MARKETS ON FRIDAY: Sensex ends 289 points higher ahead of Karnataka polls

The markets ended higher on Friday ahead of the Karnataka Assembly elections

3:43 PM

Top gainer of the day: Asian Paints

3:40 PM

Nifty Metal index ends 1.56% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
JINDAL STEEL	256.40	244.70	11.70	4.78
HIND.COPPER	74.00	71.05	2.95	4.15
VEDANTA	286.95	279.70	7.25	2.59
TATA STEEL	607.25	594.15	13.10	2.20
NATL. ALUMINIUM	78.10	76.95	1.15	1.49

3:37 PM

Nifty Sectoral gainers and losers of the day

3:34 PM

BSE Sensex: Asian Paints top gainer of the day, Bharti Airtel, Sun Pharma among top losers

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,536, up 290 points while the broader Nifty50 index settled at 10,807, up 90 points.

3:19 PM

Pharma shares under pressure;Glenmark hits 52-week low, Sun Pharma falls 6%

Shares of select pharmaceutical companies were under pressure, falling by up to 6% ahead of US President Donald Trump speech today about controlling prescription drug prices. Sun Pharmaceutical Industries slipped 6% to Rs 468 on the BSE in noon deal on back of heavy volumes. Novartis India, Marksans Pharma, Ajanta Pharma, Morepen Laboratories, Alkem Laboratories, Sun Pharma Advanced Research Company (SPARC) and Aarti Drugs were down in the range 3% to 4% on the BSE. READ MORE

3:02 PM

IPO subscription update

3:01 PM

How TCS CEO Rajesh Gopinathan came to lead India's most valuable firm

The CEO and MD of Tata Consultancy Services (TCS), a company which touched the $100-billion market capitalisation mark last month, is not the typical head of an information technology (IT) company.

 

Unlike most of his peers in other tech companies who have cut their teeth in software delivery or sales roles, Rajesh Gopinathan comes from the finance function. READ MORE

2:45 PM

PC Jeweller board approves buy-back of shares worth Rs 4.24 billion

PC Jeweller on Thursday announced its board has approved buy-back of shares worth Rs 4.24 billion amid a sharp plunge in stock price in recent weeks. The shares will be bought back at Rs 350 per unit, which is 67 per cent higher than the closing price of Rs 209 apiece on the BSE on Thursday. Promoters will not participate in the buy-back process. In a regulatory filing, the jeweller said the board at its meeting held on Thursday considered and approved the buy-back of up to 1,21,14,286 fully paid-up equity shares of Rs 10 each. READ MORE
 

2:17 PM

Paint stocks rise after Asian Paints posts good Q4 results

Shares of paint companies were trading higher by up to 6% on the BSE in intra-day trade after Asian Paints said its decorative paint business reported a double digit volume growth in March 2018 quarter (Q4FY18) with improved demand conditions.
 

Asian Paints has surged 6% to Rs 1,287, surpassed its previous high of Rs 1,261 touched on September 14, 2017 on the BSE in intra-day trade. READ MORE

2:01 PM

Market Check

S&P BSE Sensex	35,351.59		0.30%
Nifty 50	10,759.80		0.40%
S&P BSE 200	4,683.35		0.44%
Nifty 500	9,396.60		0.38%
S&P BSE Mid-Cap	16,385.23		0.65%
S&P BSE Small-Cap	17,870.46		0.17%

1:45 PM

$19-bn fund's contra advice to investors: Go against crowd voice on polls

 

If stocks start to rise on expectations of a stable administration, investors must book profit and re-enter should the results confirm the outcome, said Nilesh Shah, who oversees $19 billion as chief executive officer of Kotak Asset Management Co. Conversely, declines driven by fears of a coalition government should be bought into. The reward -- if the vote surprises positively -- will likely outweigh the risks if results indeed signal a multi-party alliance.

