MARKET UPDATE | Closing Bell: Nifty ends above 11,150, Sensex gains 382 pts; metal stocks outperform

MARKET UPDATE | Closing Bell: Nifty ends above 11,150, Sensex gains 382 pts; metal stocks outperform | The Future Markets

TFM News | http://www.thefuturemarkets.com

Mar 11, 03:35 PM (IST)

Market at close: Indices ended on strong note on Monday as bulls took charge of the Dalal Street with Sensex closed above 37,000, while Nifty finished above 11,150 mark.

The Sensex was up 382.67 points at 37054.10, while Nifty was up 132.60 points at 11168. About 1735 shares have advanced, 911 shares declined, and 163 shares are unchanged.

Bharti Airtel, HPCL, BPCL, Eicher Motors and Bharti Infratel were the top gainers on the Nifty, while losers include NTPC, Zee Entertainment, TCS, Tech Mahindra and HCL Tech.

Except IT index, all other sectoral indices ended in green led by auto, energy, infra, metal, PSU bank, pharma and FMCG.

Mar 11, 03:19 PM (IST)

Godfrey Phillips gains: Shares touched 52-week high of Rs 1,042.50, rising 9 percent intraday Monday after company clarified on the news report about violation of the Foreign Direct Investment (FDI) laws by the company.  MoneyControl

Mar 11, 03:09 PM (IST)

Indian Metals & Ferro Alloys has entered into a Joint Development Agreement with Adventz Finance to develop the property situated at No.44, Chowringhee Road, Kolkata.  MoneyControl

Mar 11, 02:53 PM (IST)

Global Market Check: Boeing shares down by nearly 9 percent in the premarket

US stock index futures traded mixed on Monday morning with investors still digesting weak jobs data from the previous session.

Boeing shares were down by nearly 9 percent in the premarket. This comes as its fastest-ever selling aircraft sparks safety concerns after an Ethiopian Airlines 737 MAX jet crashed shortly after takeoff on Sunday, killing everyone on board. CNBC TV18

Mar 11, 02:22 PM (IST)

Sadbhav Infra shares rally on report of road asset sale

Shares of Sadbhav Infrastructure Project (SPIL) rose nearly 12 percent on Monday on a report that Canada Pension Plan Investment Board is in advanced talks to acquire 12 operating road assets of the company in a deal worth $400-$500 million (about Rs 3,000 crore).

Sadbhav Infra shares jumped as much as 11.7 percent to Rs 103 per share in early trade. At 1:37 PM, shares of the company traded up 7 percent at Rs 98.65 per share on NSE.  CNBC TV18

Mar 11, 02:18 PM (IST)

IFCI gains 5%: IFCI shares rallied 5 percent after the company exit from two large exposures in thermal power sector.  MoneyControl

Mar 11, 01:56 PM (IST)

RITES declares dividend: The board of directors of the company declared an interim dividend at the rate of 40% of paid up share capital (Rs 4 per share of Rs 10 each).  MoneyControl

Mar 11, 01:49 PM (IST)

DHFL down 6%; at day’s low after downgrade coming in from Brickworks

Shares of Dewan Housing Finance Corporation (DHFL) were down 6 percent in intra-day trade on the BSE after Brickwork Ratings (BWR) on March 8, 2019 downgraded DHFL’s various debt instruments by one notch, citing de-growth in business on account of inability to raise funds.  CNBC TV18

Mar 11, 01:15 PM (IST)

IDBI Bank looks to sell bad loans worth Rs 1,353 crore by March-end

IDBI Bank is looking to sell all six non-performing assets (NPAs) worth Rs 1,353 crore by the end of March, multiple sources familiar with the matter told CNBC-TV18.

