RIL up 4% on 1:1 bonus issue; Nifty ends above 9,900, but flat for the week

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4:04 PM

Vinod Nair, Head of Research, Geojit Financial Services

 

Market was enthused by Jio's rapid expansion and innovative plan. The market capitalisation of RIL increased by Rs 19,000 crore today, whereas rivals failed to find their bandwidth. Additionally, continued buying interest in IT and private banks lifted the market from the volatile zone to settle in positive terrain. 

3:58 PM

Sectoral performance 

3:55 PM

Weekly Sensex gainers and losers

3:49 PM

Top Sensex gainers and losers 

3:47 PM

RIL ended at Rs 1,586, up 3.76%. The stock hit in intraday high of Rs 1,592, up 4% on the BSE.

3:42 PM

The market breadth, indicating the overall health of the market, remained negative. On BSE, 1,423 shares declined and 1,256 shares rose. A total of 139 shares were unchanged.  

3:40 PM

In the broader market, BSE Midcap and the BSE Smallcap indices ended little changed. For the week, BSE Midcap settled flat, while BSE Smallcap added 0.5%.

3:37 PM

MARKETS@CLOSE 

The Sensex settled at 32,028, up 124 points, while the broader Nifty50 ended at 9,915, up 41 points. For the week, both indices closed flat. 

3:26 PM

Oil update

Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday. Benchmark Brent crude futures were up 24 cents at $49.54 a barrel, while US West Texas Intermediate (WTI) crude futures traded at 47.09 a barrel, up 17 cents.

3:21 PM

Nifty IT (up 2%) continues to lead among sectoral indices. Wipro, HCL Tech, TCS and Infosys gain the most, up between 2% and 6%.

3:14 PM

Sterlite Technologies WAS UP 8% AFTER hitting a new high of Rs 248, up 20% on the National Stock Exchange (NSE), extending its two-session long rally of over 30% after  the company said it reported its highest ever quarterly revenues driven by strong order book and export sales in June quarter (Q1FY18). CLICK HERE FOR FULL REPORT

3:10 PM

At 3:10 pm, volatility index VIX was down nearly 2% to 11 mark. 

3:09 PM

Top Sensex gainers and losers

gainers

2:49 PM

Markets recover after RIL (up 4%) extends gains; Sensex up over 100 points, Nifty back above 9,900

2:35 PM

MARKET CHECK

 

At 2:30 pm, the Sensex was trading at 31,940, up 36 points, while The Nifty50 was ruling at 9,880, up 7 points. 

2:13 PM

GVK Power & Infrastructure, Jaiprakash Associates, Welspun Corp and HEG hit their respective 52-week highs, trading higher by up to 20% on BSE in an otherwise subdued market. CLICK HERE FOR FULL REPORT

2:02 PM

European markets open mixed 

FTSE 100 added 0.2%, while CAC 40 and Euro STOXX 50 were trading flat with positive bias. 

1:50 PM

Earnings impact

Ashok Leyland slipped over 5% to hit its lowest in four months after the truck maker missed Street expectations on earnings front as profit came in at Rs 111.2 crore for the June quarter against Rs 290.78 crore reported in the corresponding quarter of the last year. Revenue during the quarter fell moderately by 0.4% to Rs 4,514.4 crore from Rs 4,531.3 crore in same quarter last year.

1:33 PM

The market breadth, indicating the overall health of the market, turned negative in the noon trade. On BSE, 1,481 shares declined and 1,041 shares rose. A total of 132 shares were unchanged. 

1:26 PM

Cable stocks fell after Jio announces Jio phone TV-cable, which is priced at Rs 309/month. Dish TV tumbled over 6%, Hathway Cable & Datacom slipped 3%, Sun TV Netwrok shed 3.8% and Siti Network fell 1.3%.

Photo: Shutterstock

1:10 PM

All sectoral indices except Nifty IT were trading in red

1:06 PM

Top gainers and losers on BSE Sensex

12:46 PM

RIL announces 1:1 bonus issue in its 40th AGM; launches Jio Phone. The last time RIL gave a bonus was in 2009. READ ABOUT IT HERE

12:36 PM

Shares of telecom services provider Idea Cellular (down 7% to Rs 88.40) and Bharti Airtel (down 4% at Rs 404) have dipped up to 6% on BSE in intra-day trade after Reliance Jio, a telecom subsidiary of Reliance Industries (RIL), launched a feature phone. Click here for full report

Reliance JioPhone

12:19 PM

Dish TV fell over 5% after Jio announces Jio phone cable TV, which is priced at Rs 309/month for the big screen. 

12:18 PM

SHAREKHAN ON RIL

 

We largely maintain our FY2018E EPS estimates, as higher GRM and petrochemical EBIT margin assumption is largely offset by losses in telecom business. We have increased our FY2019E EPS to Rs.125.9 to factor in higher GRM estimates of $12/bbl. We maintain our Buy rating on RIL. Any positive surprise in terms of better-than-expected financials of the telecom business would be an important re-rating trigger for RIL going forward

12:16 PM

NOMURA ON RIL Q1FY18 RESULTS

 

RIL reported strong results, though they were largely in line with our expectations. It reported record stand-alone EBITDA and PAT despite nearly 4% q-o-q currency appreciation. Including R-Jio, we expect RIL’s consolidated EBITDA/PAT to record 19%/15% CAGR over FY16-20F (vs a mere 1%/3% CAGR in FY11-16).

 

Importantly, as past capex delivers and current capex pipeline is lighter, RIL will soon start generating high free cash flows, and could surprise with higher dividends and/or buy-backs.

12:14 PM

EDELWEISS ON RIL

 

Reliance Industries (RIL) delivered robust operational performance in Q1FY18 driven by robust petchem margin and surprisingly strong GRM. The stock is inexpensive at 1.2x FY19E P/BV. We reiterate ‘BUY/SO’ with price target of Rs 1,782

12:04 PM

At 12:00 noon, RIL was trading 2% higher at Rs 1,562. It hit an intraday high of Rs 1,587 on the BSE

12:02 PM

Mukesh Ambani: The main aim is for feature phone users to migrate to Jio Phone