- Sun Pharma gets U.S. FDA approval for Ilumya.
- Coal India allotted 11 mines that will increase annual output to 225 million tonnes.
- Essar Steel lenders to reopen bidding after rejecting bids from Arcelormittal and VTB Capital.
- GE Power receives order worth Rs 230 crore from NTPC.
The dollar extended losses and Asian stocks eked out modest gains as traders assessed the implications of the Federal Reserve's policy decision alongside global trade, with President Donald Trump set to announce about $50 billion of tariffs against China over intellectual-property violations on Thursday.
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, rose 0.5 percent to 10,226 as of 7 a.m.
Here Are The Stocks To Watch Out For In Thursday's Trade
- Sun Pharma gets U.S. FDA approval for ILUMYA.
- Dilip Buildcon declared lowest bidder for a new EPC Project worth Rs 870 crore in Uttar Pradesh.
- NMDC commissions coke oven battery at its upcoming Nagarnar steel plant.
- Coal India allotted 11 mines that will increase annual output to 225 million tonnes.
- Axis Bank issued guarantee on behalf of Bharti Airtel. The lender has a non-funded exposure of Rs 9,220 crore to telecom companies.
- Zensar Technologies acquires Cynosure India for Rs 13 crore and Cynosure U.S. for $31 million.
- Essar Steel lenders to reopen bidding after rejecting bids from Arcelormittal and VTB Capital.
- Oil India enters into an agreement with Assam for Methanol, Formaldehyde project.
- Omax Auto board approves partial closure of its Manesar plant.
- GE Power received order worth Rs 230 crore from NTPC.
- Jindal Drilling wins arbitration award of $9.1 million.
- IDFC looks to exit asset management business in Rs 4,000 crore deal (Times of India).
Sun Pharma marks a milestone in its bid to diversify out of generic drugs.https://t.co/Tg1Xu22vhy pic.twitter.com/nEJ5EV3MPc
New Offerings
- ICICI Securities IPO opens at Rs 519-520 per share.
- Mishra Dhatu Nigam IPO continues on day 2. The issue is subscribed 0.26 times.
- Sandhar Technologies IPO subscribed 6.14 times at closing.
ICICI Securities IPO opens tomorrow: Here's all you need to knowhttps://t.co/YZlBYfhUKK pic.twitter.com/2z7mzTbP0L
F&O Setup
- Nifty March futures closed trading at 10,180 premium of 24.9 points from 18.9 points.
- March series: Nifty open interest down 1 percent, Bank Nifty open interest down 4 percent.
- India VIX ended at 15.1, down 3.2 percent.
- Max open interest for March series at 10,500 call strike (open interest at 61 lakh, down 4 percent).
- Max open interest for March series at 10,000 Put (open interest at 57.5 lakh, down 13 percent.
Lenders reject both bids for Essar Steel. @visshy_it reports.https://t.co/gsHMbkXJDI pic.twitter.com/cUkECOpQqG
F&O Ban
- In ban: HDIL, IDBI Bank, IFCI, Jindal Steel, JP Associates, Reliance Communications, SAIL.
- Out of ban: Dewan Housing
- Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of rollover of these intraday positions.
Active Stock Futures
Bulk Deals
- GHCL: Hypnos Fund bought 14.33 lakh shares (1.5 percent) at Rs 285.7 each.
- Electrosteel Steels: Sciil Steel Cast Iron Investments Cyprus Ltd. sold 1.7 crore shares (0.7 percent) at Rs 2.3 each.
- Sequent Scientific: Agnus Capital LLP sold 39.67 lakh shares (1.6 percent) at Rs 81.9 each.
SEBI plans amending norms for companies undergoing insolvency proceedings.https://t.co/UB2Odwpbml pic.twitter.com/gyb2G8qJ3p
Brokerage Radar
IDFC Securities on Sun Pharma
- Maintained ‘Outperform' with a price target of Rs 587.
- Sun received final FDA approval for Tildrakizumab, brand name ILUMYA.
- Approval marks a major milestone in Sun Pharma's specialty foray.
- Ilumya to be commercialised over the next couple of quarters.
- Ilumya to face tough competition from companies like Novartis, Lilly and J&J.
- Expect revenues of $25 million and $125 million in the next two fiscals respectively.
- Expect peak revenue of $500 million by fifth or sixth year of launch.
Macquarie on Jubilant Foodworks
- Maintained ‘Outperform' with a price target of Rs 2,581.
- Extended ‘Everyday Value' offer to range of regular-sized pizzas.
- Everyday Value offer to impact gross margin; Operating margin to remain unaffected.
- Increasing comparative affordability to drive SSG.
- Store expansion to see uptick going forward.
- Jubilant Foodworks remains top pick in consumer discretionary space.
Deutsche Bank on IndusInd Bank
- Maintained ‘Buy'; raised price target to Rs 2,050 from Rs 1,950.
- Base business doing well; Bharat Financial to enhance growth/profitability.
- Business to be more diversified and profitable now.
- Return ratios to improve post-merger; return on assets at 2.2 percent and return on equity at 20 percent
- Benefits on fee income front to aid profitability.
- Expecting steady net interest margins on current business.
- MFI acquisition to enhance net interest margins by 50 basis points.
- No current concerns about asset quality.
- MFI business seems to be in a sweet spot.
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