Tuesday, 20 November 2018

Rupee extends rally, gains 40 paise against US Dollar

Rising for the sixth day, the Indian rupee opened higher by 20 paise at 71.47/$ on Tuesday. The local unit got support after the outcome from a central bank board meeting late Monday removed uncertainty over a growing rift over policy decisions between the government and the Reserve Bank of India.
 

The rupee gained its highest since September 4, while the benchmark 10-year bond yield fell to 7.76% from Monday's close of 7.79%.

 

Meanwhile, the rupee is trading higher by 40 paise at 71.37/$.

 

On Monday, the local currency closed at 71.65 against the dollar on Monday.

 

RBI's reference rate for the dollar, meanwhile, stood at Rs71.80, while for the euro it was at Rs81.46. Further, its reference rate for the yen stood at Rs63.37, while that for the British pound sterling it was at Rs91.92.

 

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Monday, 19 November 2018

Nifty posts 3rd straight week of gains ahead of crucial RBI meet

Markets further rose higher as benchmark indices extended winning streak to third consecutive week. Once again falling crude oil prices, strengthening rupee against the US dollar and smart buying momentum ahead of the crucial RBI meet led the markets to close with smart gains. 
 

The coming week promises to be full of action as all eyes will be on the RBI meet on November 19. The liquidity crunch in NBFCs, a widening divide between the apex India bank and the government are among the major elements to be taken up for discussion.

 

Sector-wise, the PSU Bank index rose 2.5%, FMCG was up 1.5%, Infra rose 1.5%, while the Energy index gained 1.6% in the week to November 16.

 

On the other hand, the Pharma index fell 3.5%, Metals fell 2.2%, Realty declined 1.6%, Auto dropped 1.8%, while the IT and the Midcap 100 indices edged lower by half a percent each.

 

The Nifty FMCG index is showing signs of a consolidation pattern breakout on the daily chart. It has also convincingly surpassed its long-term 200-DEMA which is a positive development.

 

For the week, Nifty gained by a percent while the Bank Nifty rose 1.5%. 

 

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Saturday, 17 November 2018

Government wants committees to oversee RBI, Bloomberg reports

India's government is seeking to form panels to monitor functions of the Reserve Bank of India (RBI), Bloomberg reported on Friday, citing people with knowledge of the matter, which could escalate tensions between the finance ministry and the bank. 

The government of Prime Minister Narendra Modi has proposed that the board of the RBI draft regulations that will enable it to set up committees to monitor tasks such as financial stability, monetary policy transmission and foreign exchange management, the report added.

 

Each panel might consist of two to three members of the RBI's central board, which includes representatives of the finance ministry, senior company executives and some economists close to Modi's ruling nationalist party.

 

The RBI and India's finance ministry did not immediately respond to requests for comment.

 

The board meets on Monday, amid government pressure on the RBI to relax lending curbs and hand over surplus reserves to the government.

 

New Delhi and the RBI are getting close to ironing out some of their policy differences, two sources told Reuters this week, as they seek to defuse tensions that had threatened to unnerve investors.

 

RBI Governor Urjit Patel is scheduled to appear before a parliamentary committee on Nov. 27 in New Delhi, where he is likely to face questions on the differences with the government, a panel member said, declining to be named.

 

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Friday, 16 November 2018

Kotak Mahindra Bank trades flat after block deals

Mumbai-headquartered private sector entity Kotak Mahindra Bank was trading flat after block deals undertaken yesterday.
 

As per NSE block deal data, ING Mauritius Investments sold 1.27cr shares of the bank at an average price of Rs1,130 per share. Further, TFL Pension Fund bought 6.25 lakh shares, Government of Singapore bought 95.57 lakh shares, and Aberdeen Asset Management Asia bought 25.63 lakh shares, data showed.

 

Reportedly, a $900mn penalty payment is hitting ING’s financials in the December quarter. The company incidentally needs this cash to offset the outflow.

 

Kotak Mahindra Bank is currently trading at Rs1,153.65 down by Rs9 or 0.77% from its previous closing of Rs1,162.65 on the BSE.

 

The scrip opened at Rs1,168.10 and has touched a high and low of Rs1,173 and Rs1,153 respectively. So far 6,39,893 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,21,731.37cr. 

 

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Thursday, 15 November 2018

Sensex, Nifty volatile; Yes Bank, Vodafone Idea drop

Equity benchmark indices erased morning gains and are currently trading flat owing to selling pressure in realty, banking, and metal stocks. On the other hand, IT, FMCG, and Auto indices were trading in the positive zone.

Shares of Vodafone Idea tanked 7% in early morning trade after the joint entity in its maiden earnings announcement reported a consolidated loss of Rs4,609cr for the September quarter. 

 

Kotak Mahindra Bank rose 1% after a media report said that ING Group sought to sell its entire 3.7% stake in Kotak Mahindra Bank via block deals.

 

Yes Bank's stock fell 8% after its non-executive chairman Ashok Chawla tendered his resignation from the bank's board following his name appearing in a CBI charge sheet in the Aircel-Maxis case.

 

Shares of Jet Airways gained 4% after a media report suggested that Tata Group was in talks to buy a controlling stake in the cash-strapped airline company.

 

The Sensex is up by 67 points at 35,209, while the Nifty is slightly up at 10,577. On the BSE, 878 shares rose and 1,067 shares fell, while a total of 91 shares were unchanged.

 

Volatility index India VIX was down 0.31% to 18.76.

 

On the economy front, India's imports, exports, and trade balance data is likely to be announced today. 

 

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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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