Sensex gains 295 points, Nifty ends above 10,500; Tata Steel leads

12 Feb 2018


3:30 pm Market Closing: Benchmark indices recouped some of previous day's losses as the Sensex gained 294.71 points or 0.87 percent at 34,300.47 and the Nifty rose 84.80 points or 0.81 percent to 10,539.80.

About 2,006 shares advanced against 736 declining shares on the BSE.

3:16 pm Earnings: United Bank of India has posted a loss of Rs 637.5 crore for the December quarter 2017, dented by higher provisions with deterioration in asset quality performance.

Profit in corresponding quarter of last fiscal was at Rs 64.1 crore.

Net interest income during the quarter declined 3.6 percent to Rs 348 crore from Rs 361 crore in year-ago.

Gross non-performing assets for the quarter were higher at 20.1 percent from 18.8 percent in previous quarter and net NPAs were also higher at 11.96 percent compared to 11.63 percent in Q3FY17.

3:09 pm Drug Approval: Pharma major Lupin announced that it has received tentative approval for its Hydrocortisone Butyrate Lotion, 0.1 percent from the United States Food and Drug Administration (FDA) to market a generic version of Precision Dermatology, Inc.'s Locoid Lotion.

It is indicated for the topical treatment of mild to moderate atopic dermatitis in patients 3 months of age and older.

2:55 pm Buzzing: Finolex Cables shares gained 3 percent as its third quarter net profit grew by 9.4 percent year-on-year to Rs 74.8 crore and revenue increased 5.6 percent to Rs 656.7 crore.

Operating profit jumped 22.3 percent to Rs 98 crore and margin expanded by 200 basis points to 14.9 percent compared to year-ago.

2:45 pm Earnings: Aban Offshore's third quarter consolidated net loss widened to Rs 332.5 crore from loss of Rs 277.7 crore in previous quarter, hit by operational performance
Operating profit fell 35.3 percent to Rs 113 crore and margin contracted 2,300 basis points to 30 percent compared to previous quarter.

However, consolidated revenue increased 14.2 percent to Rs 376.1 crore from Rs 329.2 crore QoQ.

2:36 pm Market Update: Benchmark indices extended gains in afternoon, with the Sensex rising more than 300 points.

The 50-share NSE Nifty reclaimed 10,550 levels while the Nifty Midcap index was up 1.5 percent.

Among sectors, Banks, Auto, Metals and Pharma indices gain 1-2 percent.

Index heavyweights HDFC Bank, Reliance Industries, L&T and HDFC gained 1-2 percent.

2:29 pm FIA seeks talks with Indian Exchanges: Washington-based Futures Industry Association (FIA) said it will seek discussion with Indian exchanges about their decision to stop trading of indices on Singapore and other foreign exchanges, even as SGX stock fell over 7 percent after the development.

Indian stock exchanges -- BSE, NSE and Metropolitan Stock Exchange of India (MSEI) -- on Friday said they will immediately stop the trading of indices of Indian securities on foreign bourses as part of a joint effort to stymie migration of liquidity to overseas markets.

Currently, Indian stock exchanges through a licensing arrangement provide their market data at various levels to index providers for creating Indices.

Singapore Stock Exchange (SGX) however yesterday said its entire India suite of products, including Nifty, will open and operate per normal on Monday.

2:24 pm Earnings: Public sector lender Indian Bank's third quarter (October-December) profit fell by 18.8 percent year-on-year to Rs 303.1 crore, dented by high provisions & contingencies and lower other income; but supported by higher revenue growth with improvement in asset quality.

The bank had reported profit at Rs 373.5 crore in corresponding quarter of last fiscal.

Net interest income, the difference between interest earned and interest expended, grew by 30.2 percent to Rs 1,623 crore compared to year-ago.

Asset quality improved during the quarter as the gross non-performing assets were lower at 6.27 percent from 6.67 percent in previous quarter and net NPAs were also declined at 3.30 percent from 3.41 percent QoQ.

Provisions for non-performing assets declined 39 percent quarter-on-quarter and 29.5 percent year-on-year to Rs 385.48 crore for quarter ended December 2017.

2:14 pm NBFC License: Eduvanz Financing Pvt Ltd said it has obtained licence from the Reserve Bank to operate as a non-banking financial company (NBFC) and has started providing loans in the skill development sector.

The firm has also raised USD 500,000 investment led by Blinc Advisors.

Eduvanz said it will utilise the funds for strengthening it artificial intelligence-based lending technology for loan appraisal and expand its operations-pan India.

