Thursday, December 19, 2024 | 11:39 PM ISTEN Hindi

Sensex ends flat, Nifty settles above 10,300 as oil steadies; ITC down 2%

All that happened in the market today

SI Reporter New Delhi

lumax

12:49 PM

HDFC Securities on Bharat Forge

Valuations play villian

Bharat Forge’s (BHFC) 2QFY18 topline performance was in-line with expectations, while margins came in higher, owing to operating efficiencies. While the North American and European truck demand may be on an upswing, management has guided for a stable, if not higher, industrial segment performance. BHFC’s strategies for Aerospace, Defense and new components for EVs and hybrid cars provide reason for optimism. However, profit growth will be visible only from FY20E. Despite strong domestic MHCV industry growth in 2QFY18, BHFC’s domestic revenue does not reflect a similar trajectory. This, we believe, may be on the back of losing market share of some OEMs to peers. We have revised our FY18/19/20E estimates given strong 2Q results. Maintain NEUTRAL with a TP of Rs 673, based on 25x Jun-19E EPS.

12:29 PM

Buzzing stock

Lumax Industries has surged 10% to Rs 1,999, also its new high on the BSE, after Edelweiss Investment Research initiated coverage of the company with a recommendation of 'buy'. READ MORE

12:07 PM

One year of demonetisation: 5 best and worst-performing stocks

The combined market capitalisation of BSE-listed companies during a year since demonetisation has jumped by more than Rs 33 lakh crore to Rs 145 lakh crore. The biggest contributors to the surge in market capitalisation on BSE have been Reliance Industries, HDFC Bank and Hindustan Unilever, which together contributed over Rs 4.5 lakh crore. READ MORE

11:40 AM

Markets may not see mega correction amid oil surge

The Indian markets took a breather after a strong bull run as oil prices reached their highest since July 2015 as Saudi Arabian Crown Prince Mohammed bin Salman's purge led to arrests of royals, ministers, and investors, including prominent billionaire investor Alwaleed bin Talal.

Crude oil, however, settled slightly lower on Wednesday after US government data showed rising domestic crude production, a surprise build in US stockpiles and a decline in monthly Chinese crude imports. READ MORE

11:17 AM

Buzzing stock

Indian Bank rallied 8% to Rs 401, extending its 17% gain of the last six trading sessions, after the state-owned bank reported a good set of numbers for the quarter ended September 2017 (Q2FY18). READ MORE

11:03 AM

Markets check

At 11:00 am, the S&P BSE Sensex was trading at 33,289, up 70 points, while the broader Nifty50 was ruling at 10,324, up 21 points.

10:45 AM

GST Council meet begins today

Those planning to buy new furniture or refit electric switches might have to pay less after Friday, as the GST (goods and services tax) Council is likely to slash the indirect tax rates on these items at its meeting in Guwahati.

At present, these attract 28 per cent tax. As many as 165 such items could be moved to the 18 per cent category, with only 62 attracting the highest rate.

READ FULL REPORT

10:35 AM

Rain Industries hits new high

Rain Industries hit a new high of Rs 374, up 10%, extending its Wednesday’s 6% surge on the BSE, after the company reported robust set of numbers for the September quarter (Q3CY17). READ MORE

10:00 AM

Mutual fund equity folios at all-time high

Mutual fund (MF) equity folios are at an all-time high of 46.63 million, with 7.6 mn additions this year till now. The earlier peak, of 41.1 mn, was in 2009. The equity segment is dominated by individual and non-wealthy investors, termed retail in sector parlance. It now accounts for three-fourth of all folios. READ MORE

9:47 AM

Bitcoin hits record high

Bitcoin hit a record high just shy of $8,000 on Wednesday after a coalition of developers and investors suspended a software upgrade planned for next Thursday that could have split the digital currency in two. READ FULL REPORT

9:31 AM

Sectoral trend