Nifty ends below 10,200, Sensex down 174 points; banks, realty drag

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1:03 PM

MCX seeks Sebi nod 

 

The Multi Commodity Exchange (MCX) has sought approval from the Securities and Exchange Board of India (Sebi) for introducing liquidity enhancement schemes for its recently launched gold options contracts.

 

“MCX is facing some issues with gold options contracts. It has sought permission to launch liquidity enhancement schemes to boost volumes. We are considering it,” said Sebi Chairman Ajay Tyagi on Tuesday on the sidelines of an event organised by the Association of Investment Bankers of India. READ MORE

12:47 PM

Reliance Securities on ABB India

 

ABB India  was among the earliest players to tap solar opportunity in India via range of solar inverters (50% market  share) and power evacuation solutions.

 

In T&D space, high technology products i.e. HVDC, Static Compensators, FACTS & GIS are its key focus areas. 

 

On the Rail side, it supplies Traction Transformers & Converters, which constitute 4-5% of annual orders. 

 

Led by better operating margins, ABB India’s has reported a strong performance with PAT grew by 18.2% YoY to Rs0.83bnin 3QCY17. However, its top-line declined by 13.1% YoY to Rs18.8bn, as all its businesses reported lower revenues following GST roll-out. 

 

Looking ahead, the Management expects revenue to come back to normal level as GST clarity issue among the suppliers and vendors is over. 

 

Valuing at 50x CY18E (15% discount to its mean multiple of 60x (2005-15) earnings of Rs32.1/share,  we have BUY recommendation with a Target Price of Rs 1,607.

12:32 PM

Markets check

At 12:30 am, the S&P BSE Sensex was trading at 33,356, down 129 points, while the broader Nifty50 was ruling at 10,284, down 44 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,360.26	+132.27	+0.40
S&P BSE SENSEX 50	10,737.96	+45.13	+0.42
S&P BSE SENSEX Next 50	35,464.68	+53.76	+0.15
S&P BSE 100	10,758.37	+40.59	+0.38
S&P BSE Bharat 22 Index	3,698.22	+9.87	+0.27

Source: BSE

12:25 PM

Vodafone, Idea Cellular begin deal closure talks

 

The Aditya Birla Group and Vodafone Group PLC have started talks on the “closing adjustments” of the merger between Idea Cellular and Vodafone India, and the discussions are focused on how to resolve Idea’s losses incurred since the announcement of the deal in March. The deal is expected to close in the first half of 2018. READ FULL REPORT

(From left to right) Kumar Mangalam Birla, Chairman, Aditya Birla Group and Vittorio Colao, CEO, Vodafone Group at the press conference to announce Vodafone-Idea merger (Photo: Kamlesh Pednekar)

12:11 PM

InterGlobe Aviation share sale begins; stock down 3%

 

InterGlobe Aviation, the owner of India’s biggest airline IndiGo, dipped 3.3% to Rs 1,142 on the BSE in intra-day trade, after the share sale by its promoter begins today. The shares will be sold at a floor price of Rs 1,130 per share.

 

Two promoter entities of InterGlobe Aviation plans to offload about 11.19 million equity shares representing 2.91% of the total equity capital of the company through the offer for sale (OFS) route, the company said in regulatory filings. READ MORE

11:41 AM

Unitech extends fall

 

Unitech dipped 11% to Rs 6.85 on the BSE in intra-day trade, extending its Tuesday 5% decline, after the Supreme Court today stayed on the National Company Law Tribunal (NCLT) Order suspending its directors and allowing the government to appoint its nominees in their place. READ MORE

11:32 AM

BS Banking Round Table

 

What is wilful defaulter? Only two people can say if a person is a wilful defaulter -- the person himself or God: KC Chakrabarty , ex-deputy Governor, RBI

11:28 AM

BS Banking Round Table

 

Currently, one problem with DICGC insurance system is that it does not distinguish between weak and strong banks: Rajnish Kumar of State Bank of India

11:13 AM

Buzzing stock

ALERT: Supreme Court stays NCLT order allowing govt to takeover Unitech Board; stock down over 3% 

11:02 AM

Buzzing stock 

 

Hindustan Copper surged 7% to Rs 95.65 on the National Stock Exchange (NSE) in early morning trade after the company announced that it has re-opened the Kendadih copper mine located in Jharkhand. READ FULL REPORT

10:58 AM

BS Banking Round Table

For most of the banks, the