"With the NBFC status approval from the Reserve Bank of India, Eduvanz is bringing much-needed financial support in the skill development ecosystem using analytical tools and advanced risk management capabilities to extend loans without any paperwork in a matter of minutes," the company said in a statement.

Eduvanz provides loans to finance skill and educational trainings.

2:01 pm CCI Approval: Competition Commission of India has given its approval for the proposed 100 percent sale of Reliance Infrastructure Limited (RInfra) integrated Mumbai Power Business to Adani Transmission Ltd. (ATL).

RInfra and ATL had signed definitive binding agreement for 100 percent stake sale of the integrated business of generation, transmission and distribution of power for Mumbai in December 2017.

Total consideration value is estimated at Rs. 18,800 crore. Transaction is expected to be completed by March 2018.

1:50 pm Drug Launch: Pharma major Lupin announced the launch of its Oseltamivir Phosphate Capsules, USP having received an approval from the United States Food and Drug Administration (FDA) earlier.

Lupin's Oseltamivir Phosphate capsules, USP ,30 mg (base), 45 mg (base), and 75 mg (base) are the generic equivalent of Hoffman-La Roche, Inc.'s Tamiflu capsules, 30 mg, 45 mg, and 75 mg.

Oseltamivir Phosphate capsules are indicated for the treatment of acute,

uncomplicated influenza A and B in patients 2 weeks of age and older who have been symptomatic for no more than 48 hours, and prophylaxis of influenza A and B in patients 1 year and older.

1:40 pm Partnership: Bharti Airtel and Hotstar announced a strategic partnership to bring exciting digital content from Hotstar's portfolio to Airtel customers.

"This will further expand Airtel TV app's wide range of offerings and expand the footprint for Hotstar's content across Airtel's large mobile customer base.

1:25 pm IPO: Non-banking finance company IndoStar Capital Finance has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 2,000 crore through an initial share-sale.

The IPO comprises issuance of fresh shares worth Rs 700 crore. Besides, existing shareholders will offer up to 2 crore scrips, as per the draft prospectus filed with Securities and Exchange Board of India (Sebi).

1:10 pm Results: GSFC shares rallied 4 percent after stellar earnings performance in Q3.

Net profit grew multi-fold to Rs 199.6 crore compared to Rs 61.2 crore in year-ago and revenue from operations increased 39.4 percent to Rs 1,537.5 crore from Rs 1,103 crore.

The company has recorded tax write-back of Rs 99.9 crore for the quarter against nil in year-ago.

Operating profit during the quarter doubled to Rs 161.5 crore from Rs 78.5 crore and margin expanded 340 basis points to 10.5 percent compared to same quarter last year.

12:59 pm Auto Sales Data: SIAM said 2-wheeler sales in January increased 33.4 percent to 17 lakh units but passenger car sales declined 1.3 percent to 1.8 lakh units compared to year-ago month.

12:50 pm Earnings: Marksans Pharma shares gained 4 percent after consolidated profit in Q3 shot up 51.5 percent year-on-year to Rs 17.4 crore from Rs 11.5 crore.

Revenue from operations grew by 1.5 percent to Rs 218.4 crore compared to Rs 215.2 crore in year-ago.

Operating profit rose 7.7 percent year-on-year to Rs 28.8 crore and margin expanded 80 basis points to 13.2 percent in Q3.

12:40 pm Vakrangee's Capital Allocation Policy:

12:32 pm Market Check: Benchmark indices traded sharply higher in afternoon, with the Sensex rising 223.72 points or 0.66 percent to 34,229.48.

The 50-share NSE Nifty rose 61 points or 0.58 percent to 10,516, driven by HDFC Bank, Reliance Industries, Tata Steel, L&T, HDFC, Maruti Suzuki, Tata Motors, Yes Bank and ONGC.

The broader markets continued to outperform frontline indices, with the Nifty Midcap index rising 1.5 percent. About four shares advanced for every share falling on the BSE.

All sectoral indices traded in the green except IT. Nifty IT index underperformed, falling 0.3 percent. HCL Technologies lost over 2 percent, followed by Infosys, Tech Mahindra and TCS.

12:27 pm Results: Sharda Motor shares gained 6 percent after profit in Q3 jumped 44.9 percent to Rs 17.1 crore and revenue from operations increased 1.6 percent to Rs 254.4 crore compared to year-ago.

Operating profit rose 3.3 percent to Rs 32.1 crore and margin expanded 20 basis points to 12.6 percent YoY.

