Axis Bank took a hit of 3 percent in the first few minutes, after the bank reported dismal set of numbers for the March quarter as provisions trebled
12:55 pm Bandhan Bank results: The company has reported 20.3 percent jump in its Q4 net profit at Rs 387.85 crore. The company recommended a dividend of Re 1 per equity share for the year ended March 31, 2018.
12:35 pm GST Council: The GST Council headed by Finance Minister Arun Jaitley on May 4 will finalise the new shareholding pattern of the IT backbone GST Network (GSTN) as the government plans to obtain a majority stake in the company.
The Council—a constitutional body for making recommendations to the Centre and states on issues related to Goods and Service Tax (GST)—will take crucial policy-related decisions in a meeting that will be held via video conference.
Apart from finalising a simple, single-stage return filing form to ease procedures for small businesses, the Council will suggest a solution such that GST is not levied on goods bought from duty free shops at the airport. In addition, there will a clarity at what stage Integrated GST (IGST) should be paid, in case goods are at bonded or a customs-controlled warehouse.
related news
12.10 pm Parag Milk Foods results on May 09, 2018: Parag Milk Foods' board meeting is scheduled to be held on May 09, 2018, to consider audited standalone and consolidated financial results for the quarter and year ended March 31, 2018 and recommend final dividend.
11: 45 am Market update: The markets continue to trade higher as Nifty is hovering around 10,700 and Sensex inching towards 35,000 mark.
The Sensex up 213.37 points at 34926.97, and the Nifty up 59.40 points at 10677.20. About 1463 shares have advanced, 806 shares declined, and 137 shares are unchanged.
Midcaps are currently trading at par with benchmarks. Meanwhile, PSU banks continue to lead with Nifty PSU banks trading with 5% gain.
11:15 am buzzing stock: Shares of Essel Propack gained nearly 9 percent intraday Friday as company recommended bonus issue.
The company at its meeting held on April 26 has recommended bonus issue of equity shares in the ratio of 1 equity share for every 1 held by the shareholders of the company as on the record date/date fixed for this purpose, subject to the approval of the Members.
The company also recommended dividend of Rs 2.40 per equity share for the financial year 2017-18.
It has reported marginal dip in its consolidated Q4 net profit at Rs 45.47 crore against Rs 46.09 crore in the same quarter last fiscal.
10:50 am IPO plans: The Lodha Group is said to be looking to raise more than Rs 5,000 crore through an Initial Public Offering (IPO).
An Economic Times report stated that Rs 3,750 crore will be raised through issuance of fresh shares, while the balance will come in through offer for sale.
10:41 am Rallis India gains: Shares of Rallis India slipped 5 percent intraday Friday on the back of poor fourth quarter numbers.
The company reported 37 percent decline in its consolidated net profit at Rs 19.58 crore for the quarter ended March 2018 against Rs 31.01 crore in the same quarter last year.
The total income of the company increased marginally to Rs 373.84 crore versus Rs 371.85 crore.
10:22 am Buzzing Stock: Shares of Thermax gained 3.4 percent intraday Friday on the back of order win worth Rs 279 crore.
Thermax Group has received an order worth Rs 279 crore from a leading public sector fertiliser company to set up captive cogeneration plant at Trombay.
The project is for a GTG (Gas Turbine Generator) - cum - HRSG (Heat Recovery Steam Generator) based cogen plant of 50MW capacity on an EPC basis.
10:05 am Market Check: The indices have further advanced their gains as the Sensex has risen 300 points, while the Nifty has hit 10,700-mark. The market breadth strongly favours the advances.
Axis Bank, SBI, are the top gainers, while TCS, Wipro are the top losers.
9:50 am Axis Bank recovers: Shares of Axis Bank witnessed extreme movements in morning trade as the scrip recovered from 3 percent lows to be trading over 5.5 percent higher. Experts were anticipating a lower opening on the back of its dismal performance in the March quarter.
The stock touched an intraday high of Rs 522.00 and an intraday low of Rs 479.00.
Among key possibilities for the rise could be attractive valuations along with reportage of a kitchen-sink quarter as well.
9:40 am Market Check: The market has extended its gains from the opening minutes, with the Sensex rising over 250 points, while the Nifty has managed to clock 10,700 as well.
The market breadth strongly favoured the advances. Midcaps are trading strong, seeing gains of half a percent, but were underperforming the benchmarks.
All sectoral indices, barring IT, are trading in the green. Shares of Reliance Industries has crossed Rs 1,000 mark ahead of Q4 earnings. Meanwhile, Bharti Airtel and Wipro are the laggards in the morning trade, being the top losers on Sensex and Nifty.
9:25 am Rupee Update: The Indian rupee opened lower by 8 paise at 66.83 per dollar on Friday versus previous close 66.75.
After remaining under pressure in the past few sessions, yesterday, the rupee consolidated against the US dollar. Weakness in the rupee had been triggered on back of sharp rise in global crude oil prices and fund outflow by FIIs in the equity and debt segment. Yesterday, they sold another USD 100 million, now getting the cumulative figure for this month to almost USD 2billion, said Motilal Oswal.
9:15 am Market Opens: Equities have begun the day on a good note, with the Sensex rising over 100 points, while the Nifty managed to open above 10,650-mark.
The Sensex is up 143.63 points at 34857.23, while the Nifty is up 56.20 points at 10674.00. The market breadth is positive as 333 shares advanced, against a decline of 171 shares declined, while 54 shares were unchanged.
Among stocks, Axis Bank took a hit of 3 percent in the first few minutes, after the bank reported dismal set of numbers for the March quarter as provisions trebled. Meanwhile, IDBI Bank is also trading lower by 4 percent after its ex-CMD has been booked in a fraud case.
Meanwhile, global markets were trading higher on the back of positive handover from US.
Asian shares edged higher on Friday, after US equities were buoyed by solid quarterly earnings and a rebound in technology stocks, while the euro languished near three-month lows after the European Central Bank kept interest rates unchanged.
US stocks advanced on Thursday with each of Wall Street’s major indexes ending the session up 1 percent or higher, boosted by solid earnings results and a rebound in technology stocks as U.S. bond yields pulled back.