Latest news and update

28th Feb, 2019

Nifty holds 10,800 mark; TCS, Eicher stocks slip

Published on: 3:33 pm

  • Equity benchmark indices ended lower on the F&O Expiry day, with the Nifty settled below 10,800 mark.
  • The BSE Sensex ended 38 points lower at 35,867 and the Nifty slipped by 14 points at 10,793.
  • On the sectoral front, IT and auto witnessed selling pressure, while FMCG, PSU bank, metal, pharma, energy and infra ended in the positive territory.

Sensex, Nifty trade volatile; IT, auto stocks slip

Published on: 2:58 pm

  • Equity benchmark indices were trading in the positive zone in the afternoon session. The Sensex was currently trading below the psychological 36,000 level after regaining that level in opening trade.
  • The Sensex was up 75 points at 35,981, while the Nifty rose 21 points to 10,828. The market breadth was positive with 1,073 shares advancing, 610 shares declining, and 383 remaining unchanged.
  • ONGC, Vedanta, and Coal India gained on the NSE, while TCS, Eicher, Hero MotoCorp were the top losers.

Future Retail stock spurts 4.5% after agreement with 7-Eleven

Published on: 2:49 pm

  • Shares of Future Retail soared 4.5% on the BSE in the afternoon session.
  • 7-Eleven, Inc has signed a master franchise agreement with a subsidiary of Future Retail Ltd to develop and operate 7-Eleven stores within India. Read more. 

BSE Oil & Gas index up by ~1% led by ONGC, GAIL

Published on: 2:11 pm

  • The BSE Oil & Gas index witnessed upward momentum during afternoon trade on Thursday’s session as the index advanced ~1%.
  • The index is at 13,751, up by 125 points. Read more. 

Nifty hovers around 10,850 mark; TCS, Axis Bank stocks down

Published on: 12:46 pm

  • The Sensex is down 13 points at 35,892, while the Nifty slipped five points to 10,801. The market breadth was positive with 978 shares advancing, 661 shares declining, and 423 remaining unchanged.
  • The IT index slipped 0.73%. TCS, Infosys, HCL Tech, Wipro, and Mindtree were trading in the negative territory, while Tech Mahindra was up 1%.

Odisha Cement slumps 5% on reports of illegal transactions

Published on: 12:40 pm

  • Shares of Odisha Cement, a flagship company of Dalmia Bharat, were trading 5% down on Thursday after the company informed about illegal transactions of certain mutual funds.
  • "Certain mutual fund units have been illegally transferred by the Depository Participant from the demat account held by the group’s subsidiaries, OCL India and Dalmia Cement East," the company said in a press note after market hours to the exchanges on Wednesday. Read more. 

Jet Airways drops ~3% on grounding 7 more planes

Published on: 12:35 pm

  • Shares of cash-strapped Jet Airways slumped ~3% on Thursday after the company informed that seven more aircrafts have been grounded due to non-payment of lease rentals.
  • The announcement was made after market hours on Wednesday following the exchange filing released on February 23 stating that it has grounded four of its aircrafts on account of non-payment of dues to its lessors. Read more. 

Lupin launches Generic Ranolazine ER tablets in US

Published on: 11:11 am

  • Lupin, in its filing to the exchanges on Thursday, informed that the company has launched Ranolazine Extended-Release (ER) Tablets, 500mg and 1000mg in the US
  • "Lupin's Ranolazine ER Tablets, 500mg, and 1,000mg are a generic version of Gilead Sciences, Inc.'s Ranexa ER Tablets, 500mg and 1,000mg. Ranolazine is indicated for the treatment of chronic angina," the company said in a press note to the exchanges on Thursday. Read more.

Bharat Dynamics stock extends gain for second day

Published on: 11:11 am

  • Shares of Bharat Dynamics extended gains for the second straight day in an otherwise range-bound market on the back of heavy volumes.
  • The company experienced a spurt in volumes by more than 4.45 times. Read more. 

Quick Heal Technologies stock rallies 9% on buyback plan

Published on: 11:09 am

  • Shares of Quick Heal Technologies extended the rally in the morning trade on the BSE after the company announced that its board will consider share buyback proposal on March 05, 2019.
  • On Wednesday, after market hours, the company said that a meeting of the board of directors of the company is scheduled to be held on March 05, 2019, to inter alia consider and approve the proposal for buyback of equity shares of the company. Read more.

ARSS Infra wins EPC contract worth Rs429cr

Published on: 10:56 am

  • ARSS Infra has won a work order of Rs429cr from the Mizoram Government.
  • The scope of the work includes widening and up-gradation of a highway to 2-lane with paved shoulder configuration and geometric improvements for 41 kms on Aizawl-Tuipang section of NH-54 in the state of Mizoram. Read more. 

