MARKETS ON TUESDAY: Sensex, Nifty gain in last leg of trade; PSU banks rise

All that happened in the markets

11:15 AM

NEWS WATCH 

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 51.0 last month from February's 52.1. READ MORE

11:00 AM

Volume Toppers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
JP ASSOCIATES	19.50	-0.10	-0.51	2934792
IDBI BANK	72.45	1.35	1.90	2340661
REL. COMM.	22.55	0.00	0.00	1725929
INFIBEAM INCORP.	155.90	3.15	2.06	1399021
SUZLON ENERGY	11.07	-0.07	-0.63	1360251

10:45 AM

From Balrampur Chini to Shree Renuka, sugar stock may remain under pressure

As sugar prices continue trending down with estimated production for sugar year (SY) 2017-18 projected to surpass consumption, stocks of sugar companies are erasing most of their phenomenal gains recorded during the 27-month bull-run of August 2015 to December 2017. Balrampur Chini, Shree Renuka Sugars and Bajaj Hindusthan have lost between 30 per cent and 60 per cent of their market value in the last few months. READ MORE

10:27 AM

Bharti Airtel headed for first loss in 60 quarters on falling revenue

After reporting Rs 3.06 billion consolidated net profit for the December quarter, Bharti Airtel could end up posting a loss in the March quarter, a first in 60 quarters (or 15 years) on falling revenue and rising costs. The last time the firm reported a loss was in the December 2002 quarter, when the figure came in at a negative Rs 70.70 million READ MORE

10:24 AM

INFORMATION TECHNOLOGY 4QFY18 Preview - Expect a better tomorrow
 

Our coverage universe should report 3.0% decline to 2.5% growth (organic, CC, QoQ). Favourable cross-currency movements should add 100-160bps of growth across companies. In conjunction with inorganic revenue, our coverage universe is expected to report upto 5% growth (US$). Industry-leading growth at Wipro, Larsen & Toubro Infotech (LTI) and decent margin expansion at TechM should positively surprise the street.

Ceteris paribus, we expect Infosys to guide 7-9% revenue growth (CC) in FY19 (vs 6.5-8.5% at the beginning of FY18). However, despite improving macro, HCLT should guide for a similar growth range as at the beginning of FY18 (10.5-12.5%, CC) given headwinds in core IMS (37% of revenue). On a CC basis, we expect TCS (26.0-28.0%), Infosys (23.0-25.0%) and HCLT (19.5-20.5%) to retain their existing aspirational/target operating margin bands for FY19. We remain positive on Indian IT as we expect it to be the biggest beneficiary of tax reforms in US. Infosys (20% upside), TCS (17% upside) and LTI (10% upside) remain our TOP BUYs. 

(Source: Ambit Capital Report)

10:15 AM

Buzzing Stock

 

Motherson Sumi gained as much as 6% in early morning deals after the auto component player acquired French component maker Reydel for $201 million. READ MORE

10:01 AM

Market Check

 

S&P BSE Sensex	33,257.06		0.01%
Nifty 50	10,217.05		0.05%
S&P BSE 200	4,486.24		0.10%
Nifty 500	9,036.10		0.14%
S&P BSE Mid-Cap	16,239.43		0.33%
S&P BSE Small-Cap	17,447.94		0.31%

9:51 AM

Nifty PSU Bank index rises over 2%

PSU Banks gained up to 4.5% after The Reserve Bank of India on Monday allowed banks to spread provisions for bond losses in the third and fourth quarters of FY18 over the next four quarters.

Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)	VOLUME
UNION BANK (I)	99.20	95.05	4.15	4.37	3746784
BANK OF BARODA	147.10	141.90	5.20	3.66	3922628
BANK OF INDIA	108.25	104.65	3.60	3.44	3562518
SYNDICATE BANK	58.40	56.50	1.90	3.36	2073121
ORIENTAL BANK	96.40	93.60	2.80	2.99	775963

9:35 AM

Number of mutual fund schemes rise despite Sebi's rationalisation

 

Six months after market regulator the Securities and Exchange Board of India (Sebi) issued guidelines for categorisation and rationalisation of mutual fund schemes, less than 2 per cent of them have undergone a merger.

