Latest Stock News: ICICI Bank, SBI, Dilip Buildcon, Lupin, Titagarh Wagons, GMR Infra

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Banks Stocks (ICICI Bank, SBI, HDFC Bank etc could react): Urjit Patel resigned as RBI governor with immediate effect.

Lupin: Company received tentative approval from USFDA for Apixaban tablets, 2.5 mg and 5 mg, which is indicated for reducing the risk of stroke and systemic embolism in nonvalvular atrial fibrillation.

Canara Bank, Vijaya Bank: All India Bank Officers’ Confederation (AIBOC) has given a call for strike in the banking industry from the midnight of December 20 to midnight of December 21 for the issues relating to industry level and not for any bank level issues.

ICICI Bank: Committee of executive directors approved proposal for domestic fund-raising via issue of Senior Unsecured Long-term Bonds/Basel-III Compliant unsecured subordinated perpetual additional Tier-I bonds.

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Live Stock Market Updates – Nifty holds 8,100 mark; Bharti Airtel up 4.6%

nse-buildingThe domestic market are trading flat due to lack of directional cues from global markets.The Indian stock market has opened in red as the Sensex is down 118.97 points, while the Nifty50 is down 39.25 points. Banking stocks slip in opening trade after RBI hikes CRR on incremental deposits. The central bank hopes to curtail surging banking system liquidity that risks stocking inflation.

At 1:24 PM, the S&P BSE Sensex is trading at 26,333, up 17 points, while NSE Nifty is trading at 8,136 up 22 points. Out of 1,889 stocks traded on the NSE, 400 declined, 1,150 advanced and 339 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading up 0.69% at 12,267, whereas BSE Small-cap Index is trading up 0.82% at 12,127.

Power Grid, BPCL, Idea Cellular, Bharti Airtel and Hero MotoCorp are among the gainers, whereas Bank of Baroda, ICICI Bank, SBI, Wipro and TCS are losing sheen on BSE.

Some buying activity is seen in media, metal, auto, pharma and IT sectors, while PSU Bank, Bank Nifty and Private Bank are showing weakness on NSE.

The INDIA VIX is down 2.01% at 17.2575.

Suzlon Energy has secured a fourth consecutive order for 50.40MW wind power project from a business house. The project consists of 24 units of S95 90m tubular tower with rated capacity of 2.1 MW. Located in the district of Anantapur, Andhra Pradesh, the project is scheduled for completion in March 2017. The stock is currently trading at Rs 14.87, up by Rs 0.29 or 1.99% from its previous closing of Rs 14.58 on the BSE.

ICICI Bank Ltd is currently trading at Rs 255.1, down by Rs 4.75 or 1.83% from its previous closing of Rs 259.85 on the BSE. Around 21.3 lakh shares were traded in a single block.

Thirumalai Chemicals reported a net profit of Rs 37 crore for the first half of financial year 2017 as against a profit of Rs 4 crore a year ago. The stock is currently trading at Rs 719.05, up by Rs 34.2 or 4.99% from its previous closing of Rs 684.85 on the BSE.

Amtek Auto Ltd has informed BSE that a meeting of the Board of Directors of the Company meeting will be held on November 30, to consider the proposal of infusion of fresh equity by the new investors and restructuring of the Company as proposed by investors.

Cipla rose 1.6%. Cipla Ltd is in discussions to sell Cipla Vet, its animal health division, as per media report. According to the report, the company hired global investment bank Rothschild to find potential buyers.

Shares of airline stocks rose on Monday as uncertainty over the deal to cut output by the Organization of the Petroleum Exporting Countries at a meeting on Wednesday pushed oil prices down. SpiceJet reported a rise of 103% in its net profit for the second quarter of 2016-17. The company’s Q2 net profit stood at Rs 58.9 crore from Rs 29 crore reported in the corresponding quarter of 2015-16.

Ashok Leyland inched up 1.2%. Ashok Leyland has completed the acquisition of Nissan Motor Co. Ltd.’s stake in each of the three joint ventures formed between the two companies.

Aurobindo Pharma is trading lower at Rs 736. Arrow Generiques SAS, the French subsidiary of Aurobindo Pharma, has signed an agreement to acquire select commercial products in France from Teva.

