Latest update and news

18th Mar, 2019

Nifty settles above 11,450 mark; PSU Bank, Realty stocks gain

Published on: 3:34 pm

  • Equity benchmark indices ended higher on Monday as rally led by Reliance Industries, Axis Bank, HDFC Bank.
  • The Sensex ended higher by 71 points at 38,098, while the rose 35 points to 11,462. The market breadth was negative with 740 shares advancing, 1,015 shares declining, and 347 remaining unchanged on the NSE.
  • Volatility index India VIX was up 7.26% at 17.01.

Sensex up over 150 points; Nifty Realty index outperform

Published on: 3:13 pm

  • Equity benchmark slipped into negative territory amid selling in auto, pharma and PSU Bank stocks. However, the stock market has regained the momentum as the rally was led by RIL, HDFC Bank, Power Grid, Bajaj Finance, and HDFC Bank.
  • The Sensex was up 150 points at 38,174, while the Nifty up 49 points at 11,477. The market breadth was negative with 674 shares advancing, 1,056 shares declining, and 372 remaining unchanged on the NSE. Read more

Bharti Infratel stock gains 1.5% post block deal

Published on: 2:37 pm

  • Shares of Bharti Infratel gained 1.5% on the BSE in Monday’s afternoon session; ~16cr shares of the company worth over Rs5,000cr changed hands in a block deal during pre-market trade, as per media reports.
  • The company experienced a spurt in volumes by more than 1801.76 times on the BSE. Read more

Nifty slips below 11,450 mark; Maruti, Wipro stocks slip 3%

Published on: 2:28 pm

  • Equity benchmark indices were trading lower on Monday, with the Sensex slipped below 38,000, down 39 points. The Nifty dropped below 11,450 mark.
  • IOC, BPCL, HPCL, and Axis Bank were top gainers on Nifty50, while, Maruti Suzuki, Wipro, and HeroMoto Corp fell the most on the index.
  • Nifty Bank pared gains with RBL Bank, Federal Bank, SBI and Yes Bank among the top losers.

Ratnamani Metals wins new domestic order worth Rs298cr

Published on: 1:48 pm

  • Shares of Ratnamani Metals & Tubes gained 2% in intraday trade on Monday.
  • The company has received new domestic order of Rs298cr for the supply of CS Coated Pipes for Oil & Gas Sector to be completed between July 2019 to December 2019. Read more

Sensex, Nifty trade volatile; IOC, BPCL stocks gain

Published on: 1:31 pm

  • Equity benchmark indices were trading flat in the afternoon session, as selling pressure was seen in auto, pharma, and banking stocks.
  • The Sensex rose 36 points to 38,060, while the Nifty rose 24 points to 11,450. The market breadth was negative with 692 shares advancing, 1,032 shares declining, and 376 remaining unchanged on the NSE.
  • The Indian rupee has extended its gains and trading higher by 0.62% at 68.47/$.

Grasim Industries gets Rs5,872cr tax demand; stock down 2%

Published on: 1:26 pm

  • Shares of Grasim Industries slipped 2% in the afternoon session. The Income Tax Department (I-T) has slapped a Rs5,872cr demand in tax on Aditya Birla Group company Grasim Industries with respect to its merger with Aditya Birla Nuvo and Aditya Birla Financial Services.
  • The company said the order was not tenable in law and the company was taking necessary action against the order. Read more

Lupin slips 4% as USFDA warns of regulatory action on New Jersey unit

Published on: 12:59 pm

  • Lupin’s subsidiary Novel Laboratories Inc. has received a letter from the USFDA classifying the inspection conducted at its Somerset (New Jersey) facility in December 2018 as Official Action Indicated (OAI).
  • The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed. Read more

