3:43 PM Nifty Pharma index fell over 4%
3:41 PM Sectoral Trend
3:39 PM Top Sensex gainers and losers
3:36 PM Broader markets
In broader markets BSE Midcap and BSE Smallcap indices fell 1.5% and 1.4% respectively
3:33 PM Markets at close
Benchmark indices remained under pressure at closing with Sensex down over 350 points and Nifty ending around 10,350 levels on profit-booking in banks, oil & gas, banking & financials, metals and auto stocks.
The S&P BSE index ended at 33,370, down 360 points hwile the broader Nifty50 index ended at 10,350 down 101 points
More goods may get cheaper as Jaitley hints at pruning 28% GST slab list
Finance Minister Arun Jaitley today hinted at pruning the list of items in the highest GST tax bracket of 28% after revenue in the new regime equalise collections previously.
Under the Goods and Services Tax (GST) regime implemented from July, over 1,200 products and services have been fitted into one of the 5, 12, 18 and 28 per cent tax slabs based on the principle of keeping the total tax incidence at almost the same level as previously as well as keeping revenue collections neutral.
Jaitley said some of the items should never have been in the 28 per cent slab and the GST Council in the last 3-4 meetings has slashed rates on over 100 items, thereby bringing them down either from 28 per cent to 18 per cent or from 18 per cent to 12 per cent.
Jyothy Laboratories plunges 16% post Q2 results
Jyothy Laboratories plunged 16% to Rs 330 on the BSE in intra-day trade after the company recorded volume growth of 3.5% in September quarter (Q2FY18). It had reported volume growth of 8% in the same quarter last fiscal.
The company has reported 47% year on year growth in its consolidated net profit at Rs 45.7 crore in September quarter (Q2FY18). EBITDA (earnings before interest, taxes, depreciation and amortization) margins improved to 16.4% in Q2FY18 from 14.9% in Q2FY17. The company’s operational revenue however declined marginally by 0.5% at Rs 430 crore against Rs 432 crore in the corresponding quarter of previous fiscal.
Demonetisation an attempt to change the way India spends money: Jaitley
Mounting a powerful defence of the demonetisation measure designed to curb black money, Finance Minister Arun Jaitley on Tuesday said that as a disruptor of the status quo ante the note ban, along with other measures taken, has set in motion a process of changing the manner in which India spends money.
"If you look back at all the steps we have taken in the last three-to-four years, besides demonetisation, we have succeeded in bringing centre-stage the whole issue of how financial transactions in India ought to be carried out," Jaitley said addressing the India Today Conclave Next here. READ MORE
Cipla second-quarter profit rises 19%
Cipla India’s second largest drugmaker by market capitalisation, posted a 19% rise in quarterly profit, slightly above analysts’ estimate.
Profit rose to $s 423 crore 65.21 million)in the second quarter ended Sept. 30, from 3.54 billion rupees a year earlier, the company said
2:31 PM Energy shares fall
Energy shares slipped, with the Nifty Energy index losing 1.7%. Oil refiners Reliance Industries and Indian Oil Corp were 3% and 2.5% lower respectivelt.
Hindustan Petroleum Corp slipped 2.6%, while Bharat Petroleum Corp shed 2.9%.
Slips in trade
Shares of aviation companies, Jet Airways, SpiceJet, and InterGlobe Aviation, fell 3-5% on the back of surge in crude oil prices on a global scale.
Oil prices on Monday hit their highest since July 2015 as Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten.
2:02 PM Market Check at 2 pm
Lupin tanks 17%, hits over 3-year low as USFDA issues warning letter
Lupin hit over three-year low, tanked 15% to Rs 880 on the BSE in noon deal trade after the company said that the US health regulator issued combined warning letter for its Goa and Indore (Pithampur Unit II) sites. The stock is trading at its lowest level since January 1, 2014.