BEML zoomed 2.5%. The company reported standalone net loss narrowed to Rs 16.6 crore for the second quarter ended September 30, 2016, against that of Rs 24.6 crore in the corresponding quarter of previous fiscal.

Strides Shasun gained 1%. Strides Shasun’s wholly owned subsidiary Strides Arcolab International, UK has entered into an agreement with Moberg Pharma, Sweden to acquire the ‘PediaCare’ brand for a total consideration of $5 million plus inventory value at closing.

Hathway Cable & Datacom slipped 2.6%. The company has reported a net loss of Rs 40 crore for the quarter under review as compared to a net loss of Rs 32 crore for the same quarter in the previous year.

The BSE Oil and Gas index is trading up 1.6% or 190 points at 11,943 as against the previous close of 11,753.

The BSE Oil and Gas index opened at and hit a high of 11,953.45 and a low of 11,705. The oil stocks are trading higher as international oil prices decline after a planned meeting today between OPEC and non-OPEC producers was canceled.

Oil rebounds from 2% losses as OPEC embarks on a last-ditch diplomatic push to reach a production cut and will meet in Vienna on Wednesday; a meeting with non-OPEC producers today was canceled after Saudi Arabia decided not to attend and suggested the oil-club doesn’t necessarily need to curb output.

Hindustan Petroleum Corporation Ltd is currently trading at Rs 479.4, up by Rs 17.2 or 3.72% from its previous closing of Rs 462.2 on the BSE. The scrip opened at Rs 464 and has touched a high and low of Rs 481.25 and Rs 462.35 respectively. So far 2129614 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 46954.05 crore.

Bharat Petroleum Corporation Ltd is currently trading at Rs 659.9, up by Rs 20.25 or 3.17% from its previous closing of Rs 639.65 on the BSE. The scrip opened at Rs 639.65 and has touched a high and low of Rs 663.85 and Rs 639.65 respectively. So far 1597983 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 92504.17 crore.

Indian Oil Corporation Ltd is currently trading at Rs 304, up by Rs 7.5 or 2.53% from its previous closing of Rs 296.5 on the BSE. The scrip opened at Rs 297 and has touched a high and low of Rs 306.3 and Rs 295.5 respectively. So far 1239474 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 143977.58 crore.

Oil India Ltd is currently trading at Rs 442.05, up by Rs 5.15 or 1.18% from its previous closing of Rs 436.9 on the BSE. The company will announce its Q2 numbers today.

Rajshree Sugars & Chemicals climbed 5.3%. The company has entered into a share purchase agreement with the prospective buyer, for the sale of the wholly-owned subsidiary Company Trident Sugars, having the sugar factory at Telangana. As per the said agreement, the prospective buyer is expected to close the sale transaction by March 31, 2017.

GPT Infraprojects advanced 1%. The company announced bourses that it has bagged an order value at Rs 73 crore from Rail Vikas Nigam Ltd.

Uflex zoomed 5.6%. The company reported 17% rise in consolidated net profit to Rs 90 crore for the quarter ended on September 30, 2016. It had posted a net profit of Rs 77 crore for July-September quarter in the year-ago period.

State Bank of India slipped 2% on the BSE. The bank said it will raise Rs 56.81 billion by issuance of preferential shares to the central government, its majority shareholder.

The Indian rupee opened higher by four paise at 68.42/$ against the previous close of 68.46/$.

The demonetization drive of the government is likely to see some protests on the street in various parts of the country as few political parties have joined hands for ‘Akrosh Divas.’

Parliament may see less activity today as attention will be on the protests and dealing with the Opposition tirade. The old tradition of Black Friday is losing its charm abroad; online sales on Thanksgiving and Black Friday rose about 18 pc to $5.27 bn.

Saudi Arabia seems to suggest that oil producers need not reduce output. With the Dow Jones having crossed the key milestone of 19000 & the S&P 2200 markets could see consolidation globally as investors take stock of the last fortnight. Also the rise in bond yields in tandem with the US $ may not last & pause here would be prudent as markets digest the gains.

