MARKET WRAP: Sensex climbs 147 pts as rupee firms; auto, metal stocks rally

Among the sectoral indices, the Nifty Auto index settled 2.2 per cent higher led by a rise in the share prices of Hero MotoCorp, Bajaj Auto, Mahindra and Mahindra, and Tata Motors.

12:29 PM

Zensar Technologies hits new high; turns ex-date for stock split

Zensar Technologies rallied 5% to Rs 352 on the BSE in intra-day trade today after the stock turned ex-date for stock split in the ratio of 5 for 1. The company fixed September 10, 2018 as record date for the stock split.
 

The board of directors of information technology firm at their meeting held on April 24, 2018 approved the sub-division of equity shares of the Company from one equity share of face value of Rs 10 each into five equity shares of Rs 2 each. READ MORE

12:15 PM

Aurobindo Pharma, Glenmark Pharma hit 52-week highs

Shares of Aurobindo Pharma and Glenmark Pharmaceuticals from the pharma sector hit their respective 52-week highs, while KPIT Technologies, Mindtree and Zensar Technologies from the information technology (IT) sector touched new highs on the BSE in intra-day trade on Friday. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,265.58	+22.77	+0.06
S&P BSE SENSEX 50	12,087.32	+16.66	+0.14
S&P BSE SENSEX Next 50	34,699.90	+222.60	+0.65
S&P BSE 100	11,848.31	+25.43	+0.22
S&P BSE Bharat 22 Index	3,650.00	-3.06	-0.08

11:45 AM

Thanks to Jio, RIL is catching up with Sensex after a decade-long slumber

 

Reliance Industries’ (RIL) recent gains are helping the companies catch up with the benchmark index, which it has trailed for much of the past decade.

 

As of Wednesday’s close, the firm’s shares had surged 135 per cent since it launched telecom services in 2016, nearly four times the advance in the S&P BSE Sensex, making it the best performer. READ MORE

11:30 AM

Nifty Auto index gains, up 1%

11:15 AM

IL&FS emergency board meet today to take a call on fundraising, assets sale

 

The board of Infrastructure Leasing & Financial Services (IL&FS) has called an emergency meeting in Mumbai on Friday to take a call on fundraising, sale of assets, including road projects, and default by its subsidiary IL&FS Financial Services (IFIN) on commercial paper. The board might even look at reducing the premium on shares because some shareholders were not happy with high premium, said a source close to the development. READ MORE

11:00 AM

GCPL stock: Domestic volume, revenue growth prospects remain strong

 

Prior to the recent correction among scrips of fast-moving consumer goods (FMCG) due to valuation concerns, the stock of Godrej Consumer Products (GCPL) had gained 56 per cent. This was on account of a strong June quarter performance and steps it was taking to boost volume revenue growth. In fact, GCPL has been registering better sales growth than many of its peers over the past two years.

 

The strong performance was also visible in the June quarter, the first (Q1) of this financial year. Net sales rose 12.7 per cent over last year to Rs 24.5 billion, led by 14 per cent domestic volume growth. Net profit increased 80 per cent to Rs 4.1 billion. READ MORE

10:45 AM

Sun Pharma falls 5% on reports of USFDA issues observations

 

Shares of Sun Pharmaceutical Industries dipped 5% to Rs 641 on the BSE in early morning trade on Friday on profit booking after the media report suggested that the U.S. drug regulator issued six observations on the company’s plant located at Halol for inspections carried out during August 27-31.

 

Observations in the latest Form 483 point to issues relating to test procedures. Two analysts with an international brokerage, who also had access to the Form 483, indicated that the observations are not critical, and Sun Pharma will be able to resolve these issues soon, the BloombergQuint reported. READ MORE

10:30 AM

Aurobindo's US operations get growth boost

 

Aurobindo Pharma, one of the largest vertically-integrated pharmaceutical companies in the country, continues with it acquisition-led growth strategy, announcing yet another buy in the US. It is acquiring commercial operations and three manufacturing facilities from Sandoz Inc, which will help it become the second largest generic player in the US by number of prescriptions.

 

The acquired portfolio will include oral solids (70 per cent) and dermatology products (30 per cent). READ MORE

10:15 AM

Bajaj Auto gains 3% on plans to expand 3 wheeler & quadricycle capacity

 

Shares of Bajaj Auto were up by 3% at Rs 2,875 per share on the BSE in an otherwise weak market after the company announced its plan to expand 3 wheelers & quadricycle capacity to 1 million per year as Government announced an end to permits.

 

At the Society of Indian Automobile Manufacturers (SIAM) convention on Thursday, the Minister for Transport, Nitin Gadkari made a historic announcement moving to a "no-permit" regime for auto rickshaws powered by alternative fuels. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,173.61	-69.20	-0.18
S&P BSE SENSEX 50	12,058.15	-12.51	-0.10
S&P BSE SENSEX Next 50	34,650.41	+173.11	+0.50
S&P BSE 100	11,821.22	-1.66	-0.01
S&P BSE Bharat 22 Index	3,647.01	-6.05	-0.17

9:45 AM

How rupee has been held hostage to a 70% surge in India's crude oil bill

 

Forget Turkey and Argentina. The Indian rupee’s real bugbear is the price of oil.

 

India’s currency had its worst month in three years in August as crude rallied on speculation sanctions on Iran will shrink global supplies. The crude import bill for the world’s fastest-growing oil user surged 76 percent in July from a year earlier to $10.2 billion. That pushed up the trade deficit to $18 billion, the most in five years. READ MORE

9:30 AM

10 years of global financial crisis: Growth, fiscal consolidation yet to return to pre-financial meltdown levels

 

How did the global financial crisis of September 2008 affect the Indian economy? Looking back at how the events unfolded 10 years ago, it becomes quite clear that no other single economic event in several past decades has had as huge an impact on India’s macroeconomic fundamentals as the global financial meltdown. Consider the following numbers.

 

The Centre’s fiscal deficit had been brought down to a very respectable level of 2.54 per cent of gross domestic product (GDP) by 2006-07.  READ MORE

9:22 AM

Nifty sectoral trend

9:19 AM

BSE Sensex opening gainers and losers