Mar 01, 2019 02:12 PM IST | Source: Moneycontrol.com
Market Live: Benchmark indices trade higher, but midcaps outperform; VIX falls 10%
The broader markets traded strong. All sectoral indices traded in the green after mixed trend in previous three consecutive sessions.
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NCC has received five new orders totaling to Rs 4,088 crore (exclusive of GST) in the month of February, 2019.
Signet Industries has commissioned its world class third generation equipment for production of double-wall corrugated HDPE/PP pipes.
SEBI allows MFs, portfolio managers to trade in commodity derivatives
SEBI raises leverage limit for InvITs to 70% of assets from 49%
PI Industries hits 52-week High
PI Industries said it has received ISO 27001:2013 Certification from British Standards Institute for implementation of information security based on global standards.
Urja Global Gains 6%
Company has signed a Memorandum of Understanding (MOU) with Economic Development Board-Andhra Pradesh for the development of integrated plant of electronic vehicles & lithium ion battery including skilling in the state of Andhra Pradesh.
CIMB Upgrades Yes Bank:
CIMB has upgraded Yes Bank to add and also raised price target to Rs 300 (from Rs 230 earlier) as concerns abated on asset quality and the top management of the bank.
These were the biggest overhangs on the stock.
The global research house said the nil divergence report of RBI and appointment of MD & CEO will result in a rerating of the stock as valuations remain attractive at 1.5x FY20F P/BV.
The fundamentals of the bank remain strong with robust loan growth, stable NIMs and asset quality, it added.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Market Off Day's High:
Benchmark indices were off their day's high in afternoon with the Sensex hovering around 36,000 levels.
Infosys, SBI, Adani Ports, L&T, HDFC, IndusInd Bank, ICICI Bank and Yes Bank were positive contributors while Reliance Industries, Axis Bank, Bharti Airtel, Asian Paints, Titan Company and Cipla were under pressure.
The 30-share BSE Sensex gained 119.95 points at 35,987.39 and the Nifty50 rose 41.20 points to 10,833.70.
The broader markets remained strong with the Nifty Midcap index rising over a percent and Smallcap index climbing 2 percent amid strong breadth.
SBI Life Insurance Block Deal
BNP Paribas Cardif S A has successfully sold 9,22,52,908 equity shares of SBI Life Insurance, cumulatively representing 9.2 percent of the total issued and paid-up equity share capital.
PSU Banks Rally
February Auto Sales
Mahindra & Mahindra said its auto sales for February 2019 at 56,005 vehicles increased 10 percent, compared to 51,127 units sold during February 2018.
Domestic sales grew by 9 percent year-on-year to 52,915 vehicles in month gone by.
The passenger vehicles segment (which includes UVs, Cars and Vans) registered a 17 percent YoY growth at 26,109 vehicles and commercial vehicles segment showed a marginal growth at 21,154 vehicles against 20,946 vehicles in February 2018.
NCL Industries on Buyers' Radar:
Company said installation of the readymade doors plant set up at Malkapur (V) near Hyderabad with a capacity to produce 1000 doors per day in technical collaboration with AGT (Turkey) has been successfully completed.
"We are scheduled to inaugurate the plant on March 13, 2019," it added.
Fund Raising
Shriram Transport Finance Company said it is considering raising of funds through various options of borrowings including by way of issue of securities in onshore/offshore market by public issue and private placement basis.
Based on the market conditions the meeting(s) of Banking and Finance Committee/Debt Issuance Committee - Public NCDs / Bond Issuance Committee will be held during the month ending March 31, 2019 to consider and approve the terms and conditions of issue of securities.
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SML Isuzu said it sold 1,280 vehicles in February, higher by 32.8 percent compared to 965 units sold in same month last year.
Welspun Enterprises Climbs 11%
Welspun Enterprises is an asset recycling infrastructure model, offering investors a margin of safety and growth opportunity at an attractive valuation, Antique Stock Broking said.
