MARKET WRAP: Nifty ends above 11,000 as PSU banks gain; SBI up 3%

Benchmark indices rose on Tuesday as PSU Banks such as SBI, Bank of Baroda gained

12:30 PM

More than $6 bn green bond issues still stuck due to rising interest rates

 

Green bonds of huge amounts from India are stuck because of rising interest rates and global uncertainties, even as the country’s largest lender, SBI, is in the process of going through its maiden issue of green bonds of at least $500 million. According to analysts tracking such bonds, the renewable energy sector alone can offer bonds of $3-4 billion.

 

SBI’s plan is to raise another $3 billion through such bonds. To date, Indian companies have raised about $5.4 billion through green bonds in the overseas markets. READ MORE

12:15 PM

Nestle India market cap crosses Rs 1-trillion; stock rises 50% from Feb low

 

Nestle India on Tuesday became the third listed fast moving consumer goods (FMCG) company to join the elite club of firms that have seen their market capitalisation (market cap) soar past the Rs 1 trillion mark.

 

With Rs 1.01 trillion market cap, Nestle India stands at 28th position in overall market-cap ranking; the BSE data shows. The stock is trading at its all-time high level of Rs 10,450, up 2.4% in otherwise subdued market. The S&P BSE Sensex was trading 0.12% or 45 points higher at 36,369 levels. READ MORE

12:00 PM

Markets at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,381.69	+57.92	+0.16
S&P BSE SENSEX 50	11,493.85	+34.43	+0.30
S&P BSE SENSEX Next 50	31,479.78	+308.02	+0.99
S&P BSE 100	11,188.91	+44.44	+0.40
S&P BSE Bharat 22 Index	3,315.32	+16.69	+0.51

(Source: BSE)

11:46 AM

PN Gadgil, KPR Agrochem and Ircon get Sebi's go-ahead to float IPOs

Three companies—Ircon, PN Gadgil & Sons, and KPR Agrochem—have received the Securities and Exchange Board of India’s go-ahead to float initial public offerings (IPOs). With this, a total of around 34 companies have got the market regulator’s go-ahead for public issues.

 

Rail PSU Ircon and KPR Agrochem had filed their preliminary papers with Sebi in March, seeking approval to launch initial share sales, while Pune-based retail jewellery chain PN Gadgil & Sons approached the regulator with IPO papers in May. READ MORE

11:34 AM

Top gainers in BSE 500:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
GRAPHITE INDIA	963.75	917.90	45.85	5.00
HEG	3896.35	3710.85	185.50	5.00
REL. COMM.	12.63	12.03	0.60	4.99
JAIN IRRIGATION	82.00	78.15	3.85	4.93
ALLAHABAD BANK	41.30	39.40	1.90	4.82

11:16 AM

Buyback withdrawals by companies pose headache for Sebi, investors

The withdrawal of share buyback programmes by companies is posing a new headache for the Securities and Exchange Board of India (Sebi) and investors. Shares of troubled PC Jeweller lost a quarter of their value after the jewellery retailer said it was unable to go ahead with its proposed Rs 4.2-billion share repurchase programme. In May 2018, the company had announced its buyback plan to stem a share slide in its stock price. READ MORE

11:02 AM

Apotex buy may not initially contribute to Aurobindo's earnings

Aurobindo’s acquisition of Apotex’s operations in five European countries, announced on Saturday, has not been taken well by the street, as the stock lost five per cent on Monday.

 

The concerns on a possible large-ticket acquisition, putting stress on the company’s balance sheet, also kept the street anxious. Analysts, however, said that while the buyout of Apotex’s operations in The Netherlands, Belgium, Spain, Poland and the Czech Republic makes business sense and has come at a reasonable price, it is unlikely to add to Aurobindo’s profits immediately. READ MORE

10:46 AM

Hindustan Unilever slips 3% post Q1 results on profit booking

Shares of Hindustan Unilever (HUL) have slipped 3% to Rs 1,701 per share on the BSE on Tuesday due to profit booking after the fast moving consumer goods (FMCG) company reported strong numbers for June 2018 quarter (Q1FY19), broadly in-line with analyst estimates. The stock has fallen 4.4% from its all-time high of Rs 1,780 recorded in early morning trade on BSE today. READ MORE

10:29 AM

LIC-IDBI Bank deal likely to breach mutual fund crossholding norms

Life Insurance Corporation of India’s (LIC’s) approval to acquire a majority stake in IDBI Bank on Monday could leave the insurance major holding over 10 per cent stake in three asset management companies (AMCs), a situation the market regulator might not be too happy with. IDBI Asset Management and IDBI MF Trustee Company are subsidiaries of IDBI Bank, and the lender holds 66.7 per cent and 100 per cent in these two entities, respectively. READ MORE

10:15 AM

YES Bank hits new high; rallies 15% in 9 days on SEBI nod to launch MF biz

Shares of YES Bank hit a new high of Rs 386 per share, rising 2% on the BSE, and moving higher for the ninth straight trading session after the bank said that it has received approval from capital markets regulator SEBI to start mutual fund business. The stock surpassed its previous high of Rs 385 recorded on July 12, 2018 in intra-day trade. READ MORE

10:01 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,399.58	+75.81	+0.21
S&P BSE SENSEX 50	11,498.91	+39.49	+0.34
S&P BSE SENSEX Next 50	31,424.16	+252.40	+0.81
S&P BSE 100	11,190.16	+45.69	+0.41
S&P BSE Bharat 22 Index	3,320.75	+22.12	+0.67

(Source: BSE)

9:46 AM

TCNS IPO prospects good but there's little room for near-term growth

TCNS Clothing Company is coming with an Initial Public Offer (IPO) of equity, involving an offer for sale of 15.71 million shares. Its business prospects look good, with healthy past performance and experienced management; however, the stock valuation suggests investors looking for immediate gains might get disappointed. Analysts, thus, suggest only long-term investors should subscribe. READ MORE

9:32 AM

Q1 results: High valuations factor in strong show by HUL, stock gains

The share price of Hindustan Unilever (HUL) hit a new high of Rs 1,779 intra-day on Monday, before closing 0.73 per cent higher at Rs 1,753.85 on the BSE. The higher close was in anticipation of a strong performance for the June 2018 quarter (Q1).

 

The results, which were declared post market hours, undoubtedly suggest that the Street’s expectations have been met. But considering the high stock valuation, experts believe that the stock already factors in a strong performance over the next two years. READ MORE

9:19 AM

Sectoral Trend

9:18 AM

Top Sensex gainers and losers