ICRA pegs wind energy capacity addition at 3-3.5 GW in FY'19: Wind energy capacity addition is estimated at about 3-3.5 GW in FY2019 and the viability of bid tariffs and inter-state connectivity will be key headwinds for developers, ratings agency ICRA said today.
The project awards so far are expected to improve the capacity addition in the wind power segment to about 3 to 3.5 GW in FY2019 against 1.7 GW in FY2018, ICRA said in a statement.
The Ministry of New and Renewable Energy (MNRE) along with the distribution utilities in Gujarat, Maharashtra and Tamil Nadu have awarded wind-power capacity of 7.6 GW over the past 15 months and another 10 GW each are proposed to be awarded in FY2019 and FY2020, reported PTI.
Jun 04, 02:18 PM (IST)
Market Update: Benchmark indices extended losses in afternoon trade, with the Sensex falling more than 150 points and the Nifty breaking 10,650 levels due to further correction in banks.
Nifty Bank index plunged 400 points as HDFC Bank, ICICI Bank, Kotak Mahindra Bank and SBI are top contributors to the index fall, which are down 1-2 percent.
HUL, Indiabulls Housing, Titan Company, Bajaj Finserv, Bharti Airtel, Asian Paints, Adani Ports and Power Grid slipped up to 3 percent.
Reliance Industries (up 1.17 percent), Infosys (0.89 percent) and ITC (up 0.4 percent) managed to cap some losses.
The BSE Sensex dropped 199.96 points to 35,027.30 and the NSE Nifty dipped 66.20 points to 10,630. Nifty Midcap slipped over a percent as about four shares declined for every share rising on the BSE.
Jun 04, 02:16 PM (IST)
Jun 04, 02:11 PM (IST)
Drug Launch: Lupin announced the launch of its generic Methylergonovine Maleate tablets USP, 0.2 mg, in the US.
Methylergonovine Maleate tablet is the generic equivalent of Novartis Pharmaceuticals Corporation's Methergine. It is indicated for the prevention and control of postpartum hemorrhage.
The drug had annual sales of approximately $71.5 million in the US, as per IQVIA MAT April 2018.
CAD may widen: India Ratings and Research believes a combination of elevated crude oil price and weak rupee, if sustained for more than a quarter, will have an adverse impact on India’s current account position, inflation, monetary policy stance and fiscal balance.
"If crude basket averages USD68-72.86/bbl and rupee averages 66.6-67/USD for FY19, the current account deficit could widen $22 billion-31 billion in FY19," it said.
Wholesale inflation could also increase 70-80bp from the agency’s current forecast of 3.4 percent and retail inflation 30-35bp from its current forecast of 4.3 percent, according to the rating agency.
Jun 04, 01:52 PM (IST)
Market Update: The market is mildly under pressure amid consolidation in afternoon trade, with the Nifty struggling below 10,700 levels.
Banks are pulling the market lower as the Nifty Bank index slips 300 points while Midcap index extends losses to 150 points.
Jun 04, 01:31 PM (IST)
Breaking News: MK Jain has been appointed as RBI Deputy Governor for three years.
He is currently the Managing Director and CEO of IDBI Bank.
Jun 04, 01:29 PM (IST)
Acquisition: Huhtamaki PPL has completed the acquisition of the business of Ajanta Packaging, India in terms of the business transfer agreement and other related documents executed between the company and Ajanta Packaging, India.
Jun 04, 01:19 PM (IST)
Jun 04, 01:11 PM (IST)
Europe Update: European markets opened higher, amid a slew of corporate news, and despite an anti-immigration party winning an election in euro zone country Slovenia over the weekend.
France's CAC, Germany's DAX and Britain's FTSE gained more than half a percent.
Jun 04, 01:06 PM (IST)
Crude Update: Crude oil futures traded flat. The market was weighed down by US output climbing to a record-high and expectations that OPEC members will raise supplies.
Global benchmark Brent was up 0.05 percent at $76.83 a barrel.
