Latest News & Updates

12th Sep, 2019

Indices end volatile session lower

Published on: 3:42 pm

  • Benchmark indices gave up morning gains to end lower ahead of the release of macroeconomic data as well as the ECB meet.
  • Markets ended their 5-day winning streak with the Sensex finishing down by 166 points to 37,104, and the Nifty dropping 55 points to 10,981, breaching its key level of 11,000.
  • Data on key economic indicators IIP and CPI will be released later today. Read more.

Granules India gets EIR from USFDA for Bonthapally facility; stock climbs 5%

Published on: 3:18 pm

  • Shares of Granules India jumped 5% after the pharma company receive Establishment Inspection Report from USFDA for Bonthapally unit.
  • The USFDA has issued Establishment Inspection Report (EIR) for Bonthapally facility located at Hyderabad, Telangana, India, the company said in the press note. Read more

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Apollo Hospitals promoter group sells 3.6% stake via block deal; stock down 2%

Published on: 3:03 pm

  • Shares of Apollo Hospitals are trading lower by 2% on the BSE. The company said in a press note that the Promoter Group which held a 34.40% equity stake has divested 50 lakh equity shares constituting a 3.6% holding in the company through a bulk deal transaction on the stock exchanges.
  • Post this divestment, the Promoter Group's stake in the Company would constitute 30.8% of the paid-up equity capital. Read more

Nifty PSU Bank index trades higher led by Bank of Baroda, Central Bank, SBI

Published on: 2:51 pm

  • The Nifty PSU Bank index is trading higher by 2,514.64 points in an otherwise volatile market. The banking index rose nearly 1% led by gains seen in Bank of Baroda, Central Bank, Bank of India and SBI.
  • Bank of Baroda was the top contributor to the index's gain, up 2%, followed by Bank of India, Central Bank, SBI and Allahabad Bank, which were also up 1%. Read more

Dishman Carbogen gets nod for TB drug Bedaquiline Fumarate; stock up 6%

Published on: 2:19 pm

  • Shares of Dishman Carbogen rose 6% after the company said that the Drug Controller General of India has approved MDR Tuberculosis (TB) Medicine Bedaquiline Fumarate (BULK) for production in India.
  • Innovator company of this drug, M/S Janssen Pharmaceutica, Europe had applied for a license for export as well as domestic (India) supply with all required data and clinical trial records required by the office of Drug Controller General of India, the company stated. Read more.

Nifty hovers around 11,050-mark; Indiabulls Housing, ICICI Bank stocks lead

Published on: 1:48 pm

  • Equity benchmark indices were trading higher in afternoon trade ahead of the release of macroeconomic data. Investors are also eyeing the European Central Bank's meet and are pinning hopes on monetary policy easing.
  • The Sensex was up 42 points at 37,312, while the Nifty gained 12 points and is trading at 11,048 levels. Read more

L&T Construction bags EPC orders from two states

Published on: 1:11 pm

  • The Water and Effluent Treatment Business of L&T Construction has secured orders from prestigious clients from two states in India.
  • Larsen & Toubro Ltd is currently trading at Rs1,366.30 up by Rs3.3 or 0.24% from its previous closing of Rs1,363 on the BSE. Read more

Greenlam Industries rises 2% after expansion of commercial production facility

Published on: 12:30 pm

  • Shares of Greenlam Industries rose 2% after the company announced that it has expanded its manufacturing capacity of laminates at Nalagarh, Himachal Pradesh, which is now operational.
  • With this expansion, the installed capacity for laminates has become 15.62mn laminate sheets per annum, the company said in the press note. Read more

IDBI Bank trades lower as LIC gives approval for capital infusion

Published on: 11:57 am

  • Shares of IDBI Bank are trading marginally lower on the BSE. The bank has received a letter from LIC conveying an in-principle approval for subscribing up to Rs4,743cr by way of Preferential Issue of Equity Shares, subject to prior infusion of capital by Govt. of India and LIC equity shareholding not exceeding 51% of post-issue subscribed capital, at an issue price to be calculated as per SEBI (ICDR) Regulations, 2018.
  • IDBI Bank Ltd is currently trading at Rs28.20 down by Rs0.1 or 0.35% from its previous closing of Rs28.30 on the BSE. Read more

Gold prices dip tracking global trend

Published on: 11:53 am

  • Gold in India continued to dip following weak global cues and a stronger rupee.
  • MCX October futures prices were down 0.2% to Rs37,870/10g.
  • Global gold prices dipped 0.2% to $1,493.65 an ounce, down from highs of $1,550 as sentiment improved over US-China trade developments. Read more

Future Retail gains; Asian Paints slips after block deal

Published on: 11:28 am

  • Shares of Future Retail rose 1% on the BSE after ~69.40 lakh shares changed hands, according to media reports.
  • Further, shares of Asian Paints slipped nearly 1% in late morning trade after 6.30 lakh equity shares of the company changed hands via block deals. Read more

Kridhan Infra stock hits upper circuit after order win

Published on: 10:50 am

  • Shares of Kridhan Infra Limited jumped 5% after the company announced that its associate company Vijay Nirman Company Private Limited (“VNC”) has secured an order worth Rs112cr, for widening of Trumpet from 2 lanes to 4 lanes from Bengaluru City to Airport and back and other associated infrastructure work for Bengaluru International Airport. 
  • The company currently owns ~41% stake in VNC and hence, VNC operates as an associate company of KIL, it added. Read more

Walchandnagar Industries wins Rs77.2cr contract from ISRO; stock climbs 10%

Published on: 10:20 am

  • Walchandnagar Industries Ltd (WIL) secured an order worth Rs77.2cr plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram.
  • The order is towards manufacturing and supply of Head, Middle and Nozzle End segments (total 30 nos) for the GSLV M Klll launch vehicle. It is WlL's second-largest single order from ISRO and the largest as far as the GSLV-M Klll launch vehicle is concerned, the company said in a filing. Read more.

