MARKET WRAP: Indices settle at record high led by L&T, Infosys, HDFC

Among sectoral indices, the Nifty Metal index settled 3% higher led by a sharp rise in the shares of Hindalco Industries and Jindal Steel & Power.

2:23 PM

WEB EXCLUSIVE Is it a good time to buy mid-and small-cap stocks? 

Mid-and small-cap stocks have taken a beating thus far in calendar year 2018 (CY18). The S&P BSE Mid-cap and S&P BSE Small-cap indices have lost nearly 15 per cent and 19 per cent respectively, as compared to 7 per cent rise in the S&P BSE Sensex till July 20. The Nifty Small-cap 100 index hit a 52-week low of 6,926.80 on July 19, after a sharp decline in market values of Jet Airways (India), PVR and Manpasand Beverages READ MORE

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1:46 PM

Won't devalue yuan to boost its exports amid trade war, says China

China has no desire to boost its exports through competitive devaluation while the nation’s sound economic fundamentals are providing support to the currency, a spokesman said on Monday as US President Donald Trump took issue with the yuan’s month-long losing streak. READ MORE

1:30 PM

GST exemption on warehoused gold a major relief to jewellery exporters

Banks and jewellery exporters have a reason to smile after the GST Council did some tweaking during its meeting on Saturday.

 

The council proposed that supply of warehouse goods to any person before clearance for home consumption will not be treated as supply and hence no GST is required to be paid on such transactions. READ MORE

1:17 PM

Alphabet trounces profit estimates, shares rise

Google parent Alphabet Inc on Monday reported that its profit margin rose in the second quarter, delivering investors a long-awaited sign that expenses are coming into check. Shares jumped more than 5 percent after hours. READ MORE

1:04 PM

Punjab National Bank gains after capital infusion

Punjab National Bank rose 1.39% to Rs 80.05 on BSE after the bank said it received Rs 2816 crore capital infusion from the government. The announcement was made after market hours yesterday, 23 July 2018. READ MORE

12:46 PM

Idea Cellular surges 16% after it pays Rs 72 billion with Vodafone to DoT

Shares of Idea Cellular have surged 16% to Rs 61.10 per share on the BSE on the back of heavy volumes in anticipation that the merger with Vodafone is likely to be approved in the next few days.

 

According to Business Standard report, Idea Cellular and Vodafone have deposited a total Rs 72 billion over the spectrum charge demand made by the Department of Telecommunications (DoT) for merging their mobile business. READ MORE

12:29 PM

8K Miles hits 52-week low; stock tanks 52% in one month

Shares of 8K Miles Software Services are locked in the lower circuit for the third straight trading day, falling 10% at Rs 250 per share, also their 52-week low on the BSE in otherwise firm market. READ MORE

12:16 PM

35 ICICI Prudential Mutual Fund schemes invest Rs 25 bn in Bharat-22 ETF

Several actively managed funds of ICICI Prudential Mutual Fund (MF) have exposure to the Bharat-22 exchange traded fund (ETF). In November 2017, when the ETF was launched, the 35 schemes offered by the fund house had invested a cumulative Rs 25 billion in the ETF. This accounted for 27 per cent of the ETF’s closing AUM for November. READ MORE

12:03 PM

Markets at Noon

 

S&P BSE Sensex	36,862.81		0.39%
Nifty 50	11,132.85		0.43%
S&P BSE 200	4,766.45		0.77%
Nifty 500	9,436.30		0.77%
S&P BSE Mid-Cap	15,595.68		1.32%
S&P BSE Small-Cap	16,165.99		1.88%

11:47 AM

Investment in P-notes plunges to more than 9-year low of Rs 836.88 bn

Investments through participatory notes into Indian capital markets plunged to more than nine-year low of Rs 836.88 billion at June-end amid stringent norms put in place by the watchdog Sebi to check misuse of these instruments.

 

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock markets without registering themselves directly. They, however, need to go through a proper due diligence process. READ MORE

11:30 AM

Top gainers in BSE 500:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
TEXMACO RAIL	68.20	59.00	9.20	15.59
ACC	1471.00	1305.35	165.65	12.69
ORIENT CEMENT	126.00	113.55	12.45	10.96
IL&FS TRANSPORT	38.80	35.00	3.80	10.86
L&T TECHNOLOGY	1446.55	1306.55	140.00	10.72

11:19 AM

FII ACTIVITY TREND

DATE	BUY VALUE ( CR)	SALE VALUE ( CR)	NET VALUE ( CR)
23-JUL-2018	4410.52	4151.15	259.37
20-JUL-2018	4654.79	4344.52	310.27
19-JUL-2018	3480.53	3796.22	-315.69
18-JUL-2018	4642.55	4546.87	95.68
17-JUL-2018	4113.54	4787.53	-673.99

Provisional Figures» More

11:18 AM

COMPANY ANALYSIS Havells: Strong show in core operations seen as key driver of growth

Havells kicked off FY19 on a strong note, clocking 40 per cent revenue growth during the June quarter (Q1), led by its electrical consumer durables (ECD) segment. While the Lloyd air-conditioners (AC) business also surprised positively, others supported growth, too. READ MORE

11:17 AM

Motilal Oswal Securities on ACC

We believe that ACC will continue narrowing its profitability gap with peers, led by a higher proportion of premium sales, optimization of sales and rationalization of fixed cost. Any efforts toward capacity addition will be an added advantage.
 

We value ACC at 9x (30% discount to peers vs present discount of 45%) to arrive at a target price of Rs 1,633 (+25% upside). Upgrade to Buy.

11:15 AM

IIFL on cement sector

With Q1FY19 Ebitda/tonne likely to be lower YoY by Rs222 and impact of cost increases likely to reflect in the next 2 quarters with less than adequate price increases so far, we expect FY19 profitability to be muted for the industry. Though the news flow is likely to be positive in the near term, as producers attempt to pass on cost increases, news flow is likely to turn negative due to the high base for demand growth from 3QFY19.