Latest news and updates

21st Feb, 2019

US, China said to work on multiple memorandums for trade deal

Published on: 3:50 pm

  • US and Chinese negotiators are working on multiple memorandums of understanding that would form the basis of a final trade deal, according to a person briefed on the talks.
  • The MoUs would cover areas including agriculture, non-tariff barriers, services, technology transfer, and intellectual property, said the person, who asked not to be identified because the discussions are private. Read more. 

Sensex, Nifty end in the green; Indiabulls Housing Finance, Dr. Reddy’s gains

Published on: 3:43 pm

  • Equity benchmark indices extended its gain for the second consecutive session on Thursday with the Sensex gained 142 points at 35,898 levels. Nifty also rose 54 points to close at 10,790 levels, an inching away from its key level of 10,800.
  • All sectoral indices on the NSE were trading in the NSE with Nifty Metal, Pharma, and Media gained ~1% up.
  • Among the stocks, Indiabulls Housing Finance, Bajaj Finserv, Tata Motors, Dr. Reddy’s, and Vedanta were the biggest gainers on the NSE. Conversely, Bharti Infratel, Yes  Bank, and Infosys ended the most.
  • Market breadth was positive on the NSE with 1,183 shares advancing, 540 shares declining, 338 remaining unchanged.

Rs48,200cr infusion into Indian public banks will improve solvency, but not fully resolve legacy pro

Published on: 3:30 pm

  • The latest government capital infusions will improve the solvency of the banks, and significantly boost their provisions for nonperforming loans.
  • However, large volumes of legacy problem loans have yet to be resolved. Read more. 

Moody's affirms Yes Bank's issuer rating of Ba1

Published on: 3:25 pm

  • Moody's Investors Service ("Moody's") has affirmed Yes Bank's foreign currency issuer rating of Ba1 and changed the outlook to 'stable' from 'negative'.
  • The credit rating agency clarified the same via an exchange filing on Thursday. Read more. 

Piramal Enterprises gains 2% as SC exempts Saridon from banned list

Published on: 3:21 pm

  • Shares of Piramal Enterprises (PEL) gained 2% on Thursday after the company, in a filing to the exchanges, informed that the Supreme Court (SC) of India has exempted Saridon and its formulation from the list of banned FDCs (fixed-dose combinations).
  • In September 2018, PEL had been awarded a stay order from the SC on the ban, which allowed it to continue with the manufacturing, distribution, and sale of the FDC, the company said. Read more

Sensex, Nifty trades higher; ADAG stocks gain

Published on: 2:57 pm

  • Equity benchmark indices were trading in the green in Thursday’s afternoon with the Sensex gaining 132 points at 35,888 levels. Nifty also gained 45 points up to trade at 10,780 levels.
  • All sectoral indices on the NSE were trading in the NSE with Nifty Metal, Pharma, and PSU Bank trading ~1% up, each.
  • Among stocks, Indiabulls Housing Finance, Tata Motors, Vedanta, Grasim, and ONGC gained the most. Conversely, Bharti Infratel, Yes Bank, Maruti, Infosys, and NTPC were the biggest losers.
  • Market breadth was positive on the NSE with 1,178 shares advancing, 520 shares declining, and 363 shares remaining unchanged.

Nifty Metal index rises over 1% driven by trade talk optimism

Published on: 2:53 pm

  • The Nifty Metal index was trading higher throughout today's session as metal stocks were bouyed by optimism over US-China trade talks. The index is up 1% currently.
  • APL Apollo TubesWelspun Corp, and Jindal Steel were the top gainers in the index up 4-2%, respectively. 
  • Tata Steel, SAIL, and Vedanta Ltd. followed with gains of ~2% each. Read more

Live share market update: Markets surge higher, Nifty up 40 points

Published on: 2:20 pm

  • Indian equity markets are gradually inching higher with benchmark indices trading near the high point of the day.
  • The Nifty rose 40 points to 10,776, while Bank Nifty was up 77 points at 27,032. Read more.

