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Showing posts from August, 2019

GDP growth slows to 25-quarter low of 5 pct in Q1 FY20

The pace of growth of GDP and GVA in Q1 FY20 recorded a surprisingly sharp slowdown to 5 percent and 4.9 percent, respectively, from 5.8 percent and 5.7 percent, respectively in Q4 FY19.

The main culprit was the manufacturing sector, which saw a collapse in growth to 0.6 percent in Q1 FY20 from the low 3.1 percent in Q4 FY19.
Accordingly, while the headline GVA growth slowed to 4.9 percent in Q1 FY20 from 5.7 percent in Q4 FY19, the expansion of GVA ex-manufacturing recorded a narrower dip to 5.9 percent from 6.3 percent, respectively. 
Sectoral Trends Industrial growth was dragged down by manufacturing, mining, and construction. Manufacturing growth, which also has a bearing on employment, saw growth fall to 0.6 percent. Among the services sectors, financial services saw a sharp slowdown in growth, while the trade and transport segment saw stronger growth compared to the preceding quarter.  Agriculture grew at 2 percent in Q1 compared to a contraction of 0.1 percent in the preceding qua…

Stock Market News - Metals shine, Adani Green up 10%, HDFC trades flat

Glenmark gets US FDA nod for Pimecrolimus cream, used to treat Atopic dermatitis - Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Pimecrolimus Cream, 1%, a generic version of Elidel 1 Cream, 1%, of Bausch Health US, LLC.

NEWS ALERT | 
1. 1.82% equity exchanged in Redington via block deal 2. L&T's power business bags order in range of Rs 2,500-Rs 5,000 cr from THDC: BSE filing 3. National level PSBs-Fin Min meet likely in a few days: sources to CNBC TV18 -- Fin Min to hold a review meeting with PSBs
Rupee opening - Rupee opens higher at 71.78/$ vs Thursday's close of 71.80 against the US dollar
Cox & King's decline 5% -- Beleaguered tours and travel firm Cox & Kings on Thursday said it has received approval from the Registrar of Companies (ROC) for a 3-month extension for its annual general meeting 2018-19.
Hindalco trades 2% higher - US aluminum producer Novelis is set to secure EU …

Stock Market News - Yes Bank, Heromotocorp down, RBL Bank Recovers 6%

Yes Bank, Heromotocorp down - Yes Bank, NTPC, ONGC are among the biggest losers, slumping up to 2%. The government has approved 100% Foreign Direct Investment (FDI) through the automatic route in coal mining, its sale and all its associated infrastructure. The government has also approved 100 percent FDI through the direct route in contract manufacturing, said Commerce Minister Piyush Goyal at the Cabinet briefing yesterday.
Indiabulls Housing Hits Over Four-Year Low - Indiabulls Housing Hits Over Four-Year Low Shares of the non-banking lender slumped close to 8 percent to Rs 420.80 each, its lowest level since December 2014. Indiabulls Housing Finance to be excluded from Nifty 50 Index with effect from Sept. 27 and will be replaced by Nestle India, according to a statement from the exchange. Also, the company’s board approved raising non-convertible debentures up to Rs 1,50,000 crore.

MARKET ALERT | 
1. India 10-year bond yield opens at 6.57%, unchanged from the previous close 2. Coal In…

Stock Market News - HUL, Maruti Suzuki, Yes Bank down, IDBI Bank Slumps

HUL, Maruti Suzuki top losers - Tata Steel shares are trading lower after global brokerage firm Goldman Sachs maintained a buy call on the stock with a target price of Rs 480.

IDBI Bank Slumps After Rating Update Shares of the private lender fell 8.6 percent intraday to Rs 27 apiece. Credit rating firm S&P placed 'BB' long-term and 'B' short-term foreign currency issuer credit ratings of the bank on CreditWatch with negative implications, according to an exchange filing. The update was on account of the uncertainty regarding the bank's ability to meet its capital requirement in the next three months, the filing added.
Talwalkars Better Value Fitness Hits Lower Circuit Shares of the operator of fitness centers were locked in the lower circuit after it fell 5 percent to Rs 8.15 each. M.K. Dandekar & Co. resigned from the post of statutory auditors on Aug. 16, according to an exchange notification. Auditors cited that failure to receive satisfactory responses fo…

Stock Market News - Tata Motors, Tata Steel top gainers,Bank of Baroda gains

Tata Motors, Tata Steel top gainers - Tata Motors, Tata Steel, SBI were among the biggest gainers, jumping up to 2.5%. Infosys, HCL Tech was among the losers, shedding more than 1% each.

