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Showing posts from July, 2019

Stock Market News - Coffee Day plunges 20%, Axis Bank, Tech Mahindra top losers

Coffee Day Hits 20% Lower Circuit For Second Day Shares of Coffee Day Enterprises hit their lower circuit of 20 percent at Rs 122.75. The body of Founder VG Siddhartha has been found on the banks of Netravati River in Mangaluru. Lemon Tree Hotels Falls After Block Deal -  Shares of Lemon Tree Hotels fell as much as 4.3 percent to Rs 56.10. About 20 lakh shares of the company changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately. The stock traded at 60 times its estimated earnings per share for the coming year, according to Bloomberg data. The Relative Strength Index was below 30, indicating that the stock may be overbought. Axis Bank Worst Performer On Sensex, Nifty Shares of Axis Bank fell as much as 7 percent, the most since September 2018, to Rs 657.80 after the company announced its quarterly results for the three months ended June. Rupee Opens: The Indian rupee opened marginally lower at 68.90 per dollar on Wednesday a

Stock Market News - Dr. Reddy’s Gains, Coffee Day Enterprises down 20%

Dr. Reddy’s Gains After Q1 Results -  Shares of Dr. Reddy’s Laboratories rose as much as 1.3 percent to Rs 2,689 after the company announced its quarterly results for the three months ended June. Coffee Day Enterprises Hits 20% Lower Circuit -  Shares of Coffee Day Enterprises hit their lower circuit of 20 percent at Rs 153.40. This after the company’s founder VG Siddhartha has been reported missing since Monday evening. According to ANI, Siddhartha — who’s also the son-in-law of former Karnataka Chief Minister SM Krishna — went missing near the Netravati River in Mangaluru.  Rupee Opens: The Indian rupee opened flat at 68.75  per dollar on Tuesday versus previous close 68.73. Crude Update: Oil prices extended overnight gains on Tuesday amid widespread expectations the U.S. Federal Reserve will cut interest rates for the first time in more than a decade this week. ICICI Bank, Tata Steel top gainers- ICICI Bank, Tata Steel shares are among the biggest gainers,

Stock Market News - Vodafone Idea Hits, Auto stocks slip, Polycab climbs 5%

Vodafone Idea Hits All - Time Low After Q1 Results Shares of the country’s largest telecom operator fell as much as 13 percent to trade at a lifetime low of Rs 8.05 apiece. The company announced its first-quarter earnings on Friday. NEWS ALERT|  Alvotech & Cipla's Gulf arm enters into a partnership for the commercialization of AVT02Alert: AVT02 is an adalimumab biosimilar in select emerging markets PNB Housing raises Rs 690 cr from World Bank's International Finance Corp Amount raised for on-lending to buyers in affordable housing space Indiabulls Housing Fin opens 6% lower on allegations of Rs 1 lakh crore worth fraud. BJP Leader Subramanian Swamy sent a letter to PM Modi, accusing the Indiabulls group of  Rs 1 lakh crore worth fraud. The company has denied any wrongdoing.  Auto stocks slip after govt reduces GST on Electric Vehicles Hike in the vehicle registration fee will impact demand: Pawan Goenka, M&M to CNBC TV18 June quarter was worst

Stock Market News - Intellect Design Falls, Sandhar Technologies Gains

Intellect Design Falls -  After Q1 Profit Drops 92% Shares of Intellect Design Arena fell as much as 15 percent, the most in nearly three years, to Rs 211.50 after the company’s profit fell 92 percent on a sequential basis in June quarter. Sandhar Technologies Gains  -  After Signing Pact Shares of Sandhar Technologies rose as much as 1.7 percent to Rs 273.95. The company signed pact for a Joint Venture with Korea’s Han Shin Corporation for manufacturing and selling electronic parts and accessories for the automotive industries in India. Sharda Cropchem slips 5% on weak Q1 result - Sharda Cropchem posted consolidated revenue of Rs. 423 crore as against Rs. 456.13 crore in the corresponding quarter last year, registering a 7.26 percent YoY decrease Rupee opening - Rupee opens flat at 68.98/$ vs Wednesday's close of 68.97 against the US dollar NEWS ALERT | DFS secy Rajiv Kumar, likely to be appointed as Finance Secretary: sources to CNBC TV18 -- Transfer is on

Stock Market News- SC cancels RERA registration of Amrapali Group, Alphageo rises 4%

