Deal Called Off: Orient Cement share price rallied 13 percent after CK Birla Group firm Orient Cement has terminated the agreement to acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs 1,946 crore.
On May 31 last year, Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL), for acquisition of 74 per cent equity shares of Bhilai Jaypee Cement Ltd from JAL.
A business transfer agreement (BTA) was also signed between Orient Cement, Jaiprakash Power Ventures Ltd (JPVL) and JAL, for acquisition of Nigrie Cement Grinding Unit, as going concern from JPVL. (With inputs from PTI)
May 31, 10:09 AM (IST)
May 31, 09:53 AM (IST)
Buzzing: Shares of Punj Lloyd rose nearly 18 percent intraday as company turned profitable in the quarter ended March 2018.
The company has posted profit of Rs 944 crore in Q4FY18 against loss of Rs 184 crore in Q3FY18. The company had posted loss of Rs 181 crore in March 2017.
Revenue for the quarter ended March 2018 rose 19 percent at Rs 1060 crore against Rs 890 crore in a year ago period.
The board has approved a proposal to restructure the outstanding credit facilities by way of conversion of such credit facilities into securities (non-
convertible/redeemable/convertible) on preferential basis, issuance of securities (non-convertible/redeemable/convertible) to promoters/investors on preferential basis.
May 31, 09:45 AM (IST)
Market Update: The market is trading higher ahead of expiry of May derivative contracts, tracking positive move in global peers after easing of Italy political concerns.
The 30-share BSE Sensex rallied 94.98 points at 35,001.09 and the 50-share NSE Nifty rose 22.60 points to 10,637. About 1,013 shares advanced against 740 declining shares on the BSE.
HDFC Bank, HDFC, Reliance Industries and Infosys support the market while ICICI Bank, SBI, Axis Bank, TCS are under pressure.
May 31, 09:40 AM (IST)
Fuel Price Update: Petrol price was today cut by 7 paise a litre and diesel by 5 paise - the second reduction in as many days on the back of softening international oil rates.
Petrol in Delhi now costs Rs 78.35 a litre, down from Rs 78.42, according to a price notification issued by state-owned oil firms.
Diesel rates have been cut to Rs 69.25 per litre from Rs 69.30.
This is the second reduction in rates coming after a 16 day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls. Petrol and diesel prices were yesterday cut by 1 paisa a litre each. That reduction followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on Tuesday, reports PTI.
May 31, 09:38 AM (IST)
Buzzing: Sadbhav Engineering share price gained a percent after March quarter earnings.
SEL's Q4FY18 revenue grew 7 percent YoY to Rs 1,100 crore, while EBITDA margin expanded around 60bps to 11.2 percent. Lower other income (down 82 percent YoY) restricted PAT to Rs 69.9 crore (up around 2 percent YoY).
The company’s BOT portfolio witnessed healthy around 10 percent YoY growth in toll collection. Robust order inflows which have boosted order book to around Rs 13,200 crore (book-to-bill at 3.7x) and improving margin trajectory are key positives.
With a bid pipeline of around Rs 80,000 crore, Edelweiss expects SEL to win substantial orders going ahead, which will lend impetus to execution growth. The research house has maintained Buy rating on the stock with SoTP-based target price of Rs 530.
Rupee Update: The rupee strengthened by 6 paise to 67.37 against the dollar at the Interbank Foreign Exchange ahead of GDP data scheduled to be released later today.
Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies supported the rupee.
Furthermore, expectations of robust GDP growth and a higher opening in the domestic equity market, influenced the rupee uptrend, they added.
Yesterday, the rupee had ended with a solid 43 paise gain against the American currency at 67.43 after traders unwound bullish dollar positions.
May 31, 09:27 AM (IST)
May 31, 09:20 AM (IST)
Market Opening: Benchmark indices started off the expiry day on a strong note, tracking positive trend in global peers on easing of Italy political concerns.
The 30-share BSE Sensex rallied 141.30 points to 35047.41 and the 50-share NSE Nifty gained 42 points at 10,656.40.
