- Dabur: About 30.8 lakh shares changed hands in a block deal.
- Tata Motors: About 13 lakh shares changed hands in a block deal.
Buyers and sellers were not known immediately.
Source: Bloomberg
Shares of the earth-moving equipment maker rose as much as 15 percent, the most in over 14 months to Rs 1,418.55. The government today gave in-principle approval to sell 26 percent stake in BEML, according to Bloomberg report.
- Company buys cancer care hospital from promoter Dr. M. Gopichand.
- HCG will buy 100 percent stake in Dr. M. Gopichand's hospital.
- Deal will be a mixture of cash and share transfer.
- See Rs 18 - 20 crore of revenue to come in per year from the new hospital.
- Aditya Birla Capital has 10 lakh shares change hands in a block deal.
- BSE Ltd has around 13 lakh shares (2.4 percent) equity change hands in a block deal.
Buyers and sellers were not immediately known
Source: Bloomberg
- Indian equity benchmarks extended losses on the back of broad-based selling pressure amid weak global cues.
- The S&P BSE Sensex fell 357 points or 1.05 percent to 33,689 and the NSE Nifty 50 Index tumbled 1.2 percent or 125 points to 10,333.
- The losses were broad-based as the S&P BSE MidCap Index fell 1.2 percent and the S&P BSE SmallCap Index slumped 1.3 percent.
- All sector gauges compiled by BSE were trading lower led by the S&P BSE Metal index's 3.6 percent fall.
- Dish TV has 30 lakh shares change hands in a block deal
Buyers and sellers were not immediately known
Source: Bloomberg
India's services activity fell to a six-month low in February, as new work orders declined for the first time in three months.
The Nikkei India Services Purchasing Managers’ Index fell to 47.8 in February from 51.7 in January, according to a statement by Markit. A reading above 50 indicates economic expansion, while a reading below 50 signals contraction.
Shares of the mortgage lender rose as much as 2.6 percent to Rs 549.50 after its board members met the senior management of RBL Bank to understand the business model and operations and processes in the company.
Shares of the travel service provider rose as much as 10.5 percent to Rs 265.85 after its board approved corporate restructuring plan by enabling it to focus on travel related business, give the shareholders direct exposure and shareholding in the business of Quess Corp Limited.
Shares of the Delhi-based hospital chain operator fell as much as 4.75 percent to Rs 153.15 after the Serious Fraud Investigation Office asked for certain information and documents to be submitted by March 9, news agency Press Trust of India reported.
The corporate affairs ministry has been looking into the affairs of Fortis Healthcare after reports about the financial irregularities emerged regarding the healthcare firm.
The company has received a notice from Serious Fraud Investigation Office, Ministry of Corporate Affairs seeking certain information and documents as mentioned therein to be submitted by March 9, 2018, Fortis Healthcare said in a BSE filing.
Shares of the Hyderabad-based drug maker fell 5 percent to Rs 590 after the U.S. drug regulator issued Form 483 with nine observations.
The observations for Unit 4 in Hyderabad relate to equipment and cleanliness, employees training, quality control and computer controls, according to the U.S. Food and Drug Administration’s Form 483 reviewed by BloombergQuint.
- Motherson Sumi has 10.5 lakh shares change hands in a bock deal.
- City Union Bank has 15 lakh shares change hands a block deal.
- Castrol has 12 lakh shares change hands in a block deal.
- Power Grid has 13.8 lakh shares change hands in a single block.
- CG Power has 10 lakh shares change hands in a single block.
Buyers and sellers were not immediately known
Source: Bloomberg
Here's a lineup of all major corporate meetings over the next few days.https://t.co/Ho3uBus7DI pic.twitter.com/PwuUyXQRnd
— BloombergQuint (@BloombergQuint) March 5, 2018
Edelweiss on Fortis Healthcare
- Maintained ‘Buy’; cut price target to Rs 180 from Rs 230.
- Earnings under pressure; Quality of business remains intact.