Unlike other companies in the road sector, where burgeoning order backlog and new project bids could possibly stretch balance sheets, WEL is a company that has developed assets, even beyond roads, sold them, and bid for new projects. And it has all happened with adequate cushion of cash in hand, it added.
Even better, WEL has an Rs 5,750 crore order backlog in hand. Further, between FY18 and FY21, the company can deliver a revenue/EBITDA/net profit growth of 59 /90 /48 percent CAGR respectively, said Antique which has initiated coverage with a buy.
SBI Life Insurance in Focus
The insurance company said CA Emerald Investments has acquired 9 percent stake in the firm via open market.
Rollover in Nifty
Rollover in Nifty futures declined at 60 percent (last month 62 percent), below 6-month average of 71 percent, Aditya Birla Capital said.
Nifty was down 0.36 percent in February.
On other hand, market wide rollover stood at 86 percent (last month was 87 percent).
Moody's says India To Grow at 7.3% in 2019, 2020
Indian economy is expected to grow at 7.3 percent in calendar year 2019 and 2020, and the government spending announced ahead of elections this year which will support near-term growth, Moody's said.
The US-based rating agency said that the country is less exposed to a slowdown in global manufacturing trade growth than other major Asian economies and emerging markets and is poised to grow at a relatively stable pace in the two years. (Source: PTI).
JP Morgan upgraded its rating on state-owned steel maker SAIL to overweight from neutral earlier and set a price target at Rs 78, implying 61.5 percent potential upside from Thursday's closing levels.
The global research house upgraded the stock rating on favourable risk-reward. "At 0.5x price-to-book value, the market has not been pricing in higher iron ore & volumes."
SAIL & Tata Steel will benefit from higher steel prices, it said.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Aurobindo Pharma Says USFDA Observations for Unit IV Not Related to Data Integrity
The United States Food and Drug Administration had conducted an inspection at company's Unit IV, a formulation manufacturing facility located at Pashamylaram, Hyderabad during December 3 to 14, 2018.
Company has received a 'Form 483' with two observations.
"None of the observations are related to data integrity or repeated observations and the observations are more procedural in nature," it said.
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Ashok Leyland's sales increased 0.4 percent year-on-year to 18,245 units in February 2019.
Domestic sales grew by 1 percent to 17,352 units while M&HCV sales declined 3 percent to 13,291 units YoY.
Most Active Shares and Midcap Gainers & Losers
February Manufacturing PMI:
India's manufacturing activity expanded at the fastest pace in more than a year in February, as new orders and output grew solidly in a boost to employment, a private survey showed on Friday.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, increased to a 14-month high of 54.3 in February from January's 53.9, confounding a Reuters poll predicting a dip to 53.5.
The index has now been above the 50-mark threshold separating growth from contraction for 19 months. (Source: Reuters)
Yes Bank's New CEO & MD:
Yes Bank said Ravneet Gill has joined as bank's MD & CEO today.
His tenure as approved by RBI is 3 years from the date of his joining, i.e. March 1, 2019 to February 28, 2022.
"The appointment of Mr. Gill will be subject to approval of shareholders' at the ensuing Annual General Meeting of the Bank to be held in the month of June, 2019 on the terms and conditions including remuneration as approved by the Reserve Bank of India," the bank said.
Hence, Ajai Kumar ceased to be an interim MD & CEO of the bank.
Zuari Global in Focus
Zuari Finserv Limited, wholly owned subsidiary of the company, approved the Scheme of Arrangement between Zuari Commodity Trading Limited and Zuari Finserv Limited,
Just In
Enforcement Directorate official said ED is conducting searches at Deepak Kochhar and Venugopal Dhoot's residences.
ED is also conducting searches at Kochhar & Dhoot's offices in Mumbai.
Deepak Kochhar is the husband of Chanda Kochhar, the former MD & CEO of ICICI Bank while Venugopal Dhoot is the promoter of Videocon Industries.