MARKET WRAP: Sensex ends 391 pts higher led by financials, IMD forecast

Among sectoral indices, the Nifty Bank index rose 1.24 per cent led by a rise in the shares of Axis Bank, YES Bank and Punjab National Bank.

12:29 PM

MONSOON WATCH India set to receive average rainfall in August-September: IMD

India is set to receive average rainfall during the last two months of the crucial monsoon season that stretches between June and September, the country's weather office said on Friday. READ MORE

12:17 PM

Stocks of logistics firms in focus; TCI Express hits 52-week high

Shares of logistics companies were in focus and rallied by up to 8% on the BSE on expectations of impressive growth in the current financial year 2018-19. TCI Express, Sical Logistics, Patel Integrated Logistics, Allcargo Logistics, Transport Corporation of India and VRL Logistics were up in the range of 2% to 8% on the BSE. READ MORE

12:01 PM

Markets at noon

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	11309.80	11244.70	65.10	0.58
	9649.20	9588.80	60.40	0.63
	19054.65	18926.45	128.20	0.68
	7544.10	7475.60	68.50	0.92
	12.31	12.56	-0.25	-1.99

11:45 AM

BS Special Inflation, twin deficits are concerns for India's growth momentum

 

Amid a closing of the output gap, inflationary risks prompted the Monetary Policy Committee (MPC) to hike the repo rate by 25 bps in the August 2018 policy review. The Committee expects GDP growth to improve from 6.7 per cent in FY2018 to 7.4 per cent in FY2019 and 7.5 per cent in Q1 FY2020. At the same time, its inflation projections forecast a rise from 4.6 per cent in Q2 FY2019 to 4.8 per cent for H2 FY2019 and 5.0 per cent in Q1 FY2020, despite the back-to-back rate hikes. READ MORE

11:30 AM

Torrent Pharma rallies 8% on good Q1 results

 

Torrent Pharmaceuticals has rallied 8% to Rs 1,652, also its 52-week high on the BSE after the company reported a better-than-expected 37% year-on-year (YoY) growth in its consolidated revenues at Rs 18.72 billion in June quarter (Q1FY19). The company’s India business recorded 79% YoY growth and US business posted 23% YoY growth during the quarter.

 

“The company’s net profit during the quarter under review declined by 13.3% YoY at Rs 1.63 billion as against Rs 1.88 billion during the same period last year due to amortisation impact of branded business of Unichem Laboratories in Dec'2017 and lower foreign exchange gains,” Torrent Pharma said in a statement. READ MORE

11:15 AM

Morgan Stanley sells most of its shares in Shriram City Union Finance

 

Morgan Stanley Asia (Singapore) has sold a majority of its shares in Shriram City Union Finance (SCUF) for an aggregate amount of Rs 2.53 billion, while East Bridge Capital Master Fund has increased its stake in the company by acquiring almost the same number of shares for around Rs 2.55 billion.    

 

According to bulk deal data from the National Stock Exchange, Morgan Stanley has sold 1.3 million shares at Rs 1922.25 per share, from its total 1.4 million equity shares in the company, which accounts to around 2.25 per cent of the shares. East Bridge Capital, which has around 2.5 million shares in the company (3.88 per cent), has acquired 1.33 million shares for Rs 1922.25 per share. READ MORE

11:03 AM

Bank of Baroda: Reduction in credit costs, loan growth to boost earnings

 

The Bank of Baroda (BoB) stock, like those many public sector lenders, was under pressure after the bank posted losses in the March quarter. However, it has gained 30 per cent from early July on hope that the worst in terms of asset quality might be over for public sector banks (PSBs) and, importantly, its own good performance in the June 2018 quarter (Q1), reported last Friday.

