Latest news and updates

12th Mar, 2019

Nifty settles above 11,300 mark; ICICI, IndusInd Bank stocks gain 3%

Published on: 3:34 pm

  • Equity benchmark indices ended higher for the second consecutive session.
  • Bharti Airtel, ICICI Bank, IndusInd Bank, L&T and Adani Ports were the top gainers on the Nifty, while losers were Eicher Motors, Bajaj Finance, ONGC, Bharti Infratel and Infosys.
  • The Sensex gained 482 points at 37,536, while the Nifty ended 133 points higher at 11,301. The market breadth was positive as 1,082 shares have advanced, 661 shares have declined, and 335 shares remain unchanged on the NSE.

Bank Nifty hits record high; IndusInd Bank, ICICI Bank stocks gain

Published on: 2:52 pm

  • Equity benchmark indices were trading higher in the afternoon session on Tuesday’s trade. The Bank Nifty Index extended gain for the second consecutive trading session to hit a new all-time high.
  • The Bank Nifty index is trading higher at 28,402. IndusInd Bank and ICICI Bank were the top gainers on the Bank Nifty index.
  • Kotak Mahindra BankAxis Bank, and HDFC Bank were up in the range of 1-2% on the Bank Nifty index. Read more

JSW Steel’s crude steel output in February dropped by 6%

Published on: 2:45 pm

  • JSW Steel in its filing to the exchanges on Tuesday informed that its crude steel production dropped by 6% to 12.57 lakh tonnes in February 2019 compared to 13.33 lakh tonnes in the same period a year ago.
  • Further, output of flat rolled products rose marginally by 1% to 9.20 lakh tonnes in the same period under review compared to 9.12 lakh tonnes in February 2018. Read more.

Deep Industries stock zooms 11% after receiving order from ONGC

Published on: 2:39 pm

  • Deep Industries Ltd's stock zoomed 5.5% on the BSE in the afternoon trade. The company has received Letter of Award of contract from ONGC, for charter hiring of 01 No. of 1000 HP Mobile Drilling Rig for Ahmedabad Asset for a period of 3 years.
  • The total estimated value of the said Award is ~Rs91.75cr. Read more.

Sensex up over 350 points; Realty, media stocks gain

Published on: 1:55 pm

  • Equity benchmark indices continue to trade higher in the afternoon session on Tuesday. Heavy buying by foreign investors and positive global cues lifted the stock market.
  • The Sensex rallied 358 points to 37,412, while the Nifty was up 102 points to 11,270. The market breadth was positive with 1,180 shares advancing, 539 shares declining, and 356 remaining unchanged on the BSE. Read more

Mahindra CIE to buy outstanding shares of Aurangabad Electricals; stock up ~1%

Published on: 1:24 pm

  • Shares of Mahindra CIE Automotive gained in the afternoon session in today’s trade. The company’s board has approved the acquisition of 100% of the issued and outstanding share capital of Aurangabad Electricals for an enterprise value of Rs875.6cr, which includes a future deferred payment estimated upto Rs62.2cr, as per BSE filing.
  • This acquisition helps the company to enter the aluminum die casting technology space. Read more

Nifty hovers around 11,300 mark; L&T, Airtel stocks gain

Published on: 12:55 pm

  • Equity benchmark indices were trading in the positive zone on strong global cues. The Sensex gained 375 points at 37,430 levels. The Nifty also rose 114 points to trade at 11,282 levels.
  • Shares of Bharti Airtel are among top index gainers in Nifty50 index and above 4% in the noon trade on Tuesday’s session.

Bharti Airtel stock gains 4%; top Nifty gainer

Published on: 12:40 pm

  • Shares of Bharti Airtel are among top index gainers in Nifty50 index and above 4% in the noon trade on Tuesday’s session. As per media reports, Bharti Infratel said that the telecom company will slash its stake in the telecom tower company by more than half to 18.3%.
  • Airtel's unit, Nettle Infrastructure Investments Ltd, will buy a 32% stake in Bharti Infratel, the media report said.
  • Reacting to this, share price of Bharti Infratel declined 1% and are among top losers on the Nifty50 index. Read more.

