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The market is consolidating in a narrow range ahead of the third quarter earnings season this week. The participants are lined up with checklist to determine how the effect of cash crunch and the rise in commodity prices have impacted the margins and the profitability. Any underestimated impact is likely to create a cascading effect to the euphoria of a pre-budget rally.”Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services wrote in
Shares the construction firm swung between gains and losses after it bagged an order from IRCON International Ltd. for building cable stayed bridge, including its approaches, across river Anji Khad in Jammu and Kashimir.
This is the fifth order HCC has received from IRCON. The total length of the bridge is 473.25 meters, including the 290-meter-long main span, making it the longest of its kind for Indian railways.
The project is to be completed in 36 months, HCC said in its filing.
#BQSpotted by @OnlyNickey | Graphite India is on a 5-day winning strike. https://t.co/Gp7vmcUwuJ pic.twitter.com/bkjRJek82l
— BloombergQuint (@BloombergQuint) January 9, 2017
Finance Minister Arun Jaitley said indirect tax collection in the month of December rose 14.2 percent YoY.
The matter is under discussion with lenders and lead bank is positive on suitable restructuring. Other banks are also in the process to follow the decision of consortium meeting.”Company’s exchange filing.
Shares of the midcap I.T. firm swung between gains and losses after reporting third quarter earnings. The company made a profit after minority interest of Rs 26.86 crore for the three-month period ending December, compared to Rs 23.62 crore in same period previous quarter.
It clocked sales of around Rs 142 crore, an increase of 91 percent year-on-year. The EBITDA grew to Rs 49 crore, an increase of 92 percent YoY.
The stock has gained seven out of the last nine trading session.
#BQSpotted by @soumeet_sarkar | Allied Digital Services snaps its 6-day winning streak. https://t.co/yiX6OAFvVl pic.twitter.com/4MTaooiNiX
— BloombergQuint (@BloombergQuint) January 9, 2017
#BQPollOfTheDay | Rupee weakens further against the US dollar. Where will it end today?
— BloombergQuint (@BloombergQuint) January 9, 2017
Bharat Earth Movers jumped as much as 19.6 percent to Rs 1,188, the most since May 19 2014, after the government carried out a strategic divestment in the company. The Cabinet Committee of Economic Affairs approved divestment of 26 percent equity shares in BMEL out of the government's total 54.03 percent, the company said in a statement to the exchanges.
The move is in line with the government's total divestment target of Rs 56,500 crore for the financial year 2016-2017. The government had completed nearly 60 percent of its target for divestment through minority stake sales, by the end of November itself.
Movers & Shakers: Aurobindo Pharma, Sobha, Indian Overseas Bank And More
First, it doesn’t capture data from November onwards when Prime Minister Narendra Modi shocked the nation by banning high-value currency notes. So sovereign bonds that had a good run of gains in the last week with yields dropping 13 basis points, are likely to show a muted reaction to the print but yields are still biased lower.
In the world of currencies, a solid performance showed by the US labour market is again adding to the dollar power. Asian currencies are lower and rupee too may find itself under pressure in the session.
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The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, remained unchanged at 8,269.
Asian stocks climbed higher this morning tracking positive cues from U.S. equity markets while crude oil halted a three-day advance. Markets in Japan were closed for a holiday.
Fresh sign of strength in the U.S. labour market reignited the dollar rally and sent U.S. stocks to all-time highs, with the Dow Industrial Average climbing within one of 20,000. Treasuries tumbled with gold as data boosted the case for higher interest rates.
The offshore yuan extended its decline following Friday’s biggest loss in a year, along with most other Asian currencies. Data over the weekend showed China’s foreign-exchange reserves fell for sixth straight month, reflecting efforts by the nation’s policy makers to cushion the depreciation of the yuan.
In Britain, Prime Minister Theresa May said on Sunday that negotiations on Brexit will be about “getting the right relationship, not about keeping bits of membership.”
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