Markets end at five-week high; Sensex up 276 pts, Nifty settles at 10,093
All that happened in Tuesday's trade
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2:20 PM
CD Equisearch on Skipper
The stock currently trades at 17.1x FY18e EPS of Rs 12.18 and 13.5x FY19e EPS of Rs 15.43. Notwithstanding near term stress in its polymer products business, regional capacities mostly set up on asset light model and strategic tie ups with Sekisui of Japan (for CPVC compound) and WAVIN of Netherlands for advanced plumbing solutions are not worthy of sidestepping. Sustenance of its engineering products business would rest on increased PGCIL investments in 13th Plan - also in North East and emerging T&D opportunities in South East Asia, Latin America and Africa.
We recommend buying the stock with a target of Rs 262 based on 17x FY19e earnings (peg ratio: 0.9 on 19% average earnings growth).
2:07 PM
Buzzing stock
Tata Coffee hit a record high of Rs 175, up 17%, extending yesterday’s nearly 4% gain on the National Stock Exchange (NSE), after Equity Intelligence bought one million shares of Tata Group Company through open market. READ FULL STORY
Tata Coffee hit a record high of Rs 175, up 17%, extending yesterday’s nearly 4% gain on the National Stock Exchange (NSE), after Equity Intelligence bought one million shares of Tata Group Company through open market. READ FULL STORY
1:44 PM
Top five losers on Nifty in an otherwise positive market
Source: NSE
1:36 PM
Markets check
At 1:30 pm, the Sensex was trading at 32,055, up 173 points, while the broader Nifty50 was ruling at 10,057, up 51 points.
At 1:30 pm, the Sensex was trading at 32,055, up 173 points, while the broader Nifty50 was ruling at 10,057, up 51 points.
1:18 PM
Buzzing stock
Force Motors has moved higher by 5% to Rs 4,300 on BSE in noon deals after the company said it has entered into a non-binding term sheet with Rolls-Royce Power Systems AG (R-RPS) to form an Indian Joint Venture company for producing engines (for power generation and rail application), and complete power generation systems, including associated spare parts for Indian and global markets. READ MORE
1:04 PM
Once heavily dependent on the cigarettes segment, corporate behemoth ITC has diversified over the past two decades into many businesses that now generates 58 per cent of its revenue. However, to stay future ready and hedge against volatility, it is now looking at newer segments which it expects would bring in higher growth.
A new ITC is in the making, says Sanjiv Puri
Once heavily dependent on the cigarettes segment, corporate behemoth ITC has diversified over the past two decades into many businesses that now generates 58 per cent of its revenue. However, to stay future ready and hedge against volatility, it is now looking at newer segments which it expects would bring in higher growth.
12:47 PM
Tata Sons to raise stake in TGBL, Tata Chemicals for Rs 1,458 cr
Tata Sons, the promoter of major Tata group companies, will hike its shareholding in Tata Global Beverages and Tata Chemicals by up to 6.84% and 4.39% respectively for a total estimated value of Rs 1,458 crore.
Tata Sons will acquire up to 4.31 crore shares or 6.84% stake in Tata Global Beverages Ltd (TGBL) from Tata Chemicals as a part of restructuring of its investment portfolio, TGBL said in a regulatory filing.
Tata Chemicals said Tata Sons will acquire up to 1.11 crore shares or 4.39% stake in the company from Tata Global Beverages Ltd (TGBL).
12:33 PM
BUZZING STOCK
BPCL gained over 3% to Rs 529 on BSE after the company said that the Government of India conferred BPCL with Maharatna status. The stock had hit a high of Rs 529 and a low of Rs 512.55 so far during the day.
BPCL gained over 3% to Rs 529 on BSE after the company said that the Government of India conferred BPCL with Maharatna status. The stock had hit a high of Rs 529 and a low of Rs 512.55 so far during the day.
