MARKET WRAP: Sensex ends 159 pts down, Nifty at 10,657; metals, realty slip

Among sectoral indices, the Nifty Metal index ended 1.8 per cent lower led by a fall in the shares of Jindal Steel & Power and National Aluminium Company.

2:15 PM

Vedanta to delist from LSE, Agarwal's family trust makes cash buyout offer

Billionaire Anil Agarwal-led Vedanta Resources plc will delist from the London Stock Exchange after promoter group made a cash offer to buy out about 33 per cent of the public shareholding in the company.

 

Anil Agarwal's family trust has agreed to buy the rest of Vedanta in a deal that values the mining conglomerate at 2.3 billion pounds ($3.03 billion). READ MORE

2:00 PM

Market Check

 

S&P BSE Sensex	35,226.72		-0.56%
Nifty 50	10,633.80		-0.75%
S&P BSE 200	4,579.33		-0.63%
Nifty 500	9,086.55		-0.83%
S&P BSE Mid-Cap	15,307.12		-0.93%
S&P BSE Small-Cap	15,890.51		-0.88%

1:52 PM

MF sector: Excessive regulation reduces returns, under regulation up risks

In India, the concept of MF was introduced with the enactment of Unit Trust of India (UTI) Act in 1963. Subsequently, in 1987, public financial institutions, banks, Life Insurance Corporation and General Insurance Corporation were permitted to float MFs. In 1993, the private sector was allowed to join the industry. Kothari Pioneer was the first to float an MF scheme. READ MORE

1:34 PM

25 years of private sector MF: Many foreign players bite the dust in India

At a time when the private sector mutual fund industry is celebrating its 25 years, it is surprising that there are few foreign players who have made the cut. The first player in the private sector – Kothari Pioneer – was sold to Franklin Templeton within the first few years. READ MORE

1:17 PM

Bajaj Auto on the fast track as sales jump 65% to 4,04,429 units in June

Bajaj Auto on Monday reported a 65 per cent jump in total sales to 4,04,429 units for June. The company had sold 2,44,878 units in the same month a year ago.

Its motorcycle sales also increased by 65 per cent to 3,37,752 units as against 2,04,667 in June last year, Bajaj Auto said in a BSE filing. READ MORE

Stock quote (Source: NSE)
 

1:03 PM

Stocks at 52-week low

COMPANY	PRICE()	52 WK LOW	CHG()	CHG(%)
ADANI POWER	15.50	15.20	-0.65	-4.02
BANK OF BARODA	110.45	109.60	-2.35	-2.08
BANK OF INDIA	85.20	84.60	-2.30	-2.63
CAN FIN HOMES	333.55	328.15	-5.85	-1.72
CAPITAL FIRST	511.95	510.60	-4.70	-0.91

12:48 PM

LIC-IDBI deal: Premium money of citizens can't be used to fill fiscal gaps

A dangerous narrative being peddled by the Centre is that LIC has so much cash – it gets about Rs 2 trillion premium money from customers every year – that it is a mere drop in the ocean if it buys a 51 per cent stake (about Rs 130 billion) in IDBI Bank. There is also talk of LIC rescuing Air India by taking a 24 per cent stake after the government’s failed attempt to invite bidders to acquire the ailing airline. READ MORE

12:30 PM

IPOs have valuation, information risks: Wait for some time after listing

 

Over the past year, 39 initial public offers (IPOs) of more than Rs 1 billion have hit the markets (we have deliberately ignored the smaller-sized IPOs, where the companies tend to be less well known, and hence riskier). Of these, 21 have given positive returns while 18 have given negative returns (see table).

 

Only 14 of these 39 IPOs, or around 36 per cent, have managed to beat the returns that an investor could have earned by simply investing in a Nifty-based exchange-traded fund (average return 13 per cent over past one year). READ MORE

12:17 PM

Maruti Suzuki gains after good monthly sales

Maruti Suzuki India rose 0.84% to Rs 8,895 at 09:25 IST on BSE after the company said that its total sales rose 36.3% to 1.44 lakh units in June 2018 over June 2017. The announcement was made on Sunday, 1 July 2018. READ MORE

12:00 PM

Markets at noon

S&P BSE Sensex	35,165.28		-0.73%
Nifty 50	10,640.85		-0.69%
S&P BSE 200	4,572.44		-0.78%
Nifty 500	9,092.10		-0.77%
S&P BSE Mid-Cap	15,293.99		-1.02%
S&P BSE Small-Cap	15,897.30		-0.84%

11:47 AM

Top Nifty50 losers

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
NTPC	152.70	159.65	-6.95	-4.35	4135004
HINDALCO INDS.	223.60	230.50	-6.90	-2.99	2303461
ADANI PORTS	363.85	373.15	-9.30	-2.49	526604
INDIABULLS HOUS.	1114.00	1142.50	-28.50	-2.49	414083
O N G C	154.50	158.40	-3.90	-2.46	2491344

11:31 AM

Devangshu Dutta Tough times for leveraged firms

 

The latest Financial Stability Report from the Reserve Bank of India (RBI) suggests that the banking sector continues to be deep in crisis. In the previous report, in December 2017, the central bank had estimated that, in its ‘baseline scenario non-performing assets’ (NPAs) would peak in September 2018 at 11. 1 per cent of all advances, after hitting 10.8 per cent in March 2018. READ MORE

11:15 AM

No pre-IPO placement for HDFC Mutual Fund distributors

The Securities and Exchange Board of India (Sebi) has directed HDFC Asset Management Company (AMC) to cancel the shares allotted to distributors ahead of its much-awaited initial public offering (IPO), according to sources. Sebi wants the money repaid to the distributors at the rate of 12 per cent interest per annum. READ MORE

11:00 AM

ALERT PNB FRAUD CASE: Interpol issues red corner notice against Nirav Modi

10:57 AM

Rupee watch (Image source: Religare report)