Apollo Hospitals gains 1% post block deal

Published on: 9:47 am

  • Shares of Apollo Hospitals Enterprise gained in morning trade post a block deal. As per media reports, 50 lakh shares of the company traded in the block deal on NSE at Rs1,482 per share.
  • The promoters of the company will be issuing 5mn shares through a secondary placement to raise around $101mn (Rs720cr), as per media reports. Read more

Markets open higher tracking positive global cues; metal stocks shimmer

Published on: 9:31 am

  • Indian equity markets saw a positive opening on Thursday after ending higher for five straight sessions, thanks to the upbeat sentiment supported by positive global developments.
  • The Sensex rose 118 points at 37,389 and the Nifty was up by 32 points at 11,068 (9.33 AM).
  • Sectorally, Nifty Metal was the top gainer, followed by Media and PSU Bank. All sectors, except IT, were trading in the positive zone.
  • The Nifty Metal index was up 1.23% led by gains in Jindal Stainless (Hisar), Jindal Steel, and Tata Steel. Metal stocks shone on an uptick in sentiment with respect to the US-China trade dispute. Read more

Rupee opens higher by 23 paise at 71.42/$

Published on: 9:27 am

  • The Indian rupee extended gains for the sixth consecutive session and opened higher in Thursday’s trade. The local currency opened higher at 71.42 against the US Dollar, up by 23 paise.
  • Investors will keenly watch the data on factory output (IIP) for July and retail inflation (CPI inflation) for August due later today.
  • The rupee on Wednesday settled at 71.66/$, higher by 5 paise. Read more

Broker Radar for September 12

Published on: 9:05 am

BofAML maintained ‘Neutral’ on L&T; cut TP to Rs1,535 from Rs1,624.
  • September quarter order inflows steady; could match-high base of the first quarter of the previous financial year.
  • Working capital likely to get stretched; Valuations look fair for mid-cycle capex.
  • Earnings estimate unchanged; TP cut on lower valuation multiple.
Citi on Oil Marketing Companies Refining: Signs of IMO starting to play out.
  • Marketing margins stable, inventory loss concerns recede.
  • Disinvestment: Could swing either way, but stay prudent. Read more

Alkem Labs gets 4 observations from USFDA for St. Louis facility

Published on: 8:49 am

  • Pharma company Alkem Laboratories on Wednesday announced the closure of USFDA's inspection at its St. Louis facility in the US. 
  • The company said, "..,this is to inform you that USFDA has issued an Establishment Inspection Report (EIR) for the Company's manufacturing facility located at St. Louis, Fenton Logistics Park, USA which was inspected from 16th August, 2019 to 22nd August, 2019 and where the Company received a Form 483 issued by the USFDA containing four observations." Read more

SBI board approves divestment of at least 3.5% in SBI Life Insurance

Published on: 8:45 am

  • India's largest state-owned lender State Bank of India's board on Wednesday approved divestment of at least 3.5% of stake in SBI Life Insurance.
  • The divestment would be carried out to achieve the minimum public shareholding threshold of 25%.
  • Further, the mechanism used to divest would be offer for sale. Read more

Asian stocks gain with Yuan as Trump delays tariff hike

Published on: 8:24 am

  • US equity futures and Asian stocks rose, along with the yuan, after President Donald Trump said he will delay the next US tariff increase on China by about two weeks. The yen and Treasuries dipped.
  • Shares rose in Tokyo, Hong Kong and Sydney on the boost to sentiment as investors awaited a potentially pivotal European Central Bank policy meeting. Read more

What not to miss today

Published on: 8:15 am

  • Markets to open positive; support@11,000, resistance 11,150.
  • FIIs bought ~266cr (cash), 40cr in index futures.
  • US, Asian stocks rise on trade truce optimism.
  • Brent crude rebounds to above $61/bbl on easing trade tensions.
  • Rupee closed higher by 5p at 71.66/$. Read more.

SGX Nifty indicates a positive opening for Indian markets

Published on: 8:05 am

  • SGX Nifty is at 11,070, up by 33 points. For today, expect another day of smart open as global cues see more interest from foreign investors, with equities seeing renewed interest.
  • Nifty saw a smart move for the 5th day running as midcaps led the day with outperformance. Metals, automotive, and bank stocks were the stars as markets rallied with breadth improving smartly. Local buying got a fillip as foreign investors turned buyers, which added to the momentum. Read more

Top stocks in focus: SBI Life, Apollo Hospital, Alkem Lab, Reliance Capital

Published on: 7:53 am

  • SBI Life Insurance stock in focus as SBI’s board has approved an offer-for-sale of at least 3.5% stake—or 3.5cr shares—in SBI Life Insurance Company Ltd., with an option of oversubscription of 1%. The floor price for the sale has been set at Rs770 per share—a discount of 4% to today’s closing price of Rs799.65.
  • Alkem Laboratories received four Form 483 observations from the USFDA for its manufacturing facility in St.Louis, US. The company said that the inspection has been closed by USFDA now.
  • Apollo Hospitals founder Sunitha Reddy to sell 50 lakh shares up to Rs725cr. Floor price is set at Rs1,450 per share, which is at discount of 3.2% as per current market prices, according to the media reports. Read more

Markets end higher for fifth consecutive session on Wednesday

Published on: 7:30 am

  • Benchmark indices ended positive after trading in the green throughout the day on Wednesday. 
  • The Sensex closed higher by 125.37 points to close at 37,270.82, while the Nifty finished at 11,035.70, up 32.70 points.
  • Realty, auto, and PSU banks were the top performing sectors. 

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