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The Mumbai-based airline operator extended gains and rose as much as 30 percent, the most since January 2009, to Rs 334.
Jet Airways has clarified that the report of Tata weighing a potential all-stock merger of Jet Airways with its own local venture with Singapore Airline is purely speculative.
Reports earlier in the day suggested Tata Group is considering buying the cash-strapped carrier as the conglomerate looks to expand its footprint in the country’s growing aviation sector.
The Economic Times reported that Tata is weighing a potential all-stock merger of Jet Airways with its own local venture with Singapore Airlines Ltd. CNBC-TV18 television channel reported that Tata board will discuss the proposal Friday.
Shares of the Bengaluru-based innerwear maker was on track to post its worst single-day fall since August 2015.
Page Industries fell as much as 8.59 percent to Rs 25,500 a day after its profit missed Bloomberg consensus estimates in September quarter.
Key earnings highlights:
Ultratech Cement’s offer is more beneficial than Dalmia for Binani Cement’s lenders, Sameer Kaji, advisor to the Binani Group told BloombergQuint in an interview.
Key highlights of the conversation:
Nifty's 10,700 call option contract was among the most active option contracts on the National Stock Exchange.
Premium on the contract rose 11.4 percent to Rs 93.50. Over 4.46 lakh shares were added to the open interest which stood at over 31.19 lakh shares.
Moody's says asset quality cycle in India stabilising after bad loans. pic.twitter.com/tLuKq5I20i
— BloombergQuint (@BloombergQuint) November 15, 2018
Indian equity benchmarks held on to gains led by Infosys, HDFC Bank, Kotak Mahindra Bank and Axis Bank.
The Sensex rose 0.48 percent or 168 points to 35,310 and the NSE Nifty 50 Index advanced 0.4 percent or 44 points to 10,620.
Fifteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Consumer Durables Index's 1.5 percent gain. On the flipside, S&P BSE Telecom Index was the top loser, down 0.7 percent.
Mid- and small-cap shares mixed as the S&P BSE MidCap Index rose 0.3 percent while the S&P BSE SmallCap Index was little changed.
India Property Bond Sales Stall as IL&FS Fuels Default Worry
Shares of the Bengaluru-based non-banking finance company rose as much as 9.67 percent, the most in over a month, to Rs 238.65 after it turned profitable in September quarter.
Key earnings highlights:
Dalmia Group firm moves Supreme Court challenging NCLAT nod for the sale of Binani Cement to UltraTech Cement.
Supreme Court agrees to early hearing of Dalmia's plea in the Binani Cement case.
Shares of the Mumbai-based airline operator jumped to a two-month high after reports the Tata Group is considering buying the cash-strapped carrier as the conglomerate looks to expand its footprint in the country’s growing aviation sector.
The stock climbed as much as 8.1 percent to 278.75 rupees on Thursday in Mumbai, their highest intra-day level since Sept. 11. The Economic Times reported that Tata is weighing a potential all-stock merger of Jet Airways with its own local venture with Singapore Airlines Ltd. CNBC-TV18 television channel reported that Tata board will discuss the proposal Friday.
Indian markets are not cheap, and it seems certain that growth is going to slow in India, Global Equity Strategist, Christopher Wood told BloombergQuint in an interview. He however, said that Indian real estate is the top investment idea for next five years.
Key highlights of the conversation:
Shares of the Delhi-based jewellery retailer fell as much as 19.19 percent to Rs 69.90 after the company cut its export sales target to Rs 2,000 crore in the financial year ending March 2019, compared with Rs 2,700 crore in FY18.
"The export business is a credit based business and the company wants to rationalize exports business as the credit availability is getting squeezed," the company said in a statement on Thursday.
Shares of the Uday Kotak-led private sector lender rose as much as 1.81 percent to Rs 1,150.30 after 1.27 crore shares changed hands in a block deal on the National Stock Exchange at Rs 1,130 per share in pre-market session.
BloombergQuint had reported yesterday that Kotak Mahindra Bank is likely to see block deals as ING Group had plans to sell its remaining stake in the bank worth about $1 billion.
Shares of the Mumbai-based private sector lender fell as much as 6.68 percent to Rs 207.55 after its Chairman Ashok Chawla stepped down with the immediate effect.
Chawla had been non-executive, independent, part-time chairman of the bank since Oct. 30, 2016. He has been on the board of the bank since March 2016.
In its statement, the bank said that Chawla was stepping down as the bank would need a chairman who can devote more time to the lender during the upcoming management transition. Rana Kapoor, chief executive officer of the bank, is set to step down by the end of January after the RBI declined him a third term.
Shares of the Madhya Pradesh-based Aditya Birla Group company fell as much as 9.09 percent, the most in two years, to Rs 796.70 after it reported surprise loss in second quarter of current financial year after paying a one-time non-cash exceptional item worth Rs 2,003 crore.
Net loss stood at Rs 1,446 crore in the July-September period versus the company’s Rs 525 crore profit in the year-ago period, the Aditya Birla-group said in an exchange filing. The exceptional loss is linked to the Vodafone-Idea merger, creating India’s largest telecommunications company. Vodafone Idea Ltd. ceased to be an associate of the company from Aug. 31, which led to Grasim excluding it as a part of its profit after tax.
Segmental Breakup (Year-on-Year)
ING Group To Sell Remaining $1-Billion Stake In Kotak Mahindra Bank
Indian bonds are likely to extend a rally as crude prices move down further with sentiment also bolstered by the Reserve Bank of India's decision to buy securities from the open market.
The benchmark 10-year bond yield fell 3 basis points on Wednesday to end at 7.73 percent, having shaved off 4 basis points on Tuesday.
According to DBS Bank, yields are now 45 basis points below this year's peak and India's high absolute and real yields should draw investors back. Of course, investors will keep an eye on the current tensions between the RBI and the finance ministry, with an unnamed official telling reporters on Wednesday that the government hopes the RBI board will address tight liquidity conditions.
In the foreign exchange market, the rupee is seen opening stronger at 72.13 per dollar, having ended higher at 72.31 on Wednesday. In intra-day trade, the rupee rose to a peak of 71.9912, which was its highest since Sept. 21.
Macquarie
CLSA
CLSA
Nomura
BofAML on Grasim
BofAML on Vodafone Idea
Deutsche Bank Research on NHPC
CLSA on Apollo Hospital
CLSA on Max Financial
UBS on Motherson Sumi
Deutsche Bank Research on GAIL
Deutsche Bank Research on Thermax
Additions in ASM Framework:
Ujjivan Financial Services (Q2, YoY)
Thermax (Q2, YoY)
Future Retail (Q2, YoY)
Apollo Hospitals (Q2, YoY)
Indian Hotels (Q2, YoY)
Infibeam Avenues (Q2, YoY)
United Breweries (Q2, Standalone YoY)
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.13 percent or 13 points to 10,614 as of 7:21 a.m.
Asian stocks opened mixed after U.S. equities declined and Treasuries stabilized following gains amid a renewed bout of risk aversion in American markets. Oil fell after briefly snapping its record losing streak.
Japan equities fell, while Australia’s market was little changed. Futures were higher in China and Hong Kong. Earlier, financial and technology shares led the S&P 500 Index lower, when Treasuries rose with gold and the yen ticked higher as investors sought out havens.
Currencies
Commodities
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