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Shares of the Mumbai-based entertainment channel operator fell as much as 9.52 percent, the most since Sept. 6, to Rs 454.05 after Bank of America Merrill Lynch downgraded the stock to underperform and revised its target price to Rs 375.
BofAML in a note said:
Investors should start putting money in equities as it is a good time to get into bluechip companies as markets are not very much concerned about a coalition government coming at the centre in 2019, Dipan Mehta, member of BSE told BloombergQuint in an interview.
Key highlights of the conversation:
Buyers and sellers were not immediately known
Source: Bloomberg
Indian equity benchmarks reversed losses led by Larsen & Toubro, ICICI Bank, HDFC Bank and Sun Pharma.
The S&P BSE Sensex rose 0.17 percent or 58 points to 36,323 and the NSE Nifty 50 Index climbed 0.12 percent or 13 points to 10,904.
Seventeen of 19 sector gauges were trading higher led by the S&P BSE Capital Goods Index's 0.8 percent gain. On the flipside, S&P BSE Information Technology Index was top loser, down 0.8 percent.
Shares of the Delhi-based public sector lender gained for sixth day in a row and rose 13.8 percent to Rs 73.80, outperforming the Sensex which has advanced 3.87 percent.
In the intraday deals today, stock rose as much as 4 percent to Rs 75.80.
Shares of the Bhopal-based road developer rose as much as 2 percent to Rs 437.50 after its subsidiary DBL Chandikhole Bhadrak Highways got appointed with the National Highways Authority of India on Dec. 16, Dilip Buildcon said in an exchange filing.
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Shares of the IL&FS group companies were trading higher after it said the company was looking to sell 22 assets and businesses in its domestic roads vertical to seek expressions of interest for road projects.
The company appointed Arpwood Capital and JM Financial as financial and transaction advisers. Alvarez & Marsal to act as resolution consultants.
Shares of the Delhi-based housing finance company fell as much as 1.98 percent to Rs 950.40 as Carlyle Group is seeking to double its holding in PNB Housing Finance, Bloomberg reported citing people familiar with the matter, reversing an earlier attempt to pare its stake in the company.
The U.S. private-equity firm is considering buying Punjab National Bank’s shares in the financier, which would give it a controlling stake, the report added citing the above-mentioned people.
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Buyers and sellers were not immediately known
Source: Bloomberg
Titan id planning to expand in 100 new towns over the next five years and is likely to add 40 new stores by next year, Subbu Subramaniam, CFO at Titan Company told BloombergQuint in an interview.
Key highlights of the conversation:
Shares of oil retailers gained as the Brent crude fell for the third-straight session after declining as much as 1.4 percent to 58.78 per barrel.
Shares of the Mumbai-based construction company rose as much as 8.11 percent to Rs 137.95 after its arm raised funds from Morgan Stanley.
The company's arm — Unison Enviro Private Limited raised Rs 150 crore from Morgan Stanley India Infrastructure for city gas distribution, Ashoka Buildcon said in an exchange filing.
Low oil prices will be good for deficit and inflation, Andrew Holland, CEO, Avendus Capital Alternate Strategies told BloombergQuint in an interview.
Key highlights of the conversation:
Shares of the parent of luxury carmaker Jaguar Land Rover rose as much as 2.1 percent to Rs 177.60.
Jaguar Land Rover has hired Boston Consulting Group for $3.2 billion turnaround plan, Bloomberg reported citing the spokesperson of JLR worker’s representative body Unite Union.
The Indian rupee is set to start higher along with other emerging market currencies with the dollar dropping after U.S. stocks got slammed on Monday.
With oil also trading just below $60 a barrel and foreign inflows picking up, the implied forwards suggest that the rupee will start trading at 71.30 per dollar, up from 71.55 on Monday when it gained 0.5 percent.
Foreign funds bought $12.1 million of rupee denominated bonds on Friday and $106.3 million of stocks on the same day.
In the bond market, attention will be on the sale of Rs 7,550 crore of state governments. The benchmark 10-yr yield rose 2 basis points to 7.46 percent, after climbing 3 basis points on Friday.
Traders will be looking forward to key events later in the week in the form of the MPC minutes and U.S. Fed meeting. Fed president Jerome Powell is also scheduled to hold a press conference, just hours after President Donald Trump weighed in, tweeting Monday that it was “incredible” the central bank was considering a rate hike.
Source: Bloomberg
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