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Sensex, Nifty Post First Quarterly Loss Since December 2016

Sensex, Nifty Post First Quarterly Loss Since December 2016
A man looks up at an electronic screen displaying stock figures at the Bombay Stock Exchange (BSE) in Mumbai, India. (Photographer: Vivek Prakash/Bloomberg)
8 years ago
Indian equity benchmarks edged lower weighed down by weakness in heavyweights like Reliance Industries, ICICI Bank, ITC and Infosys.

Shares of the Bangalore-based auto parts maker rose as much as 4.7 percent to Rs 18,515 on the back of heavy volumes. Trading volume was 7.2 times its 20-day average.

  • Kakatiya Cement: The Andhra Pradesh-based cement and sugar maker rose as much as 18 percent, the in seven months, to Rs 267 after Central Pollution Control Board (CPCB) revoked closure order for company’s cement plant.
  • Meera Industries: The Surat-based textile twisting technology and machine maker was locked in a five percent upper circuit at Rs 201 after it received an export order of $575 lakh from a yarn manufacturing company from Indonesia.
  • Avanti Feeds: The Hyderabad-based shrimp feed maker rose as much as 2.81 percent to Rs 2,256 after it completed commercial production of the additional capacity of 1,75,000 million tonnes of shrimp feed at Bandapuram plant in Andhra Pradesh.
  • Mahindra Holidays: The Chennai-based hospitality service provider rose nearly 9 percent to Rs 298 9 on the back of heavy volumes. Trading volume was 16 times its 20-day average.

  • April-Feb. total receipts at Rs 12.8 lakh crore.
  • April-Feb. tax revenue at Rs 10.4 lakh crore.
  • April-Feb. total expenditure at Rs 19.9 lakh crore.
  • April-Feb. tax receipts account for 79.1 percent of FY18 estimate.
  • The finance minister while presenting the budget had raised the fiscal deficit estimate to Rs 5.95 lakh crore for FY17-18.
  • Click here for full story

    Source: Finance Ministry

  • Bank of Baroda has 7.32 crore shares change hands at Rs 141.80 per share on BSE.
  • Buyers and sellers were not immediately known

    Source: Bloomberg

  • Markets per se continues to remain under pressure and is close to bottoming around 9,700-9,800.
  • Markets can go in for a time bound correction and it will be testing time for investors.
  • Although we are in a long-term bull run but small phases of bear markets will test investors patience.
  • Investors should stick to stable large cap stocks.
  • Banking earnings will be a cause of problem as advance tax numbers posted by banks are lower than estimates.

Bharatiya Janata Party’s leadership may opt to call an early general election by end of 2018, Saurabh Mukherjea, chief executive officer at the Ambit Capital, said in a note.

  • BJP may be motivated by the risk of losing ground in three state polls.
  • Defeats in key by-elections in Uttar Pradesh and the desertion of an ally from Modi’s ruling coalition may also force the party to the polls early, Mukherjea said.
  • Regional parties have also been attempting to coalesce into a third political front.
  • Prime Minister Narendra Modi’s tenure ends in May 2019; elections to the state assemblies of Chhattisgarh, Madhya Pradesh and Rajasthan are expected to be held by the end of 2018.

Shares of the Mumbai-based drug maker fell as much as 6.14 percent, the most in over a month, to Rs 1,965 after the U.S. drug regulator issued Form 483 with 13 observations for its Daman plant, Alkem Labs said in an exchange filing.

The company will respond to U.S. FDA with adequate corrective and preventive measures within the timeline stipulated by the U.S. FDA, the filing added.

Meanwhile, the U.S. FDA has also issued another Form 483 with one observation for its St Louis plant in U.S. for which the company has submitted d a detailed corrective and preventive action plant the regulator.

Shares of the Hyderabad-based shrimp feed maker rose as much as 2.81 percent to Rs 2,256 after it completed commercial production of the additional capacity of 1,75,000 million tonnes of shrimp feed at Bandapuram plant in Andhra Pradesh.

Shares of the Ahmedabad-based specialty chemical maker rose as much as 2.2 percent to Rs 119 after it informed exchanges that it has completed expansion of its dyestuf plant at Vadodara and also started production at the plant.