Grasim industries rises 2% after acquisition of KPR's Chlor-Alkali Business

Published on: 2:19 pm

  • Shares of Grasim Industries were in the green during trading hours on Thursday. Shares rose 2% intraday Thursday after the company acquired the  chlor alkali business of KPR Industries. 
  • Grasim Industries signed a definitive agreement to acquire the Chlor-Alkali Business (CAB) of KPR Industries (India) Ltd (KPR) by way of a slump sale, for a cash consideration of Rs253cr. The transaction will be funded through internal accruals. Read more

Live share market update: Markets surge higher, Nifty up 57 points

Published on: 2:16 pm

  • Indian equity markets are gradually inching higher with benchmark indices trading near the high point of the day. The Nifty rose 57 points to 10,793, while Bank Nifty was up 109 points at 27,065.
  • Across-the-board buying was seen with all sectoral indices trading in the green, with Nifty Metal being the top performer up 1.11% 
  • PSU Banking stocks also put up a strong show following the announcement by the Government to infuse Rs48,239cr in 12 PSU banks. Corporation bank, which was the top beneficiary, was up 17.46% in intraday trade. Read more

Reliance Capital gains 9% as co invites Nippon Life to acquire stake in Reliance Nippon Life

Published on: 2:08 pm

  • Shares of Reliance Capital gained 9% on Thursday after the company invited Nippon Life to acquire a stake in Reliance Nippon Life.
  • The company has invited its partner, Nippon Life Insurance Co. to make an offer to acquire up to 42.88% stake held by Reliance Capital in Reliance Nippon Life Asset Management (RNAM), the company said in a press note to the exchanges on Thursday. Read more. 

Britannia Industries rises 3% after brokerage upgrade

Published on: 1:24 pm

  • The shares of Britannia Industries rose 3% intraday Thursday after the global brokerage house Credit Suisse upgraded the stock to ‘Outperform’ from ‘Neutral’ and raised the TP to Rs3,400.
  • The research house also said that Britannia is expected to gain as the government stimulus boosts rural consumption. Read more. 

RCom requests urgent approval from lenders to release ~Rs260cr to pay Ericsson dues

Published on: 12:34 pm

  • Reliance Communications, in its filing to the exchanges on Thursday, stated that the company has requested urgent approval from its lenders to release ~Rs 260cr received from Income Tax refunds, lying in its bank account, directly to Ericsson.
  • A sum of Rs118cr has already been deposited with the Hon’ble Supreme Court, according to the filing.
  • RCom is confident of raising the balance ~Rs200cr for payment to Ericsson in order that the entire Rs550cr plus interest thereon stands paid to Ericsson well within the time of 4 weeks allowed by the Hon’ble Supreme Court. Read more

Nifty PSU index gains on reports of government capital infusion in banks

Published on: 12:03 pm

Page Industries gains ~2.5% after brokerage upgrade

Published on: 11:58 am

  • Goldman Sachs has upgraded Page Industries to ‘Buy’ from ‘Neutral’ with a TP of Rs23,144.
  • Reacting to the upgrade, shares of the company climbed ~2.5% in intraday trade on Thursday. Read more. 

Nifty Media index up ~1% led by DishTV & SunTV

Published on: 11:46 am

  • The Nifty Media index was trading ~1% higher in the late morning session on Thursday. The index's gain was being led by DishTV, up 5%, and SunTV, up 2%, on heavy buying volumes.
  • DishTV surged as broking house CLSA maintained the "buy" call on the stock with a target price of Rs70 per share.
  • The firm added that the company has migrated 90% of its 24 million subscribers to TRAI’s new pay-TV regime and that the key catalyst will be the soon-to-happen Essel group deleveraging. Read more

Tech Mahindra gains 3% as the board approves buyback proposal

Published on: 11:19 am

  • Shares of Tech Mahindra gained 3% on Thursday as its board approved a share buyback proposal of up to 2.05cr shares at a price of Rs950, not exceeding Rs1,956cr.
  • The offer comprises 2.10% of the total paid-up equity capital of the company. The technology company has set March 6 as the record date, the company said in a press note to the exchanges on Thursday. Read more

L&T asks Sebi to reconsider Rs9,000cr share buyback plan: Media Report

Published on: 10:53 am

  • Larsen & Toubro (L&T) has asked the Securities and Exchange Board of India (SEBI) to reconsider its Rs9,000cr share buyback proposal, an Economic Times Report stated today.
  • The Sebi, in January, rejected the buyback proposal as the group's secured and unsecured debts would be more than twice the paid-up capital and free reserves of the company, basis its consolidated financial statements after the completion of the share buyback programme. Read more