 

With Q1 numbers showing asset quality improvement and pointing to better prospects, many analysts are positive on the bank.  READ MORE

10:53 AM

L&T divests stake in L&T Tech to meet 25% minimum public shareholding

 

Larsen & Tourbo (L&T) on Thursday divested its stake in L&T Technology Services to comply with the 25 per cent minimum public shareholding requirement. The engineering giant is offering up to 6.6 million shares, representing 6.6 per cent stake, through the so-called offer for sale (OFS) route.

 

So far, the offering has garnered bids for 5.34 million shares from institutional investors. Retail bidding -- for those investing up to Rs 200,000 -- will take place on Friday. The base price for the share sale has been set at Rs 1,400 apiece. Most of the bids in the OFS have come at Rs 1,402. READ MORE

10:41 AM

Services PMI expands for second consecutive month

The Indian service sector remained in expansion territory for the second consecutive month in July. Moreover, the latest upturns in business activity and new orders were the fastest since October 2016 and June 2017 respectively. Amid reports of improved demand conditions, business confidence towards the 12-month outlook picked up from June’s recent low. Subsequently, firms raised their staffing levels at the strongest pace since April. However, inflationary pressures remained marked during July.

The seasonally adjusted Nikkei India Services Business Activity Index posted above the neutral 50.0 threshold for the second consecutive month in July. Moreover, rising from 52.6 in June to 54.2, the latest reading signalled the strongest rate of output growth since October 2016. Favourable demand conditions were cited by panellists as the key factor behind the latest upturn. The headline seasonally adjusted Nikkei India Composite PMI Output Index rose from 53.3 in June to 54.1 in July, driven by output growth in both the manufacturing and service sectors. The latest rise in overall output was marked and the strongest seen since October 2016.

10:30 AM

Mphasis gains 4% as board mulls share buyback proposal

 

Shares of information technology (IT) company Mphasis is trading 4% higher at Rs 1,225 on the BSE in early morning trade after the company said that its board will consider a share buyback proposal on Tuesday, August 7, 2018.

 

The stock was trading close to its record high of Rs 1,237 recorded on July 25, during intra-day trade. READ MORE

10:15 AM

Q1FY19 earnings review Key takeaways from the top 10 sectors

 

The June 2018-quarter result season has been a mixed bag thus far. A recent study by Motilal Oswal of the 105 companies under their coverage suggest 62 per cent companies have posted profit after tax (PAT) and earnings before interest, tax, depreciation and amortisation (EBITDA) that are either in line with or above their estimates. For the 32 Nifty50 companies, this number stands at 69 per cent, the findings suggest. READ MORE

10:00 AM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37434.17	37165.16	269.01	0.72
	15328.75	15219.82	108.93	0.72
	16188.34	16057.60	130.74	0.81
	16778.42	16639.81	138.61	0.83
	4397.19	4367.22	29.97	0.69

9:45 AM

WEB EXCLUSIVE Pakistan is value investor's mkt; India a classic growth story: Chris Wood

 

Imran Khan – led Pakistan Tehreek-e-Insaf's (PTI) victory in the recently concluded general elections could see the country getting a bailout package from the International Monetary Fund (IMF), writes Christopher Wood, managing director, equity strategist at CLSA in his weekly note GREED & fear.

 

An IMF bailout however, Wood cautions, has political implications given Pakistan’s role in recent years as the major guinea pig, or laboratory experiment, for China’s 'Belt and Road Initiative'. READ MORE

9:30 AM

Mutual funds load large-caps, reduce small-caps in first quarter

 

Expensive valuations and re-categorisation norms have led to churn in mutual fund (MF) holdings, with money flowing out of mid- and small-caps and moving into large-caps, an analysis of latest shareholding data shows. In the June quarter, MFs’ ownership of large-caps rose 120 basis points (bps) from the levels they held in the September quarter, before the market regulator issued a circular on re-categortisation.

 

Meanwhile, ownership levels in mid-caps inched up 90 bps, while that in small-caps reduced 10 bps. READ MORE HERE

9:20 AM

Nifty sectoral trend