Wednesday, 26 September 2018

Financial service, pharma stocks gain; Indiabulls HF up ~7%

The Nifty Financial Services index gained half a percent in late morning trade on Wednesday led by gains in Indiabulls Housing Finance, M&M Financial Services, Bajaj Finance, Max Financial Services, and Bajaj Finserv.

Benchmark indices Nifty and Sensex were, however, trading 0.7% and 0.3% down, respectively, at the same time.

Dewan Housing Finance Corporation (DHFL) share price is currently trading up 0.5% at Rs302.20 from its previous close of Rs300.70 on the BSE.

Bajaj Finserv share price is currently trading up 0.9% at Rs6,249.95 from its previous close of Rs6,195.75 on the BSE.

On the flip side, Edelweiss Financial Services, ICICI Prudential Life, and HDFC Ltd were trading in the red.

Tuesday, 25 September 2018

Rupee slips further, nears 73 against US Dollar

The Indian rupee extended decline in the opening trade after crude prices soared ahead of the impending US sanctions on Iran and ahead of Fed meet. The rupee opened lower by 26 paise at 72.96 per dollar. The 10-year gilt yield stood at 8.13%, below its previous close of 8.12%. Currently, the rupee is trading at 72.83/$.

The rupee is down more than 13% against the US Dollar so far this year.

On the international front, Crude oil is at its four-year high levels on Tuesday with WTI November futures trading 0.1% up, while Brent for November delivery was trading 0.2% up. This is especially due to a decision of OPEC members to resist production hike to offset Iran sanctions. 

OPEC and its cartel in a meeting at Algiers over the weekend concluded with a decision to refrain from an urgent boost in production, despite Trump's call to bring down prices. OPEC members said they would hike output only in the event that customers wanted more cargoes. The US government from November 04 will target Iran’s oil exports with sanctions. The Us government is putting pressure on governments and companies around the globe to trim imports from Tehran.

Monday, 24 September 2018

Ramco bags order from Advanced Global Resources

Ramco System on Monday has bagged an order for Ramco Aviation Suites from Advanced Global Resources (AGR) to track and manage inventory in real time, ensuring audit ability and accountability for their asset management responsibilities to the US Army, the company said in a press note to the exchanges on Monday.

"Ramco beat multiple vendors to win the trust of AGR in enabling them to manage their IT and supply chain support services contract with the Red River Army Depot," the company said in a press note.

Ramco Aviation Suite 5.8 software offers modules for advanced procurement, invoicing, vendor and inventory management in real time. These functions are accessible via a hub-based dashboard that will enable users to effectively plan, manage, and report on all assets. A native mobile app for warehouse management is also included in the suite, the company added.


Friday, 21 September 2018

While Nifty lost over 500 points in 15 sessions, over 60 Nifty500 stocks fell 10-30%

Indian market, which was hitting record highs almost on a daily basis last month, seems to be losing momentum now. The Nifty50 index has slipped over 500 points while the S&P BSE Sensex has lost nearly 2,000 points from their respective record-high level.
The Nifty50 hit a record high of 11,760 on August 28 and since then it has steadily fallen towards its crucial support and a swing low placed at 11,250.
Technically speaking, the index has broken below its crucial short-term supports placed at 5-days exponential moving average, 13-EMA, 20-EMA, and 50-EMA.


Wednesday, 19 September 2018

Metal index jumps 2% on hopes of higher steel import duty

The Nifty Metal Index jumped 2% on Wednesday after media reports said that the government may hike import duty on some steel products to 15%.

JSW SteelJindal Stainless (Hisar), and SAIL, which gained ~4% each, led the rally in the index. Jindal Steel and Tata Steel also contributed to the rally by gaining ~3% each. Shares of NALCO, Hindalco, and Coal India were also trading up ~2%, followed by gains in Hindustan Copper, NMDC, and Welspun Corp, which were up 1% each.

According to media reports, the steel ministry has proposed to hike the import duty on steel products to 15% of current duty ranging from 5% to 12.5%.

Further, according to the government data, in the first quarter of FY19 inward shipment of steel jumped 15% yoy to make India a net steel importer for the first time in two years.

Tuesday, 18 September 2018

Top stocks in focus today: Tata Motors, Bank of Baroda, Mcleod Russel

Tata Motors-owned Jaguar Land Rover confirmed a cut in its output schedule at the Castle Bromwich plant in the West Midlands region of England.

Government proposed merger of Bank of Baroda, Dena Bank and Vijaya Bank subject to an approval from the boards of the individual banks.


RBI rejected Bank of Maharashtra’s plea to set-off accumulated losses worth Rs2,543.7cr from its share premium account.


Mcleod Russel will dispose its Assam’s Bargang tea estate to Amgoorie India for Rs59.65cr and Harchurah estate to Goodricke group for Rs31.64cr.


Aurionpro Solutions to provide its cash management platform to Sudan based Bank of Khartoum’s UAE and Bahrain’s branches.


Sterlite Technologies aims 10% global fibre market share by June 2020.


Infosys doubles investment in US-based TidalScale to $3mn.


Avenue Supermarts has issued commercial paper worth Rs70cr.




Monday, 17 September 2018

Hong Kong stocks sink most in Asia on Trump, Typhoon double blow

Hong Kong shares resumed their decline Monday morning following a severe typhoon over the weekend and under the long shadow of the US-China trade dispute.

The Hang Seng Index fell 1.8% to 500 points of its lowest level in more than a year. The benchmark had rallied 3.6% Thursday and Friday on optimism over trade talks, but sentiment turned on news Donald Trump wants to proceed with tariffs and a Wall Street Journal report that China may decline to take part in negotiations. The impact of Typhoon Mangkhut also weighed on stocks, with Macau casinos and airlines among the hardest hit.

