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Indian shares extended their gains for a second straight session as investors reacted to a slew of earnings announcements, while treading cautiously ahead of the U.S. presidential election.
The S&P BSE Sensex climbed 0.4 percent to 27,591 while the NSE Nifty gained 0.5 to 8,543. The market breadth, however, was not so encouraging at 904 declines, 701 advances and 274 stocks remaining unchanged on the NSE.
Indian shares extended their gains for a second straight session as investors reacted to a slew of earnings announcements, while treading cautiously ahead of the U.S. presidential election.
The S&P BSE Sensex climbed 0.4 percent to 27,591 while the NSE Nifty gained 0.5 to 8,543. The market breadth, however, was not so encouraging at 904 declines, 701 advances and 274 stocks remaining unchanged on the NSE.
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Also Read: A Trump Victory Could Trigger Knee-Jerk Selloff In Emerging Markets: Experts
Hindalco Industries Ltd. is considering raising about $500 million through a stock sale, as India’s biggest aluminum maker seeks to cut debt amid a share-price rally this year, people with knowledge of the matter told Bloomberg News.
Any deal would follow a rally in Hindalco’s share price that has more than doubled the company’s market value this year to $5.3 billion.
To catch the full report, click HERE
Shares of the tyre maker gained as much as 7.9 percent, the most since September 30, on volumes 1.7 times of its 3-month full day average after its second quarter earnings beat street expectations.
Bharat Forge’s second quarter profit fell 26%, marginally misses analyst estimates. https://t.co/qesZcXhKfl
— BloombergQuint (@BloombergQuint) November 8, 2016
#BQPollOfTheDay | Hillary Clinton or Donald Trump: Who will be better for Indian stock markets?
— BloombergQuint (@BloombergQuint) November 8, 2016
Shares of the power equipment manufacturer rose as much as 5.4 percent after it beat street expectations with its second quarter earnings.
The state-owned firm reported a net profit of Rs 109 crore for quarter-ended September, against Rs 59.3 crore estimated by a Bloomberg poll of analysts’ estimates. It clocked net sales of Rs 6,660 crore for the three-month period, which was also higher than the Rs 6470 crore anticipated.
Shares of KEC International gained as much as 7.2 percent, the most since September 1, after reporting a good set of second quarter numbers.
The firm posted a net profit of Rs 65 crore for quarter-ended September, compared to Rs 28.15 crore same period last year. A Bloomberg poll of analyst estimates had pegged the profit to come in at Rs 49.1 crore.
Net sales stood at Rs 2,120 crore for the three-month period, which was also higher than the Rs 2,080 crore estimated. Its EBITDA margin came in at 8.7 percent versus 7.3 percent YoY.
Shares of the truck maker gained 2.7 percent after its second quarter earnings beat street estimates.
It made a net profit of Rs 294 crore for the quarter-ended September, compared to Rs 172 crore it managed same period last year. A Bloomberg poll of analysts had estimated the profit to come in at Rs 262 crore.
The automaker also managed to beat sales expectations at Rs 4,910 crore.
For a full earnings report, click HERE
Shares of Bharat Heavy Electricals Ltd. climbed 3.9 percent ahead of its second quarter earnings. The firm is forecast to report strong profit growth in the July to September quarter on the back of low-base effect, while sales may rise 10.8 percent powered by a pick-up in execution.
Net profit is expected to rise to Rs 59.3 crore in the second quarter of the financial year 2016-17 compared to a loss of Rs 204.9 crore in the corresponding quarter of last year, according to Bloomberg consensus estimates.
Click HERE to know more.
Elevated gold prices and India’s push for more transparency on purchases and income disclosure will cut the nation’s demand for bullion in 2016 to its lowest in seven years, before consumption recovers in 2017, according to the World Gold Council.
Gold prices are up about a fifth this year and that has helped keep a lid on demand in world’s biggest consumer of the metal after China.
To read the full report, click HERE
China’s exports fell for a seventh month, leaving policy makers reliant on domestic growth engines to hit their economic expansion goals.
China’s exports fell for a seventh month. https://t.co/3iLChsXBnK pic.twitter.com/2OuEWXA2NB
— BloombergQuint (@BloombergQuint) November 8, 2016
Shares of the Gautam Adani backed firm erased losses and surged as much as 5.7 percent after it announced its plans to form a joint venture with Elbit Incorporated to manufacturer unmanned aerial vehicles.
Adani will hold 51 percent stake in the joint venture, while the Israel-based firm will own the rest. The new venture will be called Adani-Elbit Adavanced Systems India Limited.
Shares of the homegrown automaker surged as much as 4.9 percent, the most in two months and was the best performer on the Sensex and the Nifty indexes after a rating upgrade by broking firm Credit Suisse.
The pound’s 15 percent decline since Brexit can help drive a 50 percent increase in EBITDA per car for Tata Motors’ Jaguar and Land Rover (JLR), analysts led by Jatin Chawla wrote in a note.
