Sensex down 301 points, Nifty below 10,600; ICICI Bank, L&T, Tata Motors dip 3%
18 May 2018
May 18, 03:35 PM (IST)
Market Closing: Benchmark indices ended sharply lower, continuing weakness for the fourth consecutive session amid uncertainty over government formation in Karnataka, likely fiscal imbalance due to higher crude oil prices and weaker rupee.
The 30-share BSE Sensex was down 300.82 points at 34,848.30 and the 50-share NSE Nifty fell 86.30 points to 10,596.40.
L&T, Maruti, ICICI Bank, Cipla and Grasim were losers while Bajaj Finance, Bajaj Finserv, HUL, ITC and Kotak Mahindra Bank were gainers.
Nifty Midcap index fell 250 points.
Amara Raja Batteries, SRF, Voltas, Avenue Supermarts, Nalco, Graphite India, HEG, Escorts, Jyothy Labs, Radico Khaitan, Wockhardt, Jet Airways, Venkys and Granules India fell up to 13 percent.
Strides Shasun down 23 percent.
Colgate Palmolive, Jubilant Foodworks, Endurance Technologies, Balrampur Chini, Dhampur Sugar, JK Tyre, Central Bank of India, Karnataka Bank, Rupa and PI Industries gained up to 7 percent.
May 18, 03:30 PM (IST)
USFDA Inspection: Alembic Pharma informed exchanges that the United States Food and Drug Administration (US FDA) has conducted an inspection at API Facility located at Karkhadi from May 14 to May 18.
This was a scheduled inspection and at the end of the inspection, the US FDA issued a Form 483 with one observation, the company said.
The company is preparing the response to the observation, which will be submitted to the US FDA shortly, it added.
May 18, 03:28 PM (IST)
Market Update: Benchmark indices extended losses as the Sensex was down 300.69 points at 34,848.43 and the Nifty fell 86.40 points to 10,596.30.
About 1,838 shares declined against 710 advancing shares on the BSE.
May 18, 03:18 PM (IST)
Strides Shasun Q4 consolidated loss from continuing operations at Rs 4.4 cr
Strides Shasun has reported consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against profit of Rs 91.6 crore in year-ago.
May 18, 03:02 PM (IST)
Buzzing: Bhushan Steel share price rallied 5 percent after its board of directors approved allotment of 7.2 crore shares to lenders.
May 18, 02:49 PM (IST)
Market Update: The market remained under pressure amid uncertainty over the formation of government in Karnataka, likely widening of fiscal deficit due to higher crude oil prices and weaker rupee.
The Sensex fell 214.78 points to 34,934.34 and the 50-share NSE Nifty declined 58.40 points to 10,624.30 while the Nifty Midcap shed over a percent.
About two shares declined for every share rising on the BSE. The Indian rupee declined 30 paise to 68 against the US dollar.
May 18, 02:48 PM (IST)
Pradhan's take on rising oil prices: With global crude prices touching USD 80 a barrel, Oil Minister Dharmendra Pradhan has pressed OPEC kingpin Saudi Arabia to keep prices stable and moderate, saying that spike in rates would have a negative impact on Indian consumers as well as the economy.
Pradhan conveyed India's concerns when Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid Al-Falih called him last evening "to discuss continued joint cooperation between the two countries and in particular the current oil market situation", an official statement said here.
Brent crude oil, which breached USD 80 a barrel mark yesterday, was trading at USD 79.54 today, the highest level since November 2014, reports PTI.
May 18, 02:36 PM (IST)
STFC inks pact with HPCL: Shriram Transport Finance Company (STFC), inked MOU with Hindustan Petroleum Corporation LTD (HPCL) to offer credit based fuel filling services to its customers on digital platform.
STFC had been offering a host of products to its customers ranging from Commercial vehicle finance to tyre loans. Credit based fuel financing will enable customers to have an efficient way of purchasing auto fuels like diesel, petrol and lubricants at credit. It is an affordable low cost working capital solution to monitor and control fuel expenses. Fuel Finance service will be a cash/card free transaction, the company said.
May 18, 02:28 PM (IST)
Acquisition: Himatsingka Seide announced that Himatsingka America Inc., the wholly owned step down subsidiary has acquired the home portfolio of Global Brands Group Holding Limited.
The acquired home portfolio includes the exclusive license rights to the famous and iconic Tommy Hilfiger brand, the Copper Fit brand and other brands.
