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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

SI Reporter  |  New Delhi 

Benchmark indices gained on Friday, as the Modi government is expected to win the no-confidence vote, to be held at 6 pm today.  In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on around 311 members. 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 IT and pharma stocks gained as the rupee hit an all-time low. The Nifty IT index was trading up by 1.5 per cent with Infosys, Tech Mahindra and HCL Tech up between 1.6 per cent to 2.6 per cent. Meanwhile, ...

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

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

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

Nifty sectoral gainers and losers of the day

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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.

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

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

First Published: Fri, July 20 2018. 07:00 IST
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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

Benchmark indices gained on Friday, as the Modi government is expected to win the no-confidence vote, to be held at 6 pm today.  In the 545-member (including the Speaker) Lok Sabha, the BJP-led NDA can bank on around 311 members. 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 IT and pharma stocks gained as the rupee hit an all-time low. The Nifty IT index was trading up by 1.5 per cent with Infosys, Tech Mahindra and HCL Tech up between 1.6 per cent to 2.6 per cent. Meanwhile, ...

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