Live: Sensex Up Over 100 Points After Shaky Start; Nifty Above 10,750
BQ Live
F&O Check: Nifty 10,800 Call Option Falls Over 23%
Nifty’s 10,800 option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract dropped 23.15 percent to Rs 7.80. Over 15.59 lakh shares were added to the open interest which stood at over 30 lakh shares.
Tech Mahindra Surges To Record On Share Buyback Announcement
Shares of Tech Mahindra hit a new all-time high after the company announced share buyback.
“The BPO operator plans to repurchase up to 2.1 percent of the total paid-up equity capital at Rs 950 apiece, aggregating to Rs 1,956 crore,” it said in a statement on the exchanges.
The Relative Strength Index was 72, indicating that the stock may be overbought, Bloomberg data showed.
Ashok Leyland Expects 20% Industry Growth In FY20
Ashok Leyland Ltd. expects about 20 percent industry growth in the next financial year on the back of pre-buying ahead of BSVI emission norms, its Chief Financial Officer Gopal Mahadevan told BloombergQuint in an interaction.
Key Highlights From The Conversation:
- December quarter numbers were low not only for us, but also for the industry.
- Base Effect and higher growth in the first half of the current financial year impacted December quarter results.
- Axle Load norms, insurance costs and NBFC Liquidity issues also impacted the truck demand.
- The company would be pursuing both market share and profitability.
- Industry actually grew during previous emission norm changes.
- Light Commercial Vehicle business is highly accretive to Ashok Leyland’s margin.
- Ashok Leyland has turned around Hinduja Foundry business as well.
- LCV is a big opportunity for the export markets for the company.
Block Deal Alert: Edelweiss Financial Services
About 11.5 lakh shares Edelweiss Financial Services changed hands in a block deal on NSE, according to Bloomberg data. Buyers and sellers were not known immediately.
Dynamatic Technologies Gains The Most In Over 15 Months
Shares of the Bengaluru-based autoparts maker jumped 13.1 percent intraday, the most since Nov. 15, 2018, to Rs 1,468.
The company signed an Memorandum of understanding with JSC Russian Helicopters to build fabrication and ancillary parts, according to its statement on the exchanges.
The trading volume was almost 120 times the 20-day average for this time of the day, according to Bloomberg data.