SC cancels RERA registration of Amrapali Group, NBCC to take over projects The Supreme Court on Tuesday pronounced its verdict on the controversial Amrapali Group project. The court has canceled RERA registration of the Group. The court has also asked the National Buildings Construction Corporation (NBCC) to complete all the pending projects of Amrapali Group.  Alphageo rises 4%: The company has received an initial contract for carrying out gravity, magnetic & resistivity survey for manganese ore in Rengali Block, Odisha with an estimated contract value of Rs 0.72 crore (exclusive of taxes) from The Mineral Exploration Corporation. Jyothy Labs Q1: Consolidated net profit up 11.6% at Rs 37.4 crore versus Rs 33.5 crore, revenue up 2.2% at Rs 422.5 crore versus Rs 413.3 crore. EBITDA up 15.8% at Rs 65.6 crore and margin at 15.5%, YoY. Rupee Update: The Indian rupee is trading lower by 9 paise at 69 per dollar on Tuesday against previous close 68.91. VA Tech Wa

Stock Market News - Bajaj Finance, HDFC Bank slips, Reliance Industries Top Gainer

Bajaj Finance, HDFC Bank top losers - Bajaj Finance, HDFC Bank shares are among the biggest losers, shedding more than 2.5% each. RIL, VEDL shares are among the biggest gainers, jumping up to 2.5%.  Alembic Pharma gets USFDA approval: The company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg, and 300 mg TOP GAINERS & LOSERS -  Vedanta, RIL, Tata Motors, Maruti Suzuki, ONGC, Tata Steel, Eicher Motors are among major gainers on the indices, while on the other hand losers are HDFC Bank, Bajaj Finance, Cipla, Adani Port, Titan, ICICI Bank, Bajaj Auto, Bajaj Finserv, Amara Raja, Interglobe Aviation, ICICI Lombard and Future Lifestyle. Among the sectors, except metal, all other indices are trading lower led by bank, pharma, infra, FMCG and IT. Reliance Industries Top Gainer After Q1 Results -  Shares of the Mukesh Ambani

Stock Market News - TCS, HCL Tech shares jump, Thermax Gains

Oriental Bank of Commerce trades flat  - CARE revised rating outlook of Tier I & Tier II bonds from negative to stable Jasch Industries rallies over 9% after ratings' upgrade-  CRISIL has upgraded the rating of long-term bank loan facilities from stable to BBB/Positive. Short—term rating of A3+ has been reaffirmed Reliance Nippon Life AMC trades flat with negative bias-- CCI approves the acquisition of up to 75 percent stake in the company by Nippon Life Insurance NEWS ALERT | L&T in its BSE filing said its power division bagged to order in the range of Rs 1,000-2,500 crore from Damodar Valley Corporation. ACC Surges After Q2 Results Shares of the cement maker rose as much as 5.1 percent to Rs 1,647.55 a piece, the most in over a month. The company reported its June quarter earnings on Thursday. Thermax Gains -  After Winning Rs 471-Order Shares of the Pune-based electrical equipment maker rose nearly 3 percent to Rs 1,122.85 apiece. Thermax se

Stock Market News - Mindtree, ONGC , Yes Bank Worst Performer

Mindtree At Over 17-Month Low  - A fter Reporting Q1 Results Shares of Mindtree fell as much as 10.6 percent to Rs 670.95, their lowest level since February 2018. This after the software developer’s profit for the June quarter halved and results missed estimates as its margin narrowed owing to increased employee costs. Yes, Bank Worst Performer On Sensex , Nifty After Reporting Q1 Results Shares of the private lender were down 10.4 percent to Rs 88.10 apiece on the NSE Ltd. after opening nearly 20 percent lower. This after the bank’s asset quality worsened in June quarter, as the lender’s new chief executive Ravneet Gill continued to clean up the lender's books. Rupee Opening: The Indian rupee opened higher at 68.76 against the US dollar, up compared to Wednesday's close of 68.81 a dollar. 10-year government benchmark bond yield opened at 6.31 percent against the previous close of 6.34 percent. Yes Bank, ONGC top losers - Yes Bank shares are trading 11% down a

