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There is tremendous value in leading auto companies like Maruti Suzuki and M&M in auto space after recent correction, Ajay Bodke, CEO & Chief Portfolio Manager at Prabhudas Lilladher told BloombergQuint in an interview.
Key highlights of the conversation:
Indian equity benchmarks edged higher in last hour of trade led by ICICI Bank, State Bank of India, ITC and Sun Pharma.
The Sensex rose 0.39 percent or 140 points to 35,990 and the NSE Nifty 50 Index climbed 0.31 percent or 33 points to 10,805.
Thirteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Telecom Index's 1.2 percent gain. On the flipside, S&P BSE Capital Goods Index was top loser, down 0.32 percent.
Macquarie, NTPC & GAIL are among the companies that have expressed interest in IL&FS' renewable energy assets, reports Bloomberg.
Source: People familiar with the matter
Nifty's 11,000 strike price call option contract was among the most active option contracts on the National Stock Exchange.
Premium on the contract fell 0.13 percent to Rs 77. Over 2.29 lakh shares were added to the open interest which stood at over 42.31 lakh shares.
Shares of the Bengaluru-based software developer fell as much as 1.89 percent to Rs 960 after its profit declined sequentially in December quarter.
Key earnings highlights:
Indian equity benchmarks were little changed as gains ICICI Bank, Sun Pharma and ITC were offset by losses in HDFC Twins, Kotak Mahindra Bank and Hindustan Unilever.
The S&P BSE Sensex rose 15 points to 35,867 and the NSE Nifty 50 Index was flat at 10,771.
Ten of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Utilities Index's 0.5 percent decline. On the flipside, S&P BSE Telecom Index was top gainer, up 1 percent.
Mid- and small-cap shares were also trading on a subdued note as the S&P BSE MidCap Index declined 0.2 percent while the S&P BSE SmallCap Index was trading on a flat note.
The overall market breadth was negative as 1,209 shares were declining while 1,065 were advancing on the BSE.
Shares of the parent of luxury car maker rose as much as 2.88 percent to Rs 180.40 after Jaguar Land Rover India sales rose in 2018.
Jaguar Land Rover sales rose 16 percent to 4,596 units in 2018 versus 3,954 units sold in 2017.
Shares of the Mumbai-based crop protection company rose as much as 13.42 percent to Rs 2,917 after it won a legal battle to own patents on genetically-modified cotton seeds in the world’s biggest producer of the fiber.
Supreme Court ruled on Tuesday that the company’s patent for Bt cotton seeds is valid, overturning a judgment by the Delhi High Court saying certain items such as seeds, plants and animals can’t be patented under Indian laws. The apex court’s two-judge bench, headed by Justice Rohinton F. Nariman, said a lower court will decide if Indian companies infringed Monsanto’s patent on Bt cotton seeds.
Political uncertainties can keep flows at a lower level and elections will not make a big difference to long-term growth outlook for India, Mahesh Nandurkar, India strategist at CLSA told BloombergQuint in an interview.
Key highlights of the conversation:
Shares of the telecom equipment maker surged as much as 11.74 percent, the most in over 11 months, to Rs 23.80 after its board approved capacity expansion plan.
The board approved expanding existing manufacturing facility of optical fibre manufacturing plant at Hyderabad from 7 million fibre km to 10.5 million fibre km for Rs 35 crore.
Here’s what CLSA had to say:
Key highlights from the conversation:
Shares of the auto-parts maker rose as much as 3.2 percent to Rs 1,250.
The company’s Italian arm acquired aluminium die casting company Fonpresmetal. The acquired company has a capacity of 6,500 tonnes and the cost of acquisition was 8.16 million euros.
The trading volume was 12 times the 20-day average for this time of the day, Bloomberg data showed.
Shares of Federal Bank fluctuated between gains and losses to trade at Rs 94.80.
Brokerage and research firm Centrum intiated a new buy rating on the stock with a price target of Rs 135, implying a potential upside of 43 percent from the last regular trade.
Here’s what brokerage had to say about the lender:
Shares of the dairy-products maker snapped its two-day blip and rose as much as 6.8 percent, the most in over two months, to Rs 98.20.
The company said that it has taken preliminary steps by executing agreement with Denmark based DLG for developing two products to increase milk productivity and quality of cattle, according to its statement on the exchanges. The pilot phase will be for four-to-six months, the statement added.
The stock fell 60 percent in the past 12 months compared to 5 percent gain in Sensex.
Macquarie
JPMorgan
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Here is a lineup of all the major corporate meetings over the next few days.
— BloombergQuint (@BloombergQuint) January 8, 2019
Read: https://t.co/LiWQmCbAU3 pic.twitter.com/prXaSyHVfe
Centrum on Federal Bank
Morgan Stanley on ICICI Prudential
CLSA on Pharma
CLSA on Cement
Macquarie
JPMorgan
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