Wednesday, 14 November 2018

Rupee strengthens by 75 paise against US Dollar

The Indian rupee opened close to its two-month high of 72.16/$ for the first time since September 21. The rupee opened at 72.18 against the US dollar on Wednesday on easing worries over the current account deficit after crude oil prices dropped. 
 
Besides, the dollar's weakness against some currencies overseas also supported the domestic unit.
 

The Indian currency is currently trading higher by 75 paise at 72.13/$.

 

On the economy front, WPI data for October will be released today.

 

RBI's reference rate for the dollar stood at Rs72.58, while for the euro, it was at Rs81.61. Further, its reference rate for the yen stood at Rs63.69, while that for the British pound sterling was at Rs93.49.

 

In Tuesday’s session, the rupee ended 22 paise higher to close at 72.67 against US dollar.

 

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Tuesday, 13 November 2018

Top stocks in focus today: Aurobindo Pharma, Jet Airways, IL&FS, Oil India

Jet Airways reported a disappointing set of numbers in Q2FY19 for the third consecutive quarter as its key performance parameters fell much short of the consensus estimates.
 

The revamped board of the beleaguered IL&FS has set the ball rolling to get the house in order by calling for stake sale in two of its subsidiaries - IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Limited.

 

Aurobindo Pharma entered into an agreement to purchase research and development assets from Australia based Advent Pharma, which deals in complex specialty generics. The total investment for this acquisition is pegged at $12.5 mn.

 

Oil India’s board to consider buyback on November 19. Company has gross cash and cash equivalents worth Rs5,253cr.

 

Cadila Healthcare clarified that on the news of “Kerala regulator finds three drugs of sub-standard quality” that Zipcet tablets were recalled by the company on June 29 and the batch was manufactured following current good manufacturing practices and released for sale only after batch meeting the pre-defined specifications, including dissolution.

 

Lupin announced the launch of Atovane Oral Suspension USP launches in the U.S., after having received an approval from USFDA earlier.

 

Shree Cements to add capacity in two plants located in Jharkhand and Odisha. The combined capacity addition will be 5.5 MTPA with a total investment of Rs903cr.

 

HCL Technologies announced partnership with NetBrain Technologies to offer network visibility and network automation capabilities for enterprise IT teams.

 

NBCC received order for construction of Ayurveda Institute in Goa for Rs260cr. The company also reported that it had secured a total business of Rs1,854cr for the month of October. 

 

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Monday, 12 November 2018

Top Stocks in focus today: Tata Motors, Tata Steel, ONGC, Jet Airways, Bharti Airtel, Amara Raja Batteries

Tata Motors’ JLR October sales down 4.6% to 44,282 units on a yoy basis.

Shareholders of Usha Martin have approved the sale of the company's steel business to Tata Steel , as per media reports.

 

The government is mulling selling as many as 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the state-owned firm to focus only on big fields, as per media reports.

 

Jet Airways board likely to consider multiple fundraising options today, as per media reports.

 

Amara Raja Batteries’ board approves capex of Rs540cr towards deployment of advanced stamped grid technology, second punching line for two-wheeler battery plant in a phased manner and debottlenecking in MVRLA plant.

Bharti Airtel commenced tender offer to purchase $1.5bn worth notes due in 2023.

 

Reliance Communications settles case of alleged failure to inform interest payment default on debentures.

 

NHPC board will consider share buyback proposal next week.

Reliance Insurance plans to file fresh IPO papers.

 

Market regulator SEBI shortlisted seven firms, including Wipro Ltd. and Larsen and Toubro Infotech Ltd., to build a private data storage cloud, automate its inspection of brokers and enhance analytics capabilities, as the regulator is eyeing a technological leap in surveillance and investigation functions.

 

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Tuesday, 6 November 2018

Rupee gains 13 paise to 73.03 against US dollar

The Indian Rupee opened higher on Tuesday against the US Dollar on increased selling by exporters. Besides, the dollar's weakness against some currencies overseas and higher opening of the domestic equity market also supported the rupee.

Currently, the rupee gained 13 paise at 73.03/$.

 

On the international front, mid-term elections and FOMC policy statement will be released this week.

 

The local currency opened higher by 17 paise at 72.95 per dollar vs. previous close 73.12.

 

RBI's reference rate for the dollar stood at Rs73.07, while for the euro, it was at Rs83.25. Further, its reference rate for the yen stood at Rs64.50, while that for the British pound sterling was at Rs94.98.