“The company received a warning letter issued by the US Food and Drug Administration (USFDA) on November 6, 2017 for our formulation manufacturing facilities at Goa and Indore (Pithampur Unit II),” Lupin said in a BSE filing. READ MORE
RCom in talks with parties to renegotiate tower business sales
Debt-laden Reliance Communications on Tuesday said it is renegotiating the tower business deal with all interested parties, including Brookfield Infrastructure Group.
In December last year, Reliance Communications had inked binding agreements to sell 51 per cent stake in its tower business to Canada-based Brookfield Infrastructure and its institutional partners for Rs 11,000 crore but the deal fell through after the company called off its merger with Aircel.
Wheels India zooms 20% as Q2 profit more than doubles
Wheels India zoomed 20% to Rs 1,970, also its all-time high on the BSE, after the company reported a more than double net profit at Rs 26.41 crore in September quarter (Q2FY18). The company recorded one-time gain of Rs 12.49 crore on account of slump sale of the passenger car steel wheels business to WIL Car Wheels.
The auto parts & equipment company had profit of Rs 12.41 crore in a year ago quarter.
Revenue for the quarter under review grew 11% at Rs 607 crore in Q2FY18 against Rs 546 crore in the corresponding quarter of previous fiscal. READ MORE
Note ban biggest shocker for Indians in a decade
Demonetisation, unleashed on Indian citizens on November 8, 2016, will probably go down as the biggest shocker for them in a decade. As the dramatic late-evening announcement by Prime Minister Narendra Modi started sinking in, the bank and bank managers suddenly became the most important entities in our lives. The ordinary mortals spent the next few days standing in queues, while for some, a friendly banker meant a shorter wait. The privileged ones managed everything from the comfort of their homes or offices. However, this gave rise to a new opportunity that was immediately encashed by the so-called “consultants” and “brokers” for a fee. READ FULL VIEW
12:45 PM Top five Nifty losers
12:37 PM Markets check
At 12:35 pm, the S&P BSE Sensex was trading at 33,662, down 68 points, while the broader Nifty50 was ruling at 10,433, down 19 points.
HDFC Life IPO opens today
Valuations are high, but subscribe for the long term, advise analysts
We are positive on HDFC Life for the long term as the life insurance sector in India provides huge opportunities for growth. HDFC Life has delivered premium income/PAT growth of 14%/19% in FY13-17. Further, the company has consistently delivered strong ROEs in excess of 21% for last 5 years. At the upper price band, the issue is priced at a price-to-book-value (P/BV) of 15.2x and price-to-embedded-value (P/EV) of 4.1x (FY17) after the issue. (Motilal Oswal Securities)
One year of demonetisation: Short-lived scare for stock markets
Prime Minister Narendra Modi’s decision to ban high-value currency notes triggered a knee-jerk reaction in the stock market, with the benchmark Sensex and Nifty declining seven per cent within a fortnight of the announcement. Several stocks in the microfinance, real estate, and other consumer-facing sectors crashed more than 50 per cent, creating panic and fear in the market. The sell-off was triggered by doomsday projections by economists that the note ban would lead to a prolonged weakness in the economy and further delay the earnings recovery cycle. READ MORE
Nifty IT index hits 52-week high
Shares of information technology (IT) companies were in focus with the Nifty IT index hitting 52-week high, while the sector giant Tata Consultancy Services (TCS) trading close to its record high on the National Stock Exchange (NSE). READ FULL REPORT
11:01 AM Edelweiss Securities on Torrent Pharma
Torrent Pharmaceuticals’ (TRP) Q2FY18 revenue/EBITDA came in flat YoY, while PAT declined 1%. Key highlight was the acquisition of Unichem’s branded business in India and Nepal (60% chronic) for Rs 3600 crore (4.2x FY17 sales). The buy will bolster TRP’s current domestic revenue by ~44% to Rs 2830 crore (from Rs 1970 crore), driving up contribution of India business to ~42% (from 34%). We believe, this is a good deal given TRP’s strong track record of successfully improving efficiency and margins of previous acquisitions. For example, integration of Elder’s portfolio (acquired at ~5x sales in FY14). Improvement in Unichem’s marketing representative (MR) productivity and operating leverage will help realise synergies as the deal turns cash accretive by FY19 and EPS accretive by FY21. Maintain ‘BUY’ with target price of Rs 1,390.
