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Showing posts from October, 2019

Stock Market News - Infosys Drops 10%, Reliance Industries Extends Gain

NEWS ALERT | Officers of ED visited one of co's offices raising certain queries: DHFL -- Co clarifies to exchanges w.r.t ED raids
-- Says,, have provided necessary documents & clarifications to the ED
NEWS ALERT | Lupin gets US FDA nod for Divalproex Sodium tablet: BSE filing -- Tablet of 250-500 mg
-- Drug used to treat bipolar disorder, epilepsy & migraine headaches
Oil update: Global oil prices were near flat as the market fretted about the health of the global economy and the future for energy demand. Brent crude futures inched up 7 cents to $59.03, while US crude added 9 cents to $53.40 a barrel.
Rupee Opening Alert - Rupee opens higher at 70.90/$ vs Friday's close of Rs 71.14/$
Infosys Drops 10% After Whistleblower Complaints Shares of Infosys fell as much as 10 percent the most since Aug. 18, 2017—the day when former CEO Vishal Sikka resigned, to Rs 691.10. An anonymous whistleblower letter has alleged that the company’s Chief Executive Officer Salil Parekh dressed …

Markets closed today on account of assembly elections in Maharashtra

The currency, debt and equity markets will be closed on Monday on account of assembly elections in Maharashtra. The polling for 90 Assembly seats of Haryana and 288 seats of Maharashtra started at 7 am and will continue till 6 pm.

The counting of votes will take place on October 24. Financial markets will resume trading on Tuesday, October 22.
The benchmark S&P BSE Sensex closed up 0.63 percent at 39,298.38 on Friday, while the broader NSE Nifty ended 0.65 percent higher at 11,661.85. On a weekly basis, both Sensex and Nifty ended with 3 percent gains. The 10-year benchmark bond yield closed at 6.70 percent, while the rupee settled at 71.15 to the dollar.
IMF backs India's corporation tax cut, says it will help revive investment
The International Monetary Fund on Friday supported India's recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term st…

Stock Market News - BHEL Surges 27%, Reliance shares up

3M India Slumps After Large Trade Shares of 3M India fell as much as 9.9 percent, the most in over a month, to Rs 20,610. About 2,00,173 shares 1.8 percent equity of the company changed hands in large trade, Bloomberg data showed. Buyers and sellers were not known immediately. Trading volume was almost six times its 20-day average, according to Bloomberg data.
BHEL Surges The Most In Over A Decade Shares of Bharat Heavy Electricals rose as much as 26.6 percent, the most since May 2009, to Rs 56.45. The stock extended gains for the second consecutive trading session. 
A group of secretaries will meet on Oct. 18 to consider cutting the government’s holding below 51 percent in at least eight public-sector companies, a person familiar with the matter said, as the Modi administration looks to bridge the budget gap.

NEWS ALERT | China third-quarter GDP grows 6%: Reuters -- Growth slowest in almost three decades
-- Production hit by soft factory production
-- The third-quarter performance was …

Stock Market News - Tata Power Swings, Vodafone Idea Fall

Bajaj Consumer Care Extends Gain, Shares Jump 11% Shares of Bajaj Consumer Care extended gains for the second consecutive trading session and rose as much as 11 percent to Rs 271.20. HDFC MF increased its stake to 6.48 percent from 1.23 percent on Oct. 15. Besides, the company’s promoters sold 3.24 crore shares on Oct.
Tata Power Swings After Large Deal Shares of Tata Power fluctuated between gains and losses to trade 0.26 percent lower at Rs 57.95. About 30 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Vodafone Idea Falls The Most In Two Weeks Shares of Vodafone Idea fell as much as 6.9 percent, the most since Oct. 3, to Rs 6.10. The stock declined for the second day out of three trading sessions. Of the shares traded, 55 percent were at the asking price and 44 percent were at the bid, Bloomberg data showed.
Motherson Sumi Gains After Block Deal Shares of Motherson Sumi Systems rose as much as 1.8 percent…

Stock Market News - BPCL's share price jumped, Wipro up 2%

NEWS ALERT | Sun Pharma launches Drizalma Sprinkle in the US for oral use: BSE filing

--  Drizalma Sprinkle is a serotonin and norepinephrine reuptake inhibitor (SNRI) designed for the treatment of various neuropsychiatric and pain disorders in patients who have difficulty swallowing.


Inox Wind signs an additional deal with Adani Green for SECI 50 MW capacity: BSE filing
-- Signs an additional deal with Adani Green for a project that is part of the capacity won under SECI bids for wind projects

-- Co signs a deal for sale of a 50 MW wind power project at Dayapar, Kutch in the state of Gujarat in which Adani will be the strategic investor

-- Project comprises of 25 Nos. of its latest 2 MW Wind Turbines

AB Pandey on GST on ATF and Income-tax slab rejig
-- GST on ATF was deferred by the Council earlier; May discuss again if the fresh proposal is made

-- Any discussion on change in the income-tax slab is taken up during Budget

-- Change in the corporation tax rate was an exception

-- Report…

Stock Market News - Indiabulls Housing falls, IRCTC Falls

NEWS ALERT | Indiabulls Hsg makes repayment of the entire maturity proceeds for Masala Bonds: BSE filing --The Company has today made the repayment of the entire maturity proceeds from the pre-funding done to Axis Trustee
Alert: Masala Bonds worth Rs 1,330 crore were issued by the company on September 2016 and were due to mature on 15th October 2019. 