 

“We ask investors to consult their astrologer on who the next Prime Minister will be and the shape of the new government because we don’t have the ability to predict,” Shah said. “If you don’t have an astrologer, please play contra.” READ MORE

1:30 PM

ArcelorMittal gives upbeat outlook, beats earnings forecast

The world's largest steelmaker ArcelorMittal said the outlook for 2018 had improved after a sharp pick-up in steel prices and increased iron ore shipments helped it deliver higher-than-expected first-quarter earnings on Friday.

 

The group did not give a specific forecast for its own prospects, but repeated that it saw 2018 global apparent steel consumption, which takes into account inventory changes, growing by between 1.5 and 2.5 percent. READ MORE

1:17 PM

Cryptojacking attack hits over 2,000 computers at Aditya Birla Group

In the first instance of a major 'cryptojacking' attack in India, more than 2,000 computers of the Aditya Birla Group were reportedly hacked by miners to mine cryptocurrencies. READ MORE

1:04 PM

Asian Paints hits all-time high post Q4 results

Asian Paints hit an all-time high of Rs 1,279, up 5% on the BSE in early morning trade, after the decorative paint business reported a double digit volume growth in March 2018 quarter (Q4FY18) with improved demand conditions. The stock surpassed its previous high of Rs 1,261 touched on September 14, 2017 on the BSE in intra-day trade. READ MORE
 

12:45 PM

Volume Toppers

COMPANY	PRICE( )	CHG( )	CHG(%)	VALUE(  CR)
PC JEWELLER	204.40	-4.60	-2.20	142.68
SHEELA FOAM	1456.00	-24.00	-1.62	26.76
FEDERAL BANK	90.00	0.55	0.61	25.23
ASIAN PAINTS	1283.00	68.30	5.62	25.00
SOUTH IND.BANK	25.75	-0.05	-0.19	22.52

12:32 PM

Nestle hits new high as Q1 profit beats estimates; inches towards Rs 10,000

Nestle India hit a new high of Rs 9,610, up 7% on the BSE in intra-day trade, inches towards Rs 10,000 mark after the company reported a better than expected 38% year on year (YoY) growth in net profit at Rs 4.24 billion in March 2018 quarter (Q1CY18). Analysts on an average had expected profit of Rs 4.06 billion for the quarter from the fast moving consumer goods (FMCG) company. READ MORE

12:20 PM

RJio new postpaid plan effect; Idea hits 52-week low, Airtel down 6%

Shares of telecom services provider are under pressure with the Idea Cellular hitting a fresh 52-week low, while Bharti Airtel falling 6% in intra-day trade on Friday after Reliance Jio Infocomm (RJio) announced a new unlimited postpaid plan on Thursday with national roaming, international calling and international roaming plans among others. READ MORE
 

12:05 PM

Market Check

 

S&P BSE Sensex	35,353.73		0.30%
Nifty 50	10,754.45		0.35%
S&P BSE 200	4,680.55		0.38%
Nifty 500	9,388.85		0.30%
S&P BSE Mid-Cap	16,347.61		0.42%
S&P BSE Small-Cap	17,857.23		0.10%

11:46 AM

March IIP growth may slip below 7%, first time in 5 months, say economists

After growing at more than 7 per cent for four straight months, the growth rate for the country's industrial production might fall below that level in March, according to experts.

 

The Index of Industrial Production (IIP) had in February grown at 7.1 per cent, driven mainly by strong manufacturing growth, compared with 7.4 per cent in January. But growth estimates have reduced since. READ MORE

11:30 AM

Lost money investing in OMCs? You can make some by betting on oil producers

 

Investors worried over losses in their investments in oil marketing companies (OMCs) can save some of the pain by investing in oil producers instead. Worries that rising oil prices will hurt the profitability and financials of OMCs have led to their share prices falling by 15-26 per cent in the past three months, versus a 2.5 per cent rise in the S&P BSE Sensex. READ MORE

11:30 AM

Ingersoll-Rand (India) zooms 20% on special dividend of Rs 202 per share

Shares of Ingersoll-Rand (India) are locked in upper circuit of 20% or by Rs 142 at Rs 854 per share on the BSE after the company said its board declared a “special dividend” of Rs 202 per equity share as second interim dividend for the financial year ended March 31, 2018 (FY18). The record date for the payment of the special dividend is May 25, 2018 and the dividend will be paid on June 8, 2018. READ MORE

