- Dalmia Bharat: The stock rose as much as 4 percent after CLSA initiated coverage on the stock with a ‘buy’ rating for target price of Rs 3,500 indicating an upside potential of 33 percent from yesterday’s close.
- Supreme Infra: The stock was locked in 10 percent upper circuit after lenders led by the State Bank of India decided to cancel S4A restructuring plan. Lenders will adopt a new restructuring plan as per RBI guidelines on stressed assets.
- Ashoka Buildcon: The road maker rose nearly 8 percent after it bagged an order for operations and maintenance of nine national highways with JV partner and also won an order worth Rs 860 crore from NHAI.
- Future Lifestyle Fashions: The stock rose more than 16 percent rising for a sixth day in a row. Trading volume was 17 times its 20-day average.
- Jaiprakash Associates has 1.16 crore shares change hands in two block deals.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of the country's largest utility vehicle maker rose 0.8 percent to Rs 734.75 after it reported February sales numbers.
- Total exports up 15 percent at 2,654 units versus 2,300 units (YoY)
- Total domestic sales up 20 percent at 48,473 units versus 40,526 units (YoY)
- Total sales up 19 percent at 51,127 units versus 42,826 units (YoY)
Shares of the Mumbai-based auto maker rose 0.65 percent to Rs 372 after it reported February sales numbers.
- Commercial Vehicles domestic sales rose 36 percent to 41,222 units (YoY)
- Medium and heavy commercial vehicle sales rose 25 percent to 15,241 units (YoY)
- Light commercial vehicle sales rose 54 percent to 4,810 units (YoY)
- Passenger vehicle sales advanced 45 percent to 17,771 units (YoY)
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Shares of Tata Power rose as much as 1.4 percent to Rs 85.80 after Central Electricity Regulation Commission (CERC) allowed it to raise tariffs for power from Mundra ultra-mega power plant, news agency Cogencis reported.
Fortis Healthcare To BloombergQuint
- Accounts were signed by the audit committee
- Company mandated to initiate investigation into audit team claims
- Working on repayment plan by which Rs 473 crore will come back to the company
- Believe refunds will come into the compay by June
- Assurances from Singh Brothers that funds will come back
- Have continuous discussions with potential suitors to take over company
- Good fundamental logic for why Fortis will acquire RHT stake
- Completing RHT acquisition will make Fortis Health a more attractive asset
Shares of the Pune-based two-wheeler maker rose nearly 2 percent to Rs 3,077 after it reported February sales figures.
- Motorcycle sales grew 21 percent to 2,97,514 units
- Commercial vehicle sales rose 111 percent to 60,369 units
- Total sales advanced 31 percent to 3,57,883 units
Shares of the Gujarat-based light commercial vehicle maker rose 3 percent to Rs 438 after it reported February sales numbers.
Its sales rose 26.5 percent to 3,621 units compared with 2,862 units during the same period last year.
Shares of MOIL rose as much as 3.4 percent to Rs 228.65 after it revised prices for different grades of Manganese ore. Ferro Grade, SMGR and Chemical grade prices increased by 10 percent.
Shares of the Chennai-based commercial vehicle maker rose 0.46 percent to Rs 141.95 after it reported February sales numbers.
Medium and heavy commercial sales grew 21 percent to 13,726 units and light commercial vehicle sales rose 63 percent to 4,455 units.
- Total passenger car sales up 17.3 percent at 1.03 lakh units versus 88,541 units (YoY)
- Total exports up 24.9 percent at 11,924 units versus 9,545 units (YoY)
- Total domestic sales up 14.2 percent at 1.37 lakh units versus 1.20 lakh units (YoY)
- Total sales up 15 percent at 1.49 lakh units versus 1.30 lakh units (YoY)
- Total sales at 1.49 lakh units versus BloombergQuint estimate of 1.52 lakh units
Fuel costs for airlines is set to rise as Indian Oil Corporation increased aviation turbine fuel prices for the eighth-straight month. However, the rise was at the slowest pace seen in the last eight months, as crude prices come-off from their highs.