Rupee trades higher by 8 paise against US Dollar

Published on: 10:33 am

  • After opening flat, the Indian rupee gained in the morning on mild selling of the greenback by exporters and a higher opening in the domestic equity market. The rupee gained 8 paise at 71.15 against US Dollar. The 10-year bond yield was trading at 7.468%.
  • However, the dollar rose from a three-week low overseas as investors grew cautious about US-China trade talks. Read more.

Allahabad Bank to raise Rs6,896cr via preferential allotment of equity shares

Published on: 10:05 am

  • The board of directors of Allahabad Bank, in its meeting held on Feb 27, approved raising equity capital for an amount aggregating upto Rs6,896cr through preferential allotment of equity shares.
  • The amount will be raised by the Government of India against their capital infusion of Rs6,896cr into the bank, subject to requisite approval of shareholders and other statutory authorities. Read more.

Sensex, Nifty trade flat ahead of Feb F&O expiry; Wipro, Jet Airways stocks slip

Published on: 10:00 am

  • Equity benchmark indices opened higher on Thursday despite the mixed global cues. Investors may remain cautious amid the expiration of near-month derivative contracts, also rising tensions with Pakistan and lingering uncertainty about a potential US-China trade deal may keep investors nervous. However, selling pressure was seen in media, metal, realty, and auto indices.
  • Shares of Jet Airways slipped 3% after the company said seven more aircrafts have been grounded due to non-payment of lease rentals. Read more.

Vascon Engineers gets work order worth Rs83.5cr; stock rallies 11.5%

Published on: 9:44 am

  • Vascon Engineers has received work order amounting to Rs83.52cr from Airport Authority of India.
  • The company has received Work Order from Airport Authority of India, a Domestic Entity for the work of Building the Airport including Civil Finishes and MEP at Adampur (PB) on design and build basis amounting to Rs83.52cr (excluding GST), the company said in the BSE filing. Read more.

Lupin clarifies on reports of ban on Gluconorm

Published on: 9:35 am

  • Lupin in its filing to the exchanges clarified on media reports of the government’s ban on the company’s anti-diabetic drug ‘Gluconorm’ stating that the litigation was a non-material one.
  • The company also stated that the Delhi High Court has set aside the order for the same case and remanded the said order to Drugs Technical Advisory Board to examine the issue as per the Supreme Court’s direction. Read more. 

Tata Metaliks to spend Rs555cr on capacity expansion; stock up 3%

Published on: 9:32 am

  • Tata Metaliks will spend Rs555cr to add ductile iron pipe and hot metal capacity, as per BSE filing.
  • Accordingly, the Board of Directors of the Company considered and approved the capacity expansion of DI Pipe unit from 2.0 LTPA to 4.0 LTPA along with augmentation of the Mini Blast Furnace capacity and installation of a new 15 MW Power Plant. Read more. 

Nifty above 10,850 mark ahead of Feb F&O expiry; ONGC gains 4%

Published on: 9:18 am

  • Equity benchmark indices opened higher on Thursday ahead of February F&O expiry. The Sensex was up 140 points at 36,045, while Nifty gained 41 points at 10,848.
  • On the sectoral front, PSU bank, auto, energy and FMCG are trading in the green.
  • Shares of Wipro declined for the second consecutive trading session. The IT company plans to sell Workday and Cornerstone to Alight for up to $110mn.

Jet Airways: Additional 7 aircrafts grounded

Published on: 9:17 am

  • Jet Airways in its filing to the exchanges informed that additional 7 aircrafts have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
  • "The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity," the airline company said in a press note after market hours to the exchanges on Wednesday.  Read more.

SBI records fraud worth Rs7,951.29cr in Apr-Dec: Media report

Published on: 8:41 am

  • State Bank of India (SBI) noted ~Rs7,951.29cr involving 1,885 cases of fraudulent activities for the nine months of FY19, a PTI report stated.
  • As per the report, the bank in an RTI reply stated that the 1st quarter of FY19 reported 669 cases of fraudulent activities amounting to Rs723.06cr, the 2nd quarter saw 660 cases involving Rs4,832.42cr and the 3rd quarter reported 556 cases amounting to Rs2,395.81cr. Read more. 

Asian markets trade lower as trade optimism slides

Published on: 8:30 am

  • Asian stock markets were trading lower on Thursday after US Trade Representative Robert Lighthizer dented some of the recent optimism towards Sino-US trade relations, while the dollar held gains, supported by higher bond yields.
  • Also, China PMI index fell to 49.2 in February, data showed on Thursday, the weakest level since February 2016. Read more. 

