CH Stock Market Closing Bell for 22-November-2017

Closing Bell

CH CLOSING BELL:

NIFTY FUTURE UP 8 @ 10360

BANKNIFTY FUTURE DOWN 15 @ 25803

SENSEX UP 96 @ 33574

INR 64.86

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Indian Equities to open Higher

Bullish1SGX Nifty indicating a positive opening for the Indian markets.

Global markets

Asian markets are zooming higher backed by strong global cues.

Hong Kong’s Hang Seng index breaks the important level of 30,000 in its opening while all the other indices are trading near day’s high with Nikkei up 0.77%, Shanghai Composite up 0.7%.

US: Markets witnessed a stellar rally in yesterday’s trade with all the major indices ending the day on a positive note.

The Dow climbed up 160 points to 23,590 level, the Nasdaq edged up 72 points or 1.05% to 6,862.48.

Europe also managed to close in the green yesterday with FTSE up 0.30%, CAC up 0.48%, DAX up 0.83%.

FII /DII Data: In yesterday’s trade FII’s sold 729 crores stock in the cash market whereas DII’s bought 825 crores worth of stock.

Support / Resistance: Intraday
Nifty: 10298
S1 – 103050 S2-10300
R1  10420 R2 -10500
Support / Resistance: Intraday
Bank Nifty: 25728
S1 – 25700 S2-25600
R1 – 25900 R2 -26000

Securities in Ban Period: DHFL, DLF, HDIL, ICIL,  INFIBEAM, JISLJALEQS, JPASSOCIAT, JUSTDIAL ,JSWENERGY, KSCL, RCOM, RELCAPITAL, TV18BRDCST, WOCKPHARMA.

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Indian ADRs end Higher Taking Cues of the US Markets

Flying Dollar Banknotes

American Depository Receipts of several Indian companies ended Tuesday’s trading session on a positive note. The rise came after US markets ended higher on Tuesday.

US Indices gained on the back of Technology companies. Robust corporate earnings added impetus to the surge, lifting the Indices to a new high.

Among the gainers shined the ADRs of Dr Reddy’s Laboratories, ICICI bank, Infosys and HDFC Bank, which appreciated in the range of 0.2% to 4.3%.

Among the losers stood the ADRs of Sify and Azure Power, which lost steam by 3.8% and 0.1% respectively.

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Dabur to Pass on GST benefit to Customers, Cuts Prices by upto 9%

Dabur

The management of FMCG major Dabur Ltd made a statement yesterday informing that the company had reduced prices by 9% in order to pass through the benefits of GST tax rate reductions.

Other FMCG companies like HUL, ITC and Marico have also lowered prices to allow customers to benefit from the reduction in GST tax rates. The FMCG industry is one of the major industries to benefit after the GST council revised tax rates lower for a wide range of categories.

The management of Dabur guided that they would continue to maintain their high single-digit guidance though the price cut could have a positive impact on demand.

Dabur is one of the largest FMCG companies in India. The company primarily operates in four segments: consumer care, international business, foods and retail. Last one week high and low of the scrip stood at Rs 341.5 and Rs 325 respectively.

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Muthoot Capital raises Rs165 cr via QIP, dilutes 12.5% stake

Muthoot Capital Services raises Rs 165 Cr through a qualified institutional placement (QIP) to improve its Tier I capital base, as a result of this promoters stake has been diluted by 12.43%.

After the issue, promoters stake has come down to 62.5% from 74.93%. The QIP was snapped by institutions like Birla, DSP Blackrock, IDBI, SBI, Sundaram and in addition other investors like Morgan Stanley, Aurigin Master Fund Singapore and Goldman Sachs have also subscribed to the issue.

This capital raising is positive for Muthoot Capital as it enhances capital adequacy ratio of the company to 26.7% from 15.4% as of September  30, 2017.

This would facilitate loan growth and would lower borrowing cost going ahead, besides it will also strengthen its balance sheet. The stock is available at ~1.9x FY17 P/BV. We have a positive outlook on the stock.

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Kajaria Ceramics seen up Birla MF buys 10.3 lakh shares

Shares of Kajaria Ceramics are seen gaining today as Birla Sun Life Mutual Fund has bought 10.3 lakh shares of the company through a bulk deal on Tuesday.

Birla MF has bought the shares at Rs 715 rupees per share. In the last trading session, the stock had ended at Rs 729.9, up by Rs 9.5 or 1.32% from its previous closing of Rs 720.4 on the BSE.

