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Markets rallied after falling nearly 3 percent in last three sessions as domestic sentiment got a boost from crude dropping below $50 per barrel amid short covering ahead of December derivatives expiry, AK Prabhakar, head of research at IDBI Capital Markets told BloombergQuint over phone.
Shares of the Bengaluru-based mobile content provider slumped as much as 19.27 percent, the most since August 2015, to Rs 33.30 on heavy volumes.
Trading volume was 15 times its 20-day average, according to data compiled by Bloomberg.
From last couple of quarters, the company has been going through a series of transformation and we are in process of transforming into mobile entertainment company, Ganesh Murthy, CFO of Onmobile told BlombergQuint in an interview.
Ringback tones which was about 50 percent of our revenue has been shrinking primarily due to telecom sector not doing well and we are looking at lower and lower ARPUs, he added.
Meanwhile, the company is looking at two growth areas of mobile games and videos and that will offset decline in revenue caused slowing ringback tone business.
Shares of airline operators rose after Brent crude dropped below $50 per barrel for first time since July 2017.
Nifty's 10,500 put option contract was among the most active option contracts on the National Stock Exchange.
Premium on the contract surged 102 percent to Rs 28.40. Over 12.75 lakh shares were added to the open interest which stood at over 44.80 lakh shares.
Shares of the country's largest carmaker fell as much as 1.7 percent to Rs 7,402 after it announced to recall 5,900 Super Carry vehicles.
The recall is to inspect a possible defect in fuel filter, Maruti Suzuki said in an exchange notification.
Shares of the Chennai-based specialty chemical maker rose as mcuh as 6.3 percent, the most in nearly a month, to Rs 156.25.
The company has commissioned PVC-O project in Sricity, Andhra Pradesh, Chemfab Alkalis said in an exchange notification.
Shares of the Bengaluru-based real estate developer rose as much as 6.13 percent to Rs 220 after Motilal Oswal initiated coverage on the stock with a buy for target price of Rs 282.
Motilal Oswal in a note said:
Investors are not easily coming to buy into premium valuations as market mood is sour, Deven Choksey of KR Choksey Securities told BloombergQuint in an interview.
Key highlights of the conversation:
Shares of the FMCG giant fell as much as 2.43 percent to Rs 1,741.25 after anti-profiteering authority ruled that Hindustan Unilever profiteered to the extent of Rs 535 crore against the company’s claim of Rs 160 crore.
According to the order of National Anti-Profiteering Authority posted on its website today, Hindustan Unilever Ltd. profiteered Rs 419.67 crore due to sales realisation following an increase in base prices after a cut in goods and services tax rate cut in two slabs—from 28 percent to 18 percent and 18 percent to 12 percent.
Crude is likely to test new bottom as investors are nervous on how talks between U.S. and China pan out regarding trade tariffs, Vandana Hari of Vanda Insights told BloombergQuint in an interview.
Key highlights of the conversation:
Motilal Oswal On Brigade Enterprises
Macquarie On ITC
UBS On Power Grid
(As reported on Dec. 24)
Gayatri Projects
Nath Bio-Genes India
Punj Lloyd
Shanti Educational Initiatives
Who’s Meeting Whom
GST Anti-Profiteering Body Rules HUL Made Unjust Profit Of Rs 535 Crore
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