Stock Market News - Yes Bank, VEDL top gainers, Oil prices steady

Yes Bank, VEDL top gainers - Yes, Bank shares are trading 1.8% higher at Rs 105, while VEDL shares are up about 1% to Rs 168.50. Tata Motors, Sun Pharma shares are among the biggest losers, shedding more than 1% each.  Oil prices steady after falling to more than one-week lows - Oil steadied after falling more than 3% overnight, with U.S. crude trailing Brent after U.S. inventory data fell short of expectations, amid conflicting signals from the U.S. and Iran over the disputes that have roiled prices recently. Brent crude futures were up 16 cents at $64.51, or 0.3% by 0027 GMT.  NEWS ALERT |  L&T Infotech to acquire Lymbyc Solutions for an enterprise value of Rs 38 cr in an all-cash deal: CNBC TV18 Greaves Cotton sought certain relaxations from SEBI and Finance Ministry w.r.t share buyback. Cox & Kings on July 16 said it defaulted in repayment of interest of Rs 50 crore on NCD. Astron Paper & Board Mill, on July 16, said its unit-1 in Halvad, G

Stock Market News- ONGC, NTPC top gainers, Ashok Leyland Falls

ONGC, NTPC top gainers - NTPC shares gained more than 1.25% to hit Rs 129.20 on BSE. Yes, Bank shares are trading 0.75% higher at Rs 93.90. Heromotocorp, TCS, M&M have emerged among the biggest losers, shedding more than 1% each.  Dishman Carbogen Amcis Jumps On Heavy Volumes Shares of the specialty pharma products maker rose as much as 9.3 percent, the most since May 20, to Rs 232.85. Trading volume was more than 80 times its 20-day average, Bloomberg data showed. Of the shares traded, 43 percent were at the asking price and 33 percent were at the bid.  Cipla Gains -  On EU Unit’s JV Plans Shares of the drugmaker rose as much as 1.3 percent to Rs 557.60. The pharmaceutical company’ European Union unit entered into a joint venture agreement with Jiangsu Acebright Pharmaceutical Co., Ltd. ('Acebright'), China yesterday, according to its stock exchange filing. Cipla EU will hold 80 percent stake in the joint venture, the statement added. Jet Airways said the

Stock Market News - Infosys Top Performer, DHFL Hits 10%

Infosys Top Performer   - On Sensex, Nifty Shares of Infosys rose as much as 5.8 percent, the most in two years, to Rs 768.70. The stock was the best performer on Sensex and Nifty. The Bengaluru-based software developer raised its revenue forecast for the full year even as higher costs led to a contraction in margin and decline in profit in the quarter ended June. DHFL Hits 10% -  Lower Circuit After Reporting Loss In Q4 Shares of Dewan Housing Finance Corporation Ltd. hit their lower circuit of 10 percent to Rs 61.65, their lowest level since October 2013. Crisis-hit Dewan Housing Finance Corporation Ltd. said it aims to restart lending operations by August 2019 after the company reported a loss of Rs 2,223 crore for the quarter ended March 2019.  Allahabad Bank Drops -  The Most In Eight Months Shares of Allahabad Bank fell as much as 14.4 percent, the most since November 2018, to Rs 40.35. The PSU Bank reported a fraud of over Rs 1,774 crore by Bhushan Power and Steel

Stock Market News - KPR Mill Falls, NTPC & HDFC Gains

NTPC Gains after CLSA Retains Buy - NTPC shares gained more than a percent intraday after global brokerage CLSA retained its buy call with a target price at Rs 157, implying 22 percent upside on potential SJVN merger. Eveready Industries in focus -  Yes, Bank acquired 39,10,000 (5.38 percent) equity shares of company and 21,21,903 (2.29 percent) shares by invoking pledged on promoters holding. Himachal Futuristic Communication gains 2% -  Himachal Futuristic Communication shares gained 2 percent intraday after its subsidiary bagged order from Bharat Electronics. "Subsidiary HTL has received a purchase order worth Rs 198.82 crore from state-owned company Bharat Electronics," the fiber optic cable manufacturing company said in its BSE filing. Block Deals Power Finance Corporation's 6.3 crore shares (representing 2.4 percent of total equity) worth Rs 794 crore exchanges hands in two block deals on NSE at an average price of Rs 125 per share, reports CNBC-

Stock Market News - Indigo falls, Tata Steel, Vedanta top gainers

L&T Construction bags orders in the range of Rs 1,000-2,500 cr Indigo Extends Loss -  After Clarification On RPTs Shares of the country’s largest airline declined further after it fell nearly 4 percent to Rs 1,342.75 each. InterGlobe Aviation said all related-party deals executed at arm’s length, according to a statement. Related-party deals were only 0.53 percent of the company’s 2018-19 revenue, the statement said. Also, co-founder Rahul Bhatia, in a statement, said the related-party transactions with his company InterGlobe Enterprises in 2018-19 were 0.53 percent of the consolidated turnover of Interglobe Aviation at Rs 150.12 crore. That was up from 0.5 percent in 2017-18 at Rs 118.96 crore. Drug Approval - Sun Pharma has received approval from the US FDA for Risedronate sodium tablets which are used to treat or prevent Osteoporosis, Paget's disease. GTPL Hathway soars 20% on strong Q1 numbers - The company on Wednesday reported a 120 percent YoY jump in

