Latest news and updates

01st Mar, 2019

Nifty settles above 10,850 mark; Zee, HPCL stocks gain

Published on: 3:34 pm

  • Equity benchmark indices snapped three day’s losing streak and ended higher on Friday. The Sensex gained 196 points at 36,064 and the Nifty index ended at 10,863, up 71%.
  • The Nifty MidCap index surged 1.5%, while Bank Nifty climbed almost a percent.
  • IndusInd Bank, ICICI Bank, HDFC, L&T and Infosys were leading contributors while Bharti Airtel, Axis Bank, UPL and Bajaj Auto were under pressure on the BSE.

Wockhardt gets USFDA nod for prostrate cancer drug; stock up 7%

Published on: 3:31 pm

  • Pharmaceutical and biotech major Wockhardt has received approval from the United States Food & Drug Administration (USFDA) for an ANDA for 250mg tablet of Abiraterone acetate, which is used to treat prostate cancer.
  • The company made the announcement on Friday afternoon during market hours. Read more. 

M&M tractor volume down 8% yoy in February 2019

Published on: 3:28 pm

  • Mahindra & Mahindra Limited’s (M&M) Farm Equipment Sector (FES) sold 18,978 tractors in February 2019, down 8% yoy (down 15% mom).
  • The total volume sold was lower than BloombergQuint's poll estimate of 20,300 tractors. Read more. 

M&M's Feb volume beats street expectation led by PVs

Published on: 3:25 pm

  • Mahindra and Mahindra Limited (M&M) reported total volume growth of 10% yoy (flat mom) in February 2019.
  • It sold 56,005 units (domestic + exports) in February 2019 against 51,127 units in February 2018 and 55,722 units in January 2019. Read more. 

European stock markets gain; DAX index up over 1%

Published on: 3:07 pm

  • European stock markets are ending the week on a positive note as the latest economic data from China offered some reassurance to investors concerned about the global growth outlook.
  • Treasuries held declines and the dollar pushed higher for the third day. Read more. 

VECV volume drops 7% yoy in February due to decline in trucks and exports

Published on: 2:42 pm

  • Volvo Eicher Commercial Vehicles (VECV), the Joint Venture (JV) between Volvo Group and Eicher Motors Limited (EML) reported 6% yoy volume decline (9% mom volume growth) in February 2019.
  • It sold 6,428 vehicles in February 2019 against 6,889 vehicles in February 2018 and 5,906 vehicles in January 2019. Read more. 

Himatsingka Seide signs up with Iconix Brand group; stock up 3%

Published on: 2:30 pm

  • Himatsingka America Inc, a 100% wholly owned step down subsidiary of Himatsingka Siede, has entered into a licensing agreement with the Iconix Brand Group, Inc. for the Royal Velvet brand.
  • As part of the agreement, the exclusive licensing rights to the Royal Velvet brand is for the territory of North America. Read more. 

SML Isuzu hits 20% upper circuit after Feb sales number

Published on: 2:27 pm

  • Shares of SML Isuzu hit 20% upper circuit limit on BSE after the company said its total sales rose 32.8% to 1,282 units in February 2019 over February 2018.
  • In February, the company delivered 32.8% yoy growth at 1,282 vehicles as against 965 vehicles in the corresponding period last year, as per BSE filing. Read more. 

SBI Life Insurance erases morning losses; stock up 3%

Published on: 2:11 pm

  • Shares of SBI Life Insurance fell nearly 12% on the BSE in the morning trade after block deal.
  • However, the stock recovered and is trading higher on both the indices. Read more. 

Maruti Suzuki continues to see weakness in volumes in February 2019

Published on: 1:50 pm

  • India’s largest passenger vehicle manufacturer, Maruti Suzuki (India) Limited (MSIL) reported lower than expected volume in February 2019. Total volume (domestic + exports) came in at 1,48,682; down 1% yoy and 2% mom.
  • The number missed BloombergQuint poll of 1,55,000 vehicles. Read more.

