
Live: Sensex, Nifty Near Day’s Low; Vedanta, Hindalco Top Losers
BQ Live
Midday Newsmakers: TTK Prestige, Infosys
TTK Prestige: Shares of the kitchen appliances manufacturer rose for the third-straight session, after it advanced over 5 percent intraday to Rs 8,189 per share. The company is planning to discuss on issuing bonus shares during its board meet scheduled on March 29, according to its exchange filing.
Infosys: Shares of the IT firm declined 1.4 percent to Rs 733 per share. The Bengaluru-based company plans to invest $10 million in venture capital investment entity House Fund II, targeting startups from University of California, Berkley.
F&O Check: Nifty 11,500 Call Option Falls Nearly 60%
Nifty’s 11,500 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract declined 59.63 percent to Rs 23.15. Over 15.37 lakh shares were added to the open interest which stood at over 44.62 lakh shares.
Block Deal Alert: IDBI Bank
About 13.9 lakh shares of private bank changed hands in a block deal on National Stock Exchange, Bloomberg data showed. Buyers and sellers were not known immediately.
The shares declined nearly 1.5 percent to Rs 42 per share. The shares declined 41 percent in the past 12 months compared with a 16 percent gain in the Sensex.
Is The Rupee Rally A Temporary Gain Or Backed By Strong Fundamentals?
A surge in foreign portfolio flows and a weaker dollar have fired up the latest leg of the rupee rally. While the surge in equity flows has been more dramatic. Also, the view on India’s external account has also improved, at least for now. However, are these indicators fundamentally supportive of a more stable Indian currency?
InterGlobe Aviation Gains After Credit Suisse Upgrade
Shares of the country’s largest airliner gained for the fifth day in a row and rose 1.8 percent intraday to Rs 1,452 apiece.
Brokerage firm Credit Suisse upgraded its recommendation on the stock to ‘Outperform’ from ‘Neutral’. It also hiked the price target to Rs 1,650 from Rs 1,075, indicating a potential increase of about 15 percent from previous close.
Here’s what else the firm had to say on the stock:
- Space opens up for strong capacity addition, taking away yield risk.
- Non-metro routes have responded well to capacity addition.
- Jet Airway's restructuring plan has not progressed as operations slide.
The trading volume was more than four times the 20-day average for this time of the day, according to Bloomberg data. The relative strength index on the stock was above 70, indicating the stock may be overbought.