.jpg?downsize=1080:607 "Sensex Snaps 4-Day Winning Streak, Nifty Ends Below 9,900")
- Indian equity benchmarks were trading in a tight range with the S&P BSE Sensex moving in a band of 162 points and the NSE Nifty 50 Index hovering around 9,900
- Oil & gas, telecom and consumer durable indices were trading with negative bias while realty and pharma stocks were witnessing buying interest
- From the Nifty 50 basket of shares, 26 were advancing while 24 were declining
- Broader markets were outperforming the benchmark indices with mid-cap index up 0.5 percent and small-cap index up 0.9 percent
SpiceJet
- The stock rose as much as 3.3 percent to Rs 142, rising for a fourth consecutive session
- Company has partnered with Japan’s Setouchi Holdings For the purchase of 100 amphibian plans at a cost of $400 million
Parag Milk Foods
- The stock rose nearly 5 percent to Rs 268, rising for fourth consecutive trading session
- The RBI has hiked FII investment limit from 24 percent to 40 percent
Hindustan Copper
- The stock jumped as much as 8.4 percent, the most in over 10 months, to Rs 63.4
- Company has increased cathode rod price for fourth month by over 2 percent for October
Glenmark Pharma
- The stock rose as much as 4.4 percent, the most since September 21, to Rs 627
- Cogencis reported that UK drug regulator renewed the manufacturing certificate for its Baddi unit
- Czech drug regulator also renewed the manufacturing certificate for its Fibichova unit
- M&M’s original bid for 500 vehicles was approximately Rs 2.3 lakh costlier than the lowest bid from Tata Motors
- Energy Efficiency Services Limited (EESL) will give M&M an option to match L1 bidder for Phase 2.
- Will use the time between now and completion of Phase 1 to negotiate better contracts and reduce costs
- 8K Miles Software: The Chennai-based software company rose for second day in a row, rising as much as 16.3 percent to Rs 525. Trading volume was 13.6 times its 20-day average.
- Phoenix Mills: The Mumbai-based real estate company jumped as much as 10 percent, the most since July 13, to Rs 562.95. Trading volume was 10.1 times its 20-day average.
- PI Industries: The Gurugram-based agricultural chemicals maker fell 1 percent to Rs 735. Trading volume was 18.3 times its 20-day average.
- Sheela Foam: The Ghaziabad-based polyester foam maker gained as much as 1.38 percent to Rs 1,495.60. Trading volume was 10 times its 20-day average.
Godrej Agrovet's Rs 1,157 crore IPO was subscribed 87 percent as of 12:00 p.m. on second day of subscription.
- Portion reserved for qualified institutional buyers subscribed 0.3 times
- Retail portion subscribed 1.49 times
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- Huge opportunities for bank in infrastructure and consumer spending space
- Issues around corporate credit growth remain
- Consumer confidence is intact, retail credit and deposits are growing well
- In 3 years’ time you will see a bank which is fully transformed in technology terms
- Infrastructure has huge potential
- Lot of investment needed for infrastructure
- Talent attraction will not be an issue for SBI
- Dip in GDP growth not something to be worried about
- Very optimistic on unfolding scenario
- Stressed asset resolution is top priority for the bank
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India services activity returns to growth in September.https://t.co/z0wTqTw75w pic.twitter.com/Co1JWADijC
— BloombergQuint (@BloombergQuint) October 5, 2017
Shares of the Mumbai-based drugmaker rose as much as 4.4 percent, the most since September 21, to Rs 627. The UK drug regulator renewed manufacturing certificate for Glenmark's Baddi unit, news agency Cogencis reported.
Meanwhile, Czech drug body has also renewed manufacturing certificate for Glenmark’s Fibichova unit, the report added.
Shares of the Hyderabad-based drugmaker rose for second day in a row, rising as much as 10.25 percent to Rs 1,050 after its partner Mylan got approval to sell multiple sclerosis drug Copaxone in U.S.
The Indore-based snacks maker surged to Rs 1,318.80 on stock market debut against its issue price of Rs 938.
Shares of the automaker jumped as much as 2 percent to Rs 1,316 after the brokerage firm CLSA upgraded the stock to 'Buy'.
- Upgrade to ‘Buy’ from Outperform; Hiked target price to Rs 1,610 from Rs 1,585
- Volume growth is on an uptrend led by strong demand in tractors
- Volumes/EPS to grow at 11 percent/13 percent CAGR over FY17-20
- SUVs recovering as well; Upcoming MPV launch can boost growth
- Pick-up in rural economy to benefit M&M
- Infosys has 13.5 lakh shares (0.05 percent equity) change hands in two block deals on the National Stock Exchange.
- Stock up 0.6 percent at Rs 905
Buyers and sellers were not immediately known
Source: Bloomberg
- We are lucky that international markets are at record highs which is supporting Indian markets
- If in 1-2 quarters economy does not move ahead the first casualty will be retail investments coming in
- This quarter will make or break the trend of the market
- Stock market might behave differently from economy
- Market getting excited about multi-brand retail seeing light of the day
- Aviation has changed dramatically across the world
- Globally profits of airlines have posted best profits over the years
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- Will be surprised to see run away rally in ONGC
- Gas companies best way of playing the energy pack
- If investors are looking to overlook valuations then auto sector looks good
- Market valuations are expensive
Sovereign bonds slid after central bank left interest rates on hold yesterday. But, with 10-year benchmark yields gaining 14 basis points last month, the most since April, bond bulls see India as the best story.
Aberdeen Standard says it’s “thrilled'' to see a pullback in Indian asset prices that provides good value, while Pacific Investment, which had been reducing its holdings in the country’s debt, is looking to add back.
