Global Update: European markets traded higher following gains in Asia and on Wall Street, and after European Union leaders reached a tentative agreement on migration, though the underlying sentiment remained soured due to ongoing trade tensions between US and China. France's CAC and Germany's DAX rose over a percent while Britain's FTSE was up 0.9 percent at the time of writing this article.
Asian shares closed higher on last trading day of the quarter with China recovering further from recent sharp fall amid trade tensions. China's Shanghai Composite rose 2.2 percent and Hong Kong's Hang Seng rallied 1.6 percent while South Korea's Kospi gained 0.5 percent and Japan's Nikkei bounced back from intraday low to close 0.15 percent higher.
Jun 29, 03:56 PM (IST)
Market Update: The market reversed Thursday's losses and ended the first day of July series on a strong note, backed by positive global cues. All sectoral indices ended in the green with FMCG and Metal leading the charge with 2-3 percent gains.
The 30-share BSE Sensex rose 385.84 points or 1.10 percent to 35,423.48 and the 50-share NSE Nifty gained 125.20 points or 1.18 percent at 10,714.30, driven by Reliance Industries, L&T, HDFC, ITC, Titan Company, Infosys and ICICI Bank.
The Nifty Midcap index also participated in the rally, rising nearly 2 percent on strong market breadth.
IDBI Bank was the top midcap gainer, up 10 percent after sources told CNBC-TV18 that insurance regulator IRDAI is likely to clear the deal between the bank and Life Insurance Corporation of India.
Jun 29, 03:29 PM (IST)
Jun 29, 03:12 PM (IST)
NTPC acquires majority stake in 2 power generating company: NTPC has acquired 27.36 percent equity of Bihar State Power Generation Co (BSPGCL) in Kanti Bijlee Utpadan Nigam (KBUN) which owns 610 MW Muzaffarpur Thermal Power Station and 50 percent equity of BSPGCL in Nabinagar Power Generating Company (NPGC) which is developing 1980 MW Nabinagar Super Thermal Power Project in district Aurangabad, Bihar.
With this acquisition, KBUN and NPGC are now wholly owned subsidiaries of NTPC.
At 15:02 hrs NTPC was quoting at Rs 158.25, up Rs 2.20, or 1.41 percent.
Jun 29, 03:00 PM (IST)
Buzzing: Shares of IDBI Bank gained 12 percent as company clarified about LIC planning to inject Rs 13,000 crore in the company.
The bank has clarified that there is no such discussion has taken place in the board of IDBI Bank about LIC plan to inject Rs 13,000 in to the bank, as per bank release.
Jun 29, 02:49 PM (IST)
MRPL to consider preferential issue of shares: Shares of Mangalore Refinery and Petrochemicals (MRPL) added 4 percent ahead of board meeting to consider preferential issue of shares.
A meeting of the board of directors of the company has been scheduled on July 2 to recommend a proposal for preferential issue of shares to enhance public shareholding upto 25 percent as per SEBI directives, to the shareholders in the ensuing AGM.
Jun 29, 02:39 PM (IST)
Buzzing: Cyient Solutions & Systems, a subsidiary of Cyient has been granted Industrial License for the manufacture, assembly, integration, testing, maintenance, repair and overhaul of unmanned aerial systems, PODS, control systems, power plants, accessories and parts thereof formilitary use, by the DIPP, Ministry of Commerce & Industry.
At 14:37 hrs Cyient was quoting at Rs 756.70, up Rs 9.90, or 1.33 percent.
Jun 29, 02:24 PM (IST)
Market Update: Bulls are back at Dalal Street as the 30-share BSE Sensex rallied 371.02 points or 1.06 percent to 35,408.66, backed by Reliance Industries (up 2.93 percent), L&T (2.68 percent), ITC (1.69 percent), HDFC (0.92 percent), HUL (2.37 percent), Titan Company (3.72 percent), Yes Bank (3.51 percent), and ICICI Bank (1.42 percent).
