Wednesday, 26 June 2019

SBI Life Insurance hits 52-week high; stock surges 5%

Shares of SBI Life Insurance Company hit a 52-week high at Rs707.70 on the NSE in the morning trade. The company which has put Rs1,625cr worth of shares under OFS, received bids for nearly 86 million shares against 25 million shares on offer, a 3.8-fold jump.
 

Most of the bids came at Rs670 per share, higher than the base price of Rs650 set for the OFS, as per the filing.

 

The stock fell on Tuesday after the company said one of its promoters, BNP Paribas Cardif, will sell up to 2.5% stake in the life insurance firm through the offer for sale.

 

The two-day OFS opened on Tuesday for non-retail investors and on Wednesday for retail investors.

 

SBI Life Insurance Company Ltd is currently trading at Rs709.75, up by Rs34.85 or 5.16% from its previous closing of Rs674.90 on the BSE. The scrip opened at Rs695 and has touched a high and low of Rs714.80 and Rs692.95 respectively.

 

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Tuesday, 25 June 2019

Asian markets trade mixed; US yields stay lower

Asian stocks traded mixed Tuesday with little direction from a lacklustre US session. Treasuries held gains, while the dollar remained under pressure.
 

Shares fell in China and Hong Kong, fluctuated in Japan and ticked higher in South Korea as traders await the upcoming G-20 summit this weekend. Trade representatives from the US and China spoke by phone Monday as preparations for negotiations continued.

 

Earlier, the S&P 500 posted a modest loss as energy producers dropped in the wake of new US sanctions on Iran. West Texas oil futures pulled back after three days of gains. The 10-year Treasury yield held at 2.02% and the yen ticked higher.

 

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Monday, 24 June 2019

L&T wins 2x660 MW power project order in Bihar

The Power business of Larsen & Toubro (L&T) has bagged a mega-engineering, procurement and construction (EPC) order from SJVN Thermal Private Limited to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar.
 

The scope of work for L&T includes Design, Engineering, Manufacture, Procurement, Supply, Construction, Erection, Testing a Commissioning of Buxar Thermal Power Project (2x660 MW), on turnkey basis, covering steam generator, steam turbine generator, electrostatic precipitator, NOx control system, flue gas desulphurization (FGD) system and complete balance of plant (BoP) systems including raw water intake system, make-up water system, coal & ash handling system, ash dyke, complete & system including switchyard and complete civil, structural and architectural works.

 

Shailendra Roy, CEO & Managing Director, L&T Power & Whole-time Director-L&T, said, "L&T is honoured to take on the responsibility of executing this prestigious project. Knowing the importance of this project for the state of Bihar, L&T shall aim to set new benchmarks in completion schedule, quality, safety and equipment/system performance. With the majority of the equipment including boilers, turbines, generators, etc., being made locally in our world-class manufacturing facilities at Hazira, this project will also go a long way in accomplishing the 'Make in India' initiative promoted by our Honourable Prime Minister."

 

Larsen & Toubro Ltd is currently trading at Rs1,544.25 up by Rs4.25 or 0.28% from its previous closing of Rs1,540 on the BSE. The scrip opened at Rs1,542.50 and has touched a high and low of Rs1,561.45 and Rs1,538.45 respectively. 

 

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Saturday, 22 June 2019

Nifty forms an inside bar, further consolidation likely

Nifty had formed a Bullish Engulfing candlestick pattern on Thursday followed by forming an inside bar pattern. The index has still managed to hold above its crucial 50-DMA levels of 11680 which is an important support zone. Going forward, Nifty has stiff resistance around the 11880-11900 zone in the near term.
 

Bank Nifty, which had already broken out from a falling channel pattern on Thursday looks much impressive compared to the Nifty index. It has just about managed to hold above the falling trendline breakout zone. Going forward, if the index manages to surpass, the immediate support is seen around the 30300 mark, which is the 50-DMA levels. On the other hand, resistance is around the psychological 31000 mark in the near term.

 

The Nifty PSU Bank index showed signs of recovery as it found support around its 100- DMA levels of 3050 levels. Going forward, a break above the 3130 would lead the PSU Banks to further rise in the short term. 

 

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Friday, 21 June 2019

APL Apollo gains 2% after CRISIL reaffirmed ratings

Shares of APL Apollo Tubes were trading 2% higher on Friday after CRISIL ratings reaffirmed ratings on the company’s long term and short-term facilities.
 

Accordingly, the rating agency reaffirmed ratings on Long Term Fund based limits and Short term at CRlSlL AA-/Stable and CRISIL A1+, respectively after reviewing the rating based on the Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2019, the company said in a press note released after markets hours to the exchanges on Thursday.

 

APL Apollo Tubes Ltd is currently trading at Rs1,537.90 down by Rs11.85 or 0.76% from its previous closing of Rs1,549.75 on the BSE. 

 

The scrip opened at Rs1,556.80 and has touched a high and low of Rs1,561.70 and Rs1,537.90 respectively. So far 1,125 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,758.20cr.

