MARKET WRAP: Indices end flat, Nifty at 10,380; YES Bank rallies 9%

Nifty IT index was the top loser of the day, falling 2.1 per cent weighed by HCL Technologies and Infosys. On the other hand, among gainers, the Nifty Metal index rose 1.3 per cent led by NMDC.

12:45 PM

India jumps 23 spots to 77 in World Bank's ease-of-doing-business rankings

India jumped 23 places to come in at the 77th spot in the World Bank's latest ease-of-doing-business global rankings in 2018, a year after it had jumped 30 places. The World Bank’s ‘Doing Business 2019: Training for Reform’ report, released on Wednesday, showed India's rank in ease of doing business jump up from the 100th place among 190 countries. India had broken into the club of 100 nations easiest to conduct business in last year when it managed to jump 30 places from the 130th position. READ MORE

12:41 PM

NEWS ALERT Finance Minister Arun Jaitley: GST collections for October 2018 have crossed Rs. 1 lakh crore.

12:31 PM

Interview of the day There's urgency to improve credit assessment: Mirae Asset's Swarup Mohanty

Valuations have moderated and provide fa avorable risk-reward for long-term investors, says Swarup Mohanty, CEO, Mirae Asset Management. In an interview with Ashley Coutinho, Mohanty says liquidity in the bond markets, earnings trend over the next few quarters and political news flow in run-up to state and central government elections will be factors to watch out for. Click here to read the interview

swarup mohanty, ceo, Mirae Asset Management

12:13 PM

United Spirits surges 8% on strong September quarter results

Shares of India's largest alcoholic beverage company United Spirits (USL) has surged 8% to Rs 620, extending its past three days 11% gain on the BSE, after the company posted a strong 69% jumped in net profit at Rs 2.59 billion September quarter (Q2FY19). It had posted a net profit of Rs 1.53 billion in Q2FY18. READ MORE
 

12:02 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,351.13	-90.92	-0.26
S&P BSE SENSEX 50	10,842.74	-28.75	-0.26
S&P BSE SENSEX Next 50	31,386.34	+72.11	+0.23
S&P BSE 100	10,641.45	-20.27	-0.19
S&P BSE Bharat 22 Index	3,423.03	+29.67	+0.87

11:54 AM

Kalpataru Power rallies 11% on post Q2 results

Shares of Kalpataru Power Transmission (KPTL) rallied 11% to Rs 360 on the BSE in early morning trade after the company reported a 28% year-on-year (Y-o-Y) jump in its standalone net profit at Rs 914 million in September quarter (Q2FY19). READ MORE

11:43 AM

PMI manufacturing at robust 53.1 as new business orders, employment rise

The country's manufacturing sector activity improved in October, as firms scaled up production and employment levels amid strong rise in new business order flows, a monthly survey said Thursday.

 

The Nikkei India Manufacturing Purchasing Managers' Index strengthened from 52.2 in September to 53.1 in October as new orders and production increased at the quickest rate in four months. READ MORE

11:31 AM

As many as 44 securities hit 52-week lows on NSE

21STCENMGM	21st Century Management Services Limited	22.25	22.70	31-Oct-2018	22.95	22.70	0.25	1.10
8KMILES	8K Miles Software Services Limited	62.20	68.30	31-Oct-2018	69.50	68.30	1.20	1.76
AGARIND	Agarwal Industrial Corporation Limited	175.55	180.00	25-Oct-2018	185.00	187.70	-2.70	-1.44
AIFL	Ashapura Intimates Fashion Limited	79.50	83.65	31-Oct-2018	79.50	83.65	-4.15	-4.96
ANTGRAPHIC	Antarctica Limited	0.45	0.45	26-Oct-2018	0.50	.50	0.00	0.00

(Click here for the full list)

11:20 AM

Liquidity crisis: Centre, RBI see eye to eye in 'public interest'

 

The government and the central bank had disagreed on several issues such as dividend transfer, capital adequacy norms, and liquidity needs of non-banking financial companies (NBFCs). READ MORE

 

11:05 AM

Anand Rathi on IRB Infrastructure

With financial closure for the recently-bagged hybrid annuity projects (and anticipated for the Hapur-Moradabad BOT toll by end-CY19), the construction commencement (sooner than later) would benefit the EPC vertical. Comparable gross toll collection is rising, though the recent growth momentum is definitely underwhelming. Though we are optimistic about the EPC vertical for the next two years at least, subdued gross toll collection is a concern. If the situation persists, it could have a long-lasting impact on asset valuation and, thus, the asset-churn story. However, valuations after the recent stock-price fall have turned appealing. Thus, we raise our rating to a Buy.

10:58 AM

Devangshu Datta Auto numbers have a story to tell
 

The Q2 (July-Sep 2018) results are hard to analyse, due to the unusual activity during July-Sep 2017, a year ago. The GST (goods and services tax) was launched in July 2017 and it caused a period of serious disruption. It is possible to deseasonalise repetitive events like festivals with some confidence, due to data accumulation over many years. But GST was a one-off. READ MORE

10:46 AM

First-ever EOW-administered repaymment to NSEL investors effected

Mumbai's Economic Offences Wing administered the first-ever repayment of as much as Rs 300 million to investors of the now defunct National Spot Exchange (NSEL). The EOW is one of several agencies probing the Rs 56-billion default in 2013 to  investors. READ MORE

10:31 AM

Going against spirit of law, taxmen deny grandfathering benefit to FPIs

In what is being deemed as going against the spirit of the law, tax authorities are avoiding issuing a nil withholding tax certificate to entities from Mauritius and Singapore that have bought shares prior to April 1, 2017.

 

As per the amended treaties with these countries, shares bought prior to April 1, 2017 are eligible for grandfathering and no capital gains is to be paid on sale of these shares. Capital gains on derivatives and fixed income securities also remain exempt. READ MORE

10:17 AM

Bank of Baroda's strong Q2 results instills confidence in investors

The September quarter (Q2) results of Bank of Baroda (BoB) is among the best in recent times. PS Jayakumar, the lender's MD & CEO since October 2015, and his team have walked the talk on improving the bank’s asset quality.

 

While most government-owned banks (PSU Banks) have seen this metric bettering in Q2, BoB outperformed the pack with 20.6 per cent year-on-year reduction in bad-loan provisioning costs and slippages of Rs 22.8 billion coming in at seven-quarter low. READ MORE

10:01 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,397.11	-44.94	-0.13
S&P BSE SENSEX 50	10,849.03	-22.46	-0.21
S&P BSE SENSEX Next 50	31,425.14	+110.91	+0.35
S&P BSE 100	10,648.54	-13.18	-0.12
S&P BSE Bharat 22 Index	3,429.11	+35.75	+1.05