The 50-share NSE Nifty reclaimed 10,700 levels, rising 116.30 points or 1.10 percent to 10,705.40 while all sectoral indices traded in the green.
The Nifty Midcap index rose 1.6 percent. About 1,721 shares advanced against 715 declining shares on the BSE.
Jun 29, 02:20 PM (IST)
Jun 29, 02:18 PM (IST)
Buzzing: Shares of Gallantt Ispat surged 5.5 percent as company approved sub-division of stock price.
The company board at its meeting held on June 29 considered and approved the proposal of sub-division (split) of equity shares of the company from the existing face value of Rs 10 per equity share to face value of Re 1 per equity share.
The rationale behind the split is to improve the liquidity of equity shares with higher floating stocks and to make the equity shares more affordable to the investors.
Jun 29, 02:10 PM (IST)
Market Update: Benchmark indices extended rally in the afternoon with the Sensex rising 348.78 points or 1 percent to 35,386.42 and the Nifty gaining 107.40 points or 1.01 percent at 10,696.50, tracking global uptrend.
Jun 29, 01:56 PM (IST)
Impact of Rupee: Karan Mehrishi, Lead Economist at Acuite Ratings and Research said
The rupee has been one of the worst performing currencies among peers. Against the USD, it has depreciated by 6.6 percent in calendar year 2018 and 8 percent, Year to Date (YTD). Adding to our concern is the increasingly hawkish Federal Reserve, which has now initiated a reversal of the Quantitative Easing (QE) – marking an end to global easy money.
The impact of the capital flight will be seen in this year’s Capital Account. With volatile commodity prices playing havoc with the import bill, we reckon that the situation will worsen at the trade front as well.
We are expecting the current account deficit to peg at 2.2 percent of GDP (30 bps higher than previous year). Our estimate for the Rupee relative performance to the USD suggests an upper bound of 70 by Q3 FY19. An improvement can be foreseen in calendar year 2019.
Jun 29, 01:44 PM (IST)
Rupee Update: The Indian rupee recovered sharply in afternoon, rising 42 paise to 68.37 against the dollar on fresh selling of the American currency by banks and exporters.
Strong trade on the domestic equity market also propped up the rupee.
Jun 29, 01:41 PM (IST)
Market Update: The market is trading at day's high following strong trend in global stocks after EU leaders reached tentative agreement on migration, although underlying market sentiment was soured by concerns over ongoing global trade tensions. European markets tradef higher by a percent each.
The 30-share BSE Sensex rallied 305.42 points or 0.87 percent to 35,343.06 and the 50-share NSE Nifty rose 96.80 points or 0.91 percent to 10,685.90. About three shares advanced for every share falling on the BSE.
The Nifty Midcap continued to trade higher by more than a percent.
Jun 29, 01:30 PM (IST)
Listing: Railways consultancy firm RITES, the first state-owned firm to hit the IPO market in the current fiscal, is going to list its equity shares on the BSE and NSE on Monday, July 2, 2018.
The company after consultation with book running lead managers has fixed final issue price at Rs 185 per share.
Last week the Rs 466-crore initial public offer had garnered strong investor demand, with the issue getting oversubscribed 67.24 times during June 20-22.
The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 15.74 times.
Jun 29, 01:20 PM (IST)
Jun 29, 01:12 PM (IST)
Settlement Agreement: Reliance Infratel and its minority shareholder HSBC Daisy Investments (Mauritius) today submitted final consent terms of their settlement before NCLAT over sale of tower and fibre asset.
Following this, the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairman Justice S J Mukhopadhaya disposed of the appeal filed by the Reliance Communications group firm.
The consent term between the parties was signed on June 15, 2018, informed senior advocate Salman Khursheed appearing for Reliance Infratel, the tower unit of Reliance Communications.
The Reliance Communications group firm was also backed by State Bank of India at NCLAT in this, reports PTI.