12:16 PM
Indian banks to face $65-bn capital shortage by FY19, cautions Fitch
Flagging the negative effect of a weak capital base, ratings agency Fitch on Tuesday said Indian banks might require around $65 billion of additional capital to meet the new Basel-III capital standards by March 2019 (financial year 2018-19).
The ratings agency has reduced its capital requirement estimate to $65 billion from its earlier assessment of $90 billion.
Capital needs have fallen from its previous estimate of $90 billion largely as a result of asset rationalisation and weaker-than-expected loan growth, Fitch said. READ MORE
12:00 PM
IndusInd Bank falls
IndusInd Bank fell more than 2% after hitting a record high of Rs 1,818 in early trade, dragged by profit booking.
The stock rallied 5.6% in previous session after the company entered into exclusivity agreement to evaluate with microfinance company Bharat Financial Inclusion for proposed potential strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure.
11:44 AM
Market Check
Equity benchmarks extended gains in morning trade, with the Nifty reclaiming 10,050 level on support from pharma, realty, FMCG and PSU banks stocks.
The S&P BSE Sensex was trading at 32,057 up 175 points while the broader Nifty50 index was ruling at 10,055, up 49 points.
The BSE Midcap and Smallcap indices also extended gains to 0.8% each. About 1,327 shares advanced against 840 declining shares on the BSE.
11:27 AM
HDFC Bank hits new high; surpasses TCS in market cap ranking
HDFC Bank hit a new high of Rs 1,840 on BSE on Tuesday in intra-day trade, surpassing information technology (IT) giant Tata Consultancy Services (TCS) in market capitalisation (market-cap) ranking.
HDFC Bank with market-cap of Rs 473,944 crore came in at number two position in overall ranking ahead of TCS which had market-cap of Rs 470,934 crore at 10:24 am; the BSE data showed.
Analysts at JP Morgan are overweight on the HDFC Bank, as they see the bank as the best-quality play in the current environment, given what they believe are its stable margins, healthy asset quality, consistent performance and superior management. READ MORE
HDFC Bank branch office in Mumbai
11:13 AM
Porinju buys stocks
Shares of Liberty Shoes and Tata Coffee touched 52-week high, gaining 16% intraday as Equity Intelligence of Porinju Veliyath has bought stake in the companies.
Shares of Liberty Shoes and Tata Coffee touched 52-week high, gaining 16% intraday as Equity Intelligence of Porinju Veliyath has bought stake in the companies.
Equity Intelligence India [P M S] bought 3,21,308 shares of Liberty Shoes at Rs 235.48 and bought 10,00,000 shares of Tata Coffee at Rs 150 on the NSE on Monday.
10:59 AM
Earnings Impact
Speciality Restaurants lost 5.83% to Rs 116.40 on BSE after the company reported net loss of Rs 15.82 crore in Q1 June 2017, higher than net loss of Rs 5.60 crore in Q1 June 2016.
Speciality Restaurants lost 5.83% to Rs 116.40 on BSE after the company reported net loss of Rs 15.82 crore in Q1 June 2017, higher than net loss of Rs 5.60 crore in Q1 June 2016.
10:42 AM
After months of speculation, IndusInd Bank and Bharat Financial Inclusion (BFIL) ended the guessing game on Monday. The parties have entered into an exclusivity agreement for a potential amalgamation or any other suitable structure. While pricing or valuation-related details aren’t known, Romesh Sobti, MD & CEO, IndusInd Bank, states the transaction would be a share-swap deal.
READ FULL REPORT HERE
IndusInd-BFIL merger a win-win deal
After months of speculation, IndusInd Bank and Bharat Financial Inclusion (BFIL) ended the guessing game on Monday. The parties have entered into an exclusivity agreement for a potential amalgamation or any other suitable structure. While pricing or valuation-related details aren’t known, Romesh Sobti, MD & CEO, IndusInd Bank, states the transaction would be a share-swap deal.
READ FULL REPORT HERE
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First Published: Sep 12 2017 | 3:35 PM IST