Scotiabank sees upside potential for rupee in the weeks ahead, taking into account the U.S. tax reform plan and says it would like to buy the currency on dips toward 65.
The rupee gained 0.8 percent against the dollar in yesterday's session.
- Nifty October Futures premium at 15.5 points versus 9 points at 9930.4
- Rollover: Nifty open interest up 6 percent, Bank Nifty open interest down 1 percent
- India VIX closed lower by 5.3 percent at 11.8
- October series highest Call base at 10,000 (open interest at 43 lakh, down 7 percent)
- October series highest Put base shifts to 9800 (open interest at 44.9 lakh, up 27 percent)
- October Call strikes 10,000 saws unwinding & addition sawn for 10050, 10,100
- October put strikes 9800 & 9900 saw open interest addition
Here's a line up of all major corporate/investor meetings over the next few days.https://t.co/cvu2AqF1id pic.twitter.com/4JIkR4zeTL
— BloombergQuint (@BloombergQuint) October 5, 2017
- Prataap Snacks to start trading on BSE/NSE after sold shares at Rs 938 each in IPO that got 47.4 times demand
- Godrej Agrovet IPO gets 53 percent demand for shares offered on first day of sale; offer to close Oct. 6
Here's a quick look at corporate insider trades on Wednesday.https://t.co/cvu2AqF1id pic.twitter.com/RF5BlbBRul
— BloombergQuint (@BloombergQuint) October 5, 2017
CLSA On Mahindra & Mahindra
- Upgrade to ‘Buy’ from Outperform; Hiked target price to Rs 1,610 from Rs 1,585
- Volume growth is on an uptrend led by strong demand in tractors
- Volumes/EPS to grow at 11 percent/13 percent CAGR over FY17-20
- SUVs recovering as well; Upcoming MPV launch can boost growth
- Pick-up in rural economy to benefit M&M
ICICI Securities On Torrent Pharma
- Upgrade to ‘Add’ from ‘Hold’; Hiked target price to Rs 1,374 from Rs 1,342
- Expect growth recovery from H2FY18 led by India, Brazil, U.S. business
- Cut Revenue/Net profit estimates by 1-3 percent/5-6 percent for FY18-20 to factor in weak India growth in FY18 and increase in R&D spend
- Expect Revenue/Net Profit to grow at CAGR of 13 percent/21 percent over FY18-20
- Higher contribution from India to help in faster growth recovery compared to peers
HDFC Securities On United Spirits
- Downgraded to Sell from Neutral; Cut target price to Rs 2,060 from Rs 2,340
- Reasons: persistent structural hurdles, increase in cost due to GST and rising competition
- Current rich valuations offer a decent EXIT point
- Expect earnings to grow at 57 percent CAGR over FY18-22 led by recovery in volumes, price increase and improvement in mix
- HDFC Securities says, “This is a great business, but we suspect the hangover is persistent”
Macquarie On Tata Motors
- Maintains Outperform; Cut target price to Rs 525 from Rs 550
- FY18/FY19 EBITDA estimates cut by 4-5 percent on lower JLR sales volume
- Management confident of improvement in JLR margins in H2FY18 and FY19
- With Nexon seeing good response management expects market share gain and PBT breakeven in FY18
- Expect JLR Volumes/Revenue/EBIT/Net Profit to grow at CAGR of 11 percent/14 percent/36 percent/34 percent over FY17-20
HSBC On Kajaria Ceramics
- Maintains Buy; Hiked target price to Rs 800 from Rs 785
- Industry facing headwinds on demand side post GST but slowly returning to normalcy
- GST alongwith residential completions and government initiatives to help gain market share
- Cut FY18-20 EPS estimates by 8-9 percent to factor slower volume and real estate sector recovery
Macquarie On HDFC
- Maintains Outperform with target price of Rs 1,890
- RERA may cause a temporary slowdown in the mortgage business, according to management
- Still loan growth of 15 percent in core mortgage book possible
- IPOs of the life insurance and AMC likely in 3-6 months
- Life-insurance business to be listed in Q3FY18
- Warrant conversion to yield Rs 5,000 crore and add 180 bps to Tier-1 ratio of 12 percent
Macquarie On Jubilant FoodWorks
- Maintains Outperform with target price of Rs 1,465
- Channel check suggests uptrend in SSSG; Top pick in consumer discretionary space
- Demand boost on enhancing quality & value for money factor
- Stock price is building in 6-7 percent SSSG
- Expect 14 percent revenue CAGR over Fy17-19; Margins to expand by 390 bps over FY17-19
JPMorgan On HCL Technologies
- Maintains Overweight with target price of Rs 1,000
- HCL remains confident of meeting FY18 CC revenue guidance of 10.5-12.5 percent is key positive
- HCL’s acquisition dependent growth strategy should not bother investors
- On an organic basis expect FY18 revenue to grow 5-6 percent, suggesting 550-650 bps growth coming from acquisitions
- HCL only overweight rated stock in coverage list
- Key Triggers: Improving client mining, increasing share of U.S. nationals in workforce and bright outlook in financial services
Resolution of distressed assets will continue to be the biggest agenda for SBI: Chairman Designate Rajnish Kumar.https://t.co/NiTZv4yHcZ pic.twitter.com/wfiqiWeM5r
— BloombergQuint (@BloombergQuint) October 5, 2017
The army of women conquering India's power thieves.https://t.co/HtZbcDiqAc pic.twitter.com/a7a6EtvgJq
— BloombergQuint (@BloombergQuint) October 4, 2017
Here are the key events coming up during the remainder of this week:
- Minutes of the last ECB meeting are scheduled for Thursday.
- The U.S. September nonfarm payrolls report, likely to be affected by the impact of hurricanes on southern states, comes out on Friday.
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