Jun 29, 01:01 PM (IST)
Listing: Chemical manufacturer Fine Organic Industries is set to debut on bourses on July 2. The issue price is fixed at higher end of price band of Rs 780-783 per share.
The Rs 600-crore initial public offer was oversubscribed by 8.99 times during June 20-22, 2018.
The reserved portion of qualified institutional buyers (QIBs) portion was subscribed 12.86 times, non-institutional investors 21.01 times and retail investors 1.62 times.
Jun 29, 12:43 PM (IST)
Market Update: The market continued to trade strong in afternoon as the Nifty is inching towards 10,700 levels, driven by oil, FMCG, infra, metals and select banks stocks.
The 30-share BSE Sensex rallied 298.81 points to 35,336.45 and the 50-share NSE Nifty rose 96.70 points to 10,685.80 while the Nifty Midcap index gained more than a percent.
Reliance Industries (up 2.7 percent), L&T (2.3 percent), ITC (1.6 percent), ICICI Bank (1.5 percent) and Titan Company (3.4 percent) are top five contributors to the Nifty's gains.
Jun 29, 12:24 PM (IST)
Jun 29, 12:23 PM (IST)
Fortis in Focus: Cash-strapped Fortis Healthcare, which is currently in the process to find a new investor, today extended the date for submission of binding bids yet again by fixing July 3 as the new deadline.
Earlier on June 12, the company had extended the deadline for submission of binding bids to June 28 after shortlisting four entities -- the Munjal-Burman combine, Manipal-TPG consortium, Malaysia's IHH Healthcare Berhad and Radiant Life Care -- as possible suitors for the sale of its business.
The date for submission of the binding bids stands revised to Tuesday, July 3, 2018, the company said in a regulatory filing.
The rest of the details with respect to the timings and submission remain the same, it added.
In May, Fortis Healthcare had initiated a fresh time- bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine. It had set June 14 as deadline for submitting fresh binding bids, reports PTI.
Jun 29, 12:01 PM (IST)
ICICI Bank extends gains: The country's largest private sector lender informed exchanges that the board of directors appointed Girish Chandra Chaturvedi as an additional (Independent) director effective July 1, 2018 for a period of 3 years subject to the approval of shareholders as the term of office of M K Sharma expires on June 30, 2018.
The board also approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 or the date of receipt of RBI approval for such appointment whichever is later in the vacancy caused by cessation of term of M K Sharma {Independent Director & Chairman), the bank said.
Chaturvedi is not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or any other such authority.
Jun 29, 11:56 AM (IST)
Asia Update: Asian stocks rose on the last trading day of the quarter, with regional markets turning higher through the session as China recovered slightly from a recent slump amid worries over trade tensions between Washington and Beijing.
China's Shanghai Composite gained 1.8 percent and Hong Kong's Hang Seng rose 1.4 percent. Japan's Nikkei also recovered to trade higher while South Korea's Kospi went up 0.6 percent.
Jun 29, 11:46 AM (IST)
Market Update: The market held on to early gains, tracking positive global cues on the last day of the quarter. FMCG, oil, infra and metals stocks continue to lead the market higher.
The 30-share BSE Sensex rallied 239.10 points tp 35,276.74 and the 50-share NSE Nifty gained 79.60 points at 10,668.70 while the Nifty Midcap index gained 1 percent.
About three shares advanced for every share falling on the BSE.
Jun 29, 11:25 AM (IST)
Jun 29, 11:22 AM (IST)
Gold Update: Gold rose early Friday after slipping to a more than six-month low in the previous session, as the dollar retreated from recent highs amid a rising euro, but the yellow metal was on track for its worst month since November 2016.
Spot gold was 0.2 percent higher at $1,250.90 an ounce. On Thursday, it touched USD 1,245.32, its lowest since December 13, 2017.
Nomura view on Sun TV: Shares of Sun TV Network gained 2 percent intraday Friday as research house Nomura maintained buy rating with a target of Rs 1105 per share.