The lender is planning to sell bad loans to banks, financial institutions or asset restructuring companies as it steps up efforts to recover dues from loan offenders, said the above mentioned sources on condition of anonymity.  CNBC TV18

Mar 11, 01:14 PM (IST)

Birla Corp shares drop up to 14% following NGT order

Shares of Birla Corporation slumped up to 14 per cent during intra-day trade on Monday after National Green Tribunal (NGT) ordered the firm to stop all mining activities being carried on within the municipal limits of Chittorgarh City. On BSE, the scrip after opening on a negative note further declined 14.11 per cent to Rs 485.10 during the day.  ET Markets

Mar 11, 12:57 PM (IST)

CG Power shares rally over amalgamation, promoters’ stake pledge

Shares of CG Power surged 8 percent on Monday after the company’s board approved amalgamation of unit CG Power Solutions with itself and following the promoters’ stake pledge. CG Power’s promoter, Avantha Holdings Ltd, has invoked to pledge all the equity shares by Vistra ITCL, which means 100 percent of promoter stake is pledged.  CNBC TV18

Mar 11, 12:54 PM (IST)

Just In | Kalpataru Power Transmission Limited has secured new orders of Rs.1,288 Crores. The details are as follows:
• Transmission & Distribution business has secured projects of Rs 771 crore primarily in international markets
• Two projects in Oil and Gas business totalling Rs 517 crore 
MoneyControl

Mar 11, 12:48 PM (IST)

Barring IT, all indices trade higher

Mar 11, 12:40 PM (IST)

Premature to call current market gains as pre-election rally, says Saurabh Mukherjea

Saurabh Mukherjea, the founder of Marcellus Investment Managers, is of the view that it would be premature to call the current market rally as a pre-election rally. “It could be that the Indian market is basically catching up with the global market rally,” he said in an interview with CNBC-TV18.

Mar 11, 12:19 PM (IST)

Nikkei bounces after 4 days of losses, growth worries limit rise

Japan’s Nikkei share average snapped a four-session losing streak on Monday, although gains were limited as much weaker-than-expected U.S. job data dimmed the outlook for the global economy. The Nikkei ended the day up 0.47 percent at 21,125.09. The index crawled back towards a three-month peak of 21,860.39 scaled a week ago.  CNBC TV18

Mar 11, 12:17 PM (IST)

Shares of Aurionpro Solutions gained 5.2 percent intraday Monday after company won a prestigious order from Bharat Electronic.  MoneyControl

Mar 11, 12:06 PM (IST)

Balrampur Chini Mills, Graphite India and Vakrangee among new entrants in Reliance Nippon Life AM portfolio

Balrampur Chini Mills, Graphite India and Vakrangee stood among new entrants in the portfolio of this AMC last month. However, it exited stocks like Hathway Cable, Just Dial, Kajaria Ceramics, SREI Infra, Tata Communications and Tata Elxsi.   ET Markets

Mar 11, 12:04 PM (IST)

Aditya Birla AMC adds exposure to DHFL, exits Suzlon Energy

Birlasoft, Chalet Hotels, Dewan Housing Finance, Divi’s Labs, Hexaware Technologies, IDBI and REC also stood among the list of newly bought stocks. On the other hand, it completely exited stocks such as GMR Infrastructure, Hindustan Aeronautics, J&K Bank, Just Dial, Page Industries, Sintex Plastics, Sunteck Realty and Suzlon Energy. ET Markets

Mar 11, 12:02 PM (IST)

ICICI Prudential Mutual Fund exits CESC Ventures, Spencer’s Retail

The fund house held equity assets of Rs 1.20 lakh crore as of February 28. During the month, it completed its exit from CESC Ventures and Spencer’s Retail. However, it added 6.82 crore shares of National Aluminium during the month. This was followed by NTPC (3.78 crore), ITC (3.68 crore), SBI (3.59 crore), Bank of Baroda (1.50 crore), Axis Bank (1.44 crore), ONGC (1.24 crore) and NHPC (1.24 crore). ET Markets

Mar 11, 11:48 AM (IST)

Buzzing: Shares of Ashoka Buildcon has surged 6 percent after the company’s subsidiary received LoA from NHAI.  MoneyControl

Mar 11, 11:39 AM (IST)

Mentha oil futures gain 0.99% as demand picks up

Mentha oil prices were up by 0.99 per cent to Rs 1,652 per kg in futures market Monday as speculators raised bets amid pick-up in demand from consuming industries in the domestic spot market. Further, tight stocks position on fall in supplies from Chandausi in Uttar Pradesh influenced mentha oil prices. – ET Markets