This brand portfolio is estimated to contribute Annual Revenues of approximately USD 60 - 65 million to the Group, it said.
May 18, 02:19 PM (IST)
Stake Sale: Biocon Ltd has sold close to 2 percent stake in its research arm Syngene International for an estimated Rs 230 crore.
"Biocon, the promoter of Syngene International, on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88 per cent of the equity share capital of Syngene through open market sale," Biocon said in a regulatory filing.
In a separate filing, Syngene said Biocon has sold the shares for achieving minimum public shareholding requirement.
Based on average weighted price of Syngene's shares on May 16 at Rs 611.02 apiece, the transaction is estimated at Rs 230.08 crore.
Post transaction, stake of promoter and promoter group in the company stands at 72.57 per cent. Public shareholding is 25.90 percent, reports PTI.
May 18, 02:15 PM (IST)
May 18, 02:09 PM (IST)
Earnings : Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter.
Profit for the quarter grew by 34.7 percent year-on-year to Rs 1,080 crore and revenue rose by 38.3 percent to Rs 6,773 crore.
Operating profit jumped 45.2 percent to Rs 1,315 crore for the quarter and margin expanded 90 basis points to 19.4 percent compared to year-ago.
The board of directors has announced dividend of Rs 60 per share.
May 18, 01:59 PM (IST)
Crude Impact: Crude oil prices may rise further in the coming months, following which India's current account deficit will be around 2.4 per cent in 2018-19, says a Goldman Sachs report.
According to the global financial services major, the rise in international crude prices poses risks to India's current account deficit.
"Our commodities team expects oil prices to continue to rise over the course of this summer, before moderating slightly at the end of the year. We recently increased our 2018-19 current account deficit (CAD)forecast to 2.4 per cent of GDP (from 2.1 per cent of GDP earlier)," Goldman Sachs said in a research note.
CAD widened to 2 percent or USD 13.5 billion in the October-December quarter of 2017, up from 1.4 per cent, or USD 8 billion, in the corresponding period a year ago.
Globally, brent broke through the USD 80 a barrel mark yesterday for the first time since November 2014, reports PTI.
May 18, 01:50 PM (IST)
Buzzing: Strides Shasun share price dropped nearly 10 percent after it reported consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against profit of Rs 91.6 crore in year-ago.
Revenue from operations fell by 1.9 percent year-on-year to Rs 664.2 crore for the quarter ended March 2018.
Consolidated operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) plunged 33.2 percent to Rs 86.5 crore and margin contracted 610 basis points to 13 percent compared to same quarter last fiscal.
Other income during the quarter fell sharply to Rs 21.8 crore compared to Rs 62.4 crore in Q4FY17.
May 18, 01:44 PM (IST)
Market Update: Benchmark indices extended losses in afternoon, continuing fall for the fourth consecutive session amid uncertainty over the formation of government in Karnataka and likely widening of fiscal deficit due to higher crude oil prices.
The 30-share BSE Sensex was down 236.81 points at 34,912.31 and the 50-share NSE Nifty fell 64.20 points to 10,618.50.
About two shares declined for every share rising on the BSE.
May 18, 01:25 PM (IST)
May 18, 01:17 PM (IST)
Buzzing : Retail chain Avenue Supermarts share price fell 6 percent as promoter Radhakishan Damani is going to sell up to 1 percent stake to meet minimum public shareholding norm.
May 18, 01:05 PM (IST)
Fund Raising: Infrastructure firm NCC said its board will meet next week to consider raising funds through issuance of equity shares or warrants to promoters on preferential basis.
"The Board of Directors at the board meeting (on May 24) will...consider the proposal to issue equity shares/warrants to the promoters/promoter group," NCC said in a BSE filing.
The company, however, did not share any details.
May 18, 01:02 PM (IST)
Trading in F&O: Leading bourse NSE said US regulator Commodity Futures Trading Commission (CFTC) has allowed the exchange's brokers to trade in derivatives for US clients.
CFTC yesterday issued a Part 30 exemptive order to National Stock Exchange (NSE) as part of its programme of regulatory deference to foreign regulatory frameworks, the bourse said in a statement.
Part 30 exemptive programme provides US customers with increased access to foreign futures markets.
The move will allow NSE brokers to accept US customer funds directly for trading in futures and options contracts on the exchange without the members having to register with CFTC as a futures commission merchant, reports PTI.