 

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Monday, 5 November 2018

Top stocks in focus today: Dr Reddy's, Adani Gas, Strides Pharma Science ,SBI

Dr Reddy's Labs completed sale of API manufacturing business unit in Jeedimetla, Hyderabad.

Adani Gas to list on exchanges today. 

 

Strides Pharma Science announced successful completion of USFDA inspection at its flagship facility in Bangalore with zero observations.

 

SBI, PNB, Bank of Baroda-PSU banks in focus today as Finance Ministry is likely to finalise Rs54,000cr capital infusion by December 15 - Report.

 

TeamLease has signed addendum to the Investment Agreement to acquire stake in Avantis Regtech Private Limited.

 

RBI allows banks to provide partial credit enhancement to NBFC bonds & HFCs.

 

Board reinstates functional responsibilities of RP Marathe, MD & CEO and RK Gupta, ED of Bank Of Maharashtra with immediate effect.

 

IFCI continue selling shares of 8K Miles Software ,offloading another 4,23,000 shares on Friday at Rs 60.2 per share.

 

BNP Paribas Arbitrage net bought 4,90,317 shares of Bharat Financial Inclusion at Rs945.94 per share.

 

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Saturday, 3 November 2018

US trade gap hits seven-month high amid expanding tariff war

The US trade deficit widened more than forecast in September to a seven-month high as imports expanded and the merchandise gap with China hit a record amid an escalating tariff war.
 

The gap for goods and services increased by 1.3% from the prior month to $54bn, Commerce Department data showed on Friday. The median estimate of economists surveyed by Bloomberg called for a deficit of $53.6bn. Imports and exports both rose 1.5%.

 

The monthly report provides details around third-quarter data released last week that showed trade imposed the biggest drag on growth in 33 years amid tariffs on China and counter-levies by the Asian nation.

 

While President Donald Trump is threatening more action, US businesses already are facing higher prices and supply-chain disruptions as they rush to buy materials and other items. 

 

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Friday, 2 November 2018

Indices extend gains; Nifty above 10,500 mark

Equity benchmark indices are trading over 1% per cent higher taking cues from global markets. Nifty50 surged past the psychological 10,500-mark, while Sensex gained due to a surge in the shares of Yes Bank, IndusInd Bank and Asian Paints.

 

OMC stocks are trading higher with BPCL rising over 3.7%, while IOC has gained 3% and ahead of its Q2 earnings. 

 

The rupee strengthened by 31 paise to 73.14 against the dollar after crude prices fell to seven-month lows in the global market amid fresh foreign fund inflows.

 

The BSE Sensex was trading at 34,870, up 438 points, while the Nifty50 index was trading at 10,513, gained 132 points.

 

The BSE Midcap and Smallcap rose 1.32% and 1.39%, respectively.

 

Volatility index India VIX was down 8.44% to 17.57.

 

Yes Bank, Asian Paints, Hero MotoCorp, BPCL and IndusInd Bank were the top gainers on Nifty50, while Coal India, Dr. Reddy’s and NTPC were the top losers in today’s trade.

 

Out of 2,036 stocks traded on the NSE, 1,292 advanced, 272 declined, and 472 remained unchanged today.

 

A total of nine stocks registered a fresh 52-week high in trade today, while 21 stocks touched a new 52-week low on the NSE.

 

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Thursday, 1 November 2018

Rupee strengthens by 17 paise against US Dollar

The Indian currency gained 17 paise against the US dollar on increased selling of the American currency by exporters. The local currency rebounded on the back of weakness in the greenback and fall in crude oil prices.

Currently, the rupee is at 73.83/$.

 

Besides, the dollar’s weakness against other overseas currencies and a firm domestic equity market supported the rupee. 

 

On the economy front, the Nikkei India Manufacturing Purchasing Managers' Index rose from 52.2 in September to 53.1 in October as new orders and production increased at the quickest rate in four months.

 

The Indian rupee ended lower by 27 paise against the US dollar in yesterday's session.

 

RBI's reference rate for the dollar stood at Rs73.99, while for the euro, it was at Rs83.92. Further, its reference rate for the yen stood at Rs65.36, while that for the British pound sterling was at Rs94.10.

 

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Wednesday, 31 October 2018

Government to raise Rs5,000cr by divesting 3% stake in Coal India

The government will divest 3% stake in Coal India for Rs266/share through the offer for sale (OFS) route on October 31, 2018, which will fetch ~Rs5,000cr, according to media reports.

The government currently has 78.3% shareholding in Coal India.The government will offer an additional 6% stake in case of over-subscription, sources said.

 

The floor price of Rs266/share is at a discount of about 4% over yesterday's closing price of the stock on the NSE.