Adani Enterprises receives LoAs from NHAI; stock gains 3%

Published on: 12:35 pm

  • Shares of Adani Enterprises were trading 3% higher on Tuesday after the company received Letter of Awards (LoAs) for two hybrid annuity road projects from National Highway Authority of India (NHAI) in Telangana.
  • Of the total, a project worth Rs1,041.40cr has been awarded for Four Laning of NH-363 from Mancherial (Design Km 0.000/Existing Km 251.900) to Repallewada (Design Km 42.000/Existing Km 288.510) (Design Length = 42.000 Km) in Telangana under NHDP PhaseIV under NH (0) on Hybrid Annuity Mode, the company said in a press note to the exchanges on Tuesday. Read more.

Jet Airways gains 3% on reports of Rs3,800cr capital infusion

Published on: 12:25 pm

  • Shares of Jet Airways gained 3% in intraday trade on Tuesday after media reports stated that the company will get Rs3,800cr financial assistance from Etihad and National Investment and Infrastructure Fund (NIIF).
  • Further, media reports also suggested that founder-promoter Naresh Goyal and his wife will step down from the board and all executive positions. Read more.

ICICI Bank hits record high; stock rises 3%

Published on: 12:21 pm

  • Shares of ICICI Bank hit a record high of Rs388 on the NSE in the morning trade on Tuesday’s session. The stock has rallied for the second consecutive session and trading higher by 3%. Around 20 lakh shares changed hands in a block deal.
  • The stock has surpassed its previous high of Rs383 touched on January 09, 2019, in intra-day trade. Read more.

Zydus gets final approval from USFDA for Atenolol and Chlorthalidone tablets

Published on: 11:56 am

  • Zydus Cadila has received the final approval from the USFDA to market Atenolol and Chlorthalidone Tablets USP (US RLD -Tenoretic), 50 mg/25 mg and 100 mg/25 mg. It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad.
  • This medication is used to treat high blood pressure (hypertension). Lowering high blood pressure helps prevent strokes, heart attacks and kidney problems, the company said in the filing. Read more

Nifty Pharma gains 2% led by Aurobindo Pharma, Glenmark, Cadila

Published on: 11:35 am

KEC International bags new orders worth Rs1,323cr; stock up 3%

Published on: 11:32 am

  • KEC International Ltd. a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs1,323cr across its various businesses.
  •  K E C International Ltd is currently trading at Rs281.15 up by Rs8.45 or 3.1% from its previous closing of Rs272.70 on the BSE. Read more

Nifty Realty index soars 3% led by Indiabulls Real Estate, DLF

Published on: 11:19 am

JMC Projects secures new orders of Rs547cr; stock up 5%

Published on: 11:06 am

  • JMC Projects (India) Limited (JMC), a leading Civil Engineering and EPC Company has secured new orders of Rs547cr. 
  • SK Tripathi, CEO & Dy. Managing Director, JMC Projects (India) Limited commented, "We are happy with the new order wins in our Water and Buildings business. These new orders along with earlier orders announced during the year, reaffirms our commitment to deliver sustainable and profitable growth going aheadWe remain confident to deliver on our guidance for financial year 2018-19". Read more

L&T Construction wins contracts for Power T&D Business

Published on: 10:39 am

  • The Power Transmission & Distribution business of L&T Construction has bagged a number of Engineering, Procurement and Construction orders in India and abroad.
  • Larsen & Toubro Ltd is currently trading at Rs1,399.65, up by Rs52 or 3.86% from its previous closing of Rs1,347.65 on the BSE. The scrip opened at Rs1,352 and has touched a high and low of Rs1,399.65 and Rs1,352 respectively. Read more

Welspun Corp gains 5% on additional pipe order

Published on: 10:38 am

  • Shares of Welspun Corp were trading 5% higher intraday on Tuesday after the company received additional pipe orders of 212 KMT on global basis.
  • Out of these additional orders, 151 KMT will be serviced from India, the company said in a press note to the exchanges on Tuesday.
  • Further, the company’s current order book stands at 1,667 KMT value being Rs14,500cr, after considering execution up to February 2019. Read more

PSP Projects receives multiple orders; stock surges 4%

Published on: 10:26 am

  • Shares of PSP Projects surged 4% in the morning trade on Tuesday after the company has received work orders worth Rs602cr.
  • “Further, with receipt of the above new orders, the total work orders received during the financial year 2018-19 (till date) on standalone basis amounts to Rs1,442.47cr,” the company added. Read more