May 18, 12:48 PM (IST)
Market Update: The market remained under pressure amid continued uncertainty over the formation of government in Karnataka, higher crude oil prices and weak rupee.
The Sensex and Nifty Bank indices fell more than 100 points while the Nifty Midcap index underperformed frontliners, falling over half a percent.
FMCG stocks continued to support the market as ITC and HUL gained over a percent each while all other sectoral indices are in the red.
More than 110 stocks hit 52-week low with cuts in names such as ACC, Bank of Baroda, Oriental Bank of Commerce etc.
May 18, 12:42 PM (IST)
Buzzing: Chemicals firm SRF share price fell nearly 10 percent after it reported a 4 percent decline in its consolidated net profit at Rs 124 crore for the quarter ended March YoY.
Total income rose to Rs 1,625.30 crore in the fourth quarter from Rs 1,442.37 crore in the corresponding period of the previous year.
For the full last financial year, SRF's net profit fell by 10 per cent to Rs 462 crore from Rs 515 crore in 2016-17. Total income increased to Rs 5,753.67 crore in the 2017-18 fiscal from Rs 5,182.05 crore in the previous year.
May 18, 12:34 PM (IST)
Ashok Leyland Q4 Preview: Net profit likely to see robust growth, no big capex expected
According to a Reuters poll of 21 analysts, it is expected to report a rise 38 percent in standalone net profit on year to Rs 655 crore
May 18, 12:28 PM (IST)
New Offer for Binani Cement: Sources told CNBC-TV18 that lenders will take up UltraTech Cement's revised offer in today’s meeting.
Its revised offer for Binani Cement stands at approximately Rs 7,960 crore, which is much higher than Dalmia Bharat’s offer at approximately Rs 6,590 crore.
Binani Industries' proposal to settle claims may be discussed by lenders as well.
May 18, 12:20 PM (IST)
JSW Steel finalises Aferpi deal, to acquire Italy's 2nd largest steelmaker for Rs 600 crore
JSW Steel has finally sewn up the deal to acquire Italy's second largest steelmaker Aferpi after hectic negotiations over deal size and plans to turnaround the facility.
May 18, 12:18 PM (IST)
May 18, 12:04 PM (IST)
CAD to widen further?: Trade deficit in Apr’18 remained elevated at $13.7 billion, but the overall trade activity remained tepid. Growth in exports and imports remained low at 5.2 percent YoY and 4.6 percent YoY, respectively. Capital Goods and commodity-oriented sectors gained momentum while consumption-oriented sectors continued to languish. Consumption-oriented imports reflected similar trend as that in Consumer Durables production, pointing to overall weakness in consumption.
Emkay expects some improvement in consumption-centric imports in FY19, with higher government focus on the rural sector. Escalation in global trade protectionism amid rising commodity prices poses a risk to India’s trade deficit, it feels.
"Net services exports expanded to $6.6 billion Mar’18, with both service imports & exports gaining traction. CAD/GDP for FY18 is expected at 1.9 percent and we believe it can further expand to 2.5 percent in FY19," Emkay said.
May 18, 12:02 PM (IST)
May 18, 11:59 AM (IST)
Key points from Supreme Court order on Karnataka election:
# The floor test will happen at 4.00 pm on Saturday (tomorrow).
# Chief Minister will not take any major policy decision until the floor test.
# DGP has been asked to ensure the safety of all lawmakers.
# A member of the Anglo-Indian community will not be appointed till floor test concludes.
# Appearing for Yeddyurappa, Rohatgi argued that the time is not enough.
# Request from Rohatgi for secret ballot as the mode of the floor test was rejected
May 18, 11:53 AM (IST)
Market Update: The market remained under pressure, with the Sensex falling more than 100 points amid higher crude oil prices, corporate earnings and uncertainty over formation of government in Karnataka.
All sectoral indices are in the red barring FMCG that gained more than 1 percent. PSU Bank and Pharma indices lost a percent each.
HDFC twins, ICICI Bank and Tata Motors dragged the market while Bajaj Finance, ITC, HUL continued to support the market.
The 30-share BSE Sensex was down 133.60 points at 35,015.52 and the 50-share NSE Nifty fell 35.40 points to 10,647.30.