Indiabulls Housing Finance Extends Fall, - Shares Drop Nearly 8% Shares of Indiabulls Housing Finance fell as much as 7.5 percent to Rs 183.05. The stock extended declines for the second consecutive trading session. The company’s board intends to go for a buyback of shares and will take a final decision in this regard after receiving concurrence from the market regulator Securities and Exchange Board of India.
Future Lifestyle Gains After Large Trade Shares of Future Lifestyle Fashions rose as much as 4.2 percent to Rs 419.80. About 1.45 crore shares or 7.2 percent equity changed hands in a large trade, Bloomberg data showed. Buyers and se…

Stock Market News - Adani Gas Jumps, Infosys Worst Performer

NEWS ALERT | US court delivers a verdict against UPL arm: BSE Filing -- Delivers verdict in favor of AgroFresh who pursued litigation demanding $373 m towards unjust enrichment, lost profits & as punitive damages
-- UPL says it is disappointed in the jury's verdict & will seek to overturn it
World Bank says the slowdown in India is severe, cuts GDP forecast to 6% - The World Bank cut India’s economic growth forecast by the most among South Asian nations on Sunday, below the outlook pegged by the nation’s central bank for this year, mainly because of a deceleration in domestic demand.
Infosys Worst Performer On Sensex, Nifty Shares of Infosys fell as much as 4.3 percent to Rs 780. The stock was the worst performer on Sensex and Nifty after reporting the September quarter results on Friday.

Adani Gas Jumps After Total Makes Open Offer Shares of Adani Gas rose as much as 18.4 percent, the most in nearly a year, to Rs 163. Total SA will acquire a 37.4 percent stake in Adani Gas, …

Stock Market News -Cipla Extends Decline; Tata Steel Gains

Cipla Extends Decline; Shares Fall 7% Shares of Cipla extended declines for the second consecutive trading session and fell as much as 6.7 percent to Rs 393.70. Trading volume was more than three times its average, Bloomberg data showed. Of the shares traded, 42 percent were at the asking price and 33 percent were at the bid.

Piramal Enterprises Swings After Falling In the Last Three Trading Sessions Shares of Piramal Enterprises fluctuated between gains and losses to trade 0.4 percent higher at 1,376. The stock had declined in the last three trading sessions, falling 14 percent during the period. Of the shares traded, 45 percent were at the asking price and 35 percent were at the bid, Bloomberg data showed.
Tata Steel Gains After Sharing Quarterly Updates Shares of Tata Steel rose as much as 3.6 percent to Rs 341.95. The company’s crude steel production increased 4.65 percent to 4.5 million tonnes in the second quarter ended Sept. 30 as against 4.3 MT in the corresponding quarter in th…

Stock Market News - Aurobindo Pharma falls, Lakshmi Vilas Bank Fall

NEWS ALERT | L&T Construction bags an EPC order worth Rs 1,000-2,500 cr: BSE filing -- In the Republic of Mozambique, the business has secured an order for Engineering, Procurement, and Construction of a 400kV overhead transmission line between the towns of Chimuara and Alto Molocue in Zambezia Province.

-- On the domestic front, an order has been secured for modernizing the electrical distribution network in several sectors of Gurugram Smart City in Haryana. 
Aurobindo Pharma Resumes Decline; Shares Fall 6% -  Shares of Aurobindo Pharma resumed declines after a one-day breather. The stock fell as much as 7.9 percent to Rs 436.65. The company clarified earlier this week that none of the observations that were issued by the U.S. FDA were related to data integrity and the drugmaker said it is confident of addressing them within the stipulated timeline.
Torrent Pharma Falls As Regulatory Concerns Prevail Shares of Torrent Pharma fell as much as 6.7 percent, the most since May 21, to Rs…

Stock Market News - Titan Worst Performer, Motilal Oswal Gains

NEWS ALERT | Glenmark Pharmaceuticals receives tentative ANDA approval for Dimethyl Fumarate Delayed‐Release Capsules: BSE Filing -- Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (U.S. FDA) for Dimethyl Fumarate Delayed ‐Release Capsules, 120 mg and 240 mg, a generic version of Tecfidera®1 Capsules, 120 mg and 240 mg, of Biogen Inc. 
Maruti Suzuki cuts production for an eighth straight month in September - Reeling under a prolonged slowdown, Maruti Suzuki India (MSI) reduced its production by 17.48 percent in September, making it the eighth straight month when the country's largest carmaker lowered its output.