NEWS ALERT | 
1.  RBI surplus to be spent as per budgetary process: DEA to CNBC TV18 -- Surplus to flow into consolidated funds of India
-- To be spent on Capex, Revenue Expenditure
2. Reliance Nippon Life up 2% as Nippon Life Insurance Company acquires additional 64,815,152 equity shares
3. Metal stocks trade with gains as Trump says US and China to resume trade talks
4. Bank of Baroda gains on a report that it may buy out assets worth around Rs 6,000 crore from NBFCs this quarter
Reliance Nippon Gains After Japanese Promoter Ups Stake Shares of the asset management firm rose as much as 3.1 percent to Rs 258.80 apiece. Nippon Life Insurance increased its stake by 10.59 percent to 53.46 percent., according to an exchange filing. Nippon will continue to run the company and its operations without any change i…

Stock Market News - Yes, Bank, SBI top gainers, Cupid gains 6%

Yes, Bank, SBI top gainers-  The Sensex is up 400 points to 37,102 while the Nifty is trading near the 11,000-mark. Yes Bank, SBI is among the biggest gainers, jumping up to 4.5%. Yes Bank, SBI is among the biggest gainers, jumping up to 4.5%.  

NEWS ALERT | 
1. L&T Power bags order in the range of Rs 1,000-2,500 cr from NTPC in Madhya Pradesh
2.  The market is at record oversold level: Atul Suri to CNBC TV18 -- Quality stocks will matter in this environment
-- Doubt that short-covering rallies will reverse the market course
3.  A new announcement will improve the demand sentiment: Eicher Motors to CNBC TV-18
--Rural demand should be supported by normal monsoon; -- Increased govt spending on infra would boost demand
Rupee Opens: The Indian rupee slipped in the early trade on August 26. It opened lower by 32 paise at 71.98  per dollar against previous close 71.66.
TOP GAINERS & LOSERS - 
HDFC, HDFC Bank, UCO Bank, Canara Bank, IndusInd Bank, Indiabulls Housing, Yes Bank, Adani Port, …

Stock Market News - ICICI Bank, HDFC among top losers, Future Retail plunges 8%

ICICI Bank, HDFC among top losers - ICICI Bank, HDFC, Axis Bank were among the biggest losers, shedding up to 3%. Tata Motors, VEDL were among the top gainers, gaining up to 2.5%. Asian shares struggled to make any headway on Friday as weak US manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears.

Coffee Day Hits Upper Circuit Again - Shares of the Bengaluru-based company hit the upper circuit for the fifth day this week after it rose 5 percent to Rs 79.90 each. ITC is considering a bid to buy a stake in Coffee Day Enterprises as the nation’s biggest cigarette maker seeks to diversify its businesses, reported Bloomberg citing people familiar with the matter.
Rupee plunges to 72 against US dollar for the first time in 2019 - Extending its downfall, the rupee on Friday plunged to 72 against US dollar, down 19 paise against its previous close in the early morning trade.…

Stock Market News - LIC Housing Finance Falls, Yes Bank, ITC top gainers

LIC Housing Finance Falls The Most In Nearly A Year - Shares of the non-banking lender declined as much as 7.6 percent, its biggest intraday slide since September last year. to Rs 428.35 each. Around 6.7 percent or 3.4 crore shares changed hands in seven block deals, according to Bloomberg data. 

Buyers and sellers were not known immediately. Bloomberg earlier reported an undisclosed institutional shareholder of the company has sought to raise between $200-211 million through an offering of about 3.37 crore shares, according to terms for the deal obtained by Bloomberg. The offering will be at priced between Rs 425.15-449.50 per share, the report added.
Yes Bank, ITC top gainers - Yes Bank, ITC were among the biggest gainers, jumping up to 2%. Tata Steel, HCL Tech were among the biggest losers, shedding up to 1.7%.
NEWS ALERT | 
1. Biocon's Malaysia insulin glargine manufacturing facility receives EU GMP certification
2. L&T Hydro bags order in the range of Rs 2,500-Rs 5,000 cr fro…

Stock Market News - Dr. Reddy's Falls, Britannia, Yes Bank top losers

Dr. Reddy's Falls - After U.S.FDA Inspection Shares of the drugmaker snapped its two-day rally and fell 2.5 percent intraday to Rs 2,491 each. The Hyderabad-based company received eight Form 483 observations by U.S. FDA in the audit of formulations manufacturing plant at Duvvada, Vishakapatnam, according to an exchange filing.