Bhushan Steel's resolution professional lawyer Gaurab Banerjee informed NCLT that Tata Steel is the highest bidder for Bhushan's assets.

The resolution professional added that resolution plan has been approved by 99.8 percent lenders.

  • Bhushan Steel down 3.3 percent at Rs 40.55
  • Tata Steel down 3.16 percent at Rs 571

Source: Bloomberg

Shares of the Mumbai-based ABS and SAN resins manufacturer rose as much as 3.89 percent to Rs 173.45 after it informed exchanges that it has cleared dues of Rs 216.50 crore which it had availed from Allahabad Bank and IFB Branch, Mumbai.

  • Gujarat Gas has 1.44 crore shares change hands in a block on BSE. Stock up 1.48 percent at Rs 849.
  • Buyers and sellers were not immediately known

    Source: Bloomberg

  • Deal with Manipal Health faced a lot of challenges.
  • Deal will be a game changer for the healthcare industry.
  • Fortis and Manipal Health will have a leadership position in healthcare industry.
  • Liabilities of Fortis Healthcare will remain with the company itself.
  • Fortis will sell 20 percent stake in SRL to Manipal Health.
  • Deal completion will take close to one year.
  • Listed Fortis Healthcare will own 36 percent stake in SRL post selling 20 percent to Manipal Health.
  • Click here for full story

Shares of the Ahmedabad-based shipping port operator fell as much as 5 percent to Rs 346.85 after 25 lakh shares changed hands in a block deal in the pre-market trade.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Bangalore-based aerospace and defence products maker made a weak debut on stock exchanges. The stock opened for trading at Rs 1,169 down 5.4 percent, on the NSE against its issue price of Rs 1,215.

It fell as much as 7.25 percent to hit low of Rs 1,150.

The IPO of Hindustan Aeronautics, the maker of Sukhoi aircrafts, had aimed to raise Rs 4,200 crore from its three-day offer that ended a week ago. By the time the offer closed, it had managed to raise only Rs 4,088 crore as demand from non-institutional and retail investors remained muted.

  • Rupee opened higher at 64.88 per dollar against yesterday's close of 64.97.

  • Adani Ports has 25 lakh shares change hands in a block in pre-market trade.
  • Buyers and sellers were not immediately known

    Source: Bloomberg

  • Fortis Healthcare says hospital business valued at Rs 97-98 per share.
  • Fortis-Manipal will have a leadership position in the industry.

Sovereign bonds are headed for their first monthly gain since July after the government said it will sell less debt than the market expected in the first half of the fiscal year starting April 1.

Yield on the 10-year note dropped 39 basis points this month, though the bulk of the drop came on single day in the last session. For today, yield may move in a range of 7.25-7.35 percent.

In the currency market, implied opening from forwards suggest rupee may start trading higher at 64.83 a dollar. Due to a truncated week, markets may stay rangebound. The currency may move in a range of 64.65-65 a dollar in the day.

JPMorgan on GSK Consumer Healthcare

  • Maintained ‘Overweight’ with a price target of Rs 7,050.
  • GSK Plc to initiate strategic review of Horlicks and other consumer nutrition products.
  • India is key market for Horlicks and other nutrition products.
  • Domestic companies with interest in this space include ITC, Marico, Britannia and Dabur.

Jefferies on Container Corp

  • Maintained ‘Buy’; Raised price target to Rs 1,750 from Rs 1,198.
  • Railways continues to gain market share from roads.
  • EXIM enquiries on an uptick.
  • Margin improvement could surprise.
  • Expect 30 percent compounded growth rate in earnings over the fiscal 2017-2020, backed by strong cash flow generation.

Macquarie on Metals

  • Maintain downward price forecast trajectory.
  • Despite price peak-out, commodities should be flat to marginally higher YoY in the next financial year.
  • Lack of growth capex to generate free cash and continue deleveraging.
  • Hindalco is top pick; Remain positive on Vedanta.
  • Recent correction makes risk-reward attractive in TataSteel, Coal India and NMDC.