“The market seems a bit concerned about Beijing dropping out of trade negotiations and there’s some profit taking pressure following the gains late last week,” said Daniel So, a Hong Kong-based strategist with CMB International Securities Ltd. “Investors will likely stay cautious due to uncertainties ahead of the mid-term election in the US.”


Saturday, 15 September 2018

Oil prices rise on declining US crude stockpiles, looming Iran sanctions

Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market.
US West Texas Intermediate (WTI) crude futures were at $69.84 per barrel at 0428 GMT, up 59 cents, or 0.9 percent, from their last settlement. WTI futures gained 2.5 percent in the previous session.
Brent crude futures climbed 28 cents, or 0.4 percent, to $79.34 a barrel. Brent has climbed for four straight sessions, gaining 2.2 percent the previous day.

"Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

Friday, 14 September 2018

Engineers India to buy 100% stake of Projects and Development India

Engineers India will buy 100% paid up share capital of Projects and Development India Ltd (PDIL) from President of India, acting through the Ministry of Chemicals and Fertilizers. Reacting to this, shares of company were trading 1% up on Friday.

The decision over acquisition has been taken by the company’s board of directors in a meeting held on September 13, the company said in a press note on Thursday.

The board has also given an approval of bidding for the same by way of share acquisition route. "Other details cannot be disclosed due to confidentiality of the matter," the company added. 

Meanwhile, financial markets in India were closed on Thursday due to Ganesh Chaturthi Holiday.

Engineers India’s share price is currently at Rs126, up by Rs1.25 or 1% from its previous closing of Rs124.75 on the BSE.

Wednesday, 12 September 2018

Europe stocks rise, Asia losses deepen; euro slips

European stocks advanced on Wednesday and Asian shares extended a losing streak as traders turned their focus to the outlook for monetary policy amid lingering worries for global trade. Treasury yields steadied after climbing a day earlier.

Energy companies and miners were among the biggest winners in Europe as oil futures rose with most commodities. Futures on the Dow, S&P 500 and Nasdaq held steady as America’s East Coast battened down for Hurricane Florence.

The MSCI Asia Pacific Index was on course for a 10th consecutive decline, the longest losing streak since 2002.

Two-year Treasury yields were little changed near a decade high and the dollar was steady. The euro and pound fell as Britain and the EU continued attempts to foster an amicable split.

Central banks are back in the spotlight this week, with market participants increasingly preparing for the Fed to raise rates twice more in 2018, and policy meetings on the schedule for the European Central Bank and Bank of England, as well as Turkish and Russian central banks.

Tuesday, 11 September 2018

Crude oil uptrend may reverse going forward@crude oil tips

For the past few trading sessions, we have observed that crude oil prices have not been able to break their previous high of $79.80. In fact, prices had formed a long-legged Doji candlestick near the high followed by a series of bearish candlesticks. Now, this structure suggests the possibility of a double top formation, and if that happens, then we could see a fall in oil prices till $70.

Price of MCX crude has given a breakdown of its crucial horizontal trend line support at 4,920-levels. Moreover, MCX crude oil prices are trading below the 50-day moving average, an indication that further selling pressure could be seen towards the 4,750-levels.

On the daily charts, we saw that Brent prices have taken a resistance near the upper band of its declining channel formation at $78.34 and prices are moving towards the lower band, which is placed at $70.

As far as recent oil inventories are concerned, crude oil inventories fell by 4.3mn barrels to 401.49mn barrels, while gasoline stocks rose by 1.8mn barrels. Distillate stockpiles, which includes diesel and heating oil, climbed by 3.1mn barrels, which marks the overall negative impact for crude oil prices.

Monday, 10 September 2018

Axis Bank soars as Amitabh Chaudhry set to become the next MD & CEO

Axis Bank's stock gained 3% and was among the top Nifty 50 gainers in today’s session on the BSE. The board of Axis Bank appointed Amitabh Chaudhry as the Managing Director and CEO of the bank after the Reserve Bank of India (RBI) granted approval of the appointment, for a period of three years, with effect from January 1, 2019 up to 31st December, 2021.

Shikha Sharma steps down on December 31, 2018. The RBI had asked Axis Bank’s board to reconsider the decision to re-appoint Sharma as its CEO for the fourth term amid concerns over rising bad loans on the bank’s books. She completed her third term as the bank’s head on May 31, 2018. 

Amitabh has a proven track record and is well-experienced to lead the bank.

Axis Bank Ltd is currently trading up 3.36% at Rs666.80 from its previous closing of Rs645.15 on the BSE.

Friday, 7 September 2018

Infosys and Temasek announce joint venture in Singapore

Infosys has announced that it has formed a joint venture with Temasek, a global investment company headquartered in Singapore. The joint venture (JV) will integrate teams from Infosys and the operations of Temasek’s wholly-owned subsidiary in Singapore, Trusted Source Pte Ltd, which currently delivers IT services to Temasek and a number of other clients.

As part of the transaction, Infosys will acquire a 60% stake in the JV and Temasek will hold 40%. The agreement was signed by the parties last night with immediate effect.

As per the announcement, Infosys and Temasek see important synergy and strategic alignment in the JV. Infosys gains significant capacity in terms of the workforce as it focuses on strengthening its footprint in Southeast Asia, while Temasek will see a rapid enhancement of its IT services through the augmented capabilities of the JV entity.

Trusted Source will provide Temasek and its other clients in the region solutions and technologies across cloud, data & analytics, cyber security, digital experiences, and AI & automation, among others.