Buzzing: Sun Pharma Advanced Research Company declined more than 3 percent on August 21 after a complaint filed by the US company in US District Cour
Rupee opens higher: The Indian rupee gained in the early trade on Wednesday. It has opened higher by 25 paise at 71.45 per dollar versus previous close 71.70.
CATCH-ALL MARKET UPDATES -  Infosys up 1%BPCL trades flatSpiceJet up over 1%Alembic Pharma up 2%Dr. Reddy labs slip 1.7%Deepak Nitrite gains 1.4%Eicher Motors gains 1.5%Sun Pharma slips over 2%Oberoi Realty slips over 6%YES Bank hits a record lowNifty Metal index slips 1.5%Britannia Industries slips 3.7%Indiabulls Housing Fin dips 2%Hindalco Industries trades…

Stock Market News - Mahanagar Gas gains 12%, CG Power slips 20%

Mahanagar Gas Surges The Most In Three Years Shares of the natural gas distributor rose 12.1 percent, its biggest intraday gain since July 2016, to Rs 882.10 each. Royal Dutch Shell Plc’s unit is seeking Rs 724 crore from sale of its remaining stake in the company, according to terms of the deal obtained by Bloomberg. BG Asia Pacific is offering 98.8 lakh shares at a floor price of Rs 733.1, representing a discount of 6.9 percent to Mahanagar Gas’s last close.

MARKET ALERT | 

1. India 10-Year govt bond yield opens unchanged at 6.59% vs the previous close
2. CG Power slips 20% during Pre-open
--  Co takes note of unauthorized transactions done by employees -- Understatement of liabilities expected
3. Mangalore Refinery & Petrochemicals dips as landslide hits co's refinery in Dakshina Kannada district
4. Sterling & Wilson Solar lists at Rs 700/sh - Issue price was Rs 780/sh

Rupee opening - Rupee opens lower at 71.51/$ vs Monday's close of 71.43 against the US dollar
CATCH-ALL M…

Stock Market News - Sun Pharma, VEDL top gainers, J&K Bank Slumps

Sun Pharma, VEDL top gainers - Sun Pharma, VEDL shares were among the biggest gainers, jumping up to 2%. Powergrid, ONGC shares were among the biggest losers, shedding up to 1%. 
Coffee Day Locked In Upper Circuit -  Shares of the cafe-chain was locked in the upper circuit after it rose as much as 5 percent to Rs 65.80 each. The Bengaluru-based company has restarted talks to sell a stake to Coca-Cola, according to an Economic Times report citing unnamed sources. However, Coca-Cola’s spokesperson refused to comment on the development, the report said.
NEWS ALERT | Axis Bank cuts lending rates by 5-10 bps
CATCH-ALL MARKET UPDATES -  Dabur rises 1%RBL Bank rises 3%Crisil trades 1.6% lowerSundaram Clayton up 1%ICRA trades over 3% higherDr. Reddy's Lab gains over 2%Sun Pharma trades 1.5% higherM&M trades flat with negative biasDHFL adds 2% during morning dealsWestlife Development gains nearly 5%Ujjivan Financial Services under pressureInterGlobe Aviation trades nearly 3% higherWalchand…

Stock Market News - Avenue Supermarts Falls, NBCC dips over 5%

Dewan Housing Finance Corporation said in BSE release that its payment obligations falling due in the immediate future, may not be met as per their existing schedule.

Avenue Supermarts Falls After Block Deals - Shares of Avenue Supermarts fell as much as 1.5 percent to Rs 1,408. About 62 lakh shares of the company changed hands in two block deals on BSE, Bloomberg data showed. While buyers and sellers were not known immediately, Promoter Radhakishan Damani had planned to sell 1 percent stake or 62.3 lakh shares in the operator of D-Mart supermarket chain, according to a stock exchange filing dated Aug. 7. The sale, which began today, will end on Sept. 14.
NEWS ALERT | YES Bank QIP closed; Bids worth $750-800 million received: sources to CNBC TV18 -- Domestic MFs, Global Long Only Funds key investors
Rupee opening - Rupee opens higher at 70.55/$ vs Thursday's close of 70.69 against the US dollar
CATCH-ALL MARKET UPDATES -  Navkar Corp gains 15%RBL Bank gains 2%Shriram Transport up 3%Pow…

Stock Market News - Affle India Jumps 27%, Tata Steel down

Tata Steel Worst Performer On Sensex, Nifty - Shares of Tata Steel fell as much as 4.1 percent to Rs 366.25 after the company announced its quarterly results for the three months ended June. The stock was the worst performer on Sensex and Nifty.

