10:08 AM Buzzing stock
Ujjivan Financial Services rallied over 6% to Rs 346 after the company informed bourses that Ujiivan Small Finance Bank, the wholly-owned subsidiary of the company, has been included in the second schedule to the Reserve Bank of India Act, 1934 on August 25, 2017, granting ‘Scheduled Bank’ status to Ujiivan Small Finance Bank.
9:56 AM
RBI asks banks to stick to December deadline for insolvency
The Reserve Bank of India (RBI), sources say, has instructed banks to maintain the December deadline for completing the bankruptcy proceedings on their largest non-performing assets (NPAs), in addition to the 12 named in June and the ones in various stages of similar operations.
READ FULL REPORT HERE9:49 AM Buzzing stock
Cadila Healthcare gained over 25 to Rs 509 after Zydus Cadila said it has received establishment inspection report from the US health regulator for its manufacturing facility at the pharma SEZ in Ahmedabad.
9:37 AM Sectoral trend
All sectoral indices were trading higher with Nifty Realty beging the top gainer.
Source: NSE
9:34 AM
Nirmal Bang on Ujjivan Financial
We had a meeting with the management of Ujjivan Financial Services (UFSL) recently. Collection efficiency in respect of new loans disbursed is back to normal at 99.8%. Given the efforts on the collection front, the management gave guidance of asset quality improving from here on.
The management retained its guidance of 4% credit cost for the year, with majority or two-thirds of the provisioning and write-offs accounted for in 1HFY18. The company is witnessing a strong rebound in disbursement which is above the pre-demonetisation level now. The small finance bank transformation strategy remains intact, which will aid long-term stability and profitability
9:33 AM Buzzing stock
Jaiprakash Associates recovered over 7% to Rs 23 after the stock fell over 10% in the previous session on reports that the company may be referred to NCLT if its debt issue doesn't get resolved.
9:23 AM Top Sensex losers and gainers
Source: BSE
9:20 AM
Broader markets
The BSE Midcap and the BSE Smallcap indices outperformed to add 0.9% each.
9:19 AM Markets at open
At 9:18 am, the Sensex was trading at 31,554, up 166 points, while the broader Nifty50 was ruling at 9,853, up 57 points.
9:13 AM
Stocks in news
Infosys, Wipro, NTPC, RBL Bank, Cadila Healthcare, Videocon , JP Associates etc
9:13 AM
Haitong Securities on Max India
We initiate coverage of Max India with a BUY rating. Our target price of Rs 170 is based on our sum-of-the-parts (SOTP) analysis of Max India's healthcare, insurance and senior living community businesses. Over our forecast period of FY3/17–20, we expect the healthcare business topline and EBITDA to grow at a CAGR of 14% and 22%, respectively.
Our analysis of the health insurance business indicates a CAGR of 30% in Gross Premiums Written (GPW) and suggests a reduction in the opex ratio by 15ppt to 32% by FY3/20. We believe that sustained earnings momentum will be the key catalyst driving share price performance
9:10 AM
IDFC on Infosys post NRN Murthy's investor call
Infosys witnessed sharp erosion in stakeholders’ confidence over the last few days due to turn of events. We believe disruption is going to have some impact on the financials. However, the task to find a new CEO and reconstitute the board is daunting. We expect few more senior level exits as the leadership team is rebuilt that could lead to some business disruption despite business tailwind with Infosys
9:05 AM
Pre-open trade
The Sensex was trading at 31,524, up 136 points, while the broader Nifty50 was ruling at 9,803, up 7 points in pre-open trade.
9:04 AM Currency check
Rupee opened 8 paise higher at 63.94 against US dollar. On Tuesday, the currency closed at 64.02 level.
9:01 AM
NTPC offer for sale
The NTPC offer for sale (OFS) got Rs 7,780 crore worth of bids on Tuesday. The offering received bids for 463.5 million shares, 56 per cent of the 824 million shares on offer.
READ MORE 8:58 AM
Korea: FY18 budget is unveiled
The government has finalised its FY18 budget (to be submitted to the National Assembly on 1 September), which includes a 4.6% increase in fiscal spending and a 5.7% rise in fiscal revenue over the FY17 supplementary budget.
The government estimates that the fiscal balance (excluding social security) will be a KRW 28.6 trillion deficit (1.6% of GDP) in 2018, which in percentage-of-GDP terms is slightly smaller than 2017’s 1.7% of GDP (KRW 28.3 trillion). As a result, the government estimates that its debt-to-GDP ratio will remain at 39.6% in 2018, unchanged from 2017.
