Cox & Kings locked at 5% lower circuit for 16th straight session on defaulting on commercial paper payment.
Tata Elxsi Shares Fall 3%
The stock fell nearly 3 percent after company reported a 31.6 percent decline in profit at Rs 48.8 crore and 10.7 percent fall in revenue at Rs 361.7 crore in Q1 YoY.
Just In
L&T Construction-led joint venture wins order in the range of Rs 1,000-2,500 crore in Gujarat.
Suzlon Energy Under Pressure
Shares of Suzlon Energy wiped off as much as 9 percent intraday after the company failed to furnish the principal amount on the outstanding bonds worth $172 million.
According to Suzlon's exchange disclosures, the outstanding payment was part of a total bond issuance of $546.91 million.
The stressed wind turbine maker added that it is working on a holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt.
Nifty Eyes 11,700;
Benchmark indices extended gains in late morning deals with the BSE Sensex rising 124.23 points to 39,255.27 and the Nifty50 climbing 33.60 points to 11,696.20.
About five shares advanced for every four shares falling on the BSE.
Strides Pharma Science shares fell 8 percent intraday after significant violations of CGMP at Puducherry plant.
Rupee Update
Rupee is trading 8 paise or 0.112 percent lower at 68.79/$.
Sensex at this hour
Acquisition
Larsen & Toubro Infotech said company has signed a definitive agreement to acquire Lymbyc Solutions Private Limited, headquartered in Bangalore along with additional offices in Chennai and Texas, US.
HDFC AMC shares jumped nearly 7 percent to hit a record high as global brokerages raised price target after Q1 earnings.
DCB Bank Tanks 14%
DCB Bank shares plunged 14 percent intraday after lender reported dismal set of earnings for quarter ended June 2019.
Profit during the quarter grew by 17 percent to Rs 81.1 crore and net interest income increased 11.7 percent to Rs 304.8 crore compared to year-ago period.
A CNBC-TV18 poll estimates for profit were Rs 93.7 crore and net interest income Rs 313.6 crore for the quarter.
Fall in credit growth, elevated provisions and weak asset quality with rising slippages hit earnings in June quarter.
Nifty Holds 11,650:
Benchmark indices traded moderately higher amid volatility. The BSE Sensex was up 31.43 points at 39,162.47 and the Nifty50 rose 11.40 points to 11,674.
The market breadth was in favour of bulls as about 824 shares advanced against 577 declining shares on the BSE.
Greaves Cotton sought certain relaxations from SEBI and Finance Ministry w.r.t share buyback.
Cox & Kings said it defaulted on payment of Rs 45 crore for commercial paper.
Technical Outlook
Nifty index could continue its momentum towards the ’20 DEMA’ which is placed around 11,700 while a follow up move above the same should the lead to a continuation of this upmove towards the hourly ‘200 SMA’ and the recent gap area at 11,770-11,800. The lower time frame charts indicate that the immediate support has shifted higher to 11,530, Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said.
KNR Constructions Climbs 4%
KNR Constructions shares rallied 4 percent intraday after company received work order from Navayuga Engineering.
Company in its BSE filing on July 16 said it has received a work order for Rs 847.34 crore from Navayuga Engineering Company Limited, Hyderabad.
The order is on back to back basis for the balance work of 'Palamuru Rangareddy Lift Irrigation Scheme - Package 10 for the formation of Venkatadri Reservoir bund at Vattem (V), Bijinepally (M), Nagarkurnool District.
Gainers & Losers
Market Opening Flat:
Benchmark indices opened flat after two-day rally, as traders await more corporate earnings. The BSE Sensex was up 6.94 points at 39,137.98 and the Nifty fell 1.50 points to 11,661.10.
Market Outlook
Indian markets are expected to open weak on the back of renewed concerns over US-Sino trade tensions. Going ahead, market participants are expected to keenly watch Q1 earnings traction and global news flows, ICICI Direct said.
Domestic markets ended positive on July 16 ahead of key Q1 corporate earnings. US markets ended marginally lower following renewed uncertainty over US-China trade talks.
Technically, the brokerage said upsides look limited as on weekly expiry maximum Call OI at 11700 strike that may act as hurdle on upsides.The highest Put base is at 11,300 strike with almost 23 lakh shares while the highest Call base is at the 12,000 strike with 32 lakh shares.
Pre-opening Trade Settles Flat
The BSE Sensex was up 40.06 points at 39,171.10 and the Nifty50 rose 8.20 points to 11670.80 in pre-opening trade.
KRBL in focus
CARE revised its ratings from to A1+ (under credit watch with negative implications) from A1+.
The rating agency said this revision is due to provisional attachment of properties by the Directorate of Enforcement of Punjab, valuing about Rs 15 crore, on July 4, in connection with the Embraer deal case.
BHEL Gets Contract Termination Notice from NMDC
Bharat Heavy Electricals received a notice of termination from NMDC for the construction of raw material handling system at NMDC’s steel plant in Chhattisgarh.
Company has proposed to take up the afore mentioned matter through redressal mechanism available for dispute resolution between state run companies.
Rupee Trade:
The Indian rupee was unchanged at 68.71 a dollar in opening trade.
Pre-opening Trade:
Pre-opening indicated that benchmark indices are expected to see volatile trade ahead. The BSE Sensex was up 71.88 points at 39,202.92 and the Nifty50 rose 59.40 points to 11,722.
