Indices recover from day's low to end flat, PSU Bank stocks gain over 1.5%

All that happened in the markets today.

3:36 PM

PSU Banks recover

3:35 PM

Sectoral trend

3:34 PM

Sensex heatmap

3:33 PM

Markets at close

The S&P BSE Sensex ended the day at 33,836, down 21 points hwile the broader Nifty50 index settled at 10,411, down 16 points

3:14 PM

Torrent may raise Rs 15 bn via QIP as it readies to bid for Sanofi assets

 

Ahmedabad-based Torrent Pharmaceuticals is all set to raise around Rs 15 billion through the qualified institutional placement (QIP) route, as it gets ready to bid for Sanofi's generic drugs unit (Zentiva), sources close to the development said. An e-mail sent to the company on the matter remained unanswered.

 

A source close to the development said that the funds might be used to act as a 'war chest' for Torrent, as it readies to make a bid for the European asset. Another source felt Torrent might also use the funds for capital expenditure purposes apart from the potential acquisition. READ MORE

3:05 PM

InterGlobe Aviation slips

 

InterGlobe Aviation fell 2.61% to Rs 1,268.55 on BSE, following aviation regulator's order to ground certain A320Neo aircraft due to an ongoing Pratt & Whitney engine issue.

2:46 PM

Buzzing Trade 
 

Glenmark Pharma is quoting at Rs 547.45, up 1.73% on the day as on the NSE. The stock is down 39.14% in last one year as compared to a 14.03% jump in Nifty and a 18.69% jump in the Nifty Pharma index.

2:33 PM

PSU Banks rebound; IDBI Bank, OBC gain 7% from day's low

 

Shares of public sector undertaking (PSU) banks have moved higher by 4% in noon deals, bouncing back upto 8% from their early morning lows on the National Stock Exchange (NSE).

 

Oriental Bank of Commerce (OBC), Union Bank of India, Syndicate Bank, Bank of Baroda (BoB) and Indian Bank were up more than 2% on the NSE. All these stocks have recovered by more than 5% from their respective intra-day lows. READ MORE

2:10 PM

Buzzing Stock

The stock is quoting at Rs 59.1, up 2.34% on the day as on the NSE. Syndicate Bank is down 12.83% in last one year as compared to a 14.03% gain in Nifty and a 12.94% gain in the Nifty PSU Bank index.

1:59 PM

Indian Oil, ONGC, Coal best performers in FY17; BSNL, Air India, MTNL worst

Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in Parliament today. READ MORE

1:46 PM

BSE Sensex: Yes Bank, Maruti Suzuki India among top gainers, Hero Motocorp top loser

1:36 PM

Market Check

 

S&P BSE Sensex	33,701.43		-0.46%
Nifty 50	10,361.70		-0.62%
S&P BSE 200	4,528.65		-0.33%
Nifty 500	9,112.90		-0.49%
S&P BSE Mid-Cap	16,274.78		0.03%
S&P BSE Small-Cap	17,575.19		-0.15%

1:31 PM

Shah Alloys up 40% in 9 days on settlement with asset reconstruction firm

Shares of Shah Alloys are locked in upper circuit for the third straight trading day, up 5% at Rs 41.25 per share on the BSE. The stock gained in eight out of nine trading sessions of the current month, as compared to nearly 2% decline in the S&P BSE Sensex. READ MORE

1:17 PM

NEWS WATCH Budget passed without discussion in LS as protests continue

The government today got the Budget for fiscal year beginning April 1 passed in Lok Sabha without discussion by applying the guillotine process as the opposition paralysed the functioning for the eighth day. READ MORE

1:12 PM

Sebi puts more safeguards for FPI investors

 

Market regulator Sebi has further amended the “Easing of access norms for investment by FPIs” circular by providing further safeguards. In the new circular, Sebi has asked private banks who invest on behalf of their clients to collect proper KYC details from investors.

 

The regulator has said this route cannot be used by Indian citizens or non-resident Indians. Also, the collective investment a private bank makes on behalf its clients should be broad-based. A collective investment by the bank should have more than 20 investors with no single one owning more than 49 per cent. READ MORE

12:59 PM

Geojit downgrades Bharat Forge

De-risking the utilisation in non-auto segment and ramp up of PV sales will support growth. We marginally upgrade our revenue & EBITDA estimate for FY19 by 3% & 6% to factor in 15% volume growth, superior product mix & cost optimisation. We expect the earning to grow by 34% CAGR over FY17-20E. At CMP, BFL is trading at P/E of 30x/25x on FY19E/FY20E EPS that lends little comfort on a I year fwd basis.. We rollover our valutaion to FY20 EPS at a P/E of 27x with a revised target price of 789 and downgrade our rating from Buy to Hold.

12:57 PM

Centrum Wealth on Hindustan Aeronatuics IPO

At the higher end of the price band of Rs1,240, the issue is priced at P/E of 15.9x (post dilution) on FY17 and 53x on H1FY18 (annualized) basis. The company has no listed peers engaged in the similar line of business. HAL’s business is cyclical in nature as revenue recognition depends on a certification process (acceptance and delivery of products by customers) which generally takes place in H2 due to favourable conditions for flight testing. Hence, valuation on H1FY18 annualized basis looks high, although, the same looks reasonable on FY17 (post dilution basis).