Rupee gains 11 paise at 71/$

Published on: 10:52 am

  • The Indian rupee appreciated 11 paise against the dollar to trade at 71/$ in Thursday’s late morning trade. The domestic unit opened marginally higher and maintained its upward movement at 71.06/$.
  • On Wednesday, the currency closed 24 paise higher to 71.11/$ compared to its previous close of 71.34/$. Read more

DHFL up 3% on report of promoters seeking stake sale

Published on: 10:30 am

  • The promoters of Dewan Housing Finance Corp Ltd (DHFL) have mandated Barclays Group Plc and NM Rothschild to seek a buyer to sell a controlling stake, an Economic Times report stated.
  • According to the report, Wadhawan Global Capital, the holding company of DHFL, has begun discussions with over 12 strategic investors in India and abroad, including Blackstone Group, KKR & Co and Baring Private Equity (Asia), Hero Group, Piramal Group and Fullerton India. Read more

Moody's upgrades Tata Steel to Ba2 from Ba3

Published on: 10:10 am

  • Moody’s Investor Services has upgraded Tata Steel from Ba3 to Ba2. The credit rating agency said that Tata Steel’s upgrade reflects the company’s sustained improvement in the company’s credit profile. Moody’s said that credit improvement was attributed to strong operating efficiencies, vertical integration stable demand and price conditions in its major market. Despite the news, shares of Tata Steel were trading flat on the BSE. Read more

Dena Bank, Vijaya Bank merger with BoB to be effective April 1

Published on: 10:02 am

  • According to a PTI report, the merger of Bank of Baroda with Dena Bank and Vijaya Bank would be effective from April 1 as per the scheme of amalgamation approved by the government.
  • Further, BoB's board has fixed March 11, 2019, as the record date for issuing and allotting its equity shares to the shareholders of Vijaya Bank and Dena Bank. Read more

CCEA approves solar pump scheme; Shakti Pumps rises 1%

Published on: 9:40 am

  • Shakti Pumps announced in an exchange filing on Wednesday afternoon post market hours that the Cabinet Committee on Economic Affairs (CCEA) has approved launch of KUSUM (Kisan Urja Suraksha and Uttham Mahabhiyan) with a total central financial assistance of Rs34,422cr up to year 2022.
  • The scheme includes (1) lnstallation of 10,000MW decentralized ground mounted grid connected renewable energy power plants. Read more. 

Dynamatic Technologies inks deal with joint stock company Russian Helicopters

Published on: 9:40 am

  • Dynamatic Technologies has signed an MoU with joint-stock company (JSC) Russian Helicopters to build Ka-226T helicopter.
  • The company made the announcement on Wednesday afternoon post market hours. Read more. 

Sensex, Nifty trade flat; PSU Bank stocks gain

Published on: 9:33 am

  • Equity benchmark indices oscillated between gains and losses in the morning trade on Thursday tracking its global peers.
  • The Sensex rose 55 points at 35,811 levels and Nifty rose 17 points to trade at 10,752 levels, marginally above its key level of 10,750.
  • All sectoral indices were in the green on the NSE except Nifty IT. Nifty PSU Bank index was leading the gainers of sectoral indices, rising 1% due report that the government will inject Rs48,200cr into 12 public banks to boost credit growth.
  • Among stocks, Indiabulls Housing Finance, GAIL, ICICI Bank, Ultratech Cement, and Sun Pharmaceutical were the top gainers. Conversely, Infratel, Infosys, Bharti Airtel, HPCL, Yes Bank lost the most.

Dr. Reddy's re-launches Buprenorphine, Naloxone Sublingual Film

Published on: 9:10 am

  • Dr. Reddy’s in its press note to the exchanges on Thursday informed that the company re-launched its Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the US market after favorable ruling in patent litigation.
  • "The re-launch comes on the heels of a favorable decision issued by the US  Court of Appeals for the Federal Circuit concluding that lndivior had not shown that it is likely to succeed on its claim that Dr. Reddy's product infringes US Patent No. 9,931,305," the company said in a press note the exchanges on Thursday. Read more. 