Mar 11, 11:18 AM (IST)

Eicher Motors hits over 2-month high; chart suggests more upside

Shares of Eicher Motors Ltd gained as much as 3.33 per cent to Rs 22,599.95, highest since Jan. 1
Stock broke above a resistance at Rs 22,264.5, the 23.6 per cent Fibonacci retracement level of the downtrend from Sep. 8, 2017 high to Jan. 29, 2019 low
A close above the 23.6 per cent level may lead to further price rise up to the next resistance at Rs 24,407.75, the 38.2 per cent level, though some resistance is also expected at the 200-day exponential moving average
Stock’s wave pattern suggests it has completed a three-wave downtrend that started on Sep. 8, 2017 and it is now in a five wave uptrend
Trend intensity (TI) indicator rises to 17, suggests prices are trending upwards, MACD is positive and above its signal line
Stock up 4.9 per cent in the last one month as of Friday’s close, outperforming the broader NSE Index’s 0.8 per cent gains in the same period (Source: Reuters)

Mar 11, 11:16 AM (IST)

Shares of Unichem Laboratories added 3.2 percent intraday Monday after successful inspection at Ghaziabad facility by USFDA– MoneyControl

Mar 11, 10:56 AM (IST)

Dilip Buildcon shares jump 7 percent on NHAI project win

Shares of Dilip Buildcon rallied over 7 percent in the early morning trade on Monday after the company said it was declared the lowest bidder for an NHAI project in Maharashtra.”The company has been declared L-1 bidder for the EPC project in the state of Maharashtra, valued at Rs 480.06 crore by the National Highways Authority of India (NHAI),” it said in a filing.

Dilip Buildicon has risen over 30 percent in March and 75 percent in the last one month. – CNBC TV18

Mar 11, 10:42 AM (IST)

Jet Airways surge amid reports of receiving fresh loan from PNB; stock up 13% in March

Shares of Jet Airways gained as much as 4.6 percent to Rs 254.50, on news reports that the airline company has received a fresh loan of Rs 2,050 crore from Punjab National Bank (PNB). The airline had also raised foreign currency term loans worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB, the Mint report said citing loan documents. CNBC TV18

Mar 11, 10:23 AM (IST)

Buy Axis Bank, UPL & Bajaj Auto, says Motilal Oswal’s Yogesh Mehta

The latest analysis and commentary by stock market guru Yogesh Mehta, vice president-equity advisory at Motilal Oswal Securities on what is moving the markets today. He shared his views and readings on Axis Bank, Bajaj Auto and UPL. CNBC TV18

Mar 11, 10:17 AM (IST)

Buzzing: GMR Infrastructure shares gained 1.5 percent after company’s subsidiary GMR Airports (GAL) received the formal letter of award (LoA) from MIHAN India, the concessioning authority for the Nagpur Airport. – MoneyControl

Mar 11, 10:13 AM (IST)

Arvind Fashions hits 5% upper circuit for 2nd consecutive day

Shares of Arvind Fashions hit the 5 per-cent upper circuit on Monday morning for the 2nd consecutive day. It was listed on Friday at a price of Rs 591.75, but consequently ended the day at Rs 621.30.

On Monday, the scrip hovered at Rs 652.35, up 5 per cent at around 09:40 am while the benchmark BSE Sensex was up 0.80 per cent at 36,964.78.

Investors of Arvind Fashions faced confusion on Friday, as the demerged entity of Arvind, which got listed on stock exchanges, opened at a price that was much lower than the Street estimates. – ET Markets

Mar 11, 10:10 AM (IST)