Falling crude prices cooled Asian shares while the dollar has stepped back against Asian peers. India’s foreign exchange reserves fell for the second consecutive by $1.542 bn to $365.5 bn in the week ended Nov 18.

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Sensex Above 26000, Up Over 250pts; ICICI, L&T, SBI Underperform

sensex-26000-update-by-capitalheight12:59 pm Market Update: Equity benchmarks extended rally with the Sensex rising 287.04 points or 1.11 percent to 26147.21 and the Nifty climbing 102.45 points or 1.29 percent to 8067.95.

About 1845 shares advanced against 528 declining shares on the BSE.

12:50 pm Interview: Suven Life reported a flat set of numbers for the second quarter ended September 30. Profits were up 5.3 percent to Rs 26.5 crore versus Rs 25.2 crore reported same quarter last fiscal but revenues were down 1.2 percent at Rs 11.5 crore versus Rs 117 crore year on year (YoY).

Defending the revenue numbers, Venkat Jasti, Chairman and CEO, Suven Life Sciences told CNBC-TV18 that their numbers should not be compared quarter on quarter because the CRAMS is a lumpy business. Actually, the revenues were up, he said.

The profits for the quarter were up because of the product mix, said Jasti.

Jasti is confident of maintaining EBITDA margins at 32 percent or more. EBITDA margins for the quarter stood at 31.9 percent versus 26.7 percent YoY. margins,   product mix

He is also confident of 10-15 percent topline growth in FY17 and FY18.

12:35 pm Buzzing: RS Software shares surged more than 8 percent intraday after a media report indicated that the company has cancelled a restrictive deal with its key client Visa Inc.

“RS Software (India), an early bird in the payment solutions business, is parting ways with its key client, US financial services giant Visa Inc, from which it derived more than 90 percent of its revenue for years,” a media report said.

Chairman Raj Jain, in an interview to a media company said after 10 years of growth, RS Software is scaling back its engagement with Visa to tap into “multi-billion dollar opportunities” emerging in the digital payments solutions business.

12:20 pm PM on demonetization: Attacking political rivals and those opposed to the demonetization scheme, Prime Minister Narendra Modi today lashed out at them saying they would have lavished praise on him if he had given them time before announcing the move.

“Some people are criticising saying the government did not make ample preparation. I think that is not the issue that the government did not make ample preparation. I think the pain of such people is that the government did not give a chance to make any preparation,” he said at a book launch function .

“If these people had got 72 hours to make their preparation then they would have lavished praise that there is no one like Modi,” he stressed.

The Prime Minister’s remarks come amid a standoff in Parliament on the issue with the opposition stepping up their attack on the government. Former Prime Minister Manmohan Singh had yesterday said the step was “a case of organised loot and legalised plunder” and reflected a “monumental management failure”.

12:00 pm Market Check
The NSE Nifty started off December series on a strong note, rising more than 1 percent on short covering as well as value buying after losing more than 7 percent in November so far.

The 30-share BSE Sensex gained 276.55 points or 1.07 percent at 26136.72 and the 50-share NSE Nifty rose 102.25 points or 1.28 percent to 8067.75. The broader markets also traded in line with benchmarks as the BSE Midcap and Smallcap indices surged 1-1.5 percent.

Even the market breadth was strong as about 1777 shares advanced against 501 declining shares on the BSE.

Technology stocks were the biggest gainers, may be on account of recent rupee fall. Nifty IT index jumped over 4 percent as Infosys, Tech Mahindra, HCL Technologies and TCS gained more than 4 percent.

However, ICICI Bank, SBI, L&T, Reliance Industries and Bajaj Auto under performed, down 0.3-0.9 percent.

Asia markets were mostly positive today, amid a lack of cues from US markets, which were shut Thursday for the Thanksgiving holiday.

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Sensex, Nifty sluggish; SBI down 2%, auto stocks rise

bear-marketThe market is sluggish with the Nifty hovering around 7950. The 50-share index is up 28.25 points or 0.4 percent at 7957.35 and the Sensex is up 56.65 points or 0.2 percent at 25821.79. About 1048 shares have advanced, 1346 shares declined, and 169 shares are unchanged.