 

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Thursday, 20 June 2019

Nifty PSU Bank gains 1% led by J&K Bank, Syndicate Bank, Canara Bank, Allahabad Bank

The Nifty PSU Bank gained 1% on Thursday amid buying seen in J&K Bank, Syndicate Bank, Canara Bank, Allahabad Bank, and Union Bank.
 

Shares of J&K Bank, which gained 9%, were leading the index’s gain. Shares of Syndicate Bank, Canara Bank, Allahabad Bank, Union Bank, and Bank of India also contributed to the gain, rising 2% each. Shares of Indian Bank, Bank of Baroda, PNB, and OBC also rose 1% each.

 

Meanwhile, equity benchmark indices were trading in the green with the Sensex gaining 83 points at 39,196 levels. The Nifty also gained 30 points to trade at 11,721 levels.

 

Besides, on the currency front,The Indian rupee gained on Thursday and appreciated 21 paise to trade at day’s high level of 69.47 against the dollar. The appreciation could be attributed to weakness in the greenback against its major peers in the global markets. 

 

The American currency dropped to a one-week low level after Federal Reserve slashed their rate outlook for the rest of the year by roughly half a percentage point.

 

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Wednesday, 19 June 2019

Sensex rallies over 350 points; Nifty crosses 11,750 mark

Equity benchmark indices opened higher for the second consecutive session on Wednesday on the back of positive trades in global markets over hopes of dovish stance from the US Federal Reserve.

The global equity markets turned positive after European Central Bank's President Mario Draghi said that the ECB will ease policy again if inflation fails to accelerate, also US President Donald Trump would meet China's president to talk about trade boost the markets today.

 

Reliance Industries, HDFC twins, Kotak Mahindra Bank and L&T were the top contributors on the Sensex.

 

The Indian rupee on Wednesday strengthened by 0.19% at 69.56/$ after the US and China agreed to resume trade talks.

 

The Sensex was trading at 39,386 levels, rose 340 points, while the Nifty was trading higher by 86 points at 11,777 levels. The market breadth was positive on the NSE with 1,029 shares advancing, 512 shares declining, and 515 remaining unchanged.

 

Shares of Canara Bank rose 1% after the board permitted to sell stake in the company in part or full. Stake sale to happen at an appropriate time depending on the market conditions and available options, the filing said.

 

The Volatility gauge, India VIX was down 4.48% at 13.94.

 

The most active stocks on the NSE are Yes Bank, Indiabulls Housing, Reliance and IndusInd Bank.

 

Meanwhile, oil prices rose, extending sharp gains from the previous session on rekindled hopes for a US-China trade deal and on continued tensions in the Middle East after tanker attacks their last week. Brent crude futures were up 0.6% at $62.48/barrel; they rose 2% on Tuesday. US West Texas Intermediate crude was up 0.8% to $54.34/barrel; the US benchmark surged 3.8% in the last session.

 

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Monday, 17 June 2019

Rupee declines 10 paise at 69.89/$

The Indian rupee declined 10 paise on Monday to trade at day’s low level of 69.89 against the dollar compared to its previous close of 69.81/$.

The domestic unit opened 8 paise lower at 69.87/$. At 10:35, AM, IST, the currency was trading 6 paise lower at 69.86/$.

 

The depreciation could be attributed to a strong dollar against its global peers. The American greenback spurted nearly two-week high levels on Monday as weak economic data temper investors’ appetite for safe haven assets.

 

Further, increased crude oil prices also kept Indian rupee under pressure. As per Bloomberg data, Brent crude oil rose 0.2% to $62.14/bbl and WTI gained 0.1% at $52.57/bbl. Oil prices rose on the back of escalating tensions in the Middle East, especially after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

 

Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 204 points at 39,251 levels. The Nifty dropped 69 points at 11,755 levels. 

 

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Saturday, 15 June 2019

Moody's revises outlook on Adani Transmission to stable; affirms Baa3 rating

Moody's Investors Service has today revised the outlook on Adani Transmission Limited's (ATL) rating to stable from negative.
 

At the same time, Moody's has affirmed ATL's Baa3 senior secured bond ratings. ATL, based in Ahmedabad, is the largest private-sector participant in India's power transmission market.

 

Ratings Rationale

 

"The change in ATL's outlook to stable reflects the expected improvement in the company's financial position over the next 12-18 months, underpinned by incremental earnings contributions from the Mumbai integrated utility business acquired last year and recently completed greenfield projects," says Spencer Ng, a Moody's Vice President and senior analyst.

 

"The change in outlook also considers the partial equity credit ascribed to subordinated loans from its promoter, after factoring in recent changes made to the terms of these instruments," adds Ng." 

 

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Friday, 14 June 2019

Reliance Industries, ICICI Bank drag Sensex 100 points down

Equity benchmark indices open flat with negative bias amid the ongoing geopolitical tensions and persisting concerns over NBFC liquidity situation.
 