Current FII data

Published on: 8:22 am

FII/DII Data:  In yesterday’s trading session, FIIs bought 423cr stock in the cash market, whereas DIIs bought 66cr worth of stock. In the derivative market, FIIs bought 456cr of Index futures and bought 635cr worth of Index options. In the Stock futures segment, FIIs bought 386cr worth of stock futures and sold 91cr stock options.

FII View: FIIs created bullish positions in the derivative segment which is deduced by the fact that they built 5091 net long contracts in the Index Futures, while simultaneously creating 2966 net long contracts in Index Call Options. The long-short ratio in Index Futures currently stands at 1.4x.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 197 5 81 0.9 1.4
Index Short 210 2 33
Index Call Long 242 2 34 3.0 1.0
Index Call Short 81 2 40
Index Put Long 376 9 32 2.0 1.0
Index Put Short 184 14 28

SGX Nifty indicates a flat opening for the Indian markets

Published on: 8:21 am

  • SGX Nifty is at 10819.50, up 16 points. Expect another volatile day as February series derivative contracts expiry coupled with border tension dictates the trend today.
  • Nifty saw another volatile session with the index seeing huge volatility & giving up almost 190 points from the highs to the lows of the day. This came in after the Pakistan Air force entered Indian air space & there was the exchange of fire. Private banks, media, IT & financial services stocks saw selling as markets gave up gains with TV channels adding to volatility. Read more.

Top stocks in focus: Wipro, Dalmia Bharat, Aurobindo, Jet Airways

Published on: 8:16 am

  • Wipro signed an agreement to sell its ‘Workday and Cornerstone On Demand Business’ to Alight for $110mn.
  • Odisha Cement Ltd., soon to be renamed Dalmia Bharat Ltd., said it has filed a complaint with regulators and the police after a depository participant transferred mutual fund units of the group’s arms.
  • Lupin clarified on news of government’s ban on company’s anti-diabetic drug ‘Gluconorm’ stating that the litigation was a non-material one and the Delhi High Court has set aside the order and remanded the said order to Drugs Technical Advisory Board to examine the issue as per Supreme Court’s direction. Read more.

Dalmia Bharat group claims MF units of subsidiaries illegally transferred

Published on: 8:15 am

  • Dalmia Bharat group’s flagship company Odisha Cement in its filing to the exchanges informed that certain mutual fund units have been illegally transferred by the Depository Participant from the demat account held by the group ’s subsidiaries, OCL India and Dalmia Cement East.
  • These units are worth ~Rs344cr, the company said in a press note after market hours to the exchanges on Wednesday. Read more. 

Alight to acquire Workday and Cornerstone from Wipro for $110mn

Published on: 8:10 am

  • Wipro and Alight Solutions have agreed to expand their relationship by signing a definitive agreement to divest Wipro's Workday and Cornerstone OnDemand business to Alight for cash consideration of up to $110mn, of which $100mn would be payable at closing and the balance, $10mn, would be a deferred consideration payable at the end of 12-months based on the achievement of performance targets.
  • Following the closing of the 10-year agreement, previously announced in September 2018, Alight and Wipro continue to explore additional strategic opportunities and possible alignment of portfolios based on their respective strengths. Read more.

Broker Radar for February 28

Published on: 7:59 am

Credit Suisse on NBFCs
  • Real estate sector NPAs are likely to rise in March quarter due to lack of funding from NBFCs.
  • Developers are saddled with inventory of more than 40 months of sales in most markets. Read more. 

What not to miss today

Published on: 7:50 am

  • Markets to open flat; Nifty support @ 10730, resistance 10930.
  • FIIs bought 423.04cr (cash), 456cr in Index futures.
  • US markets fall on US-China uncertainty; Asian down.
  • China's factory activity shrinks in February. Read more.

Bulk Deals

Published on: 7:45 am

  • GSS Infotech: Vicky Rajesh Jhaveri bought 1.64 lakh shares of the company at Rs117.24 per share on the NSE.
  • Shashijit Infraprojects: Rajiv Ishwarbhai Mistry bought 96,000 shares of the company at Rs30 per share on the BSE.

Derivative watch

Published on: 7:24 am

  • Nifty futures lost 0.53% on Wednesday to close in the red for the fourth consecutive session, the second such instance since October 26, 2018, when it had touched a low of 10,030.
  • Tracking open positions since the start of the February expiry, the index has added ~20% in open interest consisting mainly of short positions.
  • On the options front, PCR of the index is heading southward to close at 1.17x on the back of a build-up in call writing positions.  
  • TCS added long positions while HUL added short positions.

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