Sensex, Nifty Recovery Tapers Off As Economy Awaits Stimulus
Shares of the cigarette maker has advanced over 57.7 percent in the last seven sessions— its biggest winning streak since March.
The shares rose as much as 9.5 percent to Rs 1.088.70 in today’s trade. "The volume growth could be in the range of 8-9 percent for financial year 2020," said KK Modi, President, Godfrey Phillips, in an interview to BloombergQuint, adding that 17 percent seen in June quarter could be a one-off uptick.
The trading volume was more than 10 times the 20-day average for this time of the day, Bloomberg data showed.
Shares of the cash-strapped lender rose 14.2 percent to Rs 52.45 each.
Banks have agreed on a resolution plan that includes conversion of debt to equity and issuance of non-convertible debentures, according to an Economic Times report citing unidentified sources.
The stock has fallen 92 percent in the past 12 months compared to 1 percent fall in the Sensex.
Nifty’s 11,100 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract which is set to expire on Thursday jumped 37.15 percent to Rs 85.65. Over 49,000 shares were added to the open interest which stood at over 13.99 lakh shares.
Shares of the industrial components maker surged as much as 9.6 percent, its biggest intraday jump in five months, to Rs 28.65 each.
The Hyderabad-based company said received multiple orders aggregating Rs 538 crore across its business verticals, according to an exchange filing. This included railway orders to the tune of Rs 66 crore, the filing said.
The stock traded 6.1 times its estimated earnings per share for the current year, Bloomberg data showed.
The housing finance company’s $350-million 2020 notes fell 0.2 cents to 90.7 cents, according to prices compiled by Bloomberg. The bonds declined for the fifth day, their longest losing streak since late July.
Shares of the contraceptives maker surged as much as 9.1 percent to Rs 139.30 apiece—the highest in two weeks.
This came after Cupid Ltd. received an order worth Rs 14 crore from United Nations Population Fund for supplying male condoms to Uganda, according to an exchange filing.
To be sure, the stock has declined 31 percent in the past 12 months compared to a 1.3 percent fall in the Sensex, Bloomberg data showed.
The Nifty Index may hit the level of 11,185 during the intraday trade. That’s according Brijesh Bhatia, Research Head, Dealmoney Securities Pvt.
However, this must be the target only if 11,100-level is breached, Bhatia said. “Also, one should have the stop loss fixed at 11,050.”
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Shares of the world’s largest coconut oil maker rose 2.4 percent intraday to Rs 401.75 to hit an all-time high of Rs 401.75 each.
The stock advanced 7.6 percent in the past 12 months compared with a 1 percent fall in Sensex. The relative strength index on the stock was above 70, indicating it may be overbought.
Indian equity benchmarks held on to their opening gains in forenoon trade. Sun Pharma was among the top performers after it struck a deal with China System Holdings to sell generics in China.
The S&P BSE Sensex rose as much as 0.80 percent to 37,651.25 and the NSE Nifty 50 rose as much as 0.75 percent to 11,130.10. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.72 percent.
The Nifty Index may hit the level of 11,185 during the intraday trade. That’s according Brijesh Bhatia, Research Head, Dealmoney Securities Pvt. “Also, one should have the stop loss fixed at 11,050.”
The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges advanced, led by 1.04 percent gain in NSE Nifty Realty Index. NSE Nifty Metal Index was the top sectoral loser, down 0.35 percent.
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Shares of the state-run lender fell for the fourth session in a row after it declined 4.2 percent intraday to Rs 36.60 each.
Anti-corruption bureau registered a fresh case in the loan fraud worth over Rs 350 crore in Jammu & Kashmir Bank on Friday and conducted searches at different places in Bengaluru.
The stock has declined 36 percent in the past 12 months compared with a 1 percent fall in the Sensex.
Indian equity benchmarks opened higher, mirroring the gains in Asian peers.
The S&P BSE Sensex rose as much as 0.62 percent to 37,577 and the NSE Nifty 50 rose as much as 0.59 percent to 11,113.05. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.58 percent.
The market breadth was tilted in favour of buyers. About 969 stocks advanced and 477 shares advanced on National Stock Exchange.
All 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index’s 1.38 percent gain.
- Ujjivan Financial Services: Unit Ujjivan Small Finance Bank filed DRHP with SEBI for proposed initial public offering, comprising fresh issue of equity shares aggregating to Rs 1,200 crore.
- Sun Pharma and China Medical System Holdings entered into a licensing agreement for generic products to develop and commercialise seven generic products in mainland China.
- Bosch: VK Viswanathan resigned from post of Chairman and Non-Executive Director with effect from Aug. 23 as part of succession planning.
- J&K Bank: Anti-corruption bureau registered a fresh case in the loan fraud worth over Rs 350 crore in Jammu & Kashmir Bank on Friday and conducted searches at different places in Bengaluru. (PTI)
- DHFL stated that it is not in a position release quarterly results in time due to full time engagement of accounts and finance teams in various non-routine audits and the due diligence by various parties. Company to ensure submitting the quarterly results by Sept. 14.
- Himatsingka Seide clarified that concerned authorities in Karnataka have audited company’s manufacturing facilities and have not found any non-compliance with regulations. All wage related and statutory requirements have been duly acknowledged by the Labour Department.
- Amtek Auto: The National Company Law Appellate Tribunal declined to extend resolution period in the company’s insolvency case. NCLAT stated that since 270 days have already passed, National Company Law Tribunal should pass orders on liquidation.
- DCM: Crisil downgraded bank loan facilities worth Rs 375.88 crore to ‘CRISIL D’ (Default) from ‘CRISIL BB+’, due to delays in repaying the interest and principal obligation on the term loan.
- NACL Industries said that a new facility is being built at the Srikakulam site to meet the expected growth in demand for technicals as well as intermediates and at Ethakota Plant manufacturing of new product "SMASH” has commenced.
- Kridhan Infra arm secured orders worth Rs 145 crore for various works at Hyderabad International Airport.
- Simplex Infra: CARE Ratings downgraded long term short loan facilities worth Rs 1195 crore to ‘BBB’ from ‘A-’, with outlook remaining Negative.
- Info Edge increased its stake in Shopkirana to 25.36 percent for Rs 47 crore.
- BEML: Order Book position at Rs 8,917 crore on June 30.
- TVS Motors to invest $3.2 million in U.S.-based Predictronics Corporation, which specialises in providing end-to-end predictive maintenance analytics solutions.
- Cupid bagged Rs 14 crore order from Uganda for supply of male condoms
- Coffee Day Enterprises says total debt of group at Rs 4970 crore. Debt of group will reduce by Rs 2400 crore post Global Village Tech Park deal. The company expected to have a comfortable position to service the reduced debt obligations.
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