Reliance Industries, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank were the top contributors to the index losses, Power Grid, Bajaj Finance, HUL and L&T was gained on the Sensex.

 

On the sectoral front, realty, pharma, and media were trading lower by 1%, auto and banking fell marginally.

 

The Sensex was trading at 39,604 levels, down 137 points, while the Nifty was trading lower 50 points at 11,864 levels. The market breadth was negative on the NSE with 563 shares advancing, 950 shares declining, and 559 remaining unchanged.

 

On the economy front, Wholesale Price Index (WPI)-based inflation data will be released today afternoon.

 

The Indian rupee traded little changed at 69.57 against the US dollar compared to the yesterday’s close of 69.51.

 

Shares of Gruh Finance dropped 7% in the morning trade after 3.08cr shares or 4.2% equity of the company changed hands in multiple block deals.

 

Shares of Hexaware Tech rose 2% after it acquired US-based Mobiquity Inc for a total consideration of about $182 million (~Rs1,266cr).

 

The Volatility gauge, India VIX was up 1.79% at 13.90.

 

The most active stocks on the NSE are Gruh Finance, Indiabulls Housing, Yes Bank and IndusInd Bank.

 

Meanwhile, crude oil prices were trading marginally down with Brent trading 0.02% down at $61.3/bbl, while WTI dropped 0.3% at $52.12/bbl. Notably, oil prices have recovered from five-month low levels. 

 

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Thursday, 13 June 2019

NMDC declines 6% on reports of halting production amid protests

Shares of NMDC were trading 6% down on Thursday after media reports suggested that the Chhattisgarh government has asked the company to disband iron-ore mining in Bailadila hills.

As per media reports, the state government’s decision came after the tribals called protest in NMDC’s Bacheli-Kirandul complexes, under the banner of the Sanyukta Panchayat Samiti. As per reports, tribals called indefinite strikes demanding a ban on mining in the hill (reserve) that houses their deity.

 

The operations in the mines have now been shut for a couple of days. As per reports, ~70% of NMDC's sales came from Chhattisgarh mines in FY19.

 

NMDC Ltd's share price is currently at Rs104.50, down by Rs2.8 or 2.61%, from its previous close of Rs107.30 on the BSE. 

 

The scrip opened at Rs106.75 and has touched a high and low of Rs106.75 and Rs100.25, respectively. So far, 66,91,936 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs32,853.65cr.

 

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Tuesday, 11 June 2019

Mutual fund AUM up Rs25.43 lakh cr in May

According to Association of Mutual Funds of India (Amfi) reports released on Monday the average Assets Under Management (AUM) of mutual funds was up to Rs25.43 lakh cr in May from Rs25.27 lakh cr in the previous month on the back of increased inflows into equity-linked schemes.

However, Fixed Maturity Plans (FMP) witnessed outflow for the second straight month in May as investors pulled out Rs1,797cr from the schemes, amid many Non-banking finance companies grappling with debt woes.

 

Systematic Investment Plans (SIPs) declined to Rs8,183cr in May from Rs8,238cr in April.

 

Equity mutual funds witnessed a rise of 17.33% in inflows to Rs5,407cr in May compared to Rs4,608.74cr seen in April. Data from the Amfi showed that overall net outflow in close-ended debt oriented schemes stood at Rs2,001cr in May.

 

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Monday, 10 June 2019

JSW Steel gains 1% after getting NCLT approval for amalgamation plan

Shares of JSW Steel gained 1% on Monday after the company received approval from National Company Law Tribunal, Mumbai Bench for the Scheme of Amalgamation of its four units.
 

Accordingly, the company has merged Dolvi Minerals & Metals (DMMPL) and Dolvi Coke (DCPL), JSW Steel Processing Centres (JSPCL), and JSW Steel (Salav) (JSW Salav) with JSW Steel and their respective shareholders on 06 June 2019 with 'Appointed Date' of April1, 2019, the company said in a press note released on Friday after markets hours to the exchanges.

 

Moreover, the company in a separate press note to the exchanges informed that it has completed the transaction and acquired by itself and through its nominees, 10,000 equity shares of Rs10/each, comprising the entire issued and paid-up equity share capital of Piombino Steel Limited from JSW Techno Projects Management Limited. 

 

Further Piombino Steel Limited has, by itself and through its nominees, acquired 8,000 equity shares of Rs10/each, comprising the entire issued and paid-up equity share capital of Makler Private Limited from JSW Techno Projects Management Limited.

 

Pursuant to the above, Piombino Steel Limited has become a wholly owned subsidiary of the Company and Makler Private Limited has become a wholly owned subsidiary of Piombino Steel Limited, the company added.

 

JSW Steel Ltd's share price is currently trading at Rs264.70, up by Rs2.25 or 0.86%, from its previous close of Rs262.45 on the BSE.

 

The scrip opened at Rs264.90 and has touched a high and low of Rs267.90 and Rs263.50, respectively. So far, 10,22,447 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs63,439.95cr.

 

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