May 18, 11:44 AM (IST)
Motilal Oswal Sec says consumption has been highlight of Q4 earnings; likes Bajaj Finance
The March quarter earnings season is nearing its fag end and Motilal Oswal Securities says the highlight has been the consumption story.
May 18, 11:38 AM (IST)
Order Win: Larsen & Toubro (L&T) today said L&T Construction has won orders worth Rs 1,504 crore in the domestic market.
"The heavy civil infrastructure business of L&T Construction has bagged orders worth Rs 1,504 crore," the engineering and construction major said in a BSE filing.
The marine infrastructure project from the Cochin Shipyard is for part design and construction of a dry dock along with associated works, the company elaborated.
L&T GeoStructure, also part of L&T Construction, has received an order from the Kalinga International Coal Terminal Paradip for construction of piling, diaphragm wall and berth deck at Paradip Port, Odisha, reports PTI.
May 18, 11:36 AM (IST)
Tie Up: Bharti Airtel and Amazon India announced a strategic partnership with an aim to jointly drive smartphone adoption across the country.
May 18, 11:21 AM (IST)
May 18, 11:17 AM (IST)
Buzzing: Shares of JK Tyre and Industries rose 8 percent intraday as company reported strong numbers in the quarter ended March 2018.
The company's Q4 net profit was 77 percent at Rs 158.87 crore against Rs 89.48 crore in the same quarter last fiscal.
Revenue from operations was down 1 percent at Rs 2,283.97 crore versus Rs 2309.48 crore.
The board has recommended a dividend of Rs 1.50 per equity share of Rs 2 each (75 percent) for the financial year ended March 31, 2018.
May 18, 11:15 AM (IST)
Karnataka Election: Supreme Court on Floor test seems to be the best option, says Justice Sikri while Abhishek Manu Singhvi told Supreme Court that the floor test is an inevitability.
Supreme Court said it is just a number game, one who enjoys the majority should be invited to form the government in Karnataka.
May 18, 11:12 AM (IST)
Results Date: MMTC said board of directors, on May 29, will consider the audited standalone and consolidated financial results for quarter and year ended March 31, 2018.
The board will also recommend dividend, if any, on the equity shares of the company for the year ended March 31, 2018 for the approval of the shareholders at the ensuing Annual General Meeting.
May 18, 10:50 AM (IST)
Market Update: The market continued trade lower, with the Sensex falling more than 100 points amid higher crude oil prices and corporate earnings.
All sectoral indices are in the red barring FMCG, with the PSU Bank and Pharma indices losing a percent each.
Bajaj Auto is up nearly 3 percent ahead of March quarter earnings as Profit is expected to jump 30 percent year-on-year basis.
The 30-share BSE Sensex was down 113.74 points at 35,035.38 and the 50-share NSE Nifty fell 24.30 points to 10,658.40.
May 18, 10:38 AM (IST)
Buzzing: Bajaj Finance share price gained nearly 2 percent on top of 7.63 percent upside in previous session, following solid earnings growth for the quarter ended March 2018.
Net profit in Q4 surged 61 percent year-on-year to Rs 720.9 crore compared to Rs 449 crore in corresponding period of last fiscal.
Net interest income, the difference between interest earned and interest expended, grew by 40 percent to Rs 2,365 crore compared to Rs 1,686 crore in year-ago.
Asset quality also improved as gross non-performing assets (NPA) for the quarter fell to 1.48 percent from 1.67 percent in previous quarter. Net NPA were also down at 0.38 percent from 0.53 percent on sequential basis.
May 18, 10:31 AM (IST)
Listing on Monday: IndoStar Capital Finance, an NBFC which offers structured term financing solutions for corporates, and loans to small and medium enterprise (SME) borrowers, is set to list on bourses on Monday.
It has recently expanded its portfolio to offer vehicle finance and housing finance products.
May 18, 10:21 AM (IST)
May 18, 10:12 AM (IST)
Buzzing: Shares of Voltas slipped nearly 9 percent on the back poor March quarter numbers.
The company has reported a 3 percent fall in its consolidated net profit at Rs 194 crore for the fourth quarter ended March 2018 against Rs 200 crore in the same quarter last fiscal.
The company has recommended dividend of Rs 4 per share on face value of Re 1 per share (400 percent) for the year 2017-18.
May 18, 9:41 AM (IST)
Market Update: The market extended opening losses, continuing correction for the fourth consecutive session amid higher crude oil prices, weak rupee.