Despite past acquisitions, TRP has maintained return ratios at ~20%. We believe 4.2x trailing sales for 60% chronic business and Sikkim manufacturing facility at is a reasonable deal. We maintain ‘BUY’ with a target price of Rs 1,390 (20x FY19E EPS).
10:47 AM All sectors but Nifty IT were trading in red
Broader markets underperform
The BSE Midcap and the BSE Smallcap indices were down 0.6% each.
10:43 AM Markets check
At 10:40 am, the S&P BSE Sensex was trading at 33,650, down 80 points, while the broader Nifty50 was ruling at 10,421, down 30 points.
10:24 AM Buzzing stocks
Shares of state-owned oil exploration & production companies – Oil and Natural Gas Corporation (ONGC) and Oil India – rallied up to 3.5% on the BSE in early morning trade on rising crude oil prices. READ MORE DETAILS
Edelweiss Securities on Deepak Fertilisers
Factoring the impact of lower margin in the chemical segment in H1FY18 (inventory losses related to ammonia and lower TAN prices), we revise our FY18E EBITDA/PAT down 15% to 20%. However, as we expect Deepak Fertilisers' earnings momentum to pick up fuelled by fertilizer business and higher utilisation in TAN, we revise up FY19E EPS 5%. Also, factoring in revenue potential from planned capex (NPK of 0.3MTPA and Dahej nitric acid Plant) we revise up our multiple to 14.0x. Maintain ‘BUY’ with TP of Rs 531.
HDFC Standard Life mops up Rs 2,322 cr from anchor investors
HDFC Standard Life Insurance Company today raised Rs 2,322 crore from anchor investors, ahead of its initial public offer tomorrow. READ FULL REPORT
9:23 AM Sensex heatmap at open
9:20 AM Markets check
At 9:18 am, the S&P BSE Sensex was trading at 33,825, up 94 points, while the broader Nifty50 was ruling at 10,477, up 25 points.
Nifty outlook by Angel Broking
For the next few sessions, we sense that the time-wise correction will continue with support placed around 10,380. Only a breach of this support on a sustainable basis would trigger some weakness in the market. Until then the positive bias remains in the market with 10,480-10,500 remaining a strong resistance zone. Traders are advised to remain light at higher levels and keep following stock specific moves.
The market continued to hit new highs on the eve of the one-year anniversary of demonetisation. Global trends weakened somewhat however. The Nifty hit an intra-day high of 10,490 on Monday before it pulled back on profit-booking. FPI (foreign portfolio investors) buying is back but more than that, retail and domestic institutional buying is pushing the market to successive new highs. Obviously, the new highs confirm that the long trend remains bullish and momentum looks good. However, this is a new zone so, target setting is near-impossible. READ MORE
Devangshu Datta on Nifty, Bank Nifty, Wipro, HPCL, NTPC
CMP: Rs 2,757.35
TARGET: Rs 3,000
STOP LOSS: Rs 2,620
9:05 AM Wall Street update
US stocks climbed to record highs on Monday, helped by optimism about merger activity and as investors bet that a Republican plan to cut corporate taxes would bolster earnings. The Dow Jones Industrial Average inched up 0.04% to end at 23,548.42, while the S&P 500 gained 0.13% to 2,591.13. The Nasdaq Composite added 0.33% to 6,786.44.
9:03 AM Asian markets at decade highs
Asian shares touched their highest in a decade. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2% in early trade to its loftiest peak since November 2007, getting a bump higher after all three major US equity indexes closed at record highs overnight. Japan's Nikkei slipped 0.2% feeling the pinch as the yen remained well above the previous session's lows.
SGX Nifty crosses 10,500
At 8:53 am, SGX Nifty was trading at 10,519, up 40 points or 0.38%.
8:53 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Tue, November 07 2017. 15:31 IST