Jul 09, 2019 02:05 PM IST | Source: Moneycontrol.com
Market Live: Indices remain volatile, Nifty holds 11,500; TCS falls ahead of Q1 nos
Sectoral trend is mixed with Nifty Financial Service index falling a percent while Nifty Pharma gained 3 percent.
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The Pharma index is the biggest gainer today, led by Sun Pharma that has surged about 7 percent.
Just In
ABB India said the board of directors granted in-principle approval for sale of company's solar inverter business to an Italian company, FIMER S.p.A.
In this regard the Board authorised the management of the company to take all required steps including appointment of advisors, valuers etc.
"The board's decision is in line with ABB Group’s strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments, company said.
Sectoral Indices Update
Market Update:
Benchmark indices slipped again amid volatility in afternoon. The BSE Sensex was down 94.39 points at 38,626.18 and the Nifty50 fell 37.60 points to 11,521.
Meghmani Organics Climbs 3%
Meghmani Organics shares gained nearly 3 percent intraday after its subsidiary started commercial production of chlormethane.
Meghmani Finechem (MFL) is a material subsidiary of company in which company holds 57 percent stake.
Company said MFL has completed installation of chlormethane (CMS) project with capacity of 40,000 million tonne per annum in the existing caustic chlorine complex situated at GIDC Dahej, in South Gujarat.
"MFL has commenced commercial production in chlormethane (CMS) from July 4, 2019," it added.
Dilip Buildcon To Get Bonus for Early Completion of Road Project in UP
Company said the project - four laning of Lucknow- Sultanpur section of NH-56 - in Uttar Pradesh under NHDP Phase - IV on Hybrid Annuity Basis has been completed.
The completion certificate has been issued by the authority on July 6, 2019 and has declared the project fit for entry into operation as on July 3 and consequently the company is entitled to maximum bonus of Rs 37.90 crore in lieu of earlier completion (188 days prior to the schedule completion date), it added.
Just In
Suven Life Sciences announced the delay in topline phase 2 study data of Masupirdine.
L&T to Announce Quarterly Earnings after 2 Weeks
Larsen & Toubro said the meeting of the board of directors is scheduled on July 23 to consider and approve the unaudited financial results of the company for the quarter and three month period ended 30th June 2019.
Max Financial in Focus
Company said it didn't approach insurance regulator IRDA with any proposal of Axis Bank buying additional 10 percent stake in Max Life.
Reports of IRDA rejecting Axis' 10 percent stake buy in Max Life are incorrect & baseless.
Company reiterated that the long standing Bancassurance relationship between Max Life and Axis Bank continues to be strong and highly productive.
Insurance Deal
Hero FinCorp is likely to place an offer to acquire 100 percent stake in Reliance General Insurance this month, reports CNBC-TV18 quoting sources.
Reliance Capital may seek Rs 5,500-6,000 crore for its 100 percent stake in Reliance General which had sought valuation of Rs 7,500-8,000 crore via IPO.
The IPO was likely to have been shelved, sources said.
Resignation at Zee Media
Ashok Venkatramani resigned as MD of Zee Media w.e.f July 10.
Drug Launch
Pharma major Lupin said it launched lmatinib Mesylate tablets, 100 mg and 400 mg .
Its alliance partner Natco had received an approval from the United States Food and Drug Administration earlier.
lmatinib Mesylate is the generic version of Novartis Pharmaceuticals Corporation's Gleevec tablets.
Midcap Gainers and Losers
Market Update
Benchmark indices turned volatile in afternoon. The BSE Sensex was down 44.57 points at 38,676 and the Nifty50 fell 18.70 points to 11,539.90.
Under Pressure - InterGlobe Aviation was down 2.7 percent, DHFL 8 percent and REC 12.4 percent.
Mindtree (down 1.85 percent) was off its day's low.
Bajaj Finance Q1 Business Update
The non-banking finance company said it booked 7.3 million new loans during quarter ended June 2019 against 5.6 million in same period last year. "In Q1, company acquired 2.5 million new customers."