Capacite Infraprojects bags order worth Rs483.8cr; stock up 1%

Published on: 10:05 am

  • Capacite Infraprojects has received contract worth Rs483.8cr for proposed redevelopment of Harilal Bhagwati Municipal General Hospital in Mumbai, from Municipal Corporation of Greater Mumbai, Health Infrastructure Cell.
  • Shares of Capacite Infraprojects Ltd are currently trading at Rs240.75, up by Rs3.8 or 1.6% from its previous closing of Rs236.95 on the BSE. The scrip opened at Rs241.55 and has touched a high and low of Rs241.65 and Rs239.95 respectively. Read more

Sensex rallies over 350 points; NTPC, Power Grid stocks lead

Published on: 9:57 am

  • Equity benchmark indices opened higher for the second consecutive session led by gains in Reliance Industries, HDFC Bank, ICICI Bank, and L&T. Meanwhile, all eyes will be on macro data such as IIP for the month of January and the inflation rate for the month of February, which is scheduled to be released today.
  • The Sensex rallied 351 points to 37,405, while the Nifty was up 98 points to 11,266. The market breadth was positive with 1,302 shares advancing, 284 shares declining, and 469 remaining unchanged on the BSE. Read more

Rupee gains 29 paise at 69.60/$

Published on: 9:31 am

  • The Indian rupee gained 29 paise on Tuesday to trade at day’s high level of 69.60 against the dollar. The currency has appreciated 12 paise to open at 69.73/$.
  • At 9:35AM, IST the domestic unit was trading at 69.65/$. On Monday, the unit appreciated 26 paise to close at 69.89/$. Read more

Nifty opens above 11,200 mark; Tata Motors, RIL stock up 2%

Published on: 9:17 am

  • Equity benchmark indices opened higher for the second consecutive session led gains by Reliance Industries, HDFC Bank, ICICI Bank, and L&T.
  • The BSE Sensex jumped 275 to 37,329 and the NSE Nifty 50 rose 87 points at 11,255.
  • Tata Motors, Indiabulls HF, Hindalco were the top gainers, while Airtel, NTPC, and TCS are among top losers on the Nifty50 today.

Dr Reddy’s seeks Indivior to pay $70mn for Opioid delay: Media reports

Published on: 9:04 am

  • Dr Reddy’s Laboratories is seeking Indivior Plc to pay ~$70mn as a compensation for lost US sales of its generic version of opioid addiction treatment that was delayed in a patent dispute with the Indivior.
  • In July, 2018, Indivior through a court injunction had blocked Dr Reddy’s generic version of Suboxone Film. This was despite Dr Reddy’s acquiring approval from regulatory authorities earlier to sell the product for opioid dependence. However, in February 2019, the US Supreme Court refused to uphold that injunction and allowed Dr Reddy’s to resume sales of the drug, media reports said. Read more

Standard Life to sell 4.93% in HDFC Life

Published on: 8:44 am

  • HDFC Life Insurance in its press note to the exchanges informed that Standard Life, one of its promoters, will sell ~4.93% in the company through offer for sale (OFS).
  • "Standard Life (Mauritius Holdings) 2006 Ltd, one of the promoters of the insurer, will sell stake through OFS on March 12 and the floor price for the sale will be Rs357.50/share," the company said in a press note after markets hours to the exchanges on Monday. Read more

Asian markets trade higher; Nikkei 225 up 2%

Published on: 8:25 am

  • Asian stock markets were trading higher on Tuesday after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement.  Sterling has gained ahead of the talks between May and Juncker, extended gains in hopes the changes may be enough to sway rebellious British lawmakers who have threatened to vote down May's plan again on Tuesday.
  • The Shanghai Composite jumped 1.3%, Hong Kong’s Hang Seng index traded up 1.4%, the Nikkei 225 was up 1.88%, while South Korea’s Kospi was also higher by 0.76%. Read more

Current FII data

Published on: 8:20 am

FII/DII Data: In yesterday’s trading session, FIIs bought 3811cr worth of stock in cash, whereas DIIs sold 1956cr worth of stock. In the derivative market, FIIs sold 13cr of Index futures and bought 480cr worth of Index options. In the Stock futures segment, FIIs bought 751cr worth of stock futures and bought 11cr stock options.