Nifty Auto index declines 1% led by Maruti, Ashok Leyland

Published on: 12:06 pm

  • The Nifty Auto index declined over 1.4% on Monday led by sharp fall in Maruti SuzukiAshok LeylandBharat Forge, and Hero MotoCorp. The Nifty auto index was trading at 8,622.75.
  • Shares of Maruti Suzuki slipped 3% on both the indices and are among the top losers amid report stating that the company has slashed its production by a quarter amidst slowing demand in the passenger vehicle market. The company is estimated to have cut production by 26.8% to about 1.26 lakh units. Read more

SPML Infra bags new orders worth Rs883cr from Junagarh Project Irrigation Division

Published on: 11:45 am

  • SPML Infra Limited received four new orders for water supply and irrigation projects with the combined cost of over Rs883cr from Gujarat, Manipur and Punjab.
  • The first and the largest single order received so far by SPML Infra Limited is worth Rs723.87cr for the Phase 3 of Saurashtra-Narmada Avtaran Irrigation (SAUNI Yojana), an ambitious project initiated by the Govt. of Gujarat. Read more

Markets off intraday highs as profit booking weighs in

Published on: 11:43 am

  • Indian equity markets are witnessing a profit booking as the majority of sectoral indices are off their opening highs.
  • INR continue to appreciate, trading at 68.63, gaining 0.67%.
  • HDFC Bank is the top index contributor, gaining ~1%. Just Dial & Equitas Ltd are trading with a positive bias on account of addition of fresh long positions as open positions continue to soar along with a rise in the underlying asset price. Read more

Ashoka Buildcon wins contract worth Rs169cr from Jharkhand Bijli Vitran

Published on: 11:39 am

  • Ashoka Buildcon has received Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited (JBVNL). The accepted Bid Value for the project is Rs169cr.
  • “The company has received Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited (JBVNL) for the Project viz. Rural Electrification Works of Package-4 (Comprising Ranchi, Khunti, Gumla, Simdega & Lohardaga District) in Jharkhand State under Jharkhand Sampurna Bijli Achchhadan Yojana (JSBAY) Phase-II,” the company said in the filing. Read more

Mindtree stock rises 1% on buyback plan

Published on: 11:23 am

  • Shares of Mindtree rose 1% in the morning trade after the company said that its board will meet on March 20, to consider the proposal to buyback the fully paid-up equity shares of the company.
  • The announcement was made after market hours on Friday, March 15, 2019. Read more

Wadhawan Global Capital sells stake in Avanse

Published on: 10:54 am

  • Wadhawan Global Capital (WGC) announced that they have entered into a definitive agreement with an affiliate of the Warburg Pincus Group to sell its stake in its education finance subsidiary, Avanse Financial Services limited. As a part of the deal, WGC will be selling the entire 49.04% of its stake in the company.
  • DHFL, a WGC group company which holds 30.63% stake in Avanse, will also be exiting the company as a part of the transaction. Ernst & Young LLP (EY) and Prime Research & Advisory Limited were the financial advisors to the company and the sellers on the transaction. Shardul Amarchand Mangaldas & Co acted as the legal advisors to the sellers and company on this transaction. Read more

Sensex jumps over 300 points; Reliance Industries, HDFC Bank stocks lead

Published on: 10:06 am

  • Equity benchmark indices extended rally for the sixth consecutive session, with the Nifty Bank index trading 1.3% higher.
  • The Sensex rose 306 points to 38,331, while the Nifty jumped 92 points to 11,519. The market breadth was positive with 1,029 shares advancing, 569 shares declining, and 487 remaining unchanged on the NSE.
  • Shares of MindTree advanced 1% on the NSE as company board is scheduled to consider the buyback proposal on March 20. Read more

Rupee appreciates 18 paise to 68.92/$

Published on: 9:51 am

  • The Indian rupee rose for the sixth consecutive day, and opened at 68.92/$, up 18 paise against the US dollar. The sharp rally in the Indian rupee could be attributed to robust foreign inflows ahead of general elections.
  • The currency has gained past 69 levels against the US dollar for the first time since August 10, 2018, in the early trade on Monday.
  • Meanwhile, India’s trade deficit in February narrowed to $9.59bn in February from $14.73bn in January amid sluggish growth in major foreign exchange earners such as gems and jewellery, engineering goods, and petrochemicals, the government data showed. Read more