Auto stocks are rising with Bajaj Auto, Hero MotoCorp and Maruti leading the pack. HUL and Adani Ports are other gainers in the Sensex. Among losers are BHEL, SBI, L&T, GAIL and NTPC.

The rupee slipped from its initial recovery, dropping 7 paise to Rs 68.23 in late morning deals following bouts of dollar demand from importers despite higher domestic equities.

Overseas, the US dollar took a breather against basket currencies in early Asian trade, as investors consolidated the gains built on expectations of increased fiscal spending and higher inflation under a Trump administration.

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Live Stock Market Updates – Sensex, Nifty erase morning gain

Dalal Street CapitalHeightAt 10:10 AM, the S&P BSE Sensex is trading at 26,292 down mere seven points, while NSE Nifty is trading at 8,145 up 33 points.

The BSE Mid-cap Index is trading down 0.21% at 12,019, whereas BSE Small-cap Index is trading down 0.41% at 11,859.

Axis Bank, Tata Motors, Lupin, SBI, Bharti Airtel and ICICI Bank are among the gainers, whereas Wipro, Dr Reddy’s, Sun Pharmaceuticals, Power Grid and Coal India are losing sheen on BSE.

Some buying activity is seen in banking, auto financial services, FMCG and realty sectors, while media and IT sectors are showing weakness on NSE.

The INDIA VIX is down 6.75% at 18.1850. Out of 1,853 stocks traded on the NSE, 524 declined, 927 advanced and 402 remained unchanged today.

A total of three stocks registered a fresh 52-week high in trade today, while 16 stocks touched a new 52-week low on the NSE.

Moody’s has affirmed India’s Baa3 rating and the positive outlook but no upgrade is on the anvil.

Global cues turned weak as profit booking sets in after a week of heady gains both on the indices & bond yields. With US dollar also weakening emerging markets saw a relief rally with Brazilian index up almost 2% even as most European markets ended in the red. We could see some Asian markets also bounce from oversold territory as value buying emerges.

On the global front, all eyes will be on Janet Yellen as she speaks before congress today.

Nasscom cut growth guidance for the industry to 8-10 % in constant currency terms from 10-12%. According to the guidance, India will continue to gain market share of 7% of global software and IT services and 56% of global sourcing.

New Delhi has woken up to tremors as a 4.4 magnitude earthquake struck on the Delhi-Haryana border early morning. The first day of Parliament’s Winter session saw the Opposition launch an attack on the government for the demonetisation of high value currencies.

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Nifty reclaims 8200, Sensex rises over 300 pts; Tata Motors up

Dalal Street CapitalHeight9:30 am Downgrades:  Credit Suisse has downgraded cement stocks like UltraTech Cement, Ambuja Cements and discretionary stocks like Asian Paints, Eicher Motors to underperform and Kajaria Ceramics to neutral. It has We reverted to an overweight on IT and pharma.

Neelkanth Mishra of Credit Suisse said, “While there would be significant but short-term growth disruption from demonetisation for most sectors, for some, impact could last longer. It may take years for currency in the black market to replenish, hurting real estate volumes and prices. NBFCs, construction, cement and discretionary demand to be hurt.”

The market has seen a super strong opening after losing 1200 points in last two consecutive sessions. The Nifty is up 95.45 points or 1.2 percent at 8203.90 and the Sensex is up 257.01 points or 0.9 percent at 26561.64. About 781 shares have advanced, 134 shares declined, and 25 shares are unchanged.

NS Venkatesh of Lakshmi Vilas Bank said, “The rupee fell to a 4-month low on expectations that Trump’s policies may boost inflation in the US and lead to higher interest rates. It is expected to take cues from the equity market and also take support from balance of trade published yesterday which was favourable.”

The dollar held near an 11-month high against a basket of currencies as some stability returned to the US bond market following a vicious sell-off, helped by unexpectedly strong data on US October retail sales.

Global markets are higher as the Trump rally continues and oil rebounds.

Asian shares won the reprieve from a rally in Wall Street shares as the sell-off in global bonds and sharp gains in the dollar paused for now.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent in early trade on Wednesday, bouncing back from a four-month low touched the previous day. Japan’s Nikkei rose 1.0 percent to nine-month high thanks to the fall in the yen against the dollar.

