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Manav Chopra of Indiabulls Ventures discussed trading strategies after markets witnessed highly volatile session.
Today’s sharp selloff in housing finance companies does not indicate that there is a systemic flaw for them, market expert and well known investor Madhu Kela told BloombergQuint.
Key earnings highlights:
JPMorgan India Summit: Bharat Iyer Expects Low Returns, High Volatility For Next 12 Months
Shares of the Mumbai-based parent of luxury car maker Jaguar Land Rover fell as much as 9.4 percent to Rs 229, also its lowest level in nearly six years.
Fitch revised outlook on Tata Motors to Negative; Affirms at 'BB+'. The revision of the outlook reflects Fitch's expectations of rising negative free cash flow (FCF) over the next two financial years.
Basant Maheshwari, veteran investor and partner at Basant Maheshwari Wealth Advisers told BloombergQuint that one NBFC in problem does not mean that the entire financial sector is in problem.
Key highlights of the conversation:
Shares of the Bengaluru-based alcohol beverage maker fell as much as 9.68 percent, the most in over a year, to Rs 506.65 after Delhi government's financial commissioner blacklisted United Spirits for allegedly using duplicate barcodes and banned it from selling Smirnoff Vodka and Vat 69 whisky in the national capital, The Hindustan Times reported.
If we don’t borrow a single rupee for 6 months, we should be able to pay back all our liabilities, disburse all our home loans, and still be left with 25% margin cushion.Ashwini Hooda, Deputy MD, Indiabulls Housing Finance
The rumours are causing distress in the markets, Kapil Wadhawan, chairman and managing director at Dewan Housing Finance told BloombergQuint in an interaction.
Key highlights from the conversation:
Shares of the Mumbai-based mortgage lender fell as much as 30 percent to Rs 809.55 as trading volumes surged following sharp fall in Dewan Housing Finance.
Trading volume was 3.6 times its 20-day average.
CEO Gagan Banga told Bloomberg the company is well matched in terms of asset liability position while margins have been going up. “Our capital adequacy is at 24 percent.”
He denied having any exposure to junked rated IL&FS.
Shares of the Mukesh Ambani-led oil-to-telecom conglomerate rose as much as 2.2 percent, the most in over two weeks, to Rs 1,237.40.
Reliance Industries' MA D26 field in KG-D6 block stopped production on Sept. 17 and Reliance Industries is in the process of permanently and safely shutting the field, the company said in a stock exchange filing.
Production from the field had been under natural decline and facing continuous challenges due to high water production and sand ingress. The field has cumulatively produced about 0.53 TCF of Gas and 31.4 Million Barrel of Oil & Condensate and had no remaining reserves, the filing added.
Shares of the Mumbai-based state-run lender rose as much as 1.94 percent to Rs 91.90 after it floated Request For Proposal (RFP) for stake sale in three associate companies — STCI Finance Ltd., Small Industries Development Bank of India (SIDBI) and Equifax Credit Information Services Pvt. Ltd, Bank of India said in an exchange filing.
Shares of the Bhopal-based infrastructure construction company rose as much as 2.94 percent to Rs 759 after it was declared as the lowest bidder (L1 Bidder) for metro rail project by Madhya Pradesh government.
The order is for design and construction of elevated viaduct of 5.29 kms for Indore Metro Rail Project. The bid project cost of the contract is Rs 228.96 crore and has to be completed within 27 months, Dilip Buildcon said in an exchange filing.
Shares of the Jaipur-based lead maker rose as much as 13 percent, the most in nearly one year, to Rs 113.40.
The company expanded production capacity of Andhra Pradesh plant by adding new washing line and PPCP granules extrusion lines with annual capacity or 4,800 MTPA, Gravita India said in an exchange filing.
Shares of the Bengaluru-based drugmaker rose as much as 4.31 percent, the most in nearly a month, to Rs 511 after the Australian Competition and Consumer Commission announced clearance of the merger of Arrow Pharmaceuticals, a subsidiary of Strides Pharma Science and Apotex Australia.
Shares of the cigarette-to-hotel conglomerate rose as much as 2.32 percent to Rs 306.60 after its hotel unit acquired Park Hyatt Goa Resort and Spa.
The acquisition is a part of an auction held by Industrial Finance Corporation of India (IFCI) for Rs 541 crore in 2015 and upheld by the Supreme Court in its March 19, 2018 judgement, ITC Hotels said in a statement.
The property spread across 45 acres is currently under minor renovation to comply with all the ITC's exemplary sustainability practices, it added.
Shares of the country's second largest private sector lender rose as much as 3.97 percent, the most in over a month, to Rs 333.70.
ICICI Bank will consider offshore raising of funds via debt instruments on Sept. 24.
Meanwhile, SEBI clarified that the bank and Chanda Kochhar have filed replies to the show-cause notices but they have not received any settlement application from the bank or any other related entity.
Shares of the Delhi-based company rose as much as 6.2 percent, the most in over two weeks, to Rs 85.50 after Life Healthcare South Africa sold 49.7 percent stake in Max Healthcare to Radiant Life.
Life Healthcare Group Holdings is an equal joint venture partner in Max Healthcare Institute Ltd. along with Max India Ltd.
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The rupee may extend its Wednesday's rally, tracking peers in the regions that are mostly up against the greenback. For the week, the currency is headed for a fourth week of losses as more steps from the government to stem its decline are still not forthcoming.
The State Bank of India expects the rupee is set to recover as oil peaks out and investors realize the currency has been oversold amid the emerging-market rout.
The benchmark government bond yield is headed for the first weekly fall in six weeks.
Investors will be watching out for the RBI's auction of Rs 12,000 crore of G-Secs and Rs 23,000 crore of 14-day term-repo auction, both due later today.
Going forward both the markets will also be bracing for bad news in the form of less monsoon rains in the June-September period. The rains have so far been 10 percent below normal. That may spur food inflation.
Jefferies on Graphite India
CIMB on NMDC
UBS on Havells India
HSBC on Grasim
CLSA on Infosys
IDFC Securities
Citi
Macquarie
(As reported on Sept. 19)
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