 

If the entire 9% stake is sold off, it could fetch the government ~Rs15,000cr. The government has a target to raise a record Rs1,00,000cr from the sale of assets in the current fiscal year ending March 31, 2019.

 

The government had previously sold 10% stake in the company through OFS in January 2015. It had then fetched around Rs23,000cr. 

 

Coal India Ltd is currently trading at Rs266.50 down by Rs9.4 or 3.41% from its previous closing of Rs275.90 on the BSE. 

 

The scrip opened at Rs265 and has touched a high and low of Rs266.90 and Rs263.80 respectively. 

 

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Tuesday, 30 October 2018

Nifty PSU Bank index gains 2% led by Indian Bank, SBI

The Nifty PSU Bank index was trading 2% up in the morning session on Tuesday on heavy buying in Indian Bank, State Bank of India (SBI), and Oriental Bank of Commerce.

Indian Bank and Oriental Bank of Commerce were leading the index’s gain by witnessing rally of ~7% and ~4%, respectively. SBI and Bank of India also gained ~2% each. Canara Bank, Vijaya Bank, Bank of Baroda, PNB, and Central Bank also joined the gainer’s group by rising ~1%.

 

Shares of Vijaya Bank gained as the bank's NII for Q2FY19 improved by 15.6% yoy to Rs1,166cr as against Rs1,008cr yoy. Its GNPA for Q2FY19 stood at 5.86% against 6.19% qoq, a decline of 33bps. NNPA for the quarter came in at 3.81% against 4.1% qoq, indicating a decline of 29bps.

 

Further, investors will keep a close eye on Bank of Baroda's result which will be out later today. 

 

Meanwhile, equity benchmark indices were trading in the green after opening in the red today. The Sensex was trading 38 points up at 34,106 levels, while Nifty also climbed 11 points at 10,261 levels.

 

Besides, the rupee depreciated 14 paise to 73.58 against the American currency vs. its Monday’s close of 73.44 against the dollar. This is probably on the back of strong buying of the greenback by banks and importers amid sustained outflows by foreign investors. 

 

 

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Monday, 29 October 2018

ICICI Bank zooms ~7% as asset quality improves in Q2

Shares of ICICI Bank zoomed nearly 7% on the NSE and are among the top Nifty 50 gainers in today’s session. NII stood at Rs6,417.5cr as against Rs5,709.1cr, up 12.4% yoy. The beat on estimates was mainly on the back of low provisions and better NII growth.

The bank's Q2FY19 standalone revenue came in at Rs18,262cr, reflecting a decline of 2.7% yoy.

The bank has reported a net profit of Rs909cr in Q2FY19, (which is above consensus estimates of Rs730cr) vs. Rs2,058.19cr yoy.

Non-interest income, excluding treasury income was Rs3,191cr in Q2FY19 compared to Rs2,993cr yoy.



Saturday, 27 October 2018

Oil rises ahead of Iran sanctions but falls for a third week

Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
Brent crude futures rose 73 cents, or 1 percent, to settle at $77.62 a barrel. The global benchmark marked a weekly loss of about 2.7 percent and is down about $10 in three weeks.
U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.4 percent, to end at $67.59 a barrel. It posted a weekly loss of about 2.3 percent.
Graphic: Iran seaborne crude oil exports - 
Prices got some support when two sources said on Friday Iraq will stop trucking crude oil from its northern Kirkuk oil field to Iran in November to comply with U.S. sanctions.

Friday, 26 October 2018

Biocon trades flat despite results surpassing expectations


Shares of Biocon trades flat on the NSE during afternoon trade after the pharma company posted its Q2FY19 results. Reported PAT grew 4x yoy to Rs354.7cr in Q2FY19. Adjusted PAT rose 167.4% yoy to Rs184cr in Q2FY19.

Biocon’s revenue in Q2FY19 grew 36.4% yoy to Rs1,321cr led by growth in biologics, small molecules, and research services business segments.

EBITDA increased 86.3% yoy to Rs339.6cr in Q2FY19 vs. Rs182.3cr om Q2FY18. EBITDA margins in Q2FY19 stood at 25.7% vs. 21.2% in Q1FY19 and 18.8% in Q2FY18.

Exceptional income of Rs171cr was related to change in the fair value of our investment in US based Equillium Inc. Biologics business grew by 136% yoy to Rs367cr in Q2FY19.The company has received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) recommending approvals of Fulphila and Ogivri.

Biocon Ltd is currently trading at Rs611.80 down by Rs8.05 or 1.3% from its previous closing of Rs619.85 on the BSE.