Embassy Office Parks REIT IPO opens today

Published on: 9:37 am

  • Embassy Office Parks REIT (“Embassy REIT”), the first ever by a Real Estate Investment Trust in India, initial public offering (IPO) will open today. The price band for the Embassy Office Parks REIT IPO is Rs299-300 apiece.
  • Embassy REIT owns one of India’s largest office portfolios and believes that replicating such a platform would be difficult given land acquisition complexities and long development timelines in India.
  • The Units of the Embassy REIT are proposed to be listed on the NSE and BSE. Read more

Asian markets trade higher ahead of US-China trade developments

Published on: 9:28 am

  • Asian stock markets were trading higher on Monday as investors awaited developments on the US-China trade front and US Federal Reserve policy meeting in focus.
  • Japan’s Nikkei 225 advanced nearly 1% even after the Ministry of Finance data showed the country's exports fell for a third straight month in February.
  • The Shanghai Composite rose 1.1%, Hong Kong's Hang Seng index rose around 0.8%, while the Kospi is trading marginally higher. Read more

Nifty reclaims 11,500 mark; Mahindra Bank stocks gain

Published on: 9:18 am

  • Equity benchmark indices began the week with a positive note, with the Nifty reclaimed 11,500 mark.
  • The Sensex was up 288 points at 38,313, while Nifty is up 75 points at 11,502.
  • Power Grid, Kotak Mahindra Bank, and M&M were among top gainers on the Sensex, while Maruti, Vedanta, NTPC are among top losers.
  • The Indian rupee opened higher by 18 paise against the US dollar. 

MSTC IPO gets 112% on Day 3; BRLM extended the offer period till March 20

Published on: 9:11 am

  • MSTC IPO on Friday has subscribed 1.12 times on the last day of bidding. The price band of the offer has now been revised to Rs120-128 from Rs121-128 per share. The deadline for the offer has been extended till March 20.
  • Equirus Capital Private Limited is the Book Running Lead Manager (BRLM) to the Offer. Read more.

Punjab & Sind Bank to raise equity capital of Rs500cr via QIP

Published on: 8:55 am

  • Punjab & Sind Bank, in its filing to the exchanges, informed that the bank will raise up to Rs500cr by issuing fresh equity shares through qualified institutional placement.
  • The decision was taken at the extraordinary general meeting of shareholders, the bank said in a statement after markets hours to the exchanges on Friday. Read more.

J&K Bank to sell stake in PNB Metlife for Rs185cr

Published on: 8:46 am

  • Jammu & Kashmir (J&K) Bank in its filing to the exchanges informed that the bank has proposed to sell its stake in PNB Metlife India to private equity player Oman India Joint Investment Fund II for Rs185cr.
  • Accordingly, the bank has executed a share purchase agreement with Oman India Joint Investment Fund II for sale of 4.1cr shares of PNB MetLife India Insurance Company Ltd, the bank said in a statement to the exchanges on Sunday. Read more. 

Broker Radar for March 18

Published on: 8:46 am

CLSA maintained ‘Sell’ on Lupin; cut a TP to Rs730 from Rs760.
  • Lupin faces significant regulatory challenges.
  • Somerset accounts for 5-7% of total sales and 25% of ANDAs pending approvals.
  • Removing Somerset launches from estimates leads to 6-7% EPS cut for FY20-21.
CLSA on Cement:
  • 1% change in cement prices impacts FY20 EPS estimates by 5-8%.
  • Industry behaviour and discipline are key pricing drivers.
  • Strong demand should result in better pricing but trends suggest a limited correlation. Read more.

