MARKET WRAP: Nifty settles at fresh closing high of 11,389; PSU banks slip

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

12:32 PM

100-year gift: Britannia to issue bonus debentures of Rs 7.2 billion

On its centenary year, the board of Britannia Industries has approved issuance of secured redeemable non-convertible debentures as bonus debentures of Rs 60 in the ratio of one such debenture for every equity share. Also, it has proposed a share split that the board will decide in the next meeting on August 23. READ MORE

12:15 PM

Q1 results: New launches to spur Britannia volumes, sales jump 14%

Driven by strong volume growth, Britannia reported June quarter numbers that were broadly in line with estimates. On the back of a 12.5 per cent volume growth and a better product mix, net sales of the company were up 14 per cent, albeit on a lower base.

 

The company had reported volume growth of three per cent in year-ago quarter due to disruption of the trade channel, on account of the goods and services tax roll-out. READ MORE

11:59 AM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37605.22	37691.89	-86.67	-0.23
	15362.25	15404.19	-41.94	-0.27
	16156.28	16248.48	-92.20	-0.57
	16813.67	16899.52	-85.85	-0.51
	4410.67	4419.32	-8.65	-0.20

11:47 AM

Adani Ports slips 6% post Q1 results

Shares of Adani Ports and Special Economic Zone have slipped by 6% to Rs 375 per share on the BSE in intra-day trade after the company reported its consolidated net profit at Rs 6.97 billion in June quarter (Q1FY19), due to provision of mark to market loss of Rs 3.83 billion during the quarter. It had a profit of Rs 7.6 billion in the same quarter during the last fiscal. READ MORE

11:31 AM

A time for caution in global markets?

Most of the more seasoned investors I speak with globally are very cautious on markets today. They feel there are more risks than opportunities, and most, especially those running proprietary capital are sitting on large cash balances. This puts them at odds with the current mood in global capital markets.

 

Most indices globally are near their highs, investor sentiment seems to be optimistic and earnings are booming. Analysts remain very bullish on the growth outlook for their companies. READ MORE

11:14 AM

Parag Milk Foods surges 8% on strong Q1 results

 

Parag Milk Foods has surged 8% to Rs 344 on the BSE in intra-day trade after the company reported 169% year on year (yoy) growth in consolidated net profit at Rs 283 million in June quarter (Q1FY19), on healthy revenue growth. It had profit of Rs 105 million in the same quarter last year.

 

The consolidated revenue from operations during the quarter increased 33% yoy at Rs 5.49 billion as compared to Rs 4.13 billion in year ago quarter. Growth is driven by an increase in revenue from milk products of 41% yoy which is led by growth in key product categories. READ MORE

11:00 AM

Top BSE500 gainers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
KRBL	377.80	30.80	8.88	27778
BASF INDIA	2057.55	102.75	5.26	4502
MANPASAND BEVER.	153.60	7.30	4.99	14819
8K MILES	368.10	17.50	4.99	7520
KWALITY	16.69	0.79	4.97	1893803

10:45 AM

Adani Green, VIP Industries fall after being placed under ASM

 

Shares of Adani Green Energy, VIP Industries and Morepen Laboratories have fallen by up to 5% on the BSE after these stocks were placed under additional surveillance measures (ASM) by the market regulator Securities and Exchange Board of India (SEBI) with effect from today.

 

According to the new guidelines, these stocks will be placed in 5% price band and 100% margin will be applicable on these stocks. The exchanges will review these stocks on bimonthly basis for the applicability of ASM Framework. READ MORE

10:34 AM

Q1 results: New launches to spur Britannia volumes, sales jump 14%

 

Driven by strong volume growth, Britannia reported June quarter numbers that were broadly in line with estimates. On the back of a 12.5 per cent volume growth and a better product mix, net sales of the company were up 14 per cent, albeit on a lower base.

 

The company had reported volume growth of three per cent in year-ago quarter due to disruption of the trade channel, on account of the goods and services tax roll-out. READ MORE

10:15 AM

Higher realisations come as a boost to ONGC; volume growth may pick up

 

Improving realisations was the main factor responsible for ONGC’s better-than-expected performance in the June quarter, at both revenue and operating profit levels. And the trend is likely to remain positive, which is why analysts are positive on the company.

 

Reaping benefits of improving crude oil and natural gas prices, ONGC saw a strong jump in realisations. Its net realisation for oil at $74.2 a barrel rose 46 per cent, while gas realisation at $3.1 per mmbtu (million metric British thermal unit) was up 19 per cent, over the year-ago quarter. READ MORE

10:00 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,758.85	+66.96	+0.18
S&P BSE SENSEX 50	11,936.32	+21.61	+0.18
S&P BSE SENSEX Next 50	34,038.21	+135.51	+0.40
S&P BSE 100	11,688.41	+24.94	+0.21
S&P BSE Bharat 22 Index	3,624.10	+14.54	+0.40

9:46 AM

MFs go slow on equities in July; net buying drops to 17-month low

 

Mutual fund managers were seen going slow with their equity purchases in July, amid the benchmark indices surging to record highs. Equity schemes bought shares worth Rs 40 billion last month - the lowest since February 2017.

 

Net investments were 57 per cent lower than the preceding month's tally of Rs 92 billion and 67 per cent lower than the one-year monthly average of Rs 122 billion. Industry experts attribute the drop in equity investments to slowing inflows into equity schemes. READ MORE

9:32 AM

NEWS ALERT First round of renewed US sanctions on Iran take effect

9:30 AM

Devangshu Dutta: Markets upbeat but uptrend narrow

 

Good earnings reports, a lenient Fed and stabilising crude prices — all represented positive new for the market. A study by Motilal Oswal says that the Q1 results thus far indicate that earnings have either met or beaten expectations in 62 out of the 105 corporates under coverage.

 

Major central banks such as The Bank of Japan, the European Central Bank and the US Federal Reserve — all held policy rates in their latest policy updates. That meant a weaker USD. READ MORE

9:23 AM

Nifty sectoral trend