Credit Suisse has raised its stock rating to outperform from neutral with a price target of Rs 720 versus Rs 510 earlier.
Read the full report HERE
Shares of the private sector lender gained as much as 3.1 percent to Rs 287 after its second quarter net income beat street expectations aided by the listing of its life insurance unit.
The proceeds from the IPO helped the bank offset higher bad loan provisions in the September quarter and post a record profit.
Also Read: ICICI Bank Rallies As Brokerages Raise Price Targets
ICICI Bank rises 2.3% despite the rise in bad loans in the second quarter.
— BloombergQuint (@BloombergQuint) November 8, 2016
Read| https://t.co/jhIVAvmHB0 pic.twitter.com/5GoZioFsBk
Varun Beverages, PepsiCo's largest franchise bottler, made its stock market debut at Rs 430 on the Bombay Stock Exchange, at a 3 percent discount to its issue price of Rs 445.
The company said it will use the Rs 1,100 crore raised via the IPO to partially repay debt that was taken for its expansion plans. (More details HERE)
Indian shares extended their gains for a second straight session as the last of the opinion polls showed Hillary Clinton ahead of Donald Trump as Americans prepare to cast their ballots in the U.S. presidential election.
The S&P BSE Sensex climbed 0.3 percent to 27,552 while the NSE Nifty advanced 0.3 percent as well to 8,522. The market breadth was healthy at 1,096 advances, 370 declines and 397 stocks remaining unchanged.
Barring the S&P BSE FMCG Index (-0.3 percent), all other 18 sectoral gauges advanced on the exchange.
Indian shares extended their gains for a second straight session as the last of the opinion polls showed Hillary Clinton ahead of Donald Trump as Americans prepare to cast their ballots in the U.S. presidential election.
The S&P BSE Sensex climbed 0.3 percent to 27,552 while the NSE Nifty advanced 0.3 percent as well to 8,522. The market breadth was healthy at 1,096 advances, 370 declines and 397 stocks remaining unchanged.
Barring the S&P BSE FMCG Index (-0.3 percent), all other 18 sectoral gauges advanced on the exchange.
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Movers & Shakers: Heritage Foods, InterGlobe Aviation, ICICI Bank And More
ICICI Bank bad loan ratio holds at a decade high https://t.co/4y6xiByh0i @shraddha_babla pic.twitter.com/WdqA7Y3uJH
— BloombergQuint (@BloombergQuint) November 7, 2016
Cognizant cuts full-year revenue growth guidance for fiscal 2016 https://t.co/ERp3potg2y pic.twitter.com/4IL0JlmWYe
— BloombergQuint (@BloombergQuint) November 7, 2016
Varun Beverages shares listing on BSE/NSE after IPO gets 186 percent demand last month
A deal with Thyssenkrupp could shield Tata Steel from deeper writedowns
— BloombergQuint (@BloombergQuint) November 8, 2016
Read| https://t.co/HGqLyka40n pic.twitter.com/nes0hSL48O
Also Read: Ratan Tata’s Return Tarnishes Aura of India’s Legendary Dynasty
Steel production in India jumps most in 14 months, reports @Swans3a https://t.co/2tQX30IVSz pic.twitter.com/XeCiS7D4sE
— BloombergQuint (@BloombergQuint) November 7, 2016
Traders cover short positions ahead of US presidential election, reports @AgamVakil
— BloombergQuint (@BloombergQuint) November 8, 2016
Read| https://t.co/foSukrboG5 pic.twitter.com/uLlvv3dJXj
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, gained 0.3 percent to 8,535.
Asian equities extended the last session’s rebound from a seven-week low and Mexico’s peso strengthened with opinion polls showing Hillary Clinton ahead of Donald Trump as Americans prepare to cast their ballots in the U.S. presidential election.
Safe haven assets nursed declined, with the yen near a one-week low and gold steady after its steepest slide in a month.
Women, non-whites, and young voters could help Hillary Clinton defeat Donald Trump
— BloombergQuint (@BloombergQuint) November 8, 2016
Read| https://t.co/smKTFSLeVO pic.twitter.com/2AauXoAVz0
The election results are expected to be announced during morning trading in Asia on Wednesday, offering some prospect of calm on Tuesday as investors digest China trade data for October.
On Monday, U.S. stocks snapped a nine-day losing streak after the FBI said newly discovered emails didn’t warrant any action against the presidential candidate Clinton. The measure of market turbulence known as the VIX slid 17 percent after surging 39 percent last week.
Oil rebounded amid a broader market rally and after OPEC official said Russia, the world’s biggest energy producer, is on board with an agreement to limit crude production.
Wall Street snaps 9-day decline with 2% rally. Asia follows suit on US election day.
— BloombergQuint (@BloombergQuint) November 8, 2016
Read| https://t.co/nm771jgmY4 pic.twitter.com/A4MM5Wuy6X
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