US West Texas Intermediate (WTI) crude futures gained 0.09 percent to $65.87 a barrel. Last week, the market lost around 3 percent, adding to a near 5-percent decline from a week before, reports Reuters.
Jun 04, 12:53 PM (IST)
Market Update: The market continued to trade in a narrow range with the Nifty hovering around 10,700 levels despite strong global cues. Investors await monsoon progress and monitor the movement in rupee and crude oil prices.
The BSE Sensex rose 31.08 points to 35,258.34 and the NSE Nifty fell 0.10 points to 10,696.10. About three shares declined for every share rising on the BSE.
Buzzing: Whirlpool of India share price gained after the company said in line with the strategic priority for Whirlpool to expand the cooking & built-in appliance portfolio, the board approved a proposal to enter into a strategic joint venture with Elica and acquire 49 percent equity in Elica PB India Pvt Ltd.
As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India.
Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010.
"The parties expect the transaction to close in the second half of 2018," the company said.
"The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, manufacturing and also broaden its distribution," Sunil D’Souza, Managing Director of Whirlpool India said.
Market Update: The market remained rangebound in late morning deals as investors digested better-than-expected US jobs data and shifted focus to monsoon, and also monitor the movement in rupee and crude oil prices.
The Nifty struggles below 10,700 levels while the Nifty Midcap index continues to underperform frontliners.
The 30-share BSE Sensex fell 14.70 points to 35,212.56 and the 50-share NSE Nifty slipped 12.50 points to 10,683.70. About three shares declined for every share rising on the BSE.
Jun 04, 11:42 AM (IST)
Jun 04, 11:17 AM (IST)
Nomura has maintained buy rating on Tata Motors with a price target of Rs 495 per share.
The company's JLR US retail sales was better than expected at 17 percent in May 2018. Land Rover drives volume of the company, while Jaguar continued to remain weak, said Nomura.
The research firm expect 9 percent growth in overall JLR volumes in 2018-19.
Jun 04, 11:02 AM (IST)
Buzzing: Share price of Dilip Buildcon rose 3.6 percent as company received letter of award from National Highways Authority of India (NHAI) for a project in the state of Karnataka.
The company has received letter of award worth of Rs 1313.90 for a new hybrid annuity project in the state of Karnataka.
The project includes four laning of Bellary to Byrapura section of NH-150A on hybrid annuity mode under Bharatmala Pariyojana in the state of Karnataka on Hybrid Annuity Mode Pkg - I.
Jun 04, 10:52 AM (IST)
Market Update: The market continued to consolidate after a sharp rise in opening, with the Nifty struggling below 10,700 levels.
HDFC Bank, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys and Tata Motors continue to support the market, rising 1 percent each.
Dr Reddy's Labs is the top gainer among Nifty50 stocks, rising 3 percent after getting zero observations for Srikakulam plant from USFDA.
The Sensex fell 11.41 points at 35,215.85 and the Nifty declined 8.40 points to 10,687.80 while the Nifty Midcap index continues to underperform frontliners on weak market breadth.
About two shares declined for every share rising on the BSE..
Jun 04, 10:41 AM (IST)
Fund Raising: Hotel Leela informed exchanges that a meeting of the Board of Directors of the company has been scheduled to be held on June 11 to approve enabling resolutions for issue of upto 125 crore shares to JM Financial Asset Reconstruction Company Limited on preferential basis towards conversion of part of Debt into Equity.
Jun 04, 10:30 AM (IST)
Buzzing: Steel Authority of India’s shares rose over 2 percent as investors cheered a ratings upgrade on the stock.
Global research firm Citi has upgraded the stock from neutral from sell and raised the target price by 66 percent to Rs 83 from Rs 50.
Citi said that it is expecting steel spreads to sustain on better demand, supply limits and falling inventories. Going forward, it also expects strong volumes and a fall in net debt-to-EBITDA to three times by 2019-2020.
