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Indian equity benchmarks posted their first weekly gain this month as some investors deemed the decline in equities overdone. The S&P BSE Sensex Index closed 1 percent higher at 34,138.97, while the NSE Nifty 50 Index ended at 10,491.50, up 1.1 percent.
The market breadth was tilted in favour of buyers. All the 19 sectoral gauges compiled by BSE Ltd. traded higher, led by S&P BSE Sensex Index's 2.9 percent gain.
Shares of the country’s largest drug maker extended gains and rose as much as 5.4 percent to Rs 571.50. The pharmaceutical company received form 483 from the U.S. drug regulator with three observations for its key Halol plant, according to its stock exchange notification.
The company said that it is preparing the response to the observations and that it will submit to USFDA within 15 business days, adding that it is committed to addressing these observations promptly.
The only positive is that the number of observations has come down to three form the earlier time, Ranjit Kapadia, Centrum Broking Analyst told Bloomberg. “We still need details on these three observations, how serious there are, before commenting further.”
Buyers and sellers were not known immediately
Source: Bloomberg
Dynamatic Technologies
Vardhman Special Steels
Venky’s India
Source: Bloomberg
Lakshmi Mittal, chairman and CEO at ArcelorMittal today met Finance Minister to express his interest to acquire Essar Steel. Mittal said that he has placed well-planned for the debt-ridden company.
A MoU will be signed here in New Delhi today between Deptt of Economic Affairs (DEA), Ministry of Finance & NBCC (India) Ltd. for construction of a Housing Project for Officers of Indian Economic Service (IES).
— Ministry of Finance (@FinMinIndia) February 23, 2018
Shares of the Gujarat-based power transmission firm rose as much as 3 percent to Rs 214.3 after it received a approval for a project in Rajasthan. This is now the fourth out of five sessions where the stock has gained.
Adani Transmission Ltd. disclosed in an exchange filing that it received approval to construct, own, operate and maintain a power transmission project in Rajasthan. The project "Fatehgarh-Bhadla Transmission Ltd," is being constructed to distribute renewable energy from Rajasthan to to different beneficiaries, both within and outside the state, the company said.
Trading volume was nearly three times the 20-day average.
The power producer company files draft red herring prospectus for Initial Public Offering, where it plans to raise $631 million.
Source: Bloomberg
Sanofi India Q4 (YoY)
Merck Q3 (YoY)
KSB Pumps Q3 (YoY)
Shares of the industrial products maker rose as much as 1.9 percent to Rs 1,199 after CLSA initiated bullish coverage on the stock.
CLSA expects the company’s shares to touch Rs 1,482 levels in the next 12 months, implying a potential upside of 25 percent from last regular trade, Bloomberg reported. The price target is the highest among the analysts tracked by Bloomberg.
The stock has declined 7.6 percent so far this year, compared to 0.2 percent decline in the country's benchmark Sensex.
The construction giant bagged order worth Rs 1,266 crore across its various business segments, including testing and commissioning of traction and power supply, works for Mumbai Metro Line-3, according to its stock exchange notification.
Shares of L&T fluctuated between gains and losses to trade at Rs 1,292.45 after the announcement.
Shares of the lender rose as much as 5 percent 4.9 percent, the most in over four months to Rs 94.20, after its plans to buy 26 percent stake in Equirus Capital, according to its stock exchange notification.
The stock was the top gainer on Nifty Bank Index. It declined 13.6 percent so far this year.
Shares of the pharma and life science company fell as much as 9.6 percent, the most since Feb.5, after about 51.2 lakh shares or 3.2 percent equity changed hands in a block deal, Bloomberg data showed.
Buyers and sellers were not known immediately. Trading volume was 73.6 times its 30 day average. The stock is 9.1 percent below the Bloomberg consensus one-year price target.
Indian equity benchmarks began trading higher led by gains in Sun Pharma ahead of the outcome of U.S. drug regulator’s inspection of its facility in Halol.
The S&P BSE Sensex Index rose as much as 0.3 percent to 33,934.12, while the NSE Nifty 50 Index rose as much as 0.4 percent to 10,422.10.
The market breadth was tilted in favour of buyers. Eighteen out of 19 sectoral gauges compiled by BSE Ltd. traded higher, led by S&P BSE Healthcare Index’s 1.2 percent gain. On the flipside, S&P BSE Captial goods Index was the only sectoral index trading negative after it marginally declined by 0.03 percent.
Here's a lineup of all major corporate meetings over the next few days.https://t.co/ATJCNXmbpb pic.twitter.com/krcyn5J0Nk
— BloombergQuint (@BloombergQuint) February 23, 2018
Sovereign bonds are set for their worst week in three with sentiment hit by the hawkish minutes from the RBI's last policy meeting. The yield on the 10-year rose four basis points to 7.75 percent on Thursday, up 17 basis points so far this week and traders expect it to climb towards the 8 percent psychological mark sooner rather than later.
Reflecting the weak sentiment, foreign funds lowered holdings of government and corporate rupee debt by a net Rs 4.6 billion on Feb. 22.
Meanwhile, the Indian rupee faces the risk of posting its biggest weekly loss since Nov. 2016, with sentiment hurt by a wider trade deficit and a bank fraud at the country's second largest state-run bank.
Morgan Stanley analysts recommended investors to stay bearish on the rupee by going long in favour of the Malaysian ringgit in the offshore NDF market. Forwards indicate the rupee may open at 64.89 per dollar having closed at 65.045 on Thursday, down more than 1 percent on the week.
Neelkanth Mishra believes there could be some pressure on the rupee and domestic liquidity. pic.twitter.com/E6TeIL9D0D
— BloombergQuint (@BloombergQuint) February 22, 2018
Indiabulls Real Estate
Anil Agarwal’s Vedanta expected to benefit from higher commodity prices and capacity expansion, reports @OnlyNickey.https://t.co/789VTw0FqB pic.twitter.com/MWtHq5mUg1
— BloombergQuint (@BloombergQuint) February 22, 2018
Singh Brothers say they need time to resolve issues.https://t.co/1aXUUlAhYy pic.twitter.com/jXuBx6fJaU
— BloombergQuint (@BloombergQuint) February 22, 2018
#BQMarketsNow | Commodities rally in China, Hong Kong equity futures rise 1% https://t.co/K0uyhT9Gqo pic.twitter.com/S0tl1qnhmH
— BloombergQuint (@BloombergQuint) February 23, 2018
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