Nifty ends March F&O expiry at 10,113, up a little over 10% in FY18

All that happened in the market today

10:40 AM

Hindustan Aeronautics makes subdued debut; listing 5% below issue price

Hindustan Aeronautics (HAL) has made a subdued debut by listing at Rs 1,152, a 5% below against its issue price of Rs 1,215 per share on the National Stock Exchange (NSE). The country’s largest defence public sector undertaking’s was listed at Rs 1,169 on the BSE. The retail individual and eligible employees offered a discount of Rs 25 on the offer price. READ MORE

10:31 AM

Kotak Securities on Engineers India Limited (EIL)

We believe that the weakness in EIL stock price over the last two months is predominantly driven by weak order inflows in the current quarter. We expect key large orders (including HPCL Barmer refinery order) to defer to Q1/Q2FY19. We retain long term positive view on EIL, however tweak FY19/20 estimates to factor in continued sluggish momentum in awarding of new large ticket size orders.
 

We expect EIL valuations to remain under pressure driven by sluggish ordering momentum. Further delays in the awarding of key orders can pose threat to our earnings estimate. We reduce our target PER and value EIL at 23x FY20 (25x earlier) core earnings and maintain BUY rating revised target price of Rs 204 (Rs 221 earlier).

10:30 AM

Edelweiss on Persistent Systems

Persistent Systems (Persistent) has informed stock exchanges that the company’s Q4FY18 IP revenue is likely to dip by $8 million. While a $3-4 million fall was anticipated on account of seasonal weakness in the Alliance business, we believe the additional decline is on account of ramp down in one of its IP products.

However, we expect the company to recover the lost revenues over the next two quarters. Considering high margins in IP-led business, profitability too is expected to remain under pressure during the quarter. The slip notwithstanding, management reiterated strong business outlook and does not foresee any structural challenges. We await further clarity before revising our estimates. Maintain ‘BUY’ with a target price of Rs 1,014 (17x FY20E EPS).

10:29 AM

Edelweiss on Tejas Networks

Tejas Networks (Tejas) has informed stock exchanges that its FY18 revenue is likely to dip YoY versus earlier 5% growth guidance. The company attributed the guidance change to delays in receiving certain large orders. However, it highlighted that order pipeline remains healthy and the company is set for strong revenue and profitability spurt in FY19. Tejas has also bagged BSNL’s Rs 3.4 billion BharatNet project order, which will be a key contributor to FY19 revenue growth. We are confident that the company will recover lost revenue in FY19. Maintain ‘BUY’ with Rs 530 as target price.

10:28 AM

SECTOR RESEARCH – Indian Auto Component Sector: Strong demand traction, comfortable valuation

 

Auto component stocks suffered a sharp correction in the recent past despite no major change in the fundamental growth story. We believe revenue growth for most sector players is set to pick up given 1) likely strong vehicle sales across 2W, passenger vehicle, CV, 3W and tractor segments, 2) global OEMs more than keen to source from low-cost countries like India, 3) strong domestic replacement demand post GST rollout, and led by growing trend of vehicle servicing at authorized service centres and 4) expected growth in content per vehicle due to changing emission and safety norms.

Even the flip side is blessed with a silver lining given that 1) mounting raw material costs would be partially offset by operating leverage benefits and 2) India’s slowing vehicle exports, we believe, is a transient phenomenon considering plans of key OEMs including Hyundai, Nissan and Honda.

(Source: IIFL)

10:27 AM

NIFTY /BSE/BANKNIFTY : SUPPORT / RESISTANCE LEVELS

Name	CLOSE	S2	S1	Pivot	R1	R2
NIFTY	10184.15	10070	10120	10180	10240	10300
BSE SENSEX	33174.39	32,920	33,040	33,210	33,340	33500
BANKNIFTY F	24400.2	24,160	24,280	24,400	24,520	24640

 
(Source: Nirmal Bang)

10:12 AM

143 winners you can cash out of before March 31, to save capital gains tax

 

The markets have been in a downward spiral since the proposed reintroduction of the long-term capital gains (LTCG) tax in the Union Budget. However, there are about 143 stocks that are currently trading above their base price (intra-day high of January 31). 