Stock Market News- IndiGo Slumps, Yes Bank, IndusInd Bank top gainers

IndiGo Slumps -  The Most In Over A Year Shares of InterGlobe Aviation fell as much as 19.3 percent, the most since May 2018, to Rs 1,264.85. Interglobe Aviation Ltd. promoter Rakesh Gangwal has alleged “questionable” related-party transactions between the IndiGo’s parent and private entities of the other promoter Rahul Bhatia in a letter to the Securities and Exchange Board of India. Gangwal also sought an extraordinary general meeting of the company’s shareholders to address the governance issues he has raised against Bhatia. TCS Falls -  After Q3 Results Announcement Shares of the country's largest software exporter fell as much as 2.9 percent to Rs 2,071.30 after the company announced its quarterly results for the three months ended June. Yes Bank, IndusInd Bank top gainers -  Yes Bank and IndusInd Bank were among the top gainers jumping up to 2%. TCS, Bajaj Finance shares were among the biggest losers, tanking up to 2% in the morning trade. Rupee Opening - T

Stock Market News - Bajaj Finance, HDFC top losers, Titan Fall

Hero Raises Motorcycle prices -  The country's largest two-wheeler maker Hero MotoCorp July 8 said it has increased prices of its motorcycles and scooters by up to 1 percent. The price hike will be with immediate effect, the company said in a statement. Titan Worst Performer On Nifty Post Q1 Update Shares of Titan extended fall for the fourth consecutive trading session. The stock fell as much as 10.9 percent, the most since Nov. 09, 2016, to Rs 1,116. India’s largest branded jewelry and watchmaker joins consumption-oriented peers predicting a muted first quarter as Asia’s third-largest economy faces a slowdown. A “tough macro-economic environment” has impacted consumption and rising gold prices in June further deterred customers from buying jewelry, Titan said in a statement. Rupee Trade - The Indian rupee was unchanged on Tuesday morning against Monday's close of 68.65 a dollar. HDFC Extends Fall For Third Day -  Shares of HDFC extended declines for the thi

Stock Market News - Punjab National Bank, Mindtree Falls; DHFL in Focus

Punjab National Bank Falls The Most In Nearly Two Months Shares of Punjab National Bank fell as much as 7.5 percent, the most since May 13, to Rs 75.70. The state-run lender aid that it has detected a fraud of over Rs 3,800 crore by Bhushan Power & Steel Ltd., according to its stock exchange filing. Trading volume was more than eight times its 20-day average. Mindtree Falls After Top Executive Quits Shares of Mindtree extended declines for the fourth consecutive trading session. The stock fell 3.8 percent to Rs 831.55 as of 9:40 a.m. The scrip is currently trading ex-dividend. The company’s CEO and Managing Director Rostow Ravanan resigned. Krishnakumar Natarajan too resigned as executive chairman. Besides, NS Parthasarathy resigned as executive vice chairman and chief operating officer. They will continue to stay as board members and employees till July 17, in-line with their contracts. Credit Suisse on IndusInd Bank -  Global brokerage house Credit Suisse has an ov

Stock Market News - Union Budget 2019 Key Highlights by Finance Minister

Finance Minister Nirmala Sitharaman today announced no changes in personal income tax rates but levied an additional surcharge on the super-rich. She also sought to spur growth with a reduction in corporate tax and sops to the housing sector, startups, and electric vehicles. Among key announcements, Sitharaman said that digital payments will get cheaper, govt will launch an ATM-like One Nation One Card for pan-India travel and new model rental laws will be unveiled to boost affordable housing. 1  Taxes :  * No change in personal income tax rates  * Additional Rs 1.5 lakh tax relief on home loan for the purchase of a house up to Rs 45 lakh.  * Custom duty hike on fuel by 1 rupee, gold, and precious items; Petrol & diesel to get costlier.  * 3% surcharge on an income of Rs 2 crore; 7% on Rs 5 crore and above.  * Corporate tax with a turnover of up to Rs 400 crore slashed to 25 percent from a current rate of 30 percent.  * Interchangeability of P