SEBI relaxes norms for Coal India's buyback proposal: Media report

Published on: 8:59 am

  • The Securities and Exchange Board of India (SEBI) exempted state-owned Coal India from complying with regulations with regard to its proposed buyback programme for 4.46cr shares, a PTI report stated.
  • As per the report, the company had filed an application on February 12 with Sebi requesting the exemption from the strict enforcement of the buyback norms. Read more. 

Asian markets trade flat after FOMC minutes

Published on: 8:45 am

  • Asian stock markets were trading marginally lower on Thursday ahead of an outcome of the US-China trade talks.
  • The Shanghai composite slipped around 0.2%, Hong Kong's Hang Seng index fell 0.27%, Nikkei 225 is down 0.41%, while the Topix declined 0.44%. Read more. 

Tech Mahindra to consider buyback of its equity shares

Published on: 8:30 am

  • The board of Tech Mahindra to consider a proposal to buy back fully paid-up equity shares of the company on Thursday.
  • Shareholders would be keen to know the offer size and price. Read more. 

Top stocks in focus: Allahabad Bank, Bank of India, PNB, Coal India

Published on: 8:12 am

  • The Securities and Exchange Board of India relaxed norms for the proposed buyback of Coal India. The regulatory board stated that transfer of securities from Promoters to Bharat 22 ETF Scheme is a part of ongoing disinvestment program and the mechanism is in the interest of the investors and securities markets.
  • Allahabad BankBank of IndiaPNB stocks in focus today after the government will infuse Rs48,239cr in 12 public-sector banks to provide minimum regulatory capital to banks that come under RBI’s prompt corrective action framework, and to prevent weak banks from breaching the framework’s triggers. Read more.

Current FII data

Published on: 8:10 am

FII/DII Data:  In yesterday’s trading session FIIs bought 713cr stock in the cash market, whereas DIIs bought 113cr worth of stock. In the derivative market, FIIs bought 746cr of Index futures and bought 2206cr worth of Index options. In the Stock futures segment, FIIs bought 266cr worth of stock futures and sold 111cr stock options.

FII View: FIIs created bullish positions in the derivative segment, which is deduced by the fact that they created 6100 long contracts in the Index Futures, while simultaneously creating 22288 long contracts in Index Call Options. The long-short ratio in Index Futures currently stands at 1.4x vs 1.3x

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 197 3 81 1.0 1.4
Index Short 203 (1) 29
Index Call Long 244 10 35 2.7 0.9
Index Call Short 91 (3) 59
Index Put Long 389 2 37 2.2 1.1
Index Put Short 175 0 22

Broker Radar for February 21

Published on: 8:10 am

Credit Suisse upgraded Britannia to ‘Outperform’ from ‘Neutral’; raised TP to Rs3,400 from Rs3,300.
  • Expect Britannia to gain as the government stimulus for rural consumption starts boosting consumption.
  • Distribution expansion focus on Hindi belt, premium biscuits will aid market share gains. Read more. 

SGX Nifty indicates a mildly negative opening for the Indian markets

Published on: 8:09 am

  • SGX Nifty is at 10,743.50, down 23.50 points. For today, expect morning profit booking to see weakness, while second-half rally could be on the cards as foreign investors see buying interest come back.
  • Nifty saw a rally after 9 days of losses with the index closing up nearly 150 points as value buying coupled with short covering drive the index higher. Metals, PSU banks & financial services stocks outperformed while the broader market also participated. Read more.

What not to miss today

Published on: 7:50 am

  • Markets to open marginally down ahead of the weekly expiry.
  • Nifty support @10646, resistance 10800.
  • FIIs bought 713cr in (cash), 746cr in Index Futures
  • US markets see choppy trading as Fed raises growth concerns; Asian down. Read more.

Derivative watch

Published on: 7:25 am

  • NSE benchmark Nifty posted a sharp recovery on Wednesday and closed 1.24% higher to end its eight-day losing streak. Tracking the February 21 weekly options contracts, a big delta move in the index resulted in across-the-board unwinding of open interest in all major call option strikes as writers ran for cover amid strong market momentum. Put/Call ratio of at-the-money strike saw a massive spike, hinting that the weekly contract will expire on a positive note.
  • Bank Nifty Futures saw a reduction in open positions along with a spike of 1% in underlying price, hinting of an unwinding of short positions.
  • JSW Steel & Torrent Power added long positions while NMDC & Century Textiles saw short covering. 

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