SBI hits 1-month high on Essar Steel, loan pricing news

Shares of State Bank of India hit a one-month high of Rs.289.00 as the National Company Law Tribunal on Friday approved the acquisition of bankrupt Essar Steel by ArcelorMittal for Rs 420 billion. The bank’s shares also gained as the lender has linked rates on some savings bank deposits and short-term loans to RBI’s repo rate. Effective May 1, SBI’s all cash credit accounts and overdrafts with limits of more than Rs 100,000 would be linked to the repo rate, currently at 6.25 percent, with a spread of 2.25 percent. Brokerage Morgan Stanley reportedly said this move will help reduce volatility in the lender’s margins over time and key things to monitor will be the impact on deposit growth and strategy of peers. In a post-earnings conference call in February, SBI Chairman Rajnish Kumar had said that resolution of Essar Steel would help the bank write back provisions to the tune of 60 bln rupees. At 10.04 am, shares of SBI traded up 2.7 percent at Rs 288.90. – CNBC News

Mar 11, 09:38 AM (IST)

Dilip Buildcon declares as lowest bidder: Shares of Dilip Buildcon rose 6 percent in the early trade on Monday after company declared as lowest bidder for the project in the state of Maharashtra.

The company has been declared L-1 bidder for the EPC project in the state of Maharashtra, valued at Rs 480.06 crore by the National Highways Authority of India (NHAI). – MoneyControl

Mar 11, 09:20 AM (IST)

OPENING BELL: Sensex rises 150 points, Nifty50 nears 11,100; Jet Airways, IDBI Bank gain 3% – ET Markets

Mar 11, 09:08 AM (IST)

Rupee Opens: The Indian rupee gained in the early trade on Monday. It has opened higher by 14 paise at 70.01 per dollar versus previous close 70.15. – MoneyControl

Mar 11, 09:04 AM (IST)

Market at pre-open: Benchmark indices are flat in the pre-opening trade with positive bias Nifty around 11,100 level.

The Sensex is up 32.77 points at 36704.20, while Nifty is up 44.70 points at 11080.10.

Titan, L&T, SBI, are among major gainers in the pre-opening session. – MoneyControl

Mar 11, 08:52 AM (IST)

FPIs buy Rs 1,095 crore worth of equities

Foreign portfolio investors (FPIs) bought Rs 1,095 crore worth of domestic stocks on Friday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 470 crore, data suggested. – ET Markets

Mar 11, 08:51 AM (IST)

Sensex on Friday

Benchmark Sensex dropped 54 points, or 0.15 per cent, to 36,671 and NSE’s Nifty ended the day at 11,035, down 23 points or 0.21 per cent. – ET Markets

Mar 11, 08:42 AM (IST)

Asian markets trade lower: Asian shares pulled back on Monday after US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK parliament this week weighed on the pound. – MoneyControl

Mar 11, 08:24 AM (IST)

Crude Update: Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity. – MoneyControl

Mar 11, 08:00 AM (IST)

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 15 points or 0.14 percent. Nifty futures were trading around 11,043-level on the Singaporean Exchange. – MoneyControl

– TFM News (The Future Markets) | http://www.thefuturemarkets.com

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News should not be missed; Business Deals and Corporate Actions

Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 25Th Feb – 27Th Feb

Prakash Poojary, TFM News

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100 sugar mills may face SEBI action; crackdown could freeze cane procurement: Report

Private placement norms allow an unlisted company to privately sell shares to a maximum of 49 people

HG Infra bags an EPC order worth Rs..189.49 crore

HG Infra Engineering has bagged an EPC order worth Rs. 189.49 Crore (Excluding GST & Labour Cess) from Megawide Construction DMCC for Flexible & Rigid Pavement (Runway, Taxiway & Apron) at Green fleld International Airport at MOPA, Goa.

Approval granted for purchase of defence equipment worth Rs.2,700 cr

The meeting of the council, the highest decision-making body for defence purchase, was chaired by Defence Minister Nirmala Sitharaman.

BEML secures contract valued around Rs.400 crore

BEML received contract for 7 Metro train sets of 6 cars configuration to augment the metro services in Bengaluru valued around Rs. 400 crore.

Time Technoplast up on tie-up with Confidence Petroleum

Shares of Time Technoplast rose nearly 9% touching to Rs. 94.1, as the company has entered into a partnership with Confidence Petroleum for making liquefied petroleum gas available across India in blast proof composite cylinders.

Both the companies expect substantial demand for the composite cylinders over the next three-five years.