With an aim to be self-reliant and reduce the dependence on imports, the government is focusing on indigenous defence manufacturing. We believe this would give rise to a host of opportunities; and HAL, being the largest DPSU in terms of value production, could be a key beneficiary. Given the growth prospects, investors can subscribe to the issue from a long term perspective. It must be noted that, owing to the current market volatility listing gains may be capped

12:55 PM

JM Financial on Parag Milk Foods

With rising consumer demand, a strong culture of innovation, robust brand portfolio and disruption effects (GST and Demonetization) now behind, we expect growth trajectory to improve after a subdued performance over the past 15-18 months; we forecast revenue, EBITDA and net profit CAGR of 13%, 15% and 22%, respectively, over FY17-20E. The company is also expected to be cash-generative in the next 2-3 years as a significant part of expansion capex is now out of the way.

This, plus an improving growth trajectory drive our positive bias. We initiate with BUY and a target price of INR 330 based on 24x FY20E EPS (marginally higher than its current trading multiple, which is at a discount to peers such as Prabhat and Heritage Foods). We see 22% upside from the current market price. However, ROIC remains a sore point in our view, as we see a challenge for Parag to scale up beyond 20%, given its high working capital requirements.

 

12:53 PM

Mutual Fund watch

Despite the stock markets declining, net inflows into Equity mutual fund (MF) schemes continued to remain strong. In February 2018, Equity funds (including ELSS) witnessed monthly net inflows of Rs. 16,268 crore, up 5.7% MoM and more than 150% YoY. The increase was mainly driven by sustained inflows through Systematic Investment Plans (SIPs). According to data from AMFI, cumulative SIP contribution has been Rs. 53,646 crore so far in FY2018 (data updated till Jan 2018).

(Source: ICRA report)

12:45 PM

WPI inflation eases to 2.48% in February; food, fuel prices rise marginally

India's annual wholesale price inflation eased to 2.48 per cent in February for the third straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices, government data showed on Wednesday. Annual wholesale price inflation last month slowed to 2.48 per cent from a year earlier, from a provisional 2.84 per cent rise in January READ MORE

Tomatoes

12:33 PM

Trump seeking tariffs on up to $60 billion Chinese goods; targets tech, telecoms

U.S. President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration said on Tuesday. READ MORE

12:17 PM

Deepak Fertilisers corrects on profit booking

Deepak Fertilisers & Petrochemicals Corporation fell 5.15% to Rs 318.50 in intra-day deals on BSE on profit booking after a recent rally. READ MORE

12:10 PM

NEWS ALERT: Govt said to plan some LTCG relief for unlisted shares, say TV reports

12:09 PM

NEWS ALERT: WPI food articles inflation at 0.88% vs 3% in Jan.

12:08 PM

NEWS ALERT: Feb WPI inflation at 2.48 vs 2.84 in Jan. Lowest since July 2017

11:57 AM

Sectoral Trend

11:45 AM

Oil India gains 2% on fixing record date for 1:2 bonus issue

Shares of Oil India were trading 2% higher at Rs 336 on the BSE after the company said it has fixed March 29, 2018 as the record date for 1:2 bonus issue. The stock will turn ex-bonus on March 27, 2018. READ MORE

11:34 AM

Jindal Worldwide hits new high; stock zooms 50% in three days

 

Jindal Worldwide hit a new high of Rs 898, up 17% on the BSE, extending its past two days rally in otherwise subdued market.

 

The stock of textiles Company zoomed 50% from Rs 600 on March 9, 2018, as compared to 1.3% rise in the S&P BSE Sensex. In past one year, it rallied 560% from Rs 136, against 14.6% rise in the benchmark index.

 

Jindal Worldwide is having a large consumer base in India within the home textile domain and strong and reputed clients like Wal-Mart, Springs, Disney, WestPoint Stevens, Carrefour to name a few, whom the company is serving directly or via vendors. READ MORE

11:12 AM

Market Check

S&P BSE Sensex	33,720.91		-0.40%
Nifty 50	10,386.05		-0.39%
S&P BSE 200	4,534.34		-0.21%
Nifty 500	9,133.10		-0.27%
S&P BSE Mid-Cap	16,284.79		0.10%
S&P BSE Small-Cap	17,633.34		0.18%

10:56 AM

Uncertain times in bond market casting shadow on economy

 

The notion that the bond market will eventually replace bank loans is coming under scrutiny as yields rise, while banks keep their lending rates relatively unchanged. The rate cycle has decisively changed to an uptick, as can be seen by the sharp reaction to any incremental adverse news flow.

 

Investors are cutting losses, while the successive withdrawal of high-yielding quasi-equity bonds, which yielded returns of as high as 11-11.25 per cent, has caused further losses to investors, particularly mutual funds. READ MORE