11:15 AM

Impact of DTAAs, GAAR: Mauritius, Singapore FPI share shrinks to 25%

 

Tighter tax regulations have forced foreign portfolio investors (FPIs) operating out of tax-friendly Singapore and Mauritius to revaluate their strategy. The combined share of these two jurisdictions in the total assets under custody of FPIs has dropped to a record low, shows data from the National Securities Depository's website (the figures are available since 2012). READ MORE

11:01 AM

Stocks at 52-week high

COMPANY	PRICE( )	52 WK HIGH	CHG( )	CHG(%)
ASIAN PAINTS	1279.95	1286.90	65.25	5.37
CYIENT	871.00	885.30	13.85	1.62
MPHASIS	1052.80	1121.90	55.10	5.52
NESTLE INDIA	9569.95	9609.55	583.50	6.49
UJJIVAN FIN.SER.	415.00	432.05	11.30	2.80

10:48 AM

Zee Entertainment sticks to 30% margin guidance for FY19

 

Zee Entertainment posted a better-than-expected March quarter performance, led by strong growth in advertising revenues. The advertising segment, which accounts for over 60 per cent of the company's revenues, grew 24 per cent over the year ago quarter. On like-to-like basis, which includes the exit from sports business and acquisitions, the growth was 21.5 per cent.

 

The broad-based recovery in rural demand and the steady urban market has led to an increase in the advertising spends. The growth on advertising is however on a lower base due to demonetisation. READ MORE

10:32 AM

Fortis Healthcare falls 4% as board opts for Munjal-Burman offer

Fortis Healthcare was trading 4% lower at Rs 146 on the BSE, after the company said the board chooses the Hero Enterprises-Burman Family Office offer as the best for the hospital and diagnostic chain.
“The Board, post having detailed discussions on the pros and cons of each offer, decided by majority, to recommend the offer of Hero Enterprise Investment Office-Burman Family Office (the last offer made on May 1, 2018)," Fortis Healthcare said in a statement to the BSE on Wednesday. READ MORE

10:29 AM

Nifty futures volumes on SGX decline 14% to 1.65 million in April

 

The Indian derivatives contracts traded on the Singapore Exchange (SGX) reported a drop in volumes for second straight month in April. The SGX Nifty 50 Index Futures volume was 1.65 million in April, 14 per cent lower compared to 1.92 million in March.

 

Volumes are down 25 per cent since February, when Indian exchanges announced they were ending commercial licensing to overseas exchanges to curb offshore trading of domestic products. A total of 2.2 million SGX Nifty futures contracts were traded in February. READ MORE

10:16 AM

Ujjivan Financial hits 52-week high on strong Q4 results

Ujjivan Financial Services hit 52-week high of Rs 432, up 7% on the BSE in early morning trade after the microfinance company reported more than three-fold jump in its consolidated net profit at Rs 649 million in March quarter (Q4FY18). It had profit of Rs 194 million in the same quarter year ago.
 

The assets quality of the company also improved on sequentially with gross non-performing assets (NPA) declined to 3.6% from 4.2% in previous quarter. Net NPA declined to 0.7% in Q4FY18 from 1% in Q3FY18. READ MORE

10:00 AM

Market Check

 

S&P BSE Sensex	35,299.77		0.15%
Nifty 50	10,728.05		0.11%
S&P BSE 200	4,670.00		0.16%
Nifty 500	9,359.20		-0.02%
S&P BSE Mid-Cap	16,271.92		-0.05%
S&P BSE Small-Cap	17,835.71		-0.02%

9:52 AM

Flipkart-Walmart deal: Near-term pressures to rise for listed retail firms

The $16-billion (Rs 1.08 trillion) acquisition of Flipkart by Walmart could lead to heightened competition for India's listed retail companies. While analysts believe the growth opportunities are large for the overall space, the near term could see some pressure on the listed ones.

 

This is because of the $2-billion equity infusion by Walmart and its stated intention of focusing on growth over profit. READ MORE