Latest news and update

22nd Mar, 2019

Nifty settles below 11,500 mark; BPCL, Tata Motors stocks drop 3%

Published on: 3:32 pm

  • Equity benchmark indices ended in the negative territory, with the Nifty settled below 11,500 mark.
  • The Sensex slipped 222 points at 38,165, while Nifty ended lower by 64 points at 11,457.
  • NTPC, L&T, Asian Paints, and JSW Steel were top gainers, while losers were BPCL, Bharti Infratel, and Tata Motors on the Nifty.

India’s domestic air passenger growth eases in February

Published on: 3:28 pm

  • The domestic air passenger traffic in India eased further in February despite airlines continuing to cancel flights on various reasons, the data released by Directorate General of Civil Aviation (DGCA) showed.
  • As per data, the number of passenger flew dropped to 113.49 lakh in February compared to 125.08 lakh in January.  The overall cancellation rate of scheduled domestic airlines for the month of Feb 2019 has been 1.89%. Read more.

Zydus gets final nod from USFDA for Lurasidone Hydrochloride tablets

Published on: 3:14 pm

  • Zydus Cadila has received the final approval from the USFDA to market Lurasidone Hydrochloride Tablets USP (US RLD - Latuda Tablets), in the strengths of 20 mg, 40 mg, 60 mg, 80 mg and 120 mg.
  • It will be manufactured at the group’s manufacturing facility at SEZ, Ahmedabad, as per BSE filing added.
  • The medication is used to treat certain mental/mood disorders such as schizophrenia, depression associated with bipolar disorder. It may also help to decrease hallucinations (hearing/seeing things that are not there). Read more.

Rupee volatility: Depreciates 27 paise at 69.10/$

Published on: 3:08 pm

  • The Indian rupee is oscillating between its gains and losses on Friday with the domestic unit erasing morning gains and depreciating 27 paise to trade at day’s low level of 69.10 against the dollar in the afternoon session.
  • At 3:00, PM, IST, the rupee trading 69.02 against the dollar.
  • In the morning trade on Friday the unit gained 26 paise to trade at day’s high level of 68.57/$ and opened 23 paise up at 68.60/$ compared to its previous close of 68.83/$. Read more.

Sensex, Nifty at day’s low; Banking, Media stock drop

Published on: 2:44 pm

  • Equity benchmark indices were trading lower in the afternoon session on Friday as selling pressure was witnessed in Reliance Industries, HDFC Bank, TCS, and Kotak Bank. However, the positive pack was led by L&T, NTPC, Infosys, and Axis Bank.
  • On the currency front, the Indian rupee erased morning gains and was trading at day’s low. The currency depreciated by 21 paise to trade below 69 against the dollar. Read more.

Caplin Point gets USFDA nod for Glycopyrrolate Injection; stock up 1%

Published on: 2:17 pm

  • Caplin Point Laboratories announced that Caplin Steriles, a wholly owned subsidiary of the company has been granted final approval by the USFDA) for its Abbreviated New Drug Application (ANDA) Glycopyrrolate injection USP, 0.2mg/ml (in 1 ml, 2 ml, 5 ml and 20 ml vial presentations), a generic therapeutic equivalent version of Robinul from West-Ward Pharmaceuticals International Limited.
  • According to IQVIA (IMS Health), Glycopyrrolate had US sales data of approximately $110.12mn for the 12-month period ending December 2018. Caplin Steriles has developed and filed a total of 11 ANDAs, of which 7 are on its own (Caplin Steriles) and 4 with partners. Read more.

Nifty Realty gain 2% led by Prestige, Oberoi Realty, Godrej Properties

Published on: 1:44 pm

  • Prestige was the top gainer in the index, trading up by 11% at Rs280.55 per share. The stock also witnessed a spurt in volumes by more than 3.60 times.
  • Among others, shares of DLF, Sunteck, and Sobha were the top performers on the index. Read more

GVK unit to hold total 74% stakes in MIAL after share purchase; stock up 5%

Published on: 1:17 pm

  • Shares of GVK Power & Infrastructure climbed 5% in the afternoon session on Friday after the GVK Group increased its stake in Mumbai International Airport Limited.
  • Upon completion of this 10% acquisition along with the earlier acquisition of 13.5% stake from Bidvest, the equity shareholding of the GVK Group will increase to 74% from the existing 50.5% in MIAL, the company added. Read more

