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Shares of the tractor makers rallied today after IMD forecast stated that India’s monsoon rains, that water half of the country’s cultivated land, are expected to be normal for the third straight year.
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Buyers and sellers were not known immediately.
Source: Bloomberg
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Lenders to ABG Shipyard Ltd. have rejected a resolution plan submitted by Liberty House UK for the second time, two people in the know confirmed. The Committee of Creditors rejected the bid unanimously at a meeting on Monday, these people said. (Click here to know more)
Buyers and sellers were not known immediately.
Source: Bloomberg
Shares of the state-run central transmission utility of India rose as much as 3.9 percent, most in six months, to Rs 207.1, extending a three-day gaining period.
Trading volume of the stock was 11 times the 20-day average. It was the top gainer on the S&P BSE Power Index.
The stock is 14 percent below the Bloomberg consensus one-year target price while the analyst consensus rating is equivalent to ‘buy’.
Around 83 percent of the analysts covering Power Grid Corporation of India Ltd. have a ‘buy’rating on the stock, 14 percent have ‘hold’, and the rest recommend ‘sell’. The stock has returned 2.2 percent so far this year as compared to 5.9 percent decline in the power index.
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Shares of the real estate developer rose as much as 3.3 percent to Rs 568.
The construction company plans to invest Rs 500 crore for a residential project in GIFT City, Gujarat, according to its stock exchange notification.
The stock trades at 21.6 times its estimated forward earnings per share compared to 16.5 times for the two-year historical average., according to Bloomberg data
Shares of the telecom operator rose as much as 3.1 percent to Rs 73.50.
About 4.23 crore shares or 1 percent equity changed hands in two block deals, according to Bloomberg data. Buyers and sellers were not known immediately.
Trading volume was 256.6 times its 20-day average. The stock declined 33 percent so far this year.
Here's a lineup of all major corporate meetings over the next few days.https://t.co/aeA9q5RUqI pic.twitter.com/m3Jxk6hSCG
— BloombergQuint (@BloombergQuint) April 17, 2018
Investor appetite for rupee bonds will be tested today as state governments come to the market to raise Rs 88.50 billion by selling bonds. This is higher than the initial plan to raise Rs 68.5 billion. Important to note here that yield on the 10-year note is heading north again and climbed six basis points to 7.49 percent in the last session.
The only comfort investors can derive in this market is from the Met forecast of a nearly normal monsoon for the third year in a row. Yield may stay in a range of 7.45-7.52 percent in the session.
In the currency market, the dollar-rupee pair had little impact on U.S. decision to put India on a watch list for currency manipulation. The rupee fell 0.4 percent in the last session and is expected to open around the current levels of 65.45-65.50 a dollar. During the day, it may trade in a range of 65.30-65.60 a dollar.
Niti Aayog Vice Chairman @RajivKumar1 is confident of achieving double-digit GDP growth by 2022.
— BloombergQuint (@BloombergQuint) April 16, 2018
Watch the full conversation: https://t.co/xDzjV3PmFk pic.twitter.com/y2Y3sVufsT
Teamlease Services
Kotak Mahindra Bank is now India’s second-most valuable lender.https://t.co/4QZRm8AU3E pic.twitter.com/ICwN19obbV
— BloombergQuint (@BloombergQuint) April 17, 2018
India’s trade deficit with China up twofold in a decade to 2016-17; can India benefit from U.S.-China trade war? (via @IndiaSpend)https://t.co/HlTBFgnubl pic.twitter.com/QTzzjI7xvW
— BloombergQuint (@BloombergQuint) April 16, 2018
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