FII View: In Index future segment, FIIs are currently holding 1.2lakh contracts of long positions, while 1.12lakh contract of short positions, keeping their long/short ratio at 1.1x level. However, they created 19607 contracts of speculative long positions in index call options & they wrote off 4271 contracts of index puts, clearly indicating an expectation of positive momentum for the indices.

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 120 6 27 1.1 0.9
Future Index Short 112 8 37
Option Index Call Long 250 9 (82) 3.6 3.6
Option Index Call Short 70 8 (95)
Option Index Put Long 282 (2) (84) 1.6 1.5
Option Index Put Short 179 2 (90)

Indian markets to open higher in tandem with Asian peers

Published on: 8:19 am

  • SGX Nifty is at 11261, up 49 points. For today, we expect more head room on the broader market as Nifty consolidates.
  • On Monday, Nifty saw a superb day ending up over 130 points and closing at 2019's high.This as foreign investors turned big buyers with consensus overweight on Indian equities rating by most analysts. Mid caps were outperforms with indices rising almost 2-2.5%. Read more.

Derivative watch

Published on: 8:17 am

  • Since the start of the March series, Bank Nifty futures has added ~82% in fresh open positions along with a rise of ~5% in the underlying price, clearly indicating a continued build-up of long positions.
  • The current level of the index is just ~1% away from its lifetime high of 28,409. Considering the ongoing momentum, the current rally is likely to breach the lifetime high levels in coming days.
  • Bharti Airtel & Canfin Homes were among the top open interest gainers, adding large long positions while Hexaware was among the top underperformer adding fresh short positions.

Broker Radar for March 12

Published on: 8:06 am

Goldman Sachs has downgraded on Motherson Sumi to ‘Neutral’ from ‘Buy’.
  • Maintained a TP at Rs159. Post rally see limited upside; long term thesis still intact.
  • Investors appear to have turned incrementally positive.
  • Catalyst: ramp-up of new plants, fall in commodity prices and improvement in profitability of acquisition.
HSBC maintained ‘Buy’ on Escorts with a TP of Rs980.
  • Downcycle is imminent, but it may not be as acute as street fears. Read more

Top stocks in focus: HDFC Standard Life, Jet Airways, TVS Motor, NHPC

Published on: 7:49 am

  • HDFC Standard Life Insurance stock in focus today as Standard Life (Mauritius Holdings) said it will sell via offer for sale mechanism up to 7cr shares, or 3.47% of the equity shares with an option to sell an additional 2.95cr shares aggregating to a sale stake of 4.93% stake in the Insurance company.
  • Jet Airways denied that it received Rs2,050cr as a loan from PNB. The company has clarified that it has existing credit facilities of $300 mn from the bank and no fresh credit facilities have been provided. As per media reports stated that it is not flying any Boeing 737 Max Plane and the company says it in contact with manufacturers and regulators to ensure all directives are implemented. Read more

What not to miss today

Published on: 7:46 am

  • Markets to open higher; Nifty support @11059, resistance 11300.
  • FIIs bought 3811cr (cash), sold 13cr in Index Futures.
  • US, Asian stocks climb amid upbeat economic data from the US.
  • Rupee gains 26 paise at 69.89/$.
  • Standard Life to sell 4.93% in HDFC Life for Rs3,557cr. Read more.

Bulk Deals

Published on: 7:28 am

  • Reliance Communications: Indusind Bank sold 1.7cr shares or 0.62% equity at Rs 5.54 each.
  • Tourism Finance Corporation: Motilal Oswal Focused Emergence Fund acquired 5.55 lakh shares or 0.69% equity at Rs 120.12 each.
  • Matrimony.com: Nalanda India Equity Fund acquired 21.11 lakh shares or 9.29% equity at Rs509.87 each.
  • Matrimony.com: HDFC Mutual Fund sold 20.13lakh shares or 8.83% equity at Rs510.07 each.
  • Lemon Tree Hotels: Zaaba Pan Asia Master Fund acquired 52.16 lakh shares or 0.66% equity at Rs 84.84 each.
  • Lemon Tree Hotels: Morgan Stanley Asia (Singapore) sold 52.84 lakh shares or 0.67% equity at Rs 84.15 each.
  • Xelpmoc Design: Trust Investment Advisors acquired 2.26 lakh shares or 1.65% equity at Rs 67.5 each.
  • Xelpmoc Design: Washington University sold 3.07 lakh shares or 2.24% equity at Rs 67.59 each.

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