The global financial services firm also is raising EBITDA estimates for the current and next fiscal by 26 and 25 percent, respectively on the back of potentially higher steel prices.
Jun 04, 10:20 AM (IST)
Jun 04, 10:13 AM (IST)
Rupee Update: Maintaining its uptrend for the fourth straight day, the rupee strengthened by 21 paise to a fresh one-month high of 66.85 against the dollar in opening today on increased selling of the greenback by exporters and banks, but could not sustain gains for long.
The rupee currently is trading at 67.03 a dollar, up 3 paise from previous close.
Participants are also keeping an eye on RBI's second bi-monthly monetary policy meeting of 2018-19, being held from June 4-6.
Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas after the release of an upbeat US jobs report capped the gains.
On Friday, the rupee had gained 35 paise against the US currency to end at a near one-month high of 67.06 after a flurry of upbeat economic data bolstered confidence in the growth outlook. (With inputs from PTI)
Buzzing: Shares of Cadila Healthcare added 1.7 percent in the early trade on the back of USFDA for Doxycycline Hyclate capsules USP.
Zydus Cadila has received the final approval from the USFDA to market Doxycycline Hyclate Capsules USP, 50 mg and 100 mg.
It is a tetracycline antibiotic used for treatment of a wide variety of bacterial infections, including those that cause acne. This medication is also used for prophylaxis of malaria.
It will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad.
Jun 04, 09:50 AM (IST)
Market Update: The market erased all its opening gains to trade lower despite strong global cues, pulled down by HDFC Bank that fell 2 percent on profit booking.
The Sensex is down around 100 points and the Nifty slips below 10,700 while the Nifty Bank index falls 200 points.
HDFC, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys, ICICI Bank supported the market.
Dr Reddy's Labs is the top gainer among Nifty50 stocks, rising nearly 3% after getting zero observations for Srikakulam plant from USFDA.
ICRA pegs wind energy capacity addition at 3-3.5 GW in FY'19: Wind energy capacity addition is estimated at about 3-3.5 GW in FY2019 and the viability of bid tariffs and inter-state connectivity will be key headwinds for developers, ratings agency ICRA said today.
The project awards so far are expected to improve the capacity addition in the wind power segment to about 3 to 3.5 GW in FY2019 against 1.7 GW in FY2018, ICRA said in a statement.
The Ministry of New and Renewable Energy (MNRE) along with the distribution utilities in Gujarat, Maharashtra and Tamil Nadu have awarded wind-power capacity of 7.6 GW over the past 15 months and another 10 GW each are proposed to be awarded in FY2019 and FY2020, reported PTI.
Market Update: Benchmark indices extended losses in afternoon trade, with the Sensex falling more than 150 points and the Nifty breaking 10,650 levels due to further correction in banks.
Nifty Bank index plunged 400 points as HDFC Bank, ICICI Bank, Kotak Mahindra Bank and SBI are top contributors to the index fall, which are down 1-2 percent.
HUL, Indiabulls Housing, Titan Company, Bajaj Finserv, Bharti Airtel, Asian Paints, Adani Ports and Power Grid slipped up to 3 percent.
Reliance Industries (up 1.17 percent), Infosys (0.89 percent) and ITC (up 0.4 percent) managed to cap some losses.
The BSE Sensex dropped 199.96 points to 35,027.30 and the NSE Nifty dipped 66.20 points to 10,630. Nifty Midcap slipped over a percent as about four shares declined for every share rising on the BSE.
Drug Launch: Lupin announced the launch of its generic Methylergonovine Maleate tablets USP, 0.2 mg, in the US.
Methylergonovine Maleate tablet is the generic equivalent of Novartis Pharmaceuticals Corporation's Methergine. It is indicated for the prevention and control of postpartum hemorrhage.
The drug had annual sales of approximately $71.5 million in the US, as per IQVIA MAT April 2018.