Lupin launches Minocycline Hydrochloride ER tablets

Lupin announced the launch of Minocycline Hydrochloride Extended-Release Tablets USP 55mg, having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupin’s Minocycline Hydrochloride ER Tablets USP 55mg is a generic version of Medicis Pharmaceutical Corporation’s Solodyn 55 mg. It is indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older.

BOI approves fresh issue of equity shares

Bank of India has announced that board of directors at its meeting held on February 26, has approved issue of fresh equity shares to Government of India, through preferential issue in respect of share application money of Rs.4,638 crore received, after obtaining shareholders and other approvals.

NBCC signs MoU with Raipur SMART City

NBCC signs Memorandum of Understanding with Raipur SMART City as its Executing Agency for the various infrastructure works on deposit work basis. Co will charge project management consultancy (PMC) fees of 8% on the actual cost of work.

Adani Enterprises emerges as highest bidder for Guwahati airport

Adani Enterprises has emerged as the highest bidder for Lokpriya Gopinath Bordoloi International Airport of Guwahati at Rs. 160 per passenger, beating National Investment and Infrastructure Fund’s bid of Rs. 155, as per the report. According to report, with this, the group has emerged as the highest bidder for operating, managing and developing six airports. As of now, Delhi, Mumbai, Hyderabad, Bengaluru and Cochin are the only private-run airports in the country.

DHFL slumps as ICRA downgrades its creditworthiness

Dewan Housing Finance Corporation (DHFL) fell by 8% to Rs.125.45, after the credit rating agency ICRA downgraded the creditworthiness of DHFL’s commercial papers to A2+ from A1+ citing its inability to raise money and generate new business. ICRA has revised the short-term rating outstanding for the Rs. 8000 crore commercial paper (CP) programme of Dewan Housing Finance Corporation (DHFL) to [ICRA]A2+ (pronounced ICRA A two plus) from [ICRA]A1+ (pronounced ICRA A one plus). As on date, DHFL has CP outstanding of Rs. 1,525 crore. The company has indicated to ICRA that it shall buyback substantial portion of this amount over the next one month.

Iran buys Indian raw sugar for the first time in 5 years

Iran is buying the sugar from India to use up the rupees it has received for oil sales to India, the worlds third-largest oil user.

UPL hits 18-month high after Jefferies initiates coverage with buy

Jefferies is constructive on the scale benefits, product mix synergies from Arysta which acquired by the company for $4.2 billion in July 2018.

Palladium soars above $1,550 on mine strike fears; gold rises

Spot palladium traded as high as $1,553 per ounce as of 0400 GMT.

ArcelorMittal says facing risks like excess capex on proposed Essar acquisition

The company said it provided a $567 million performance guarantee in connection with the execution of the resolution plan.

Intellect Design bags multi-million $ deal win from Emirates NBD

Intellect Design Arena announced that Emirates NBD, UAE has selected the company for end-to-end digital transformation of its transaction banking business. The transformation is part of the banking group’s commitment to digitise operations, products and services, enhancing its proposition to corporate clients and retail customers. Supported by Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the planned project is aimed at strengthening Emirates NBD Transaction Banking’s market leadership and will cover the bank’s operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.

HP investors meet: 159 MoUs with Rs.17,000 crore investment commitment signed, says CM Jai Ram Thakur

Stating that such initiatives were never taken before in the state, the CM said efforts would be made to ensure clearances for projects faster.

Businesses underestimate the prospects of 5G technology: Accenture Study

The government/public sector has the lowest awareness of 5G, with 59 percent believing it will be 10 times faster than 4G.

BSE stock options: Sebi slaps Rs 32 lakh fine on 6 entities for fraudulent trade

After observing a large-scale reversal of trades in the bourse#39;s stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015.

GE chief Larry Culp sells biopharma business for $21 billion

Culp said the sale to Danaher, where he was chief executive for more than a decade until 2014, was a pivotal milestone in efforts to turn around the 126-year old conglomerate.

17 lakh names deleted from electoral rolls in Maharashtra

More names were likely to be deleted in the coming weeks as the process of authentication of voters was underway, the ECI official said.

