Indices end 1% lower: Sensex down 360 pts, Nifty at 10,350; Lupin tanks 17%

All that happened in the market today

3:43 PM

Nifty Pharma index fell over 4%

Source: NSE

3:41 PM

Sectoral Trend

Source: NSE

3:39 PM

Top Sensex gainers and losers

Source: NSE

3:36 PM

Broader markets

In broader markets BSE Midcap and BSE Smallcap indices fell 1.5% and 1.4% respectively 

3:33 PM

Markets at close

Benchmark indices remained under pressure at closing with Sensex down over 350 points and Nifty ending around 10,350 levels on profit-booking in banks, oil & gas, banking & financials, metals and auto stocks. 

The S&P BSE index ended at 33,370, down 360 points hwile the broader Nifty50 index ended at 10,350 down 101 points

3:22 PM

More goods may get cheaper as Jaitley hints at pruning 28% GST slab list

 

Finance Minister Arun Jaitley today hinted at pruning the list of items in the highest GST tax bracket of 28% after revenue in the new regime equalise collections previously.

 

Under the Goods and Services Tax (GST) regime implemented from July, over 1,200 products and services have been fitted into one of the 5, 12, 18 and 28 per cent tax slabs based on the principle of keeping the total tax incidence at almost the same level as previously as well as keeping revenue collections neutral.

 

Jaitley said some of the items should never have been in the 28 per cent slab and the GST Council in the last 3-4 meetings has slashed rates on over 100 items, thereby bringing them down either from 28 per cent to 18 per cent or from 18 per cent to 12 per cent.

3:11 PM

Jyothy Laboratories plunges 16% post Q2 results

 

Jyothy Laboratories plunged 16% to Rs 330 on the BSE in intra-day trade after the company recorded volume growth of 3.5% in September quarter (Q2FY18). It had reported volume growth of 8% in the same quarter last fiscal.

 

The company has reported 47% year on year growth in its consolidated net profit at Rs 45.7 crore in September quarter (Q2FY18).  EBITDA (earnings before interest, taxes, depreciation and amortization) margins improved to 16.4% in Q2FY18 from 14.9% in Q2FY17. The company’s operational revenue however declined marginally by 0.5% at Rs 430 crore against Rs 432 crore in the corresponding quarter of previous fiscal. 

 

3:01 PM

Demonetisation an attempt to change the way India spends money: Jaitley

 

Mounting a powerful defence of the demonetisation measure designed to curb black money, Finance Minister Arun Jaitley on Tuesday said that as a disruptor of the status quo ante the note ban, along with other measures taken, has set in motion a process of changing the manner in which India spends money.

 

"If you look back at all the steps we have taken in the last three-to-four years, besides demonetisation, we have succeeded in bringing centre-stage the whole issue of how financial transactions in India ought to be carried out," Jaitley said addressing the India Today Conclave Next here. READ MORE

2:48 PM

Cipla second-quarter profit rises 19%

 

 Cipla India’s second largest drugmaker by market capitalisation, posted a 19% rise in quarterly profit, slightly above analysts’ estimate.

 

Profit rose to $s 423 crore 65.21 million)in the second quarter ended Sept. 30, from 3.54 billion rupees a year earlier, the company said

2:31 PM

Energy shares fall

Energy shares slipped, with the Nifty Energy index losing 1.7%. Oil refiners Reliance Industries and Indian Oil Corp were 3% and 2.5% lower respectivelt.

 

Hindustan Petroleum Corp slipped 2.6%, while Bharat Petroleum Corp shed 2.9%.

2:17 PM

Slips in trade

Shares of aviation companies, Jet Airways, SpiceJet, and InterGlobe Aviation, fell 3-5% on the back of surge in crude oil prices on a global scale.

 

Oil prices on Monday hit their highest since July 2015 as Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten.

2:02 PM

Market Check at 2 pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,462.55	-268.64	-0.80
S&P BSE SENSEX 50	10,804.14	-80.65	-0.74
S&P BSE SENSEX Next 50	35,751.54	-479.85	-1.32
S&P BSE 100	10,828.03	-91.25	-0.84
S&P BSE Bharat 22 Index	3,779.52	-40.36	-1.06

1:43 PM

Lupin tanks 17%, hits over 3-year low as USFDA issues warning letter

 

Lupin hit over three-year low, tanked 15% to Rs 880 on the BSE in noon deal trade after the company said that the US health regulator issued combined warning letter for its Goa and Indore (Pithampur Unit II) sites. The stock is trading at its lowest level since January 1, 2014.

 

“The company received a warning letter issued by the US Food and Drug Administration (USFDA) on November 6, 2017 for our formulation manufacturing facilities at Goa and Indore (Pithampur Unit II),” Lupin said in a BSE filing. READ MORE

1:25 PM

RCom in talks with parties to renegotiate tower business sales

 

Debt-laden Reliance Communications on Tuesday said it is renegotiating the tower business deal with all interested parties, including Brookfield Infrastructure Group.

 

In December last year, Reliance Communications had inked binding agreements to sell 51 per cent stake in its tower business to Canada-based Brookfield Infrastructure and its institutional partners for Rs 11,000 crore but the deal fell through after the company called off its merger with Aircel.

1:12 PM

Wheels India zooms 20% as Q2 profit more than doubles

 

Wheels India zoomed 20% to Rs 1,970, also its all-time high on the BSE, after the company reported a more than double net profit at Rs 26.41 crore in September quarter (Q2FY18). The company recorded one-time gain of Rs 12.49 crore on account of slump sale of the passenger car steel wheels business to WIL Car Wheels.

 

The auto parts & equipment company had profit of Rs 12.41 crore in a year ago quarter.

 

Revenue for the quarter under review grew 11% at Rs 607 crore in Q2FY18 against Rs 546 crore in the corresponding quarter of previous fiscal. READ MORE