On Wall Street, the Dow Jones industrial average rose 0.29 percent to a record high while the S&P 500 gained 0.75 percent.

Since Donald Trump’s unexpected victory in the US Presidential election last week, US shares have rallied while US bond prices tumbled, pushing up their yields sharply, as investors expect higher inflation under his presidency.

Voltas, SCI and Ramco Industries will announce September quarter results today. Oil market companies will be in focus as petrol price was  cut by Rs 1.46 a litre and diesel by Rs 1.53 per litre, reversing the rising trend of the past few weeks.

In the currency space, the dollar held near an 11-month high against a basket of currencies as some stability returned to the US bond market following a vicious sell-off, helped by unexpectedly strong data on US October retail sales.

Saudi energy minister is expected to travel to Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum.

Gold edged higher, snapping a three-session losing streak, on uncertainty over the economic policies of US President-elect Donald Trump. Trump has vowed to boost domestic spending, which has the potential to stoke inflation and dent demand for non-yielding bullion, but the market is seeking more detail on his policies.

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Live Stock Market Updates – Sensex, Nifty consolidate gain

sensex

The Indian stock market gained the most in nearly 1-month, following a rebound in Asian markets after their steepest slide since Brexit, on speculation that U.S. President-Elect Donald Trump will pursue business-friendly policies. Nifty Realty index surged 4.5% after losing more than 10% on black money crackdown. Nifty Bank hits 20K for the first time since September 23, 2016.

At 2:11 PM, the S&P BSE Sensex is trading at 27,688, up 436 points, while NSE Nifty is trading at 8,567  up 135 points. The BSE Mid-cap Index is trading up 2.34% at 13,023 whereas BSE Small-cap Index is trading up 2.66% at 13,042.

Tata Steel, Cipla, SBI, Bharti Airtel and Sun Pharma are among the gainers, whereas Infosys, Godrej Properties, Redington and Prestige estates are losing sheen on BSE.

All the BSE sectoral indices were trading in the positive territory. Some buying activity is seen in metal, telecom, auto, banking, basic materials and pharma sectors.

The INDIA VIX is down 8.25% at 15.2475. Out of 1,878 stocks traded on the NSE, 193 declined, 1,396 advanced and 289 remained unchanged today.

A total of 18 stocks registered a fresh 52-week high in trade today, while four stocks touched a new 52-week low on the NSE.

Motherson Sumi Systems rallied 6.5% after the company has posted a net profit of Rs 480 crore for the quarter ended September 30, 2016 as compared to Rs 380 crore for the quarter ended September 30, 2015.

Sun Pharma gained 2.3%.  The pharma company will announce its Q2 numbers today.

Bosch soared 2.5% to Rs 21,800. The company reported a net profit of Rs 704 crore for the second quarter ended September 30, 2016. It had posted a net profit of Rs 393 crore in the same quarter last fiscal.

SAIL climbed 4.8%. SAIL said it has signed a memorandum of understanding (MoU) with South Korean giant Posco for technical collaboration for operational improvements.

Lupin slipped 0.53%. Lupin reported its profit surged 58% from a year ago on strong sales growth in the US, the drugmaker’s biggest market. Net profit at India’s third largest drugmaker rose to Rs 662 crore for the quarter.

Tata Chemicals rallied 3% ahead of Q2 numbers today.

JK Tyre jumped 6% after the company registered a consolidated net profit of Rs 110 crore for the second quarter ended September 30, 2016 on account of growth in sales of passenger radials and agri tyres. It had posted a net profit of Rs 115.8 crore in the same quarter last fiscal.

Cipla soared 6.5%. The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs 354 crore for the quarter ended September 30, 2016 as compared to Rs 543 crore for the quarter ended September 30, 2015.

Godrej Properties dropped 2.7%. The company has posted a net profit after minority interest of Rs 23.5 crore for the quarter ended September 30, 2016 as compared to Rs 103.9 crore for the quarter ended September 30, 2015. Total Income has decreased from Rs 1350 crore for the quarter ended September 30, 2015 to Rs 359 crore for the quarter ended September 30, 2016.