Tata Elxsi collaborates with Portuguese company

Tata Elxsi and NOS announce the launch of the Digital Operations Transformation Toolbox for communication and entertainment service providers. DOTT 2.0 offers an intelligent operations automation framework built using open source technology for user-defined service definition, zero touch provisioning, validation and scheduling of field partners for provisioning and testing scenarios thus enhancing customer digital experience. It also provides an extensible roadmap for service rollout and monitoring use cases, enabling communication service providers to launch new services rapidly. At 1.57 pm, Tata Elxsi was trading at Rs. 905.65, up by 0.06%, with a volume of 6867 shares on the BSE.

RPP Infra Projects wins a new order of Rs.105.7 crore

RPP Infra Projects has secured a LoA (Letter of Acceptance) worth Rs. 105.7 crore from the Tamil Nadu Slum Clearance Board for construction of 972 tenements at Moorthingar Street in Chennai. This project falls under the prestigious Housing for All (PMAY) scheme of the Government of India. RPP lnfra’s order book at the end of Q3FY19 stood at over Rs. 1,555.00 crore & the company has won new orders worth over Rs. 490.00 crore after Q3FY19.

Benelli Leoncino 500, Imperiale 400 confirmed for India launch in 2019

After forging a new partnership with Adishwar Auto Ride India, the Italian manufacturer announced the launch of five new products in 2019.

JSPL lowest bidder in RVLNs 4.45 LT rail tender: MD

RVNL functions as an extended arm of the Ministry of Railways. It is empowered to act as an umbrella special purpose vehicle (SPV) to undertake projects directly or by creating project specific SPVs, according to its website.

India to get 5G by 2021, ban on certain vendors won’t delay roll out: Nokia

The companys CEO Rajeev Suri said that after leading markets like the US, South Korea, China, emerging markets including India, Latin America, and certain developed markets will see roll out of the next generation technology by 2021, where million of trade secrets will flow on the network; and security will be a top priority for businesses.

Adani Ports falls on acquisition plan of Adani Agro

Adani Ports and Special Economic Zone fell over 8% to Rs.323, after Adani Logistics, a unit of Adani Ports and SEZ on Saturday announced that it would be acquiring Adani Agri Logistics from Adani Enterprises in an all-cash deal.

KPR Mills to set up Ethanol plant in Karnataka

KPR Mills to set up Ethanol plant at sugar factory in Karnataka with a capacity of 90 kL/day. The Project cost is Rs. 120 crore. Production is expected to commence from next season. This will increase the value addition and reduce the volatility in the sugar business. The Bank finance towards the Project is eligible for 50% lnterest subsidy announced recently by the Central Government.

GST rates on under-construction houses cut to 5% from 12%

The Goods and Tax Council in its meeting on February 24, 2019 cut rates on under-construction properties from 12% to 5% with effect from April 1, 2019 for houses over Rs.45 lakh. The council also reduced GST rates on affordable housing to 1% from the current 8%. However, builders will not be allowed to claim input tax credit under the new GST tax norms.

JBM Group acquires major shareholding in German Auto Major Linde-Wiemann

JBM Group announced that it has acquired a major shareholding in Germany based Linde-Wiemann GmbH KG, a leading manufacturer of complex structural components & assemblies to automotive OEM’s worldwide.

Shilpa Medicare gets USFDA approval for Gemcitabine Injection

Shilpa Medicare received US Food and Drug Administration (USFDA) approval for its ANDA, Gemcitabine for Injection USP, 200 mg/vial and 1 g/vial Gemcitabine for Injection USP is a generic equivalent of reference listed drug (RLD), GEMZAR used in the treatment of ovarian cancer, breast cancer, non-small cell lung cancer & pancreatic cancer as recommended in the label approved by FDA. According to IQVIA MAT 12/2018, the US market for Gemcitabine for Injection USP, 200 mg/vial and 1 g/vlal is approximately US$ 11.7 Million.

Maruti Suzuki expands pre-owned sales network to 200 outlets

The company had relaunched upgraded True Value network with new brand and retail identity 19 months ago.

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