- Fortis can unlock significant value by demerging SRL.
- SRL valued at 30 percent of consolidated enterprise value.
- Expect revenue and Ebitdac to compound at 16 percent and 23 percent respectively over the fiscal 2018-2020.
- Expect free cash flow generation from April to drive re‐rating.
JPMorgan on Axis Bank
- Maintained ‘Overweight’; cut price target to Rs 650 from Rs 700.
- Price target cut to capture impact of new RBI provisioning guidelines and front-end the legacy provisioning to the current fiscal.
- This clean-up to act as a near-term headwind for stock.
- Core pre-provisioning operating profit momentum to resume from April.
- Refinancing of NCLT cases to represent an opportunity to jumpstart loan growth.
- Axis remains top pick among value stocks.
Morgan Stanley on Coal India
- Maintained ‘Underweight’ with price target of Rs 221.
- Production was flat and dispatches moderated in Feb. 18.
- Expect growth rates to remain moderate.
- Higher costs to constrain earnings and dividend payouts.
Jefferies on Voltas
- Maintained ‘Buy’ with price target of Rs 795.
- Dealer interactions indicate AC pricing normalised post discounts in December 2017.
- Weather linked demand is yet to reflect in volumes.
- Rating changes see smooth implementation.
- Voltas to benefit from summer onset in current and next fiscal from low GST base.
- Remain positive on Voltas.
Nomura on Dr Reddy’s Laboratories
- Maintained ‘Buy’ with price target of Rs 3,238.
- Expects to file proprietary migraine drug in next three months under 505b(2) route.
- Company guides of $100-300 million from the product.
- Dr Reddy’s is play on potential of complex generic and specialty opportunities in U.S.
Nomura on KNR Construction
- Maintained ‘Buy’ with price target of Rs 383.
- Order win of Rs 1,020 crore revives momentum.
- Potentially another order worth Rs 1,380 crore in pipeline.
- Some of L1 positions may witness delays in confirmation and spill over to next quarter
- Order largely addresses investor concerns on orderbook depletion.
Nomura on Dilip Buildcon
- Maintained ‘Buy’ with price target of Rs 1,265.
- Recent series of order wins exceed top end of its order inflow guidance for the current fiscal.
- Dilip has secured more recent EPC contracts at aggressive bids.
- HAM project bids seems competitive.
- Overall bidding appearing reasonable.
- Do not expect Dilip to face major hurdles in financial closure of new HAM projects.
For a complete list of stocks in the news, click here
- Nifty March Futures closed trading at 10,456.5, discount of 1.4 points.
- All series-Nifty Open Interest up 5 percent, Bank Nifty Open Interest down 2 percent.
- India VIX ended at 14.07, up 1.9 percent.
- Maximum Open Interest for March series at 10,800 call strike, Open Interest at 44.2 lakh, up 54 percent.
- Maximum Open Interest for March series at 10,400 Put, Open Interest at 36.7 lakh, down 1 percent.
Bulk Deals- Indian Terrain Fashions: Limiar Fund (Master) LP bought 6.50 lakh shares or 1.7 percent equity at Rs 202 each.
Trading Tweaks
- All Fortis Healthcare F&O contracts will expire on March 29.
- Venkys circuit filer revised to 10 percent.
- BEL buyback period between March 5-16.
- Balrampur Chini ex-date for determining buyback eligibility.
#BQOpinion | With three other BJP states in the North-East, why the Naga Peace Accord needs an NDA government, by Bharat Bhushan (@Bharatitis). #NorthEastVerdict https://t.co/ZCd0dnbar4 pic.twitter.com/MWeAbzJwqf
— BloombergQuint (@BloombergQuint) March 4, 2018
The good Donald, the bad Donald and the ugly market.
— BloombergQuint (@BloombergQuint) March 4, 2018
(via @gadfly)https://t.co/vwJ6AxhNua pic.twitter.com/mRclVqIGNX
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