Jubilant Foodworks, Punj Lloyd, Apollo Hospitals, Deepak Fertilisers, Satin Creditcare, KNR Construction, Sadbhav Engineering and Saksoft surged up to 15 percent.
Manpasand Beverages, Vakrangee and V-Guard Industries fell up to 10 percent.
May 31, 09:07 AM (IST)
Asia Update: Asian stocks traded higher on easing of Italian political concerns.
Japan's Nikkei 225 rose 0.43 percent and Australia's S&P/ASX 200 advanced 0.41 percent.
In South Korea, the Kospi advanced 0.44 percent while China's Shanghai Composite rose 1 percent and Hong Kong's Hang Seng gained 0.8 percent.
May 31, 09:05 AM (IST)
Market Pre-opening: Benchmark indices are trading higher in pre-opening, following the rally in global stocks.
The 30-share BSE Sensex rose 100.86 points to 35,006.97 and the 50-share NSE Nifty gained 32.10 points at 10,646.50.
Punj Lloyd gained 20 percent and Reliance Communications rallied 10 percent. Bhushan Steel rose 10 percent.
Market Cues: The Nifty50 is expected to open higher on Thursday following positive trend seen in other Asian markets. The index closed 18.95 points lower at 10,614 on Wednesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 25 points or 0.24 percent. Nifty futures were trading around 10,656-level on the Singaporean Exchange.
US stocks ended higher on Wednesday, and the S&P 500 and Dow registered their biggest daily percentage gains since May 4, on signs of easing political turmoil in Italy and as a surge in oil prices boosted energy stocks, said a Reuters report.
Asian stocks rebounded from a two-month trough on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.3 percent having slumped to its weakest since the start of April on Wednesday. South Korea’s KOSPI added 0.6 percent and Japan’s Nikkei advanced 0.5 percent.
Oil prices dropped slightly on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June, added the Reuters report. Brent crude was trading around $77.30 per barrel.
Deal Called Off: Orient Cement share price rallied 13 percent after CK Birla Group firm Orient Cement has terminated the agreement to acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs 1,946 crore.
On May 31 last year, Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL), for acquisition of 74 per cent equity shares of Bhilai Jaypee Cement Ltd from JAL.
A business transfer agreement (BTA) was also signed between Orient Cement, Jaiprakash Power Ventures Ltd (JPVL) and JAL, for acquisition of Nigrie Cement Grinding Unit, as going concern from JPVL. (With inputs from PTI)
Buzzing: Shares of Punj Lloyd rose nearly 18 percent intraday as company turned profitable in the quarter ended March 2018.
The company has posted profit of Rs 944 crore in Q4FY18 against loss of Rs 184 crore in Q3FY18. The company had posted loss of Rs 181 crore in March 2017.
Revenue for the quarter ended March 2018 rose 19 percent at Rs 1060 crore against Rs 890 crore in a year ago period.
The board has approved a proposal to restructure the outstanding credit facilities by way of conversion of such credit facilities into securities (non-
convertible/redeemable/convertible) on preferential basis, issuance of securities (non-convertible/redeemable/convertible) to promoters/investors on preferential basis.
Market Update: The market is trading higher ahead of expiry of May derivative contracts, tracking positive move in global peers after easing of Italy political concerns.
The 30-share BSE Sensex rallied 94.98 points at 35,001.09 and the 50-share NSE Nifty rose 22.60 points to 10,637. About 1,013 shares advanced against 740 declining shares on the BSE.
HDFC Bank, HDFC, Reliance Industries and Infosys support the market while ICICI Bank, SBI, Axis Bank, TCS are under pressure.
Fuel Price Update: Petrol price was today cut by 7 paise a litre and diesel by 5 paise - the second reduction in as many days on the back of softening international oil rates.
Petrol in Delhi now costs Rs 78.35 a litre, down from Rs 78.42, according to a price notification issued by state-owned oil firms.
Diesel rates have been cut to Rs 69.25 per litre from Rs 69.30.