Macquarie on Utilities

  • Proposed SPV which will be owned by PFC, REC and NTPC would not buy stressed assets.
  • SPC would operate them so that they do not slip into being NPAs.
  • PFC and REC would gain by avoiding large stress coming onto their books.
  • For NTPC operating fee only projects do not make sense.
  • NTPC would like to buy assets cheaply.
  • Distribution is only space in power value chain that offers growth and returns.
  • Generation will continue to remain stressed while transmission is slowing.
  • Top picks are CESC and NTPC.
  • Avoid JSW Energy and Adani Power.
  • Remain Neutral on Power Grid and Tata Power.

BoFA ML on Oil Marketing Companies

  • Constructive view on OMCs as valuations eases.
  • Recent recovery of marketing margins encouraging.
  • Refining - excesses gone; Expect it to be stable to positive near term.
  • Marketing business benefits from steady, economy led volume growth.
  • IOCL: Upgraded to ‘Buy’ from ‘Neutral’; cut price target to Rs 210 from Rs 223.
  • BPCL: Upgraded to ‘Neutral’ from ‘Underperform’; raised price target to Rs 443 from Rs 434.
  • HPCL: Upgraded to ‘Neutral’ from ‘Underperform’; raised price target to Rs 457 from Rs 340.

  • Fortis Healthcare to demerge hospitals business into Manipal Hospitals
  • Reliance Industries to sell select Eagle Ford shale assets in U.S. for $100 million.
  • SBI allots shares to government for Rs 8,800 crore capital infusion.
  • GSK Consumer says parent is initiating a ‘strategic review’ of Horlicks, other products and 72.45 percent shareholding in the company.
  • Indoco Remedies gets seven observations (three critical and four major) for Goa drug manufacturing plant from UK-MHRA.
  • MT Educare allots 3.19 crore equity shares at Rs 62.57 per share to Zee Learn.
  • Mercator raises Rs 100 crore via private placement of bonds to UTI. It is seeking to raise an additional Rs 100 crore via bond issuance.
  • Tejas Networks gets expansion order of Rs 336 crore from BSNL for BharatNet.
  • Sical Logistcs says JV has won contract from Damodar Valley Corporation for tubed Coal Mine.
  • Majesco gets deal from Tier 1 global insurer for billing software.
  • Orchid Pharma says resolution professional has sought turnaround plans by April 10.
  • Bodal Chemicals starts commercial production at Gujarat plant.
  • MEP Infra JV gets NHAI order for 3 projects in Maharashtra worth Rs 2,922.73 crore.
  • IDBI Bank says found lapses in some loan disbursals in Andhra Pradesh.
  • Bhansali Engineering Polymers says it has cleared all outstanding dues amounting to Rs 216.5 crore.
  • Avanti Feeds starts commercial production of the additional capacity of 1,75,000 million tonne shrimp feed plant at Andhra.
  • CDB Aviation and SpiceJet sign lease pact for five 737 Max.

Bandhan Bank

  • Nomura India Investment Fund Mother Fund bought 83.34 lakh shares at Rs 478.76 each.

Vmart

  • Conquest Business Services bought 74.89 lakh shares or 41.4 percent equity at Rs 1,892 each.
  • Promoter Lalit Agarwal sold 74.89 lakh shares or 41.4 percent equity at Rs 1,892 each.

Karnataka Bank

  • Bathina Reddy bought 16.75 lakh shares or 0.6 percent equity at Rs 119.63 each.
  • JM Financial Capital sold 16.75 lakh shares or 0.6 percent equity at Rs 119.63 each.

Elpro International

  • Promoter IGE (India) Pvt Ltd bought 20 lakh shares or 1.4 percent equity at Rs 47.99 each.
  • Cresta Fund sold 19.76 lakh shares or 1.4 percent equity at Rs 48 each.

Waterbase

  • Promoter Karam Chand Thapar & Bros bought 2.60 lakh shares or 0.6 percent equity at Rs 270.75 each.
  • Nead Trading & Investments sold 2.60 lakh shares or 0.6 percent equity at Rs 270.75 each.

Trading Tweaks

  • Amtek Auto and Jyoti Structures last trading day before shifting to Z group.

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