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Sunil Kewalramani, author and chief investment officer at Global Money Investor said investors should book profits while they are headed. He expects to see a “deep correction” in global equities, including India, in the next two months or so. “I think the correction should come in by around August 15-20,” he told BloombergQuint in a phone interview.
He said there could be multiple triggers to this correction ranging from geopolitical concerns or uncertainty brought upon by the GST rollout. “This seems to be the silence before the storm as far as the impact of the GST is concerned.”
While the overall impact of GST will be a big positive, he said countries that have adopted the unified tax regime in the past have taken at least 10-12 months to normalise. “The SME sector is in a complete disarray right now.” He hoped Prime Minister Modi will shift his focus to job creation and getting the consumption cycle going.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of IL&FS Engineering and Construction Ltd. gained as much as 10.31 percent to Rs 47.60 after it secured orders worth Rs 236.76 crore in the state of Jharkhand.
The company has received Letter of Intents (LoIs) from Jharkhand Bijli Vitran Nigam Ltd. under the Integrated Power Development Scheme.
While the first order worth Rs 126.38 crore involves supply of all equipments and material related to the contract for urban electrification works of Dhanbad electric supply circle, the other is for urban electrification of Dumka-Sahibganj Electric Supply circle. The second order is worth Rs 110.38 crore.
The orders are expected to be completed in the next 24 months.
Infrastructure major Larsen and Toubro has approved the issuance of Bonus shares in the ratio of 1:2. The company will issue one bonus share for every two shares.
The company has set July 14, 2017 as the record date to determine the members eligible for this issuance, it said in an exchange filing.
The stock has outperformed the S&P BSE Sensex index in 2017 with gains of 25.54 percent. The benchmark index in comparison, has returned 17.26 percent.
Liquor stocks traded higher after the Supreme Court on Tuesday observed prima facie that it does not intend to interfere with moves of the local governments to classify some highways as district roads.
The court would hear the plea regarding the ban on July 11. Some of the stocks that are gaining are:
Shares gained as much as 7.92 percent, the most in eight months to an all-time high of Rs 898.90, on the National Stock Exchange.
Shares of IDFC Bank Ltd. gained as much as 8.74 percent, the most in almost three months, to Rs 61.60, after it settled a probe by market regulator Securities and Exchange Board of India, “without admitting or denying the findings of fact.”
SEBI had conducted a probe against the bank over dealings in shares of Deccan Chronicle.
The bank has paid an amount of Rs 10.74 lakh as settlement charges, post which SEBI shall not initiate any enforcement action against the bank.
Shares gained as much as 1.72 percent to Rs 434.25 on the National Stock Exchange.
After hitting upper circuit for two consecutive sessions, shares of Shiva Cement Ltd. hit a lower circuit after JSW Cement denied media rumours of planning to reverse list via the company.
JSW cement plans on expanding capacity at Shiva Cement to 1 million tonnes per annum from 0.15 million tonnes per annum subject to clearences over the next 18 months.
The stock has gained almost 42 percent over the last week, convincingly outperforming the benchmark indices. The S&P BSE Sensex index has gained 1.4 percent over the last seven days.
Shares of Jubilant Life Sciences Ltd. gained for the third straight day.
Brokerage firm Motilal Oswal has initiated coverage on the stock with a 'Buy' rating and a price target of Rs 905.
In its research report, Motilal Oswal believes that the company has multiple triggers in place to drive earnings going ahead. Product launches and price hikes are likely to aid the life sciences business, the note added.
The report sees minimal regulatory risks for the stock in the medium-term while its debt reduction program remains on track.
Shares gained as much as 5.39 percent to Rs 727.95 on the National Stock Exchange.
Shares of McNally Bharat Ltd. gained for the sixth time in seven session after it received an order for construction of an entry / exit structure of Elamkulam station and balance works in the main station building.
The order received from the Delhi Metro Rail Corporation Ltd. is for a value of approximately Rs 43.49 crore.
The stock gained as much as 8 percent to Rs 60 on the National Stock Exchange.
Shares of Confidence Petroleum Ltd. hit upper circuit for the third straight day after it received an order worth Rs 361.96 crore from Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., and Indian Oil Corporation Ltd.
The order is for supply of 30 lakh LPG cylinders. The order has been received by the company and its subsidiaries with option of an order for equivalent quantity next year, an exchange filing from the company said.
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Oil’s longest rally in 7 years falters as OPEC supply rises.https://t.co/feI7et5Ch3 pic.twitter.com/qMrlCa82JO
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