Cox & Kings locked at 5% lower circuit for 16th straight session on defaulting on commercial paper payment.
Tata Elxsi Shares Fall 3%
The stock fell nearly 3 percent after company reported a 31.6 percent decline in profit at Rs 48.8 crore and 10.7 percent fall in revenue at Rs 361.7 crore in Q1 YoY.
Just In
L&T Construction-led joint venture wins order in the range of Rs 1,000-2,500 crore in Gujarat.
Suzlon Energy Under Pressure
Shares of Suzlon Energy wiped off as much as 9 percent intraday after the company failed to furnish the principal amount on the outstanding bonds worth $172 million.
According to Suzlon's exchange disclosures, the outstanding payment was part of a total bond issuance of $546.91 million.
The stressed wind turbine maker added that it is working on a holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt.
Nifty Eyes 11,700;
Benchmark indices extended gains in late morning deals with the BSE Sensex rising 124.23 points to 39,255.27 and the Nifty50 climbing 33.60 points to 11,696.20.
About five shares advanced for every four shares falling on the BSE.
Strides Pharma Science shares fell 8 percent intraday after significant violations of CGMP at Puducherry plant.
Rupee Update
Rupee is trading 8 paise or 0.112 percent lower at 68.79/$.
Sensex at this hour
Acquisition
Larsen & Toubro Infotech said company has signed a definitive agreement to acquire Lymbyc Solutions Private Limited, headquartered in Bangalore along with additional offices in Chennai and Texas, US.
HDFC AMC shares jumped nearly 7 percent to hit a record high as global brokerages raised price target after Q1 earnings.
DCB Bank Tanks 14%
DCB Bank shares plunged 14 percent intraday after lender reported dismal set of earnings for quarter ended June 2019.
Profit during the quarter grew by 17 percent to Rs 81.1 crore and net interest income increased 11.7 percent to Rs 304.8 crore compared to year-ago period.
A CNBC-TV18 poll estimates for profit were Rs 93.7 crore and net interest income Rs 313.6 crore for the quarter.
Fall in credit growth, elevated provisions and weak asset quality with rising slippages hit earnings in June quarter.
Nifty Holds 11,650:
Benchmark indices traded moderately higher amid volatility. The BSE Sensex was up 31.43 points at 39,162.47 and the Nifty50 rose 11.40 points to 11,674.
The market breadth was in favour of bulls as about 824 shares advanced against 577 declining shares on the BSE.
Greaves Cotton sought certain relaxations from SEBI and Finance Ministry w.r.t share buyback.
Cox & Kings said it defaulted on payment of Rs 45 crore for commercial paper.
Technical Outlook
Nifty index could continue its momentum towards the ’20 DEMA’ which is placed around 11,700 while a follow up move above the same should the lead to a continuation of this upmove towards the hourly ‘200 SMA’ and the recent gap area at 11,770-11,800. The lower time frame charts indicate that the immediate support has shifted higher to 11,530, Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said.
KNR Constructions Climbs 4%
KNR Constructions shares rallied 4 percent intraday after company received work order from Navayuga Engineering.
Company in its BSE filing on July 16 said it has received a work order for Rs 847.34 crore from Navayuga Engineering Company Limited, Hyderabad.
The order is on back to back basis for the balance work of 'Palamuru Rangareddy Lift Irrigation Scheme - Package 10 for the formation of Venkatadri Reservoir bund at Vattem (V), Bijinepally (M), Nagarkurnool District.
Gainers & Losers
Market Opening Flat:
Benchmark indices opened flat after two-day rally, as traders await more corporate earnings. The BSE Sensex was up 6.94 points at 39,137.98 and the Nifty fell 1.50 points to 11,661.10.
Market Outlook
Indian markets are expected to open weak on the back of renewed concerns over US-Sino trade tensions. Going ahead, market participants are expected to keenly watch Q1 earnings traction and global news flows, ICICI Direct said.
Domestic markets ended positive on July 16 ahead of key Q1 corporate earnings. US markets ended marginally lower following renewed uncertainty over US-China trade talks.
Technically, the brokerage said upsides look limited as on weekly expiry maximum Call OI at 11700 strike that may act as hurdle on upsides.The highest Put base is at 11,300 strike with almost 23 lakh shares while the highest Call base is at the 12,000 strike with 32 lakh shares.
Pre-opening Trade Settles Flat
The BSE Sensex was up 40.06 points at 39,171.10 and the Nifty50 rose 8.20 points to 11670.80 in pre-opening trade.
KRBL in focus
CARE revised its ratings from to A1+ (under credit watch with negative implications) from A1+.
The rating agency said this revision is due to provisional attachment of properties by the Directorate of Enforcement of Punjab, valuing about Rs 15 crore, on July 4, in connection with the Embraer deal case.
BHEL Gets Contract Termination Notice from NMDC
Bharat Heavy Electricals received a notice of termination from NMDC for the construction of raw material handling system at NMDC’s steel plant in Chhattisgarh.
Company has proposed to take up the afore mentioned matter through redressal mechanism available for dispute resolution between state run companies.
Rupee Trade:
The Indian rupee was unchanged at 68.71 a dollar in opening trade.
Pre-opening Trade:
Pre-opening indicated that benchmark indices are expected to see volatile trade ahead. The BSE Sensex was up 71.88 points at 39,202.92 and the Nifty50 rose 59.40 points to 11,722.