COMMENT-Q4 results show silver linings in several sectors, marred by large banking sector cloud
Earnings in the final quarter of FY18 were marked by sustained traction and the prospect of capex in consumption-facing businesses, infrastructure spending by the government, and strong growth in commodity-driven companies and digital-ready information technology players.
CAD may widen: India Ratings and Research believes a combination of elevated crude oil price and weak rupee, if sustained for more than a quarter, will have an adverse impact on India’s current account position, inflation, monetary policy stance and fiscal balance.
"If crude basket averages USD68-72.86/bbl and rupee averages 66.6-67/USD for FY19, the current account deficit could widen $22 billion-31 billion in FY19," it said.
Wholesale inflation could also increase 70-80bp from the agency’s current forecast of 3.4 percent and retail inflation 30-35bp from its current forecast of 4.3 percent, according to the rating agency.
Market Update: The market is mildly under pressure amid consolidation in afternoon trade, with the Nifty struggling below 10,700 levels.
Banks are pulling the market lower as the Nifty Bank index slips 300 points while Midcap index extends losses to 150 points.
Breaking News: MK Jain has been appointed as RBI Deputy Governor for three years.
He is currently the Managing Director and CEO of IDBI Bank.
Acquisition: Huhtamaki PPL has completed the acquisition of the business of Ajanta Packaging, India in terms of the business transfer agreement and other related documents executed between the company and Ajanta Packaging, India.
Europe Update: European markets opened higher, amid a slew of corporate news, and despite an anti-immigration party winning an election in euro zone country Slovenia over the weekend.
France's CAC, Germany's DAX and Britain's FTSE gained more than half a percent.
Crude Update: Crude oil futures traded flat. The market was weighed down by US output climbing to a record-high and expectations that OPEC members will raise supplies.
Global benchmark Brent was up 0.05 percent at $76.83 a barrel.
US West Texas Intermediate (WTI) crude futures gained 0.09 percent to $65.87 a barrel. Last week, the market lost around 3 percent, adding to a near 5-percent decline from a week before, reports Reuters.
Market Update: The market continued to trade in a narrow range with the Nifty hovering around 10,700 levels despite strong global cues. Investors await monsoon progress and monitor the movement in rupee and crude oil prices.
The BSE Sensex rose 31.08 points to 35,258.34 and the NSE Nifty fell 0.10 points to 10,696.10. About three shares declined for every share rising on the BSE.
For RBI, it's a choice between a rate hike now and August
The anticipated increase could put a dent in growth, which has recovered after blows from the November 2016 demonetisation and the bumpy July 2017 launch of a national goods and services tax.
Buzzing: Whirlpool of India share price gained after the company said in line with the strategic priority for Whirlpool to expand the cooking & built-in appliance portfolio, the board approved a proposal to enter into a strategic joint venture with Elica and acquire 49 percent equity in Elica PB India Pvt Ltd.
As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India.
Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010.
"The parties expect the transaction to close in the second half of 2018," the company said.
"The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, manufacturing and also broaden its distribution," Sunil D’Souza, Managing Director of Whirlpool India said.
Is your portfolio bleeding because of Manpasand, Vakrangee & Atlanta? Here's what you should do
Nikhil Kamath, Co-founder, Zerodha, said quality of the auditing firm is something people should pay heed to. "An auditor who resigns at the last minute, especially without reason, should definitely be penalised."
Market Update: The market remained rangebound in late morning deals as investors digested better-than-expected US jobs data and shifted focus to monsoon, and also monitor the movement in rupee and crude oil prices.
The Nifty struggles below 10,700 levels while the Nifty Midcap index continues to underperform frontliners.
The 30-share BSE Sensex fell 14.70 points to 35,212.56 and the 50-share NSE Nifty slipped 12.50 points to 10,683.70. About three shares declined for every share rising on the BSE.
Nomura has maintained buy rating on Tata Motors with a price target of Rs 495 per share.
The company's JLR US retail sales was better than expected at 17 percent in May 2018. Land Rover drives volume of the company, while Jaguar continued to remain weak, said Nomura.