The Sensex has broken 35,000 levels, down more than 181 points at 34,968.12 and the Nifty declined 47.20 points to 10,635.50 while the Nifty Midcap was down half a percent.
HDFC Bank, ITC, Reliance Industries, ICICI Bank, L&T and Infosys are pushing the market lower while Bajaj Auto gained 2 percent ahead of March quarter earnings due later in the day.
May 18, 9:30 AM (IST)
Crude Oil Update: Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
Brent crude futures were at $79.53 per barrel, up 0.29 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.
US West Texas Intermediate (WTI) crude futures were at USD 71.62 a barrel, up 0.18 percent from their last settlement, reports CNBC.
May 18, 9:27 AM (IST)
Market Update: Benchmark indices extended opening losses, dragged by banking & financials.
The 30-share BSE Sensex was down 127.27 points at 35,021.85 and the 50-share NSE Nifty fell 33.70 points to 10,649.
The market breadth is balanced as about 587 shares declined against 573 advancing shares on the BSE.
HDFC Bank, Infosys, ICICI Bank, L&T, HDFC, Axis Bank, IOC and ITC are top negative contributors to the Nifty50, falling up to 1 percent.
May 18, 9:23 AM (IST)
Stay cautious, Nifty may head towards 10,500; 3 stocks that could return up to 10%
It is advisable to remain cautious and not venture into over-leveraged positions. Here is a list of top three stocks that could deliver returns of up to 8-10 percent.
May 18, 9:19 AM (IST)
Market Opening: Benchmark indices started off Friday's trade mildly lower despite most Asian stocks traded in the green.
The 30-share BSE Sensex was down 59.51 points at 35,089.61 and the 50-share NSE Nifty fell 17.90 points to 10,664.80.
Sun Pharma, Bajaj Finance, Bajaj Auto, Tech Mahindra, Yes Bank, Eicher Motors, ONGC, Coal India, Lupin, Vedanta and Power Grid were early gainers.
IOC, HPCL, BPCL, Wipro, Indiabulls Housing Finance, Cipla, UltraTech Cement, ICICI Bank and Asian Paints were under pressure.
Nifty Midcap index was down 70 points. Voltas, Central Bank of India, Jyothy Labs, SRF, Crompton Consumer, TVS Motor Company, Biocon and Balkrishna Industries fell up to 5 percent.
JK Tyre, Reliance Communications, Reliance Power, Future Consumer, Future Enterprises, HDIL, PC Jeweller and Edelweiss Financial rallied up to 17 percent.
May 18, 9:10 AM (IST)
Stocks in news: Sun Pharma, Bajaj Auto, Fortis, Voltas, Quess Corp, Minda Corp, JK Tyre, Balkrishna Ind
Ashok Leyland | Bajaj Auto | Central Bank of India | Quess Corp | Minda Corporation | Orient Refractories | Man Infraconstruction | JK Tyre & Industries | Balkrishna Industries | Lux Industries and Bliss GVS Pharma are stocks that are in the news today.
May 18, 9:09 AM (IST)
Technical Recommendations: We spoke to IIFL and here’s what they have to recommend:
Bajaj Finance Ltd: Buy| Target: Rs 2,250| Stop loss: Rs 1,975| Returns 9%
Colgate Palmolive Ltd: Buy| Target: Rs 1,276| Stop loss: Rs 1,138| Returns 9%
Oil India: Buy| Target: Rs 266| Stop loss: Rs 230| Returns 10%
May 18, 9:06 AM (IST)
Markets@Moneycontrol: Nifty likely to open flat; 3 stocks which can give up to 10% return
Trends on Nifty futures on the Singaporean exchange show that the Nifty could have a lower opening. SGX Nifty is currently trading around 10,670-levels.
May 18, 9:05 AM (IST)
May 18, 9:04 AM (IST)
Market Pre-Opening: Benchmark indices were flat in pre-opening trade despite most Asian stocks traded higher.
The 30-share BSE Sensex was up 32.30 points at 35,181.42 while the 50-share NSE Nifty fell 32.40 points to 10,650.30.
Tata Steel, Bajaj Finance, SBI, Yes Bank, JK Tyre, Ashok Leyland, Bhushan Steel and Bajaj Auto were gainers in pre-opening while Voltas is under pressure.
Reliance Communications jumped 10 percent.