Sensex, Nifty off day's high; M&M stock slips

Published on: 1:45 pm

  • Equity benchmark indices came off intraday high levels as selling pressure was seen in Reliance Industries, Axis Bank and Bharti Airtel, while ICICI Bank, Kotak Mahindra Bank, and IndusInd Bank continue to support the indices.
  • On the sectoral front, power, capital goods, utilities, industrials, basic materials indexes rose, while telecom index was the top loser on the BSE.
  • The Sensex was up 97 points to 35,964, while the Nifty rose 33 points to 10,825. The market breadth was positive with 1,337 shares advancing, 350 shares declining, and 380 remaining unchanged.

Castrol India inks deal with Ford; stock climbs 3%

Published on: 1:40 pm

  • Castrol India and Ford Motors have inked a deal to supply engine and transmission oils.
  • As part of the agreement, Castrol India Limited will provide dedicated support to Ford Motors on the supply of engine and transmission oils to the Ford dealer channel network in India. Read more. 

BSE Telecom index under pressure; Airtel stock down 3%

Published on: 1:35 pm

  • The BSE Telecom index was trading lower by 1.3% at 977 levels in Friday’s session.
  • Bharti Airtel fell 3% after the company said that its board approved raising up to Rs32,000cr through equity and bond sales. Read more. 

Banking, Financial stocks rally; Yes Bank gains 2%

Published on: 12:08 pm

  • Shares of banking and financial stocks rose in Friday’s trade with gains witnessed in stocks of Oriental Bank, Union Bank, Syndicate Bank, and Bank of Baroda.
  • Meanwhile, the Nifty PSU Bank index was trading 1.9% higher at 2,826.45 with most of its components trading in the positive zone. Read more. 

Live share market update: Markets trade with a positive bias; Nifty up 51 points

Published on: 12:06 pm

  • Indian equity markets are trading with a positive bias with all the major indices trading in green.
  • The Nifty is up 51 points at 10,843, while Bank Nifty is up 240 points at 27,030. Read more. 

Infosys fines Kiran Mazumdar Shaw Rs9.5 lakh for insider trading

Published on: 12:01 pm

  • Infosys Limited announced in a press release that an inadvertent trade had been carried out by a designated person of Infosys Limited during trading hours.
  • Infosys’ compliance officer had noticed that Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys without obtaining pre-clearance of trade.  Read more. 

Nifty hovers around 10,850 mark; Maruti Suzuki, Ashok Leyland trade flat

Published on: 11:42 am

  • Equity benchmark indices were trading in the positive zone on Friday as the March derivatives series took off on a strong footing and foreign fund inflows fuelled the uptrend.
  • The Sensex jumped 173 points to 36,041, while the Nifty was up 56 points to 10,848. The market breadth was positive with 1,341 shares advancing, 301 shares declining, and 421 remaining unchanged.
  • Adani Ports, Vedanta, and Yes Bank are trading higher, while Airtel, Dr.Reddy’s, and Cipla are trading lower on the NSE.

Nifty Metal gains ~2% led by SAIL, APL Apollo, NALCO

Published on: 11:40 am

  • The Nifty Metal index gained 2% on Friday on heavy buying in SAIL, APL Apollo, NALCO, Jindal Steel, and MOIL.
  • Upbeat Chinese economic data also lent support to the index. Read more. 

Tata Motors rises after Tata Sons increase stake in company

Published on: 11:10 am

  • Tata Sons have bought additional 88.49 lakh shares via open market Tata Motors on February 26, 2019, according to media reports.
  • The stock will be in focus as the company will be announcing its sales data for the month of February soon. Read more. 

Jet Airways gains 4% on reports of Naresh Goyal agreeing to step down

Published on: 11:00 am

  • Shares of Jet Airways gained 4% on Friday after media reports stated that founder Naresh Goyal has agreed to step down as chairman of the board.
  • As per media reports, the decision came as lenders of the company decided to acquire a majority stake in the airline under a bailout plan. Read more. 

Nikkei India Manufacturing PMI rises to 14-months high in February

Published on: 10:48 am

  • At 54.3 in February, up from 53.9 in January, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) reached a 14-month high.
  • The latest figure was consistent with a robust improvement in business conditions that was stronger than seen on average over the 14-year survey history. Read more. 

