Sensex ends 100 pts higher, Nifty above 10,200 ahead of Infosys results

All that happened in the market today

10:20 AM

ONGC hits over four-month high; stock up 3% on heavy volumes

 

Oil and Natural Gas Corporation (ONGC) gained 3% to hit over four-month high of Rs 177 on the BSE in early morning trade on heavy volumes. The stock is trading at its highest level since June 5, 2017.

 

In the first 10 minutes of trade, a combined 2.62 million shares have already changed hands on the counter, as against an average 4.8 million shares that were traded daily in past two weeks on the BSE and NSE. READ MORE

10:20 AM

Edelweiss on Indiabulls Housing Finance

 

Indiabulls Housing Finance’s (IHFL) Q2FY18 performance was characterised by consistent strong operating performance, in line with guidance. Key highlights: a) growth momentum sustained (AUM >30% YoY) with tilt in favour of core home book (58% versus ~54% a year ago); and b) despite this loan tilt, spreads sustained at 3.26% given funding cost benefit (move towards bond borrowing); recent rating upgrade by ICRA will enhance this funding cost benefit. 

 

Earnings were further bolstered by rising proportion of e-home loans—~24% of incremental home loans, benefiting cost/income ratio. IHFL maintained growth guidance of 20-25% across financial parameters. We believe, an optimal product strategy with stringent risk mitigants, stable franchise and high liquidity will sustain superior return ratios—RoA and RoE of >3% and >27%. Maintain ‘BUY

10:19 AM

Edelweiss on Havells India

 

Havells India (Havells) posted better PAT, despite the top-line miss, led by improved OPM across businesses. Key highlights: a) 12-13% price hike in cables & wires, reversal of promotional schemes post GST/DeMon and better profitability in Lloyd led to 8-9% EBIDTA beat; b) Re-stocking was poor as dealers deferred buying leading to 12-14% top-line miss; and c) While management expects low double digit revenue growth in FY18, they were more confident about profitability, especially in Lloyd business. 

 

While we trim our FY18/19E top-line by 8.5/4% to reflect channel deferments, impact on PAT is contained at 6/0.5%. Despite near-term growth challenges, we believe Havells is the best play on rising penetration/premiumisation in durables/electrical space and estimate 33% earnings CAGR over next 2 years. We maintain ‘BUY’ with TP of INR564 (with target PE at 25% premium to sector PE multiple at 30x)

10:00 AM

Market check at 10 am

Source: BSE

9:53 AM

Top MF equity schemes struggle to beat benchmarks

 

Pressure to perform amid a sharp rally in the market and high monthly inflow is increasingly becoming evident on mutual fund (MF) schemes' returns. A majority of the most popular equity schemes have failed to beat their respective benchmarks. 

 

The performance of most of these, relative to their benchmarks, isn’t encouraging on a year-to-date, one-year or three-year time period. READ MORE

9:42 AM

Insolvency: Tatas, Ruias submit bids for debt-laden Essar Steel

 

Tata Steel and the Ruias themselves have put in bids for debt-laden Essar Steel after the company was put up for sale under the Insolvency and Bankruptcy Code (IBC). Sajjan Jindal-led JSW Steel, aggressive in bidding for Monnet Ispat’s and Bhushan Steel’s businesses, is said to have skipped submitting a resolution plan for Essar Steel.

 

“The IBC allows promoters to bid for their company. In a number of other cases as well, promoters have been showing an interest in their own companies,” said a person aware of the proceedings. READ MORE

Steel Sector

9:30 AM

Interview of the day

 

Valuations appear stretched, could improve in future: Ravi Gopalakrishnan

 

The market appears to be getting ahead of its fundamentals, as structural improvements in the economy have not translated into earnings growth in the past two to three years, says Ravi Gopalakrishnan, head-equities, Canara Robeco Mutual Fund. He adds earnings growth will pick up once the benefits of reform initiatives accrue. READ MORE

Ravi Gopalakrishnan, Head of equities, Canara Robeco Mutual Fund

9:27 AM

Infosys trades flat ahead of Q2 results

9:23 AM

Metal index gained 0.5%

Source: NSE

9:21 AM

Sectoral trend

Source: NSE

9:20 AM

Top Sensex gainers and losers

Source: BSE

9:18 AM

Broader Markets

Broader markets were trading in line with the frontline indices with BSE Midcap and BSE  Smallcap indices up 0.2% and 0.3%

9:17 AM

Markets open

At 9:17 am the S&P BSE Sensex was trading at 32,561, up 54 points while the broader Nifty50 index was ruling at 10,199, up 19 points

9:11 AM

Sebi disposes of proceedings against NDTV promoters

 

Capital markets regulator Sebi on Monday disposed of proceedings against Prannoy Roy, Radhika Roy and RRPR Holdings Pvt Ltd in a case related to alleged delay in disclosure about their aggregate shareholding in NDTV.

 

The three are among the promoters of NDTV, and the case relates to their alleged delay in disclosing their aggregate shareholding and voting rights in the company after the end of the 2011-12 fiscal year. 

 

Under Sebi norms, promoter entities are required to make disclosures regarding the aggregate shareholding and voting rights as of March 31 within seven working days from the end of each financial year to stock exchanges concerned.  READ MORE

9:05 AM

Southeast Asian oil demand to keep growing until at least 2040 - IEA

 

Southeast Asian demand for oil will keep growing until at least 2040 as emerging nations there rely on the fossil fuel to transport their rapidly growing populations by road, the International Energy Agency said on Tuesday.

 

Oil usage in the region will expand to around 6.6 million barrels per day by 2040 from 4.7 million bpd now, with the number of road vehicles increasing by two-thirds to around 62 million, the agency said in a report launched at the Singapore International Energy Week.