This is the second reduction in rates coming after a 16 day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls. Petrol and diesel prices were yesterday cut by 1 paisa a litre each. That reduction followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on Tuesday, reports PTI.
Buzzing: Sadbhav Engineering share price gained a percent after March quarter earnings.
SEL's Q4FY18 revenue grew 7 percent YoY to Rs 1,100 crore, while EBITDA margin expanded around 60bps to 11.2 percent. Lower other income (down 82 percent YoY) restricted PAT to Rs 69.9 crore (up around 2 percent YoY).
The company’s BOT portfolio witnessed healthy around 10 percent YoY growth in toll collection. Robust order inflows which have boosted order book to around Rs 13,200 crore (book-to-bill at 3.7x) and improving margin trajectory are key positives.
With a bid pipeline of around Rs 80,000 crore, Edelweiss expects SEL to win substantial orders going ahead, which will lend impetus to execution growth. The research house has maintained Buy rating on the stock with SoTP-based target price of Rs 530.
Stocks in the news: ICICI Bank, ONGC, UltraTech, Vedanta, Manpasand Beverages, Atlanta
ICICI Bank | Bhushan Steel | UltraTech Cement | Punj Lloyd | EIH | IOB | MTNL | Thomas Cook | Syngene are the stocks which are in news today.
Rupee Update: The rupee strengthened by 6 paise to 67.37 against the dollar at the Interbank Foreign Exchange ahead of GDP data scheduled to be released later today.
Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies supported the rupee.
Furthermore, expectations of robust GDP growth and a higher opening in the domestic equity market, influenced the rupee uptrend, they added.
Yesterday, the rupee had ended with a solid 43 paise gain against the American currency at 67.43 after traders unwound bullish dollar positions.
Market Opening: Benchmark indices started off the expiry day on a strong note, tracking positive trend in global peers on easing of Italy political concerns.
The 30-share BSE Sensex rallied 141.30 points to 35047.41 and the 50-share NSE Nifty gained 42 points at 10,656.40.
Jubilant Foodworks, Punj Lloyd, Apollo Hospitals, Deepak Fertilisers, Satin Creditcare, KNR Construction, Sadbhav Engineering and Saksoft surged up to 15 percent.
Manpasand Beverages, Vakrangee and V-Guard Industries fell up to 10 percent.
Asia Update: Asian stocks traded higher on easing of Italian political concerns.
Japan's Nikkei 225 rose 0.43 percent and Australia's S&P/ASX 200 advanced 0.41 percent.
In South Korea, the Kospi advanced 0.44 percent while China's Shanghai Composite rose 1 percent and Hong Kong's Hang Seng gained 0.8 percent.
Market Pre-opening: Benchmark indices are trading higher in pre-opening, following the rally in global stocks.
The 30-share BSE Sensex rose 100.86 points to 35,006.97 and the 50-share NSE Nifty gained 32.10 points at 10,646.50.
Punj Lloyd gained 20 percent and Reliance Communications rallied 10 percent. Bhushan Steel rose 10 percent.
CRISIL rallied 4 percent.
Markets@Moneycontrol: Nifty likely to open higher; 3 stocks which could give 17-19% return
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 25 points or 0.24 percent. Nifty futures were trading around 10,656-level on the Singaporean Exchange.
Market Cues: The Nifty50 is expected to open higher on Thursday following positive trend seen in other Asian markets. The index closed 18.95 points lower at 10,614 on Wednesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 25 points or 0.24 percent. Nifty futures were trading around 10,656-level on the Singaporean Exchange.
US stocks ended higher on Wednesday, and the S&P 500 and Dow registered their biggest daily percentage gains since May 4, on signs of easing political turmoil in Italy and as a surge in oil prices boosted energy stocks, said a Reuters report.
Asian stocks rebounded from a two-month trough on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.3 percent having slumped to its weakest since the start of April on Wednesday. South Korea’s KOSPI added 0.6 percent and Japan’s Nikkei advanced 0.5 percent.
Oil prices dropped slightly on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June, added the Reuters report. Brent crude was trading around $77.30 per barrel.