Cabinet approves FAME 2 policy at the cost of Rs10,000cr

Published on: 9:23 am

  • The union cabinet chaired by Prime Minister Narendra Modi granted approval to the second phase of FAME India (Faster Adoption and Manufacturing of Electric Vehicles in India) for the promotion of electric and hybrid vehicles.
  • The policy, which was announced by Finance Minister Arun Jaitley on Thursday, will have an impact on auto companies.
  • The government has increased a total outlay for the policy to Rs10,000cr from Rs895cr allocated under the first phase, which was launched in April 2015. The government will spend Rs10,000cr over a period of three years from 2019-20 to 2021-22. Read more.

Sensex surges over 200 points; Vedanta, Yes Bank stocks lead

Published on: 9:16 am

  • Equity benchmark indices opened higher on Friday, with the BSE Sensex rose 249 points at 36,117, and the Nifty gained 78 points at 10,870.
  • The Indian rupee has opened marginally lower at 70.74 against the US dollar, against Thursday's close of 70.72 a dollar.
  • On the economy front, India’s Gross domestic product grew 6.6% on a yoy basis in the October to December quarter, after expanding 7% in the previous three months. Economists had forecast growth of around 6.9%.
  • DHFL stock up 2% after ICRA has withdrawn its rating and CRISIL downgraded the rating.

Cabinet approves Rs10,540cr soft loan facility to sugar mills

Published on: 9:06 am

  • To help the sugar industry to clear its cane dues arrears, the Cabinet Committee on Economic Affairs (CCEA) has approved the proposal to provide soft loans to the extent of about Rs7,900-10,540cr to the sugar industry. The government will bear the interest subvention cost at 7-10% to the extent of Rs553cr to Rs1,054cr for one year.
  • EID ParryBalrampur ChiniDhampur Sugar will be in focus after the government's announcement. Read more

Forbes & Company board approves sale of 50% business in Project Vicinia

Published on: 8:51 am

  • Forbes & Company, in its press note to the exchanges informed that the company’s board has granted approval for a sale of 50% business undertaking in Project Vicinia to Paikar Real Estate.
  • Accordingly, the board has approved a sale of 50% business on ongoing concern and the as-is-where-is basis by way of slump sale for a consideration of Rs155cr to Paikar Real Estate, the company said in a press note after market hours to the exchanges on Thursday. Read more

Govt approves FDI proposal of up to Rs25,000cr of Vodafone Idea

Published on: 8:47 am

  • The Cabinet Committee on Economic Affairs (CCEA) has approved the FDI Proposal for Foreign Direct Investment (FDI) of more than Rs5,000cr and up to Rs25,000cr in Vodafone Idea (VIL) as part of a proposed equity fund raise by way of a rights issue of equity shares and/or other equity-linked securities to eligible shareholders of the company. 
  • It also approved to take on record the proposed changes in the indirect foreign investment in the subsidiaries of VIL, which will take place on account of non-residents subscribing to the equity shares in the Fund Raise, a per government data. Read more

Bharti Airtel’s board approves fund raising plan

Published on: 8:44 am

  • Bharti Airtel, in its filing to the exchanges, informed that its board has approved the fundraising of up to Rs32,000cr through rights issuance of up to Rs25,000cr; and Perpetual Bond with equity credit to Rs7,000cr.
  • The fundraising plan was approved after the board considered a recommendation of 'Special Committee of Directors for Fund Raising', the company said in a press note after market hours to the exchanges on Thursday. Read more.

Broker Radar for March 01

Published on: 8:43 am

CLSA maintained ‘Buy’ rating on Bharti Airtel with a TP of Rs410.
  • Fund raising will lower loss per share by 44% in 2019-20 and boost EPS estimates for 2020-21 by 42%.
  • Fund raise to offer sufficient headroom to invest in networks/future spectrum auctions.
  • Airtel can deleverage balance sheet further by Rs25,000cr from stake sale in Africa and Infratel.
Macquarie maintained ‘Outperform’ on ONGC with a TP of Rs210.
  • Specific risks related to ONGC is already priced in.
  • See a margin of safety and limited downside. Catalyst: elections, strong dividend, consensus EPS upgrades, gas price reforms. Read more.