 

Long-term investors holding shares of these companies can minimise their capital gains tax outgo by booking profits on Wednesday, the last trading day of the current financial year. Starting April 1, LTCG — gains made on sale of equity shares held over a period of more than 12 months — will be taxed at 10 per cent. READ MORE

10:01 AM

Market Check

 

S&P BSE Sensex	33,003.69		-0.51%
Nifty 50	10,135.75		-0.48%
S&P BSE 200	4,440.85		-0.43%
Nifty 500	8,928.20		-0.56%
S&P BSE Mid-Cap	15,988.44		-0.37%
S&P BSE Small-Cap	17,062.56		-0.53%

9:46 AM

Nifty Metal index slips 1.3%. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
JINDAL STEEL	224.30	229.75	-5.45	-2.37	1295882
TATA STEEL	576.00	590.00	-14.00	-2.37	1374763
HINDALCO INDS.	214.05	218.50	-4.45	-2.04	728978
S A I L	71.75	73.20	-1.45	-1.98	976668
MOIL	191.35	195.05	-3.70	-1.90	52267

9:35 AM

Volume Toppers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
M & M FIN. SERV.	459.55	2.05	0.45	2592894
ADANI PORTS	357.80	-7.55	-2.07	2505789
AARTI INDS.	1137.20	-6.30	-0.55	1709579
FORTIS HEALTH.	131.60	-10.85	-7.62	1701464
BHARTI INFRA.	332.80	-3.70	-1.10	1093254

9:19 AM

Sectoral Trend

9:18 AM

Top Sensex gainers and losers

9:15 AM

Markets at open

At 9:15 am, the S&P BSE Sensex was trading at 33,029, down 144 points while the broader Nifty50 index was ruling at 10,126, down 57 points

9:06 AM

Stocks in news

Avanti Feeds Limited  - Commencement of commercial production of the additional capacity of 1,75,000 MT of Shrimp feed at Shrimp feed plant Bandapuram, West Godavari District, Andhra Pradesh.

Board meeting of Balasore Alloy will be held on 30th March, 2018 for allotment of 1,30,00,000 Equity Shares of Rs. 5/- each at price of Rs. 21.50/- including premium of Rs. 16.50/- per Equity Shares in lieu of 1,30,00,000 Convertible Warrants to the Promoters on Preferential basis

Indoco Remedies has received 3 critical and 4 major observations for its Goa unit 1 from UK MHRA. Negative.

Dilip Buildcon incorporates new SPV to undertake six laning project in Andhra Pradesh

REC transfers transmission arm to PowerGrid

KEC International's Saudi Arabia JV becomes its subsidiary

RIL arm sells assets in Eagle Ford shale for USD 100 mn.

Wipro launches tech centre in Texas, to raise headcount to 2,000

Lupin has received US FDA nod for generic of Clobex Spray.

Ashok Leyland will be increasing vehicle prices by at least 2% from April

Tejas Networks gets expansion order of Rs 336 crore from BSNL for BharatNet.

GSK Consumer says parent is initiating a ‘strategic review’ of Horlicks, other products and 72.45% shareholding in the company.

Mercator raises Rs 100 crore via private placement of bonds to UTI. It is seeking to raise an additional Rs 100 crore via bond issuance.

Sical Logistics says JV has won contract from Damodar Valley Corporation for tubed Coal Mine.

Majesco gets deal from Tier 1 global insurer for billing software.

Fortis Healthcare’s hospital division will be hived off and merged with Manipal Hospitals apart from which it will sell a majority stake in its SRL Diagnostics unit to the same group. The transaction will lead to the listing of Manipal Hospitals as the largest hospital services provider in the country by revenue.

Hindustan Aeronautics Ltd to list today.


(Source: Nirmal Bang)

9:04 AM

Today's picks: From Tata Motors to Hindalco, stocks to watch on Wednesday

Tata Motors

Current price: Rs 331

Target price: Rs 325
 

Keep a stop at Rs 335 and go short. Add to the position between Rs 326 and Rs 327

Book profits at Rs 325. READ MORE