12:12 pm Earnings Reaction: Zuari Agro shares rallied 9 percent as profit grew sharply to Rs 48 crore in Q3, from Rs 4.3 crore in year-ago.

Strong revenue & operational growth and tax reversal boosted earnings.

Minimum alternate tax credit stood at Rs 11.1 crore and tax credit at Rs 15.4 crore in Q3 against nil in year-ago.

Revenue from operations increased 46.3 percent year-on-year to Rs 1,434 crore while operating profit jumped 34.6 percent to Rs 125.7 crore, but margin contracted 70 basis points to 8.8 percent.

12:01 pm US Infrastructure Spending: President Donald Trump today will

unveil his long-awaited infrastructure plan, a USD 1.5 trillion proposal that fulfills a number of campaign goals, but relies heavily on state and local governments to produce much of the funding.

The administration's plan is centered on using USD 200 billion in federal money to leverage local and state tax dollars to fix America's infrastructure, such as roads, highways, ports and airports.

"Every federal dollar should be leveraged by partnering with state and local governments and - where appropriate - tapping into private sector investment to permanently fix the infrastructure deficit," Trump said at last month's State of the Union address.

Trump has repeatedly blamed the "crumbling" state of the nation's roads and highways for preventing the American economy from reaching its full potential.

11:42 am Drug Launch in India: Sanofi India continued to deliver breakthrough medicines for the management of diabetes with the launch of its new product - Toujeo, the next generation basal insulin.

Toujeo is a once-daily, long-acting basal analog insulin that improves glycemic control in adults with type 1 and type 2 diabetes.

11:28 am Earnings Reaction: Shares of Tata Steel rose more than 5 percent intraday after the company reported a five-fold jump in its third quarter profit.

Tata Steel on February 9 had reported a five-fold rise in consolidated net profit to Rs 1,135.92 crore for the third quarter ended December 31. It had posted a consolidated net profit of Rs 231.90 crore in the same quarter of last fiscal.

The consolidated income during October-December quarter increased to Rs 33,672.48 crore, from Rs 29,154.75 crore in the year-ago period.

11:15 am Buzzing: Shares of Steel Strips Wheels advanced 6.5 percent on export order win.

The company bagged yet another exports order for supply of steel wheels for EU caravan market.

The order comprises of 19,500 steel wheels to be shipped from company's Chennai plant in the month of March 2018.

11:08 am Earnings Reaction: Shares of Marico today rose by more than 3 percent in morning trade after impressive financial results for the third quarter of 2017-18.

The company on February 9 reported a 16.51 percent increase in its consolidated net profit at Rs 223.28 crore for the quarter ended December 2017 on account of higher income led by market share gains.

The company had posted a net profit of Rs 191.64 crore during the October-December quarter of the previous fiscal.

Shares of the company today opened on a bullish note at Rs 303.55, then gained further ground to touch a high of Rs 307, up 3.02 percent over previous close.

Total income during the quarter under review stood at Rs 1,641.74 crore. It was Rs 1,439.99 crore in the year-ago period.

Marico said India business posted a healthy volume growth of 9.4 percent while the international business grew by 9 percent in constant currency terms.

11:00 am Buzzing: Shares of Vivimed Labs rose 3 percent intraday as company signed distribution pact with Ukraine-based company Alter Ego.

Vivimed Labs' Unit 1 FDF manufacturing facility located in Hyderabad, post certification by Ukraine FDA, has successfully registered 8 products in anti viral, pain management and cough suppressants segment.

The company has now inked a distribution agreement with Alter Ego LLC, Kieve, Ukraine which has more than a decade of presence in Ukraine, Russia and CIS region.

The company is expecting revenue upwards of USD 10 million for FY19 from CIS region.

10:55 am Market Outlook: The earnings growth is still some quarters away but 10 percent tax on the long-term capital gains (LTCG) should not impact investment decisions of investors, Dipen Sheth, Head-Institutional Research at HDFC Securities said in an interview with CNBC-TV18.

There is some noise about mutual funds declaring a dividend ahead of the financial year given the fact that dividends are tax-free now and after 1st April the long-term capital gains tax will come in.

However, Sheth said a 10 percent tax does not take away from any investment decision. A 10 percent vs 0 percent is nothing that bleeds my pocket. ''I don't see this as a technical ceiling,'' said Sheth.

Commenting on equity markets, Sheth said that equities were behaving like a debt and that has to give away. If we look back, for last 13-14 months, equities didn't show much volatility.