SGX Nifty indicates a positive opening for Indian markets

Published on: 8:20 am

  • SGX Nifty is at 11498, up 24 points. On Friday, Nifty saw another day of big gains on Friday as huge foreign buying saw the Nifty surge intraday near 11500 before profit booking by local funds cooled the index to close up 85 points.
  • Further, banks led from the front as large-cap index heavyweights touched new life highs. FMCG stocks were on the losing side as money rotated out of expensive sectors into high beta midcaps where valuations seem cheaper. Read more. 

Current FII data

Published on: 8:20 am

FII/DII Data:  In yesterday’s trading session, FIIs bought 4323cr worth of stock in cash, whereas DIIs sold 2130cr worth of stock. In the derivative market, FIIs bought 2362cr of Index futures and sold 1534cr worth of Index options. In the Stock futures segment, FIIs sold 2475cr worth of stock futures and sold 45cr stock options.

FII View: In Index future segment, FIIs index future long/short ratio shifted from 1.5x to 1.6x on account of heavy buying to the tune 32905 contracts of index futures. However, they continued the trend of writing speculative index put options as fresh short positions to the tune of 40843 contracts of index put options were created, indicating that a formation of a strong base for the March F&O series and continued upward market momentum. 

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 205 19 117 1.6 1.4
Future Index Short 125 8 53
Option Index Call Long 296 6 (78) 3.2 3.2
Option Index Call Short 94 14 (93)
Option Index Put Long 315 5 (82) 1.1 1.0
Option Index Put Short 294 16 (83)

Top stocks in focus: HDFC, Mindtree, Bandhan Bank, Embassy Office Parks

Published on: 8:14 am

HDFC has received the RBI’s approval to acquire the shareholding of 9.9% or less of the paid-up voting capital of Bandhan Bank post amalgamation of Gruh Finance with Bandhan Bank. The Corporation had applied for a maximum of 14.96% stake in the aforementioned entity to RBI.
Mindtree said it will consider a share buyback on March 20. The company’s net worth stands at Rs3,165cr and 10% of it stands at Rs316.5cr, as per BSE filing. Read more

Bulk deals

Published on: 8:08 am

  • SRF: Kotak MF acquired 7.2 lakh shares or 1.26% equity at Rs2,400 each.
  • NBCC: ICICI Pru MF acquired 1.4cr shares or 0.78% equity at Rs65.73 each. Reliance Communications: IndusInd Bank sold 1.57cr shares or 0.57% equity at Rs4.43 each.
  • RBL Bank: Vanguard Group acquired 1cr shares or 2.36% equity at Rs648.49 each. Integrated Core Strategies (Asia) sold 27.5 lakh shares or 0.65% equity at Rs647.8 each.
  • CARE Ratings: Virtus Emerging Markets Small Cap Fund acquired 5.2 lakh shares or 1.77% equity at Rs999 each. Reliance MF sold 5.19 lakh shares or 1.76% equity at Rs999 each.
  • Unitech: Vanguard Group sold 1.47cr shares or 0.56% equity at Rs1.5 each.
  • Spencer’s Retail: Promoter Rainbow Investments acquired 4 lakh shares at Rs169.98 each.

What not to miss today

Published on: 7:54 am

  • Markets to open higher; Nifty support @ 11370, resistance 11540.
  • FIIs bought 4,323.49cr (cash), 2362 in Index futures.
  • US, Asian stocks up as investors await US-China trade developments.
  • Rupee jumps 24 paise to 69.10/$.
  • IL&FS will receive first set of bids under asset monetization process today. Read more.

Derivative watch

Published on: 7:10 am

  • Banking heavyweights like Kotak Bank & ICICI Bank added fresh long positions with a rise in the underlying price of ~ 4%/2%.
  • FMCG heavyweights like ITC and HUL added open interest to the tune of 24% and18%, respectively, consisting mainly of short positions.
  • Nifty & Bank Nifty index posted its biggest weekly gains since October 2018 gaining ~3.5% and ~6%, respectively, during the week.
  • Tracking the open positions, from the beginning of the March F&O series, Bank Nifty futures has added 1.5x in open interest, consisting of mainly of long positions.

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