Lupin launches generic Levothyroxine Sodium Tablets USP

Published on: 12:42 pm

  • Pharma major Lupin Limited (Lupin) announced the launch of Levothyroxine Sodium Tablets USP, having received approval from the USFDA earlier.
  • Lupin Ltd is currently trading at Rs748.15 down by Rs4.4 or 0.58% from its previous closing of Rs752.55 on the BSE. Read more

Jubilant Life Sciences drops 1% after USFDA classifies Nanjangud plant as OAI

Published on: 12:24 pm

  • Shares of Jubilant Life Sciences dropped 1% on Friday after the United States Food and Drug Administration (USFDA) classified API manufacturing facility, in Nanjangud, Mysore, as Official Action Indicated (OAI).
  • "The company has been informed by the USFDA, in correspondence dated March 13, 2019, received today (March 21), that the inspection from December 10-18, 2018 at the Jubilant Generics Limited API manufacturing facility, in Nanjangud, Mysore, has been classified as OAI," the company said in a press note to the exchanges on Friday. Read more

Fitch cuts India’s GDP growth forecast for FY20 on weak momentum

Published on: 12:15 pm

  • Fitch Ratings has cut India’s economic growth forecast for the next financial year starting April 1, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy, as per media reports.
  • Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9% from 7.2% projected in the December edition, the report added. Read more

Tata Power SED bags contract from Ministry of Defence worth Rs1,200cr

Published on: 12:01 pm

  • Tata Power Strategic Engineering Division (Tata Power SED) announced the signing of an important deal with the Ministry of Defence, Government of India, to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years.
  • The contract, estimated value is about Rs1200cr, was signed under the Buy & Make (India) category of the Defence Procurement Procedure (DPP) 2013 that will be offering the Indian Navy a proven solution, with a production arrangement in India under Transfer of Technology (ToT) and thereby furthering substantive self-reliance for India’s defence requirements. Read more

Nifty holds 11,500 mark; Media, banking stocks drag

Published on: 11:43 am

Equity benchmark indices erased morning gains and slipped into negative zone in today’s trade. The stock market has slipped after a media report said that Fitch Ratings has cut India's economic growth forecast for the next financial year starting April 01, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy.
The Sensex is down 43 points at 38,343, while the Nifty slipped 15 points at 11,506. The market breadth was negative with 700 shares advancing, 971 shares declining, and 410 remaining unchanged on the NSE. Read more

The Investment Trust of India gains 6% on buyback of ITI Reinsurance's stake

Published on: 11:40 am

  • Shares of The Investment Trust of India gained 6% on Friday after the company bought back equity shares worth Rs54.36cr of ITI Reinsurance Limited, making it a wholly-owned subsidiary of the company.
  • "Post buyback the issued capital of ITI Reinsurance is 21.74cr equity shares of Rs10 each fully paid which is wholly owned by the company and its nominees. In view of this, ITI Reinsurance has become a wholly owned subsidiary of the company," said The Investment Trust of India in a press note after markets hours to the exchanges on Wednesday. Read more.

Kansai Nerolac Paints slips 3% after foreign brokerage downgrades

Published on: 11:37 am

  • Shares of Kansai Nerolac Paints slipped 3% in the morning trade on Friday after the foreign brokerage house has downgraded the stock to sell from underperform.
  • Brokerage firm CLSA said in the media report that the company is set to witness demand headwinds as the auto sector is reeling under pressure. The company's revenue is at risk as auto OEMs (original equipment manufacturers) form 45% of its revenue. Read more.

SpiceJet up 8% on reports of taking over Jet Airways’ aircrafts

Published on: 11:19 am

  • Shares of SpiceJet gained 8% on Friday after media reports suggested that the airline company is considering to acquiring 40 grounded aircrafts of Jet Airways.
  • As per media reports, the government is mulling to ask SpiceJet to buy aircrafts of Jet Airways. Accordingly, the development will help 250 pilots and cabin crew maintenance workers and engineers of Jet Airways. The move looks a win-win situation for both airlines. Read more.