Given our bearish economic outlook, there is a risk that a fiscal revenue shortfall will require an FY18 extra budget to be presented in the middle of next year, which we would expect to include additional Korea Treasury bond (KTB) issuance. The Ministry of Strategy and Finance (MOSF) has unveiled the FY18 budget, which includes a 4.6% increase in fiscal spending to KRW 429 trillion, from KRW 410 trillion in the FY17 supplementary budget
(Source: Nomura)
8:57 AM
Top trading ideas
8:55 AM
Nifty outlook by Vaishali Parekh of Prabhudas Lilladher
Nifty succumbed to selling pressure after touching 9,900 and North Korean missile testing further triggered the intensity of the fall. The level of 9,685 on the downside is at risk and a breach of that level can be anticipated before the F&O expiry.
CLICK HERE FOR MORE8:54 AM Dollar rebounds
The dollar rebounded from a 2-1/2-year low on Wednesday as concerns about North Korea’s firing of a missile over Japan ebbed. The dollar index, which tracks the greenback against a basket of six major peers, edged up 0.1% to 92.34.
8:54 AM
HSBC's GDP expectation
Repercussions of an early budget and the newly implemented Goods and Services Tax (GST) rates, receipts and rebates are likely to distort upcoming GDP readings. The Gross Value Added (GVA) may be a more reliable measure of economic activity over the next few quarters. We expect GVA growth for 1QFY18 to come in at an improved but still soft 6.2%, and GDP a tad lower at 6%
8:52 AM Asian markets
Asian stocks were muted despite Wall Street’s higher close. MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade. South Korea's KOSPI share index and Australian shares both inched up 0.1%. Japan's Nikkei rose 0.5% as the yen weakened. while China's Shanghai Composite was trading flatand Hong Kong's Hang Seng index rose 0.8%.
8:52 AM As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 1459.64 crore on August 29, 2017. Domestic institutional investors bought shares worth Rs 1391.33 crore on that day: SMC Global
8:51 AM
F&O watch
Market-wide rollovers moved to 35% which is lower than the average rollovers of 38% (last three series). Average roll levels went down further today shrinking to ~48-50bps (cost to long roller) as against 51-52 bps yesterday.
Low roll levels is one of the main reasons for below average rollovers. Nifty rollovers stand at 27% which is lower compared to the average rollovers of 42% (the last three series). Nifty futures roll cost (adjusted to dividend expectations of ~5 points in September and on screen levels of ~30 points) was ~35-36bps (cost to longs).
As FII net longs in index futures have been reducing, the roll levels too have bore the brunt of it. Nifty future holds an OI of 27.27mn shares, as compared to 23.5mn shares on D-2 of July expiry. Around 34,000 Nifty contracts were rolled while ~4k contracts were unwound in the near series.
(Source: Edelweiss Research)
8:49 AM
Market outlook
The downpour in cities like Mumbai was mimicked on the Street as stocks across the board seemed to be drowning in intra-day losses. North Korea's missile launch earlier this week increased tensions between Washington and Pyongyang. Donald Trump declared that "all options were on the table." Back home, India's maiden GST collections stand at Rs.92,283 crore for July, exceeding the target, Finance Minister, Arun Jaitley said.
The expectation is for a weak start even as the financial capital Mumbai limps back to normalcy. The F&O expiry on Thursday will keep market volatile. The new entrants to the NIFTY will remain in focus for few days. Foreign investors have reportedly sold to the tune of Rs 15,000 crore in August. Asian markets are mostly flat while US indices ended mixed -- Amar Ambani, head of research, IIFL
8:44 AM Wall Street update
Major US stock indexes ended higher on Tuesday after recovering from steep early losses triggered by fears that hostilities in the Korean Peninsula could escalate.
The S&P 500 fell as much as 0.66% after US President Donald Trump warned that all options are on the table for the United States to respond after North Korea fired a ballistic missile over a Japanese island in a new show of force.
The Dow Jones Industrial Average rose 56.97 points, or 0.26% to 21,865.37, the S&P 500 gained 2.06 points, or 0.08% to 2,446.3 and the Nasdaq Composite added 18.87 points, or 0.3% to 6,301.89.
8:43 AM
Singapore Nifty
At 9:40 am, the SGX Nifty, Nifty futures listed on Singapore Stock Exchange, were trading at 9,910, up 34 points or 0.35%.
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