Titan Worst Performer On Nifty; Shares Fall Over 6% - Shares of Titan fell as much as 6.1 percent, the most since July 9, to Rs 1,182.55. The company said that the sales growth of its mainstay jewelry business remained muted in the quarter ended September as rising gold prices deterred buye…

Market News - The NSE and BSE Ltd are closed for Dussehra

NEWS ALERT | Defence Minister Rajnath Singh is scheduled to travel to France to receive the first Rafale fighter jet.
The National Stock Exchange of India and BSE Limited are closed for trading on October 8, 2019, on account of Dussehra. Notably, wholesale commodity markets, and forex and commodity futures markets will also remain closed to mark the auspicious occasion. 
The headline indices Sensex and Nifty have registered their worst losing streak since July, ending lower for the 6th straight day on Monday. Sensex and Nifty closed lower for the sixth straight session on Monday, dragged down by losses in index heavyweights ITC, TCS, L&T, HDFC twins and Infosys amid weak global cues.
The 30-share Sensex closed 141.33 points, or 0.38% down at 37,531.98. Intra-day the Sensex touched a low of 37,480.53 and a high of 37,919.47.
Excess rainfall may have damaged Kharif crops, to hit sugarcane output - Excess rainfall in almost all agrarian states across India may have damaged Kharif crops…

Stock Market News - Zee Entertainment Slumps, NIIT Gains

NEWS ALERT | US FDA issues Form 483 to Aurobindo’s Unit 7 -- Failure to thoroughly review any unexplained discrepancy -- No written procedure for processes and production -- Lab records don't include complete data of all tests -- Utensils, equipment not clean
NEWS ALERT | Don't have exposure to Indiabulls Group: Edelweiss Fin to CNBC TV18 Alert: Stock is down 20% in one month
Zee Entertainment Slumps Over 14%; Top Nifty Loser Shares of media conglomerate declined 14.2 percent intraday to Rs 203.30 each. Promoter Essel Media created encumbrance of 10.71 percent stake or 10.29 crore shares with VTB Bank, according to an exchange filing. Also, over 90 percent of promoter stake in Zee Entertainment Enterprises has been pledged to raise debt, the company revealed in an analyst call on Saturday.
Yes Bank Top Gainers - Yes Bank shares gained more than 5% to hit the day's high at Rs 44, after reports that marquee investors are eyeing stake in the lender. 
Oil price update: Global crud…

Stock Market News - PSU Banks Gain, HDFC Top Gainer

RBI monetary policy: The Reserve Bank of India is likely to go for yet another rate cut on October 4, the fifth in a row, as inflation is within the comfort zone and the need to boost the economy is pressing. RBI Governor Shaktikanta Das has already hinted that benign inflation provides room for further monetary policy easing while space for fiscal space is limited.

BPCL trades flat with negative bias -- The international Credit Rating Agency Moody's on Thursday warned of downgrading Bharat Petroleum Corporation (BPCL) to Ba1 if the government goes ahead with privatization by selling its stake to a private entity.
HDIL slips 4% after EOW arrests Rakesh and Sarang Wadhawan Alert: They are the promoters of HDIL
Rupee Update: Rupee traded with mild gains ahead of RBI policy rate decision. The Indian currency traded 8 paise higher at 70.82 per dollar around 0945 hours IST.
Oil price update: Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower g…

Stock Market News - Yes Bank Top Performer, M&M Swings

Yes Bank soars 25% - Yes Bank share price soared more than 25% to hit the day's high at Rs 39.90 after the overhang ended following RNAM selling Rana Kapoor's pledged shares. 

Yes Bank Ltd.’s Group President and Chief Financial Officer Rajat Monga resigned from his posts amid an upheaval at the private lender with multiple resignations and share price plunge.
Gold price today: Gold prices rebounded in futures trade, 3 tracking sell-off in equities and fresh concerns around trade war front. 
M&M Swings After Joint Venture Announcement Shares of Mahindra & Mahindra fluctuated between gains and losses to trade 0.55 percent lower at Rs 553.80. The automaker partnered with Ford Motor Company Inc. to develop, market and distribute vehicles in India and other high-growth emerging markets around the world. Mahindra will own a 51 percent controlling stake in the joint venture and Ford will own the remaining 49 percent, the Indian automaker said in an exchange filing.
CG Power Halt…

Stock Market News - BPCL Jumps, City Gas Distributors Rally

BPCL Jumps The Most In Over A Week Shares of Bharat Petroleum Corporation Ltd. rose as much as 8.8 percent, the most since Sept. 23, to Rs 511.55. A group of secretaries on Monday cleared strategic sales in BPCL, BEML, Container Corporation of India and Shipping Corporation of India, according to ET report.

Oil Check -- Oil prices were under pressure, wiping out all of their gains after attacks on Saudi Arabian oil facilities last month, on fading concerns of supply shortfalls and conflicts in the Middle East, Reuters reported. -- At 7:59 am, Brent Crude Futures were at $59.71 per barrel
Sept Auto Sales Data | Bajaj Auto
-- Total sales down 20% YoY, at 4.02 lakh units
-- Domestic sales down 31% YoY
Company's total sales down 20% at 4.02 lakh units against 5.02 lakh units, while exports declined 2 percent at 1.86 lakh units against 1.90 lakh units, YoY.
Rupee Opens: The Indian rupee gained in the early trade on Tuesday. It has opened higher by 14 paise at 70.73 per dollar versus previ…