MARKET WRAP: Indices end higher as PM Modi likely to win no-trust vote

Benchmark indices gained on Friday, as the Modi government is expected to win the no-confidence vote

3:42 PM

Nifty IT index ends 1.46% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
INFIBEAM INCORP.	168.90	157.25	11.65	7.41
TECH MAHINDRA	658.90	642.20	16.70	2.60
INFOSYS	1348.00	1316.70	31.30	2.38
TATA ELXSI	1397.05	1374.60	22.45	1.63
HCL TECHNOLOGIES	997.80	982.10	15.70	1.60

3:38 PM

Nifty sectoral gainers and losers of the day

3:36 PM

BSE Sensex: Infosys, Sun Pharma, RIL among top gainers of the day, Bajaj Auto top loser

3:34 PM

Markets at Close

The S&P BSE Sensex ended the day at 36,496, up 145 points while the broader Nifty50 index settled at 11,010, up 53 points

3:15 PM

RIL, Bandhan Bank, Jubilant FoodWorks hit new high

 

Shares of Reliance Industries (RIL), Bandhan Bank, Jubilant FoodWorks, Bajaj Finance, Bajaj Finserv, HEG and 3M India have hit their respective all-time highs on the BSE in intra-day trade on Friday.

 

Bandhan Bank has soared 10% to Rs 679, extending its past three days 11% rise on the BSE, after the bank reported a strong 47.5% year on year (yoy) growth in net profit at Rs 4.82 billion in June quarter (Q1FY19), on back of strong operational income. The private sector lender had a profit of Rs 3.27 billion in year-ago quarter. READ MORE

3:01 PM

NCLAT permits lenders to meet, finalise bid for Bhushan Power & Steel

 

The National Company Law Appellate Tribunal (NCLAT) on Friday gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company.

 

Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of the company to consider the resolution plans submitted by three firms -- Tata Steel, Liberty House and JSW Steel. READ MORE

2:44 PM

WEB EXCLUSIVE No-confidence motion likely to be a non-event for the markets

 

The no-confidence motion – a first in 15 years – is likely to be a non-event for the markets as they expect the Narendra Modi – led National Democratic Alliance government to sail through easily. In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on support from over 300 members, including the 273 of the BJP, Shiromani Akali Dal's (SAD's) 4, reports suggest.

 

This is not the first time that the NDA – led government is facing a test of strength at the floor of the House. Back in 2003, the then Prime Minister Atal Bihari Vajpaee defeated a no-confidence motion moved by the then Congress President Sonia Gandhi. READ MORE

2:25 PM

Centrum on UltraTech Cement

UltraTech’s (UTCEM) Q1FY19 standalone EBITDA rose a modest 4% YoY, as weak pricing amid elevated cost inflation moderated the positives of 33% YoY volume growth (core volume up ~7.5% YoY). Continued improvement in energy consumption metrics and lead distance reduction partly moderated the impact of rising energy costs YoY.  Amid a good demand outlook, we expect UTCEM to deliver an industry leading 14% volume CAGR during FY18-20E.

We also expect UTCEM’s margins to benefit from better pricing (H2FY19 onwards), UTCEM’s rising economies of scale and prudent cost controls. We reiterate BUY with a revised target price of Rs4,740

2:24 PM

Kotak Securities on Hindalco

According to reports, Hindalco may acquire Aleris, a manufacturer of rolled products for US$2.5 bn. We believe this acquisition can be earnings accretive in a short span as Aleris has invested close to US$800 mn in growth capex over the last few years which can aid strong growth in earnings over the next 2-3 years—EBITDA can improve to US$310-325 mn by FY2020 from US$200 mn. We estimate Hindalcs leverage to be comfortable with net- debt/EBITDA at 3X-2.5X over FY2019-2020E. We maintain our BUY rating.

2:23 PM

Motilal Oswal on Bajaj Finance

We think that at P/B of 6x FY20 and PE of 30x, valuations have become premium. At our target price of Rs 2,500, there is no upside – hence we downgrade to Neutral. Risk to our rating change essentially remains from continued multiple expansion.