Jet fuel prices on an average increased by only 0.54 percent in India as crude prices fall nearly eight percent from its recent highs. Jet fuel will now cost Rs 63,162 per kilolitre on an average.
Shares of Dalmia Bharat rose as much as 4 percent to Rs 2,735 after CLSA initiated buy call for target price of Rs 3,500, indicating potential upside of 33 percent.
CLSA in a note said:
- Dalmia enjoys industry-leading unit EBITDA
- Strong growth has been supported by a series of acquisitions
- High gearing makes Dalmia more vulnerable to adverse cement cycle
- Expect EBITDA/EPS to grow at a CAGR of 16 percent/50 percent over FY18-20
Shares of the Nashik-based road developer rose as much as 7.9 percent to Rs 236 after it emerged as the lowest bidder for highway project in Jharkhand.
Shares of the Madhya Pradesh-based road developer rose as much as 3.8 percent to Rs 980 after it emerged as lowest bidder (L1) for three new hybrid annuity projects worth Rs 5,390 crorein Karnataka and Jharkhand.
Here's a lineup of all major corporate meetings over the next few days.https://t.co/wfszrBz91R pic.twitter.com/7U92VA6UPK
— BloombergQuint (@BloombergQuint) March 1, 2018
Money Market Heads Up!
Indian sovereign bonds are expected to see more selling after data last evening showed that GDP expanded 7.2 percent in the December quarter, faster than expected. This may lead investors to worry that the pace of growth may stoke inflation and push the central bank to raise rates.
Yield on the 10-year note climbed 30 basis points in February, the biggest rise for a benchmark note in a year. For today, it may stay in a range of 7.70-7.76 percent.
In the currency market, implied opening from forwards suggest rupee will start trading around 65.27 a dollar. February was the worst month for the currency since August 2015 as it fell 2.44 percent against the greenback. With risk appetite weak across the region, the rupee may open lower and trade in a range of 65.10-65.40 a dollar in the day.
NSE working with global exchanges, index providers for orderly transition.https://t.co/yFbQUTB54n pic.twitter.com/qDulszuClP
— BloombergQuint (@BloombergQuint) February 28, 2018
Neelkanth Mishra of Credit Suisse says stronger non-oil/gold import growth to drive sharp increase in trade deficits pic.twitter.com/cysWEckF3k
— BloombergQuint (@BloombergQuint) February 28, 2018
HG Infra Engineering IPO subscribed 5 times on last day.https://t.co/s4uTZV3Yan pic.twitter.com/BW7XLxOh7W
— BloombergQuint (@BloombergQuint) February 28, 2018
Fortis Healthcare’s auditor raises 3 red flags relating to - ongoing investigations, to loans given and recoverability of certain vendor advances.https://t.co/ILE3TmgUzB pic.twitter.com/pakWXQccNv
— BloombergQuint (@BloombergQuint) March 1, 2018
- Rama Steel Tubes: TCG Fund Fund sold 87,468 shares or 0.5 percent equity at Rs 195 each.
- Supreme Infra: Discord Exim Pvt. sold 2.81 lakh shares or 1.1 percent equity at Rs 63.3 each.
- Videocon Industries: IFCI sold 20.66 lakh shares or 0.7 percent equity at Rs 14.84 each.
- Punjab Alkalies & Chemicals: IDBI Bank sold 9.65 lakh shares or 3.6 percent equity at Rs 25.35 each.
- Sintercom India: KIFS Enterprises bought 1.52 lakh shares at Rs 72.16 shares.
India sees its economy growing faster-than-estimated, providing some relief to PM Modi ahead of polls next year.https://t.co/8w4I34WUhR pic.twitter.com/Ij0CJcbrji
— BloombergQuint (@BloombergQuint) February 28, 2018
India’s auto sales expected to grow on a yearly basis, but likely to moderate from January.https://t.co/6B22xsTOiw pic.twitter.com/zZ84G1pAjl
— BloombergQuint (@BloombergQuint) March 1, 2018
Oil set for first monthly drop since August on U.S. stock fears.https://t.co/4bh32QkoCd pic.twitter.com/w51W2LhUum
— BloombergQuint (@BloombergQuint) February 28, 2018
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