10:46 am Market Update: Benchmark indices continued to trade higher, with the Sensex rising 196.62 points or 0.58 percent at 34,202.38 as all the sectoral indices traded in the green, with the Nifty Pharma and Realty gaining 2 percent each.

The 50-share NSE Nifty rallied 53.90 points or 0.52 percent to 10,508.90 while the Nifty Midcap traded 1.34 percent higher on strong breadth.

About four shares advanced for every share falling on the BSE.

10:26 am Poll: Public sector lender Bank of India is likely to post net loss at Rs 51.5 crore for quarter ended December 2017 against net profit of Rs 101.7 crore in same quarter last year.

Net interest income during the quarter is seen falling 1.3 percent to Rs 2,826.6 crore compared to Rs 2,862.6 crore in year-ago, according to average of estimates of analysts polled by CNBC-TV18.

Analysts said if slippages in Q3 fall further (from Rs 2,141 crore in Q2FY18), net interest margin come above 2.1 percent (2.15 percent in Q2) and gross non-performing assets improve (from 12.62 percent in Q2) then that would be taken positively by the Street.

10:14 am Rupee Trade: The rupee recovered by 15 paise to 64.25 against the dollar in morning on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.

Forex dealers said the dollar's losses against major global currencies overseas after last week's rally supported the rupee.

On Friday, the rupee had dropped 14 paise against the  greenback to end at a near two-month low of 64.40 on bouts of dollar demand from importers and banks.

9:45 am Order Win: Shares of CG Power and Industrial Solutions added 4 percent in morning on order win by subsidiary company in Indonesia.

Avantha Group Company, CG Power Systems Indonesia, a wholly owned subsidiary of CG Power & Industrial Solutions, has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of Power Transformers valued at IDR 744 billion (USD 55 million).

This project is the first of its kind to be funded by Islamic Development Bank to support PLN's ambitious goal to enhance its Transmission Grid performance.

The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW Fast Track Program.

CG Power will complete the supplies against the order by December 2018.

9:35 am Buzzing: L&T shares gained more than 1 percent in morning as its subsidiary L&T Hydrocarbon Engineering has signed a major field development EPC contract with Al Dhafra Petroleum Operations Company Limited, Abu Dhabi, UAE, with a value in excess of Rs 2,200 crore.

Al Dhafra Petroleum is a joint venture between ADNOC and Korea National Oil Corporation (KNOC) and GS Energy, which is represented by Korean Abu Dhabi Oil Consortium (KADOC).

The scope of the contract includes engineering, procurement, construction & commissioning of flow lines, gathering facilities & pipelines to transfer crude oil & gas from Haliba fields to processing facility at Asab and installation of 132 kV and 33 kV overhead electrical transmission lines to supply power.

9:26 am Order Win: Leading EPC player Reliance Infrastructure has bagged a Rs 567 crore order from the state-run power major National Thermal Power Corporation (NTPC) to build a flue gas Desulphurisation (FGD) plant at its 1500 MW (3 x 500 MW) power plant at Jhajjar in Haryana.

The scope of the work includes design, engineering, manufacture, erection and civil work, as well as testing and commissioning of the FGD system.

The Anil Ambani-run company's EPC division had earlier emerged as L1 bidder amidst competition against leading EPC players including BHEL, L&T, and Mitsubishi Hitachi Power system.

The overall schedule for the project is 20 months from the date of the letter and will of approval being delivered for the first unit, with three months additional time each for the two subsequent units, the company said in a statement today.

9:20 am Buzzing: Shares of Capacite Infraprojects gained 4 percent in the early trade on orders worth Rs 247.46 crore.

The orders include, Tower -2 of a project at Hindustan Mills, Prabhadevi, MMR for client Twenty Five South Realty, The Wadhwa Group, worth Rs 156.46 crore.

The Tower - 1 of this project in already under execution by the company.

The second order is from Kalpataru Group of Rs 90.80 crore. This is the second order received from Kalpataru Group.

9:15 am Market Check: Benchmark indices as well as broader markets opened the truncated week sharply higher on Monday, driven by bargain hunting after sell-off last week.

The 30-share BSE Sensex was up 212.02 points at 34,217.78 and the 50-share NSE Nifty gained 69.10 points at 10,524.10.

About five shares advanced for every share falling on the BSE.

Nifty Midcap index was up over a percent.

NALCO, Oil India, Bata India, Sun TV Network, Marico and Amara Raja Batteries rallied 3-7 percent.

Manappuram Finance, Ashok Leyland, Cadila Healthcare and Capacite Infraprojects gained 2-5 percent. Suzlong Energy fell 3 percent.

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