2:22 PM

No-confidence motion LIVE: Rahul Gandhi hugs PM Modi after fiery speech GET ALL UPDATES HERE

2:18 PM

2:16 PM

Bajaj Auto skids 8% on disappointing Q1 results

 

Bajaj Auto dipped 8% to Rs 2,876 on the BSE in noon deal trade after the company reported a lower than expected 21% year on year (YoY) growth in standalone net profit Rs 11.15 billion in June quarter (Q1FY19). Analysts on an average had expected profit of around Rs 13 billion for the quarter. The stock dipped 9% from its early morning high of Rs 3,152 on the BSE.

 

Turnover during the quarter under review grew 33% at Rs 78.24 billion against Rs 59 billion in the corresponding quarter of previous year. READ MORE

2:00 PM

Top BSE500 gainers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
ADANI POWER	24.25	2.00	8.99	4032977
STERLITE TECH.	327.20	26.05	8.65	808314
BAJAJ FIN.	2710.05	192.45	7.64	327164
BAJAJ FINSERV	6665.00	358.10	5.68	52630
JUBILANT FOOD.	1484.05	70.90	5.02	76926

1:59 PM

No Confidence Motion

MSP also a 'jhumla strike': Rahul Gandhi

1:47 PM

No-Confidence Motion: Lok Sabha resumes

1:37 PM

Nifty Sectoral trend

1:37 PM

No Confidence Motion: Lok Sabha adjourned till 1:45 pm

1:36 PM

No Confidence Motion

We wanted 1 tax rate for GST and for petro and diesel to be included under it: Rahul Gandhi

1:31 PM

1:24 PM

1:14 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,496.25	+145.02	+0.40
S&P BSE SENSEX 50	11,527.78	+47.34	+0.41
S&P BSE SENSEX Next 50	31,266.38	+176.86	+0.57
S&P BSE 100	11,206.26	+48.47	+0.43
S&P BSE Bharat 22 Index	3,326.69	+1.96	+0.06

1:14 PM

No Confidence Motion

SMEs are the biggest employers and govt ruined them via demonetisation, Rahul Gandhi said.

1:11 PM

No Confidence Motion

Rahul Gandhi attacks govt over emplyment of youth, says only 4 lakh people employed in 2016-17

1:09 PM

No Confidence Motion

Rahul Gandhi begins speech in parliament

1:08 PM

NO-CONFIDENCE MOTION UPDATE Rahul Gandhi starts addressing the Parliament

1:01 PM

Singapore likely to ease regime to allow routing of offshore funds

 

Singapore is likely to ease regime to allow routing of offshore funds, including those coming to India, in the next few months. Under this, these funds would be investing through that country.

 

This spells good news for offshore funds from recently tagged high-risk jurisdictions such as Mauritius and Cayman Islands that are looking to re-route their investments through Singapore, as the threshold for being deemed beneficial owner (BO) is much higher for the latter. READ MORE

12:45 PM

Wipro Q1FY19 preview: Profit outlook, commentary on healthcare vertical key

 

After TCS surprised the Street by reporting better-than-expected numbers in the first quarter of the financial year 2018-19 (Q1FY19), and Infosys’ in-line performance for the same quarter, investors now await Wipro to report its numbers. The IT major is scheduled to announce its results for the June quarter (Q4FY19) post market hours today.

 

Analysts see the company continuing to grapple with specific issues like the bankruptcy of two of its clients for at least a couple more quarters. Revenue growth guidance for the second quarter (Q2FY19), commentary on the verticals of healthcare and communications and outlook on profitability once the revenue decline stabilises are the key things to watch out for in June-quarter results. 

 

Click here to know what leading brokerages expect from Q1FY19 of Wipro

12:30 PM

RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank

 

The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.

 

The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said. READ MORE

12:15 PM

Rallis India: Good Q1 but Street looks for more recovery signs

 

Rallis India’s performance in the June quarter (Q1), after a weak show in the January-March period, should provide some respite to investors. However, it might be too early to celebrate.

 

Revenue grew 54.4 per cent sequentially and 29.7 per cent over a year in Q1, driven by strong performance in standalone operations (up 45 per cent over a year). Part of this surge is due to the low domestic base of last year, which was impacted by channel destocking ahead of implementation of the goods and services tax. READ MORE