Block Deal Alert: ICICI Bank About 10 lakh shares of ICICI Bank changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
NEWS ALERT | Affle (India) listing today. IPO price at Rs 745 per share - Affle India listed at a premium of 24.3 percent at Rs 926 per share on the National Stock Exchange, compared to its issue price of Rs 745. The stock rose as much as 28.7 percent thereafter.
Oil check - At 8:23 am, Brent Crude Futures were at $57.73 per barrel, up 2.67 percent.
Rupee check - The rupee edged lower by 8 paise and closed at 70.89 against the US dollar.
Maruti cuts production by 25% for the sixth consecutive month in July - Maruti Suzuki India cut its production in July by 25.15 percent, making it the …

Stock Market News - IRB Infra Jumps, Avenue Supermarts Falls

IRB Infra Jumps On Stake Sale Plans, Q1 Results Shares of Mumbai-based company extended gains for the second consecutive trading session and rose as much as 10.6 percent to Rs 105.80. The construction firm said it will sell stake in its road business to the Government of Singapore for Rs 4,400 crore, according to its stock exchange filing. The company will transfer nine of its build–operate–transfer assets into a private Infrastructure Investment Trust in, which IRB will hold a 51 percent controlling stake.


NEWS ALERT | YES Bank likely to launch Rs 2,000 cr QIP: CNBC TV18
-- YES Bank QIP could lead to around 10 percent equity dilution: CNBC TV18
Avenue Supermarts Falls After Promoter Plans To Cut Stake Shares of the DMart supermarket chain fell 4.6 percent, its biggest intraday decline in a month, to 1,421.05 each. Promoter Radhakishan Damani will divest up to 1 percent stake, or 62.3 lakh shares of the company, according to an exchange filing. Sale of shares to start from Aug. 8 and en…

Stock Market News - SRF Jumps, Indiabulls Group Gains, Tata Motors rises

SRF Jumps The Most In Nearly Three Months -  Shares of SRF rose as much as 7.9 percent, the most since May 15, to Rs 2,783 after the company announced its June quarter results.
Indiabulls Group Stocks Advance -  Shares of Indiabulls Housing Finance rose ahead of results announcement. Meanwhile, shares of Indiabulls Ventures and Indiabulls Real Estate advanced 4-5 percent to Rs 207 and Rs 84.55 respectively.
Rupee Opens: The Indian rupee opened lower by 7 paise at 70.80 per dollar on Tuesday versus previous close 70.73.
CATCH-ALL MARKET UPDATES  DLF trades 1% higherTata Motors rises 2%Future Retail slips over 2%Hindalco trades 0.4% higherBombay Dyeing gains over 5%Indian Bank trades 2% higherBerger Paints trades 3% higherWelspun Corp trades with gainsJammu & Kashmir Bank rises 3%Bharti Airtel trades absolutely flatYES Bank trades flat with positive biasIndiabulls Real Estate gains over 5%Indian Hotels trades higher post Q1 resultsVodafone Idea trades flat; at a 52-week lowTorrent Pharm…

Stock Market News - VEDL, Tata Motors down 5%, Reliance Industries Falls

VEDL, Tata Motors down 5% - The Sensex is down 452 points to points down at 36,655, while the Nifty is trading near the 10,850-mark. VEDL, Tata Motors shares are among the biggest losers, shedding more than 5% each. Infosys, TCS, and HDFC are the only shares trading in the green on Monday morning.
NEWS ALERT | Lupin gets EIR from US FDA for Aurangabad facility: BSE Filing ALERT: The unit is involved in the manufacture of Oral Solid Dosage, Oral Liquid and Powder for Oral Suspension products for the US market.
Reliance Industries Falls On Credit Suisse's Downgrade - Shares of Reliance Industries fell as much as 3.4 percent, the most since May 9, to Rs 1,143.55. Brokerage and research firm Credit Suisse downgraded to ‘Underperform’ from ‘Neutral’ and cut price target to Rs 995 from Rs 1,350.
MARKET ALERT | India 10-Yr bond yields opens at 6.33% vs the previous close of 6.35%
Sun Pharma trades nearly 2% lower-- Drug major Sun Pharma on Saturday said it is discontinuing operations at two …

Market Update - Sebi is liable to fix the administrative system, BSE posts a net profit

Sebi is liable to fix the administrative system for portfolio directors - The Securities and Exchange Board of India (Sebi) has gotten a series of proposals from its working gathering on fixing the administrative structure for the portfolio of the executives' administration (PMS) industry. One of the recommendations relates to expanding total assets necessity of PMS players to Rs 50 million. A portion of different recommendations includes improving the detailing divulgences, high leave stacks in PMS items and improving the general business guidelines. 
The working gathering charged by the Sebi said higher total assets necessity would hinder non-genuine players while looking for enrollment and furthermore put weight on the periphery players. It saw that it has been more than a long time since the total assets prerequisite was last updated from Rs 5 million to Rs 20 million. 
BSE posts a net profit of Rs 41.3 crore in Q1 - The Bombay Stock Exchange (BSE) posted a net profit of Rs 41.…