According to Nomura, the company is a key beneficiary of digitisation in Tamil Nadu.
The broking house believes that digitization is likely to drive 15-23 percent growth.
The stock is trading at 19x FY20F consolidated EPS and expect 20 percent EPS CAGR FY18-20F, it added
An evening walk down Dalal Street: Sensex starts July series with fireworks! Nifty reclaims 10,700
The S&P BSE Sensex rose 385 points or 1.10 percent at 35,423.48 while the Nifty50 surged 1.18 percent or 125.20 points at 10,714.30. However, for the week, Nifty closed down by about 1 percent.
Global Update: European markets traded higher following gains in Asia and on Wall Street, and after European Union leaders reached a tentative agreement on migration, though the underlying sentiment remained soured due to ongoing trade tensions between US and China. France's CAC and Germany's DAX rose over a percent while Britain's FTSE was up 0.9 percent at the time of writing this article.
Asian shares closed higher on last trading day of the quarter with China recovering further from recent sharp fall amid trade tensions. China's Shanghai Composite rose 2.2 percent and Hong Kong's Hang Seng rallied 1.6 percent while South Korea's Kospi gained 0.5 percent and Japan's Nikkei bounced back from intraday low to close 0.15 percent higher.
Market Update: The market reversed Thursday's losses and ended the first day of July series on a strong note, backed by positive global cues. All sectoral indices ended in the green with FMCG and Metal leading the charge with 2-3 percent gains.
The 30-share BSE Sensex rose 385.84 points or 1.10 percent to 35,423.48 and the 50-share NSE Nifty gained 125.20 points or 1.18 percent at 10,714.30, driven by Reliance Industries, L&T, HDFC, ITC, Titan Company, Infosys and ICICI Bank.
The Nifty Midcap index also participated in the rally, rising nearly 2 percent on strong market breadth.
IDBI Bank was the top midcap gainer, up 10 percent after sources told CNBC-TV18 that insurance regulator IRDAI is likely to clear the deal between the bank and Life Insurance Corporation of India.
NTPC acquires majority stake in 2 power generating company: NTPC has acquired 27.36 percent equity of Bihar State Power Generation Co (BSPGCL) in Kanti Bijlee Utpadan Nigam (KBUN) which owns 610 MW Muzaffarpur Thermal Power Station and 50 percent equity of BSPGCL in Nabinagar Power Generating Company (NPGC) which is developing 1980 MW Nabinagar Super Thermal Power Project in district Aurangabad, Bihar.
With this acquisition, KBUN and NPGC are now wholly owned subsidiaries of NTPC.
At 15:02 hrs NTPC was quoting at Rs 158.25, up Rs 2.20, or 1.41 percent.
Buzzing: Shares of IDBI Bank gained 12 percent as company clarified about LIC planning to inject Rs 13,000 crore in the company.
The bank has clarified that there is no such discussion has taken place in the board of IDBI Bank about LIC plan to inject Rs 13,000 in to the bank, as per bank release.
MRPL to consider preferential issue of shares: Shares of Mangalore Refinery and Petrochemicals (MRPL) added 4 percent ahead of board meeting to consider preferential issue of shares.
A meeting of the board of directors of the company has been scheduled on July 2 to recommend a proposal for preferential issue of shares to enhance public shareholding upto 25 percent as per SEBI directives, to the shareholders in the ensuing AGM.
Buzzing: Cyient Solutions & Systems, a subsidiary of Cyient has been granted Industrial License for the manufacture, assembly, integration, testing, maintenance, repair and overhaul of unmanned aerial systems, PODS, control systems, power plants, accessories and parts thereof formilitary use, by the DIPP, Ministry of Commerce & Industry.
At 14:37 hrs Cyient was quoting at Rs 756.70, up Rs 9.90, or 1.33 percent.