Alembic Pharma gets USFDA approval for Azelastine Hydrochloride Ophthalmic Solution

Published on: 11:07 am

  • Alembic Pharmaceuticals Limited announced that the company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Azelastine Hydrochloride Ophthalmic Solution, 0.05%.
  • The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Optivar Ophthalmic Solution, 0.05%, of Mylan Specialty L.P. (Mylan).
  • Azelastine Hydrochloride Ophthalmic Solution 0.05% is indicated for the treatment of itching of the eye associated with allergic conjunctivitis. Read more.
     

Bank Nifty hits record high; RBL Bank at 52-week high

Published on: 10:36 am

  • Equity benchmark market has gained momentum and trading near days high with the Bank Nifty yet again hitting fresh lifetime highs, followed by realty, and FMCG sectors.
  • The Nifty Bank Index hit an all-time high, crossing 30,000 mark. The index extended gains for the ninth consecutive trading session and trading higher at 29,970.
  • Shares of RBL BankIDFC First Bank, and Axis Bank are trading at 52-week high, and up over 2% each. Read more.

Rupee gains 26 paise at 68.57/$

Published on: 9:55 am

  • The Indian rupee gained 26 paise to trade at day’s high level of 68.57 against the dollar on Friday. The domestic unit opened 23 paise up at 68.60/$ compared to its previous close of 68.83/$.
  • On Wednesday, the currency closed 13 paise higher at 68.83/$. On Thursday, financial markets in India were shut on account of Holi festival.
  • At 9:45 AM, IST, the domestic unit was trading at 68.61/$. Read more.

Indices open higher; Bank Nifty near 30K mark

Published on: 9:17 am

  • Equity benchmark opened higher on Friday, with the Nifty above 11,550 level. The Sensex was up 0.36% at 38,524, while Nifty up 40 points at 11,566.
  • Indiabulls Housing, NTPC, and Yes Bank are among major gainers on the NSE, while losers are Coal India, TCS, Maruti Suzuki.
  • The Indian rupee gained by 18 paise at 68.64 per dollar vs. 68.82/$ on Wednesday.

IDFC First Bank sells entire 8.37% stake in ARCIL

Published on: 9:11 am

  • IDFC First Bank has sold its entire stake of 8.73% in Asset Reconstruction Company (India) Ltd, the bank said in the BSE filing. The announcement was made on Wednesday, March 20 after market hours.
  • “The bank has sold the entire stake of 2.71cr equity shares of Rs10 each comprising approximately 8.37% of the Share Capital of Asset Reconstruction Company (India) Limited (Arcil) pursuant to Share Purchase Agreement,” the bank said. Read more.

Confident of solving Jet Airways crisis by month end, says SBI: Media reports

Published on: 9:04 am

  • Lenders consortium led by State Bank of India (SBI) showed confidence in solving Jet Airways crisis by March end, media reports suggested.
  • SBI chairman Rajnish Kumar said that lenders would make every effort to keep the airline from slipping into bankruptcy as it would further erode the company’s value, media reports said on Wednesday evening. Read more.

Broker Radar for March 22

Published on: 9:03 am

HSBC on Indian Aviation
  • Domestic traffic growth slowest as fares seem to have moved north, denting demand. Load factor down despite capacity (seats) growth.
  • SpiceJet leasing Jet’s plane means capacity would remain which could accelerate competition and bring yield under pressure.
Citi maintained ‘Neutral’ on Vodafone Idea with a TP of Rs39
  • Attractive rights issue pricing to ensure successful capital raise.
  • Steep discount to drive healthy minority participation. Continue to have a neutral rating as uncertainties still remain. Read more.

PFC sings pact to acquire 52.63% stake in REC

Published on: 8:55 am

  • Power Finance Corporation (PFC) inked a Share Purchase Agreement to acquire 103.94cr equity shares of Rs10/each, of REC from the President of India constituting 52.63% of the paid-up share capital of REC Limited.
  • "The board of directors of PFC considered the transaction and approved the acquisition of the 52.63% shareholding of the President of India in REC, at a cash purchase consideration of Rs139.50/share with total acquisition cost of ~Rs14,500cr," the company said in a press note after markets hours to the exchanges on Wednesday. Read more.