Bajaj Finance further said its assets under management (AUM) stood at approximately Rs 1,29,000 crore as of June 2019, increasing significantly by 41.3 percent compared to Rs 91,287 crore as of June 2018 and 11.3 percent compared to Rs 1,15,888 crore at the end of March 2019.
Customer franchise as of June 2019 stood at approximately 36.9 million, which was quite higher compared to 28.3 million in same period last year.
New CTO at Hero Motocorp
The country's largest two-wheeler maker appointed Vikram Kasbekar as its Chief Technology Officer and said Rajat Bhargava will head newly created ‘Emerging Mobility’ business unit.
Rajat Bhargava is currently the head of global business at Hero and Vikram Kasbekar is Hero's executive eirector - Operations.
Market Rebounds
Benchmark indices rebounded after morning sell-off and big crash in last two sessions, backed by short covering.
The BSE Sensex rose 80.75 points to 38,801.32 and the Nifty50 gained 18.50 points at 11,577.10.
Crude Update
Oil prices dipped on demand concerns following the latest signs the US-China trade war is dragging on the global economy, although the potential for conflicts in the Middle East offered support.
Brent crude futures were down 0.11 percent, at $64.04 a barrel. US West Texas Intermediate crude futures were down 0.3 percent, at $57.49 a barrel. Source: Reuters.
Market Update:
Benchmark indices recovered from day's low to trade moderately lower in late morning deals. The recovery was driven by Reliance Industries, ICICI Bank, Bajaj Finance, L&T and Axis Bank.
The Sensex was down 25.66 points at 38,694.91 and the Nifty50 fell 15 points to 11,543.60.
Glenmark Pharma Gains 4%
Glenmark Pharmaceuticals shares rallied 3.6 percent intraday after company received approval from US health regulator for anti-anginal drug.
The US Food and Drug Administration granted its approval for Ranolazine extended-release tablets, which will be available in 500 mg and 1,000 mg strengths.
Ranolazine is a generic version of Ranexa extended-release tablets of Gilead Sciences, Inc. The drug improves blood flow to help the heart work more efficiently.
Inflation Expectations
India's retail inflation likely reached an eight-month high in June on rising food prices, but stayed under the Reserve Bank of India's medium-term target of 4 percent for an eleventh straight month, a Reuters poll predicted.
Another reading below the inflation target will likely support the RBI's decision last month to cut interest rates to boost economic growth that slowed to more than a four-year low in the January-March quarter.
According to the median consensus of 40 economists polled by Reuters between July 4-7, retail inflation rose at an annual rate of 3.20 percent in June, up from 3.05 percent in May. Forecasts ranged between 2.90 percent and 3.84 percent. Source: Reuters
JSPL in focus
Promoter released a pledge on 52 lakh shares (0.51 percent of total paid-up equity) on July 5.
Market Update
Benchmark indices fell for a third straight session as a proposed tax on the super-rich continued to rattle the markets, while investors awaited fresh cues from corporate results that kick-off later in the day.
The BSE Sensex fell 179.58 points to 38,540.99 and the Nifty50 declined 59.60 points to 11,499.
The government's proposal to increase the public float by 10 percent, a surcharge on foreign portfolio investors (FPIs) and a 20 percent tax on buyback of securities in the annual budget on July 5 dealt a heavy blow on the stock markets on Monday.
Nifty IT Index Falls ahead of TCS Earnings
Sensex at this hour
Tata Motors Dips 1%
Tata Motors shares dipped over a percent intraday after global brokerage house CLSA remained bearish on the stock due to multiple headwinds at luxury car maker Jaguar Land Rover.
"We have a sell rating on Tata Motors with a target price at Rs 150, implying 3 percent downside from current levels," the research firm said, adding rising warranty & impairment are concerns.
Rupee Falls 18 Paise:
The rupee declined by 18 paise to 68.84 against the US currency, due to strong dollar demand from banks and importers amid persistent foreign fund outflows.
A strengthening dollar against major currencies overseas and weak domestic equity market weighed on the local unit, forex traders said.
However, softening crude oil prices restricted the rupee's fall, they added.
The rupee opened weak at 69.65 against the US dollar at the interbank forex market. It fell further to quote at 68.84, registering a decline of 18 paise from the previous close. Source: PTI