Westbridge Crossover Fund sold 41.1 lakh shares of the company at Rs 715.58 through a bulk deal.

Kajaria is the largest manufacturer of ceramic and vitrified tiles in India. It offers products, ceramic wall and floor tiles, polished vitrified tiles, glazed vitrified tiles, and sanitary ware and faucets.

The company’s FY17 revenue mix, ceramic wall and floor tiles (~37%), polished vitrified tiles (~33%) and glazed vitrified tiles (~24.7%).

Bank of Baroda to raise up to Rs 6,000 Cr

Bank-of-BarodaState-owned lender Bank of Baroda proposes to raise up to Rs 6,000 Cr through a rights issue or private placement. The finance committee of the bank’s board has approved the proposal, the lender said in a regulatory filing.

The Finance Committee of the Board approved the proposal of raising additional equity capital aggregating up to Rs 6,000 Cr by way of a rights issue or qualified institutions placements (QIP) the bank informed stock exchanges.

This move is positive for the bank as it would provide much-needed headroom to provide for bad loans and would also help for next leg of loan growth.  The stock to react positively on this news.

Bank of Baroda’s (BOB) earnings will likely remain subdued in the near term, due to an elevated provisioning requirement. Earnings growth should recover over the medium term, driven by gradual moderation in NPL accrual and reduced provisioning. We forecast BOB to deliver ~60% EPS CAGR over FY17-20E. The stock is trading at ~1x on FY20E P/BV. We have a positive outlook on the stock.

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Top 14 Stocks in Focus Today

Stocks to watchT Rowe Price acquires 5% in TeamLease for Rs 160 crore.

Ford Motor and Mahindra & Mahindra could create their own electric car line in the country to help battle pollution from the vehicles clogging India’s roads, chairman Anand Mahindra said.

Telecom stocks in focus, as The Telecom Regulator has proposed relaxing spectrum holding limits, a move that would encourage mergers and acquisitions as well as spectrum trading in a market where small carriers are trying to sell assets, including airwaves, to repay debt.

Dabur cuts prices of shampoos, home care products by 9% for existing stock.

ONGC to acquire 15% stake in Namibia offshore block.

Adani Ent said it seeks government loan for Carmichael coal mine in Australia, as per media reports.

BoB board has approved raising additional equity capital aggregating up to Rs 6,000 crore by way of right issue or qualified institutional placement.

Bharti Airtel beats rivals in Oct mobile user additions.

Steel minister says SAIL to sign JV with ArcelorMittal in few days, as per media reports.

Dredging Corp’s employees go on mass leave against disinvestment.

PFC to start roadshows for 10-year green dollar bonds from Thursday.

Dr Reddy’s says US FDA status on co’s Duvvada unit unchanged.

Ajanta Pharma arm launches clonidine hydrochloride tablets in US.

Canara Bank board approves stake sale in 3 units to improve capital base.

NCC’s consortium with BGR Mining gets mine development contract at Talaipalli Coal Block.

Magma Fincorp’s board approves amalgamation of Magma ITL Finance with company.

Lakshmi Vilas Bank will consider rights issue on Friday.

India Grid Trust’s unitholders approved acquisition of RAPP Transmission from Sterlite Power Grid Ventures.

Bajaj Steel Industries gets $ 7 million order from Egyptian Co. for three gining plants.

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US Indices end higher on the back of Tech shares

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Benchmark US Indices touched a record high in Tuesday’s trading session, only to end on a positive note. The strong surge came on account of robust corporate earnings. The uplift was aided by the shares of Technology companies which rose significantly.

The Technology Select Sector ETF fund tracking the S&P500 Tech Sector touched its highest level, since the year 2000, in Tuesday’s session.

Among the gainers were the tech giants such as Facebook, Amazon, Netflix, and Alphabet, whose shares boosted the tech-heavy Nasdaq Composite Index to a record high.

Markets participants are now eyeing the minutes of Federal Reserve Meeting, scheduled for later today.

Here is how the US Indices fared in Tuesday’s trading session

  • Dow Jones Industrial Average appreciated by 0.69% to 23,590 level.
  • S&P 500 Index rose to 2,599 level, up 0.65%.
  • Nasdaq Composite increased by 1.06% to 6,862 level.

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CH Stock Market Opening Bell for 22-November-2017

CH OPENING BELL:

NIFTY FUTURE UP 31 @ 10383

BANKNIFTY FUTURE UP 34 @ 25853

SENSEX UP 90 @ 33569

INR 64.78

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