of the company slumped ~4% on the BSE in Tuesday’s morning trade.
  • The IPO comprises of a fresh issue of equity shares by the company aggregating up to Rs200cr, and an offer for sale by Reliance Capital Limited of up to 7.94cr equity shares. The face value of the equity shares is Rs10/share, the company said in a press note. Read more.

Rupee gains 17 paise at 71.01/$; trades at 71.04

Published on: 9:59 am

  • The Indian rupee appreciated 17 paise against the dollar in Tuesday’s morning session at 71.01 against the dollar.
  • The domestic units opened 3 paise lower at 71.21/$ compared to it previous close of 71.18/$. Read more. 

Eicher Motors rises 1% post Q3FY19 results

Published on: 9:49 am

  • Shares of Eicher Motors gained 1% in intraday trade on Tuesday after the company posted robust results for the quarter ended December 2018.
  • Eicher Motors Ltd's (EML) consolidated numbers in Q3FY19 were lower than the consensus expectations, especially on the EBITDA and PAT fronts. Read more. 

Nifty below 10,900 mark; Axis Bank, Infosys stocks down

Published on: 9:45 am

  • Equity benchmark indices opened marginally lower, tracking its Asian peers.
  • The Indian rupee extended gains for the sixth day against the US dollar at 71.18 against the greenback. Read more. 

Markets opens on a flat note; Nifty below 10,900-marks

Published on: 9:23 am

  • Equity benchmark indices opened on a flat note on Tuesday with the Sensex rising 11 points at 36,406 levels. Nifty dropped 13 points at 10,875 levels, well below its key level of 10,900.
  • All sectoral indices were trading on a mixed note on the NSE with the Nifty IT index trading 0.5% down.
  • Among stocks, Eicher Motors, Axis Bank, Cipla, Hindalco, and Vedanta were the biggest losers. On the flip side, Indiabulls Housing Finance, IOC, ONGC, Power Grid, Dr. Reddy’s gained the most.

Asian shares up led by Japanese stocks

Published on: 9:05 am

  • Equity benchmark indices were trading in the green in Asian markets on Tuesday led by a sharp rally in Japanese stocks.
  • Despite a rise in Tokyo as traders returned from a holiday, markets remained hostage to the next crucial round of trade talks. Read more. 

Broker Radar for February 12

Published on: 8:59 am

CLSA maintained ‘Outperform’ On Eicher Motors; hiked TP to Rs23,900 from Rs22,300.
  • Weak volumes, but commendable margin resilience at Royal Enfield.
  • Volume growth under pressure; new 650cc bike seeing decent initial response.
  • Remain believers in RE’s long-term growth potential. Read more. 

Alembic Pharma’s JV receives 2 observations for Gujarat facility

Published on: 8:58 am

  • Alembic Pharma in its filing to the exchanges informed that Aleor Dermaceuticals (Aleor), a 60:40 Joint Venture between Alembic Pharmaceuticals Ltd. (Alembic) and Orbicular Pharmaceutical Technologies Pvt. Ltd has received two observation from the United States Food and Drug Administration (USFDA).
  • Observations have been issued by USFDA after completion of an inspection at the company’s formulation manufacturing facility located at Karakhadi, Gujarat, India, the company said in a press note after market hours to the exchanges on Monday. Read more. 

NCLAT allows 22 IL&FS firms to pay debt

Published on: 8:52 am

  • The National Company Law Appellate Tribunal has issued an order allowing 22 group companies of IL&FS that were able to meet all payment obligations to service their debt obligations as per schedule, a PTI report stated.
  • As per the report, the tribunal also lifted the moratorium on 133 IL&FS group companies incorporated outside the jurisdiction of India. Read more. 

Sun Pharma Q3FY19E earnings expectations

Published on: 8:45 am

  • We expect Sun Pharma’s revenue to grow 13.7% yoy and 9% qoq.
  • We expect India revenue to grow 7% yoy, while US revenue is expected to grow 12% yoy due to lower pricing pressure and new product launches from its specialty pipeline. Read more.

Derivative Watch

Published on: 8:36 am

  • Nifty future added fresh short positions as the open positions continued to soar higher with the declining market price.
  • On the options front, short covering was witnessed in ITM and ATM put option strikes with 11000PE and 10900PE witnessing a reduction of ~3.2 lakh and ~3.5 lakh shares respectively. (28th Feb expiry)
  • Fresh short positions were witnessed in NATIONALUM and KAJARIACER on the back of a sharp decline in stock prices. 

Current FII data

Published on: 8:34 am

FII/DII Data: In yesterday’s trading session, FIIs sold 125cr stock in the cash market, whereas DIIs sold 232cr worth of stock. In the derivative market, FIIs bought 274cr of Index futures and bought 1344cr worth of Index options. In the Stock futures segment, FIIs sold 551cr worth of stock futures and bought 50cr stock options.

FII View: FIIs created bullish positions in the Index Futures segment which is deduced by the fact that they created 4056 net long contracts. However, considering the volatility in the market they also created 15103 long contracts in Index Put Options. The long-short ratio in Index Futures currently stands at 1.7x vs 1.6x which is a bullish sign.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 196 5 80 1.1 1.7
Index Short 171 3 9
Index Call Long 233 2 29 4.0 1.3
Index Call Short 59 2 2
Index Put Long 341 5 20 2.0 1.0
Index Put Short 174 (2) 21

SUUTI to sell up to 3% stake in Axis Bank via OFS

Published on: 8:30 am

  • Axis Bank, in it filing to the exchanges informed that the Specified Undertaking of Unit Trust of India (SUUTI) will sell up to 3% stake in the Bank.
  • The floor price has been set at Rs689.52 per share, roughly a 3% discount to the February 11 closing price of Rs710.35 per share, the bank said in a press note after market hours to the exchanges on Monday. Read more. 

SGX Nifty indicating a flat opening with a negative bias for the Indian markets

Published on: 8:08 am

  • SGX Nifty is at 10,901, down 30 points.
  • Nifty saw a very weak session as the breadth remained a cause of concern with midcaps seeing no respite from selling. Read more. 

Top stocks in focus: Axis Bank, Alembic Pharma, Dr. Reddy’s Laboratories

Published on: 8:08 am

  • SUUTI to sell up to 3% stake in Axis Bank via OFS; floor price set at Rs689.52/share.
  • Alembic Pharma’s JV (with Orbicular) received 2 observations from the USFDA inspection at Karakhadi formulation manufacturing facility. Read more. 

What not to miss today

Published on: 7:46 am

  • Markets to open with a negative bias; Nifty support @ 10850, resistance 10930.
  • FIIs sold 125cr (cash), bought 274cr in Index Futures.
  • Rupee appreciates 13 pasie at 71.18/$.
  • US markets down; Asian up amid geopolitical uncertainty.
  • SC clears decks for ArcelorMittal's bid in Essar Steel insolvency case. Read more.

Bulk deals

Published on: 7:23 am

  • Reliance Infrastructure: Regime De Retraite D Hydro-Quebec sold 13.43lakh shares of the company at Rs118.34 per share on the BSE.
  • Punj Lloyd: IFCI sold 35lakh shares of the company at Rs1.81 per share on the BSE.
  • Bannari Amman Spinning: Shankar Resources Private Limited sold 1.37lakh shares of the company at Rs165.03 per share on the NSE.
  • Oriental Carbn & Chemicals: Oriental Carbon and Chemicals (company itself) bought 1.23 lakh shares at Rs1,149 per share on the NSE.
  • Ortin Laboratories: Srinidhi Infin Limited sold 1.56 lakh shares of the company at Rs14.27 per share on the NSE.

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