Market Update: Bulls are back at Dalal Street as the 30-share BSE Sensex rallied 371.02 points or 1.06 percent to 35,408.66, backed by Reliance Industries (up 2.93 percent), L&T (2.68 percent), ITC (1.69 percent), HDFC (0.92 percent), HUL (2.37 percent), Titan Company (3.72 percent), Yes Bank (3.51 percent), and ICICI Bank (1.42 percent).
The 50-share NSE Nifty reclaimed 10,700 levels, rising 116.30 points or 1.10 percent to 10,705.40 while all sectoral indices traded in the green.
The Nifty Midcap index rose 1.6 percent. About 1,721 shares advanced against 715 declining shares on the BSE.
Buzzing: Shares of Gallantt Ispat surged 5.5 percent as company approved sub-division of stock price.
The company board at its meeting held on June 29 considered and approved the proposal of sub-division (split) of equity shares of the company from the existing face value of Rs 10 per equity share to face value of Re 1 per equity share.
The rationale behind the split is to improve the liquidity of equity shares with higher floating stocks and to make the equity shares more affordable to the investors.
Market Update: Benchmark indices extended rally in the afternoon with the Sensex rising 348.78 points or 1 percent to 35,386.42 and the Nifty gaining 107.40 points or 1.01 percent at 10,696.50, tracking global uptrend.
Impact of Rupee: Karan Mehrishi, Lead Economist at Acuite Ratings and Research said
The rupee has been one of the worst performing currencies among peers. Against the USD, it has depreciated by 6.6 percent in calendar year 2018 and 8 percent, Year to Date (YTD). Adding to our concern is the increasingly hawkish Federal Reserve, which has now initiated a reversal of the Quantitative Easing (QE) – marking an end to global easy money.
The impact of the capital flight will be seen in this year’s Capital Account. With volatile commodity prices playing havoc with the import bill, we reckon that the situation will worsen at the trade front as well.
We are expecting the current account deficit to peg at 2.2 percent of GDP (30 bps higher than previous year). Our estimate for the Rupee relative performance to the USD suggests an upper bound of 70 by Q3 FY19. An improvement can be foreseen in calendar year 2019.
Rupee Update: The Indian rupee recovered sharply in afternoon, rising 42 paise to 68.37 against the dollar on fresh selling of the American currency by banks and exporters.
Strong trade on the domestic equity market also propped up the rupee.
Market Update: The market is trading at day's high following strong trend in global stocks after EU leaders reached tentative agreement on migration, although underlying market sentiment was soured by concerns over ongoing global trade tensions. European markets tradef higher by a percent each.
The 30-share BSE Sensex rallied 305.42 points or 0.87 percent to 35,343.06 and the 50-share NSE Nifty rose 96.80 points or 0.91 percent to 10,685.90. About three shares advanced for every share falling on the BSE.
The Nifty Midcap continued to trade higher by more than a percent.
Listing: Railways consultancy firm RITES, the first state-owned firm to hit the IPO market in the current fiscal, is going to list its equity shares on the BSE and NSE on Monday, July 2, 2018.
The company after consultation with book running lead managers has fixed final issue price at Rs 185 per share.
Last week the Rs 466-crore initial public offer had garnered strong investor demand, with the issue getting oversubscribed 67.24 times during June 20-22.
The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 15.74 times.
Settlement Agreement: Reliance Infratel and its minority shareholder HSBC Daisy Investments (Mauritius) today submitted final consent terms of their settlement before NCLAT over sale of tower and fibre asset.
Following this, the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairman Justice S J Mukhopadhaya disposed of the appeal filed by the Reliance Communications group firm.
The consent term between the parties was signed on June 15, 2018, informed senior advocate Salman Khursheed appearing for Reliance Infratel, the tower unit of Reliance Communications.
The Reliance Communications group firm was also backed by State Bank of India at NCLAT in this, reports PTI.
Listing: Chemical manufacturer Fine Organic Industries is set to debut on bourses on July 2. The issue price is fixed at higher end of price band of Rs 780-783 per share.