The research firm expect 9 percent growth in overall JLR volumes in 2018-19.
Buzzing: Share price of Dilip Buildcon rose 3.6 percent as company received letter of award from National Highways Authority of India (NHAI) for a project in the state of Karnataka.
The company has received letter of award worth of Rs 1313.90 for a new hybrid annuity project in the state of Karnataka.
The project includes four laning of Bellary to Byrapura section of NH-150A on hybrid annuity mode under Bharatmala Pariyojana in the state of Karnataka on Hybrid Annuity Mode Pkg - I.
Market Update: The market continued to consolidate after a sharp rise in opening, with the Nifty struggling below 10,700 levels.
HDFC Bank, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys and Tata Motors continue to support the market, rising 1 percent each.
Dr Reddy's Labs is the top gainer among Nifty50 stocks, rising 3 percent after getting zero observations for Srikakulam plant from USFDA.
The Sensex fell 11.41 points at 35,215.85 and the Nifty declined 8.40 points to 10,687.80 while the Nifty Midcap index continues to underperform frontliners on weak market breadth.
About two shares declined for every share rising on the BSE..
Fund Raising: Hotel Leela informed exchanges that a meeting of the Board of Directors of the company has been scheduled to be held on June 11 to approve enabling resolutions for issue of upto 125 crore shares to JM Financial Asset Reconstruction Company Limited on preferential basis towards conversion of part of Debt into Equity.
Buzzing: Steel Authority of India’s shares rose over 2 percent as investors cheered a ratings upgrade on the stock.
Global research firm Citi has upgraded the stock from neutral from sell and raised the target price by 66 percent to Rs 83 from Rs 50.
Citi said that it is expecting steel spreads to sustain on better demand, supply limits and falling inventories. Going forward, it also expects strong volumes and a fall in net debt-to-EBITDA to three times by 2019-2020.
The global financial services firm also is raising EBITDA estimates for the current and next fiscal by 26 and 25 percent, respectively on the back of potentially higher steel prices.
Rupee Update: Maintaining its uptrend for the fourth straight day, the rupee strengthened by 21 paise to a fresh one-month high of 66.85 against the dollar in opening today on increased selling of the greenback by exporters and banks, but could not sustain gains for long.
The rupee currently is trading at 67.03 a dollar, up 3 paise from previous close.
Participants are also keeping an eye on RBI's second bi-monthly monetary policy meeting of 2018-19, being held from June 4-6.
Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas after the release of an upbeat US jobs report capped the gains.
On Friday, the rupee had gained 35 paise against the US currency to end at a near one-month high of 67.06 after a flurry of upbeat economic data bolstered confidence in the growth outlook. (With inputs from PTI)
Is your portfolio bleeding because of Manpasand, Vakrangee & Atlanta? Here's what you should do
Nikhil Kamath, Co-founder, Zerodha, said quality of the auditing firm is something people should pay heed to. "An auditor who resigns at the last minute, especially without reason, should definitely be penalised."
Buzzing: Shares of Cadila Healthcare added 1.7 percent in the early trade on the back of USFDA for Doxycycline Hyclate capsules USP.
Zydus Cadila has received the final approval from the USFDA to market Doxycycline Hyclate Capsules USP, 50 mg and 100 mg.
It is a tetracycline antibiotic used for treatment of a wide variety of bacterial infections, including those that cause acne. This medication is also used for prophylaxis of malaria.
It will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad.
Market Update: The market erased all its opening gains to trade lower despite strong global cues, pulled down by HDFC Bank that fell 2 percent on profit booking.
The Sensex is down around 100 points and the Nifty slips below 10,700 while the Nifty Bank index falls 200 points.
HDFC, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys, ICICI Bank supported the market.
Dr Reddy's Labs is the top gainer among Nifty50 stocks, rising nearly 3% after getting zero observations for Srikakulam plant from USFDA.