Tata Steel soared 9.6%. The company might be planning to close down the deficit-hit pension fund at the heart of its UK steel crisis, as per media reports.

Bank of India jumped 7.6%. The bank will announce its Q2 numbers today.

Apollo Tyres gained 2%. Apollo Tyres reported a decline of 7% in consolidated net profit at Rs 260.03 crore for the quarter ended September.

Balrampur Chini Mills rallied 2.7%. The company said that the board will consider a proposal for buy back of equity shares of the company on November 15. Shares of the company closed 1.18 per cent up at Rs 115.65.

Narayana Hrudayalaya soared 4%. Narayana Hrudayalaya announced that its board has approved cessation of operation at its unit at Berhampore, West Bengal by selling its entire shareholding in its wholly owned subsidiary, Asia Healthcare Development Ltd, to Lila Hospitals Private Ltd.

UCO Bank soared 8%. The bank reported a net loss of Rs 384.8 crore for the quarter ended September 30, 2016 against a net profit of Rs 156 crore in the same quarter last year.

Snowman Logistics slipped 1.6%. Snowman Logistics its revenue for the quarter declined 15% yoy to Rs 47 cr as revenue from temperature controlled services declined by 10.7%.

The rupee opened lower at 66.39/$ as against the previous close of 66.42/$.

Asian markets opened deep in the green as oversold indices saw short covering coupled with fresh buying as the Dow Jones index touched new highs. This after huge intraday swings with US futures hitting lows of -800 points at one time. Bond yields on the US 10 year paper hit over 2% as optimism on growth with infra spending rising saw the yields near 9 month highs.

The markets have been roiled for some time ever since the chances of a Trump victory surfaced though major bets remained on Hillary who eventually had to concede defeat. For now, Trump’s acceptance speech suggests he has indeed left the campaign ‘trumpisms’ aside and is set to usher in a new world order. The US markets may not have saluted his victory on Wednesday but he is known to be a friend of Wall Street.

Bonds and Gold which saw some smart up move failed to maintain their gains. Banks in India are stepping up activity to help cope with disruption caused by the withdrawal of Rs 500 and Rs 100 currency notes. While a lot of people are finding ways and means to change their high value notes, expectations are that earnings recovery could be pushed a few quarters further.

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Sensex roars with gains, Nifty eyes 8600; SBI, Tata Steel up 8%

stock-marketAfter badly bruised yesterday, the market is picking up pace as investors are actively buying. The Sensex is up 471.03 points or 1.7 percent at 27723.56 and the Nifty is up 158.05 points or 1.8 percent at 8590.05. About 1971 shares have advanced, 310 shares declined, and 84 shares are unchanged.

SBI, Tata Steel, Cipla, ICICI Bank and Adani Ports are top gainers while HDFC Paints, Infosys, HDFC, Wipro and Hero MotoCorp are losers in the Sensex.

Gold held steady early after briefly surging to a six-week high in the previous session, as global markets and the US dollar showed surprise gains in the wake of Republican Donald Trump’s presidential victory. Donald Trump’s victory in the US presidential race throws into question the core assumption in global financial markets that the Federal Reserve will raise interest rates soon and follow with further gradual hikes over coming years.

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US poll spooks market but S&P retains stable outlook on India

Sensex market Indian investors are spooked as global markets fall after multiple polls project Donald Trump’s ahead of the US Presidential elections. The Sensex is down 278.50 points or 1 percent at 27598.11, and the Nifty is down 89.95 points or 1 percent at 8536.30. About 788 shares have advanced, 1941 shares declined, and 94 shares are unchanged.

However, there are good news for India as S&P has affirmed BBB-/A-3 rating on India with stable outlook. The rating agency does not expect to change rating on India this or next year. It reiterated that downward pressure could re-emerge if Monetary Policy Committee is not effective in meeting its target.

It expects India to fund current account deficit mostly with inflows without adding to debt, and banking regulator Reserve Bank of India to achieve inflation target of 5 percent by March 2017.

Meanwhlie, ONGC, Tata Motors, SBI, BHEL and Sun Pharma are losers in the Sensex. M&M, HUL and NTPC are gainers.

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