The Rs 600-crore initial public offer was oversubscribed by 8.99 times during June 20-22, 2018.
The reserved portion of qualified institutional buyers (QIBs) portion was subscribed 12.86 times, non-institutional investors 21.01 times and retail investors 1.62 times.
Market Update: The market continued to trade strong in afternoon as the Nifty is inching towards 10,700 levels, driven by oil, FMCG, infra, metals and select banks stocks.
The 30-share BSE Sensex rallied 298.81 points to 35,336.45 and the 50-share NSE Nifty rose 96.70 points to 10,685.80 while the Nifty Midcap index gained more than a percent.
Reliance Industries (up 2.7 percent), L&T (2.3 percent), ITC (1.6 percent), ICICI Bank (1.5 percent) and Titan Company (3.4 percent) are top five contributors to the Nifty's gains.
Fortis in Focus: Cash-strapped Fortis Healthcare, which is currently in the process to find a new investor, today extended the date for submission of binding bids yet again by fixing July 3 as the new deadline.
Earlier on June 12, the company had extended the deadline for submission of binding bids to June 28 after shortlisting four entities -- the Munjal-Burman combine, Manipal-TPG consortium, Malaysia's IHH Healthcare Berhad and Radiant Life Care -- as possible suitors for the sale of its business.
The date for submission of the binding bids stands revised to Tuesday, July 3, 2018, the company said in a regulatory filing.
The rest of the details with respect to the timings and submission remain the same, it added.
In May, Fortis Healthcare had initiated a fresh time- bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine. It had set June 14 as deadline for submitting fresh binding bids, reports PTI.
ICICI Bank extends gains: The country's largest private sector lender informed exchanges that the board of directors appointed Girish Chandra Chaturvedi as an additional (Independent) director effective July 1, 2018 for a period of 3 years subject to the approval of shareholders as the term of office of M K Sharma expires on June 30, 2018.
The board also approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 or the date of receipt of RBI approval for such appointment whichever is later in the vacancy caused by cessation of term of M K Sharma {Independent Director & Chairman), the bank said.
Chaturvedi is not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or any other such authority.
Asia Update: Asian stocks rose on the last trading day of the quarter, with regional markets turning higher through the session as China recovered slightly from a recent slump amid worries over trade tensions between Washington and Beijing.
China's Shanghai Composite gained 1.8 percent and Hong Kong's Hang Seng rose 1.4 percent. Japan's Nikkei also recovered to trade higher while South Korea's Kospi went up 0.6 percent.
Market Update: The market held on to early gains, tracking positive global cues on the last day of the quarter. FMCG, oil, infra and metals stocks continue to lead the market higher.
The 30-share BSE Sensex rallied 239.10 points tp 35,276.74 and the 50-share NSE Nifty gained 79.60 points at 10,668.70 while the Nifty Midcap index gained 1 percent.
About three shares advanced for every share falling on the BSE.
Gold Update: Gold rose early Friday after slipping to a more than six-month low in the previous session, as the dollar retreated from recent highs amid a rising euro, but the yellow metal was on track for its worst month since November 2016.
Spot gold was 0.2 percent higher at $1,250.90 an ounce. On Thursday, it touched USD 1,245.32, its lowest since December 13, 2017.
Short Nifty on pullback to 10,650-10,700 levels for a target of 10,400
Going forward, Aditya Agarwal expects Nifty to correct towards 10,400 levels, and any decisive closing below the said level will be a bearish indication for the medium term
Nomura view on Sun TV: Shares of Sun TV Network gained 2 percent intraday Friday as research house Nomura maintained buy rating with a target of Rs 1105 per share.
According to Nomura, the company is a key beneficiary of digitisation in Tamil Nadu.
The broking house believes that digitization is likely to drive 15-23 percent growth.
The stock is trading at 19x FY20F consolidated EPS and expect 20 percent EPS CAGR FY18-20F, it added