 

Between September and March this year, 15 schemes have been merged, the majority of which are debt schemes, data collated from Value Research shows. The fund count in the equity category has declined by six and that in the debt category has, in fact, gone up by 12. The total number of open-ended schemes today is higher than they were when Sebi issued its October circular. READ MORE

9:20 AM

NIFTY /BSE/BANKNIFTY : SUPPORT / RESISTANCE LEVELS
 

Name	CLOSE	S2	S1	Pivot	R1	R2
NIFTY	10211.8	10070	10120	10180	10240	10270
BSE SENSEX	33255.36	32,870	33,070	33,180	33,370	33470
BANKNIFTY F	24431.25	24,040	24,240	24,350	24,540	24660

 
(Source: Nirmal Bang)

9:19 AM

Sectoral Trend

9:18 AM

Top Sensex gainers and losers

9:16 AM

Markets at Open

At 9:17 am, the S&P BSE Sensex was trading at 33,249, down 5 points while the broader Nifty50 index was ruling at 10,207, down 4 points.

9:13 AM

Stocks in news

Escorts increased shareholding in its subsidiary company Escorts Securities

ArcelorMittal, Vedanta, NuMetal-JSW bid for Essar Steel in 2nd round

JSW Steel: In capacity of an investor, joins Numetal to submit bid for Essar Steel

Tata Steel to pay Rs 35,200 cr cash for Bhushan Steel; to convert remaining debt to equity

Motherson Sumi announced acquisition of Reydel Automotive Group for USD 201 million. Reydel's Revenue in CY17 was USD 1048mn with EBITDA of USD 68 million. Deal will be EPS accretive from day one and will help it to reach its vision of 2020.

Ashok Leyland: CARE Ratings upgraded the ratings of its short and long-term bank facilities. Meanwhile, the rating of its commercial paper has been reaffirmed.

Shivam Autotech informed the exchange that company has achieved around 30% growth in Sales in Q4.

Fortis Healthcare: Minority shareholders of the firm are said to have opposed the deal with Manipal.

NTPC: The company has said to have achieved 53,000 MW of commissioned capacity.

Neuland Laboratories board meeting on April 9, 2018, to consider a proposal for raising funds by way of issuance of equity shares

Galaxy Surfactants - USFDA inspection at Tarapur plants M3 and N46. Issued 4 observation for M3 plant and 9 observation for N46 plant

RPP Infra received orders worth Rs 264 crore.

Fire at Saregama’s Bhiwandi warehouse; quantum of losses yet to be assessed.

Info Edge: Zomato revenue rose 45 percent in FY18 to $74 million.

Bharat Electronics Ltd: Sales turnover touched Rs 10,000 crore mark for the FY18, registering 13 per cent annual growth. 

Ultratech Cement: On account of an order from the Kolkata bench of NCLT, extending the timeline to consider an out-of-court settlement, the Aditya Birla Group controlled UltraTech Cement has got its second chance to take control and possession of Binani Cement, whose resolution methodology under the IBC proceedings is turning out to be one of the hotly contested stressed asset sales.

Bank of India, Axis Bank and Allahabad Bank: The CBI has questioned senior officials of Bank of India, Axis Bank and Allahabad Bank in connection with its probe in the PNB scam. Agency sources said about five officers in the ranks of general manager and above have been grilled by the agency in the last few days to understand how the Letters of Undertaking and Foreign Letters of Credit issued by PNB in this case were executed vis-a-vis Nirav Modi’s businesses. 

Arvind is planning to produce 40 per cent of garments in-house, from 10 per cent at present, as it looks to notch up the turnover of its textile business to Rs 10,000 crore in the next five years

(Source: NIrmal Bang)

9:03 AM

Edelweiss on SpiceJet

Our interaction with Mr. Kiran Koteshwar, CFO, SpiceJet (SJ), left us enthused about the company’s growth prospects. Soaring crude price, notwithstanding, the company has maintained healthy earnings momentum as yields rose 7% YTD and traffic surged a robust 22%.

We believe, following a successful turnaround, the company is prudently focusing on profitable growth—has placed mega order for 205 fuel-efficient MAXs (deliveries from August 2018)—and is also consolidating its regional footprint. On FY20E, our target price is Rs 166 with EV/EBITDAR of 8x, assuming 16% dilution from warrants. Maintain ‘BUY’.