Bulk deals

Published on: 8:42 am

  • Tata Motors DVR: SBI MF acquired 37.32 lakh shares or 0.73% equity at Rs 87.74 each.
  • Reliance Infra: STCI Finance sold 18.24 lakh shares or 0.71% equity at Rs 123.8 each.

Top stocks in focus: Infosys, Jet Airways, Bharti Airtel, Motherson

Published on: 8:26 am

  • Vodafone Idea stock in focus as Cabinet approved FDI proposal of up to Rs25,000cr. The approval was required for the proposed rights issue.
  • Bharti Airtel board approved raising Rs25,000-32,000cr via a rights issue and rest through perpetual bonds, with the rights issue price set at Rs220 per share, which is at a discount of 31% to the closing price. The rights entitlement ratio set at 19 shares for every 67 shares held by shareholders.
  • Balrampur ChiniEID Parry stock in focus as the government approved Rs10,540cr soft loan to help sugar mills clear cane arrears. Read more.

Sensex, Nifty to open on a positive bias

Published on: 8:11 am

  • SGX Nifty is at 10868, down 3 points.  For today, we expect global cues to determine early trade as more reconciliatory moves from the border see sentiment improve.
  • Nifty saw another volatile session as expiry blues saw the index drift and close below the 10800 marks.
  • There was little to choose as markets saw more ascent on rollovers as investors looked forward to a resolution of war like situation & better days in March. IT, auto, and financial services stocks saw profit booking, while PSU banks, reality, and select midcaps saw buying. Read more.

What not to miss to today

Published on: 7:54 am

  • Markets to open higher; Nifty support @10730, resistance 10930.
  • March expiry starts with maximum OI buildup in Nifty call options at 11,000CE; Nifty put options, at 10,600PE.
  • US market falls despite strong GDP report; Asian gains.
  • Rupee appreciates 51 paise at 70.71/$. Read more.

Asian stocks gain as China data tops estimates

Published on: 7:45 am

  • Asian stocks and US equity futures edged higher on Friday as the latest reading on China’s economy beat expectations, offering some reassurance to investors concerned about the global growth outlook.
  • The yen fell to its lowest since December. Read more. 

Asian stocks gain as China data tops estimates

Published on: 7:43 am

  • Asian stocks and US equity futures edged higher on Friday as the latest reading on China’s economy beat expectations, offering some reassurance to investors concerned about the global growth outlook.
  • The yen fell to its lowest since December. Read more. 

Block Deals

Published on: 7:42 am

  • Tata Motors DVR: SBI MF acquired 37.32 lakh shares or 0.73% equity at Rs87.74 each.
  • Reliance Infra: STCI Finance sold 18.24 lakh shares or 0.71% equity at Rs123.8 each.

BSE Telecom index under pressure; Airtel stock down 3%

Published on: 7:38 am

  • The BSE Telecom index was trading lower by 1.3% at 977 levels in Friday’s session.
  • Bharti Airtel fell 3% after the company said that its board approved raising up to Rs32,000cr through equity and bond sales. Read more. 

Derivative Watch

Published on: 7:31 am

  • Nifty ends the February expiry on a flat note, down ~0.6%, effectively closing around the 10800-mark for the fourth consecutive series. Bank Nifty underperformed Nifty by ~1.5% on an expiry-on-expiry (eoe) basis.
  • The Nifty traded in a 500-point trading band throughout the series, yielding a positive payoff to short vega option writers.
  • FIIs' have changed their stance to bullish on speculative index futures, as the long/short ratio hovered above 1x level for a major part of the series. FIIs posted highest buying figures of FY18-19, by pumping in ~13000 Cr into Indian equities.

Editors Choice

 

Blogs & Personal Finance

More

Stock View new

Refinitiv Logo

Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.

More