Asian markets trade flat on Friday

Published on: 8:45 am

  • Asian markets were trading flat in the morning trade on Friday as investors grappled with the consequences of a recent change in interest rate outlook at the US Federal Reserve.
  • Hong Kong’s Hang Seng index was down 0.07%, the Shanghai composite declined more than 0.43%, Japan’s Nikkei 225 slipped 0.21%, and the Kospi was also trading 0.18% lower. Read more.

Top stocks in focus: Mindtree, PFC, IDFC First Bank, Jet Airways

Published on: 8:34 am

  • Mindtree board will meet again on March 26. The company said no decision was taken on proposed share buyback on March 20.
  • CCEA has given final approval for the sale of REC’s 52.6 stake, or 104cr shares, to PFC at Rs139.50 per share aggregating to Rs14,500cr. On December 6, CCEA had given in-principle approval for the deal.
  • IDFC First Bank sells its entire stake of 8.73% in Asset Reconstruction Company (India) Ltd. Read more.

Current FII data

Published on: 8:26 am

FII/DII data: In yesterday’s trading session, FIIs bought 1772cr worth of stock in cash, whereas DIIs sold 1323cr worth of stock. In the derivative market, FIIs bought 51cr of Index futures and bought 2804cr worth of Index options. In the Stock futures segment, FIIs sold 1148cr worth of stock futures and bought 22cr stock options.

FII View: In Index future segment, FIIs index future long/short ratio continued to trend higher, the ratio currently stands at 1.8x vs 1.7x on account of marginal unwinding of long and short positions to the tune 5450/6942 contracts of index futures. However for a change, they reduced their short positions to the tune of 21370 contracts in speculative index put options. Overall with they have marginally started to book profit in their speculative bullish derivative positions. 

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 215 (2) 128 1.8 1.5
Future Index Short 121 (5) 48
Option Index Call Long 294 (2) (79) 2.9 2.9
Option Index Call Short 103 (8) (93)
Option Index Put Long 341 3 (81) 1.3 1.3
Option Index Put Short 262 (8) (85)

Mindtree Board defers decision on share buyback; to meet on March 26

Published on: 8:26 am

  • Mindtree Board, that strongly opposed hostile takeover by Larsen & Toubro (L&T), deferred the decision on share buyback and decided the meet on March 26.
  • "Following detailed discussions in its meeting on March 20, the Board adjourned meeting to a future date. No decision has been taken in relation to the proposed buyback of equity shares," the company said in a press note after markets hours to exchanges on Wednesday. Read more.

SGX Nifty indicates a positive opening for Indian markets

Published on: 8:01 am

  • SGX Nifty is at 11587. We expect another day of consolidation with 11600 seeing bouts of buying/selling by local funds as foreign flows turn strongest in over 18 months.
  • On Wednesday, the Nifty saw a flat session with the index closing down 11 points even as the Sensex closed with marginal gains.
  • The undertone remains extremely strong as midcaps continue to see huge flows from domestic mutual funds. Financial markets in Indian were shut on Thursday on account of Holi festival. Read more.

Bulk deal

Published on: 8:00 am

  • Nandan Denim: Polus Global Fund sold 12.65 lakh shares or 2.63% equity at Rs 55.03 each.
  • Jubilant Life Science: Jubilant Employees Welfare Trust sold 34.74 lakh shares or 2.18% equity at Rs 784.17 each.
  • Carborundum Universal: Sundaram Mutual Fund acquired 13.04 lakh shares or 0.69% equity at Rs 357.55 each.

What not to miss today

Published on: 7:48 am

  • Markets to open on positive note; Nifty support @11480, resistance 11630.
  • FIIs bought 1,772cr (cash), 51cr in Index futures.
  • US markets gain led by tech stocks; Asian mixed.
  • US Fed leaves interest rates unchanged.
  • Rupee gains 13 paise at 68.83/$. Read more.

Derivative watch

Published on: 7:29 am

  • Nifty traded in a narrow range throughout the day propelling option writers to create short vega positions in out of the money call and put option strikes.
  • The Nifty PSU Bank index was up 0.6% led by a strong momentum in PNB, which added fresh long positions and gained 3.65% at the close.
  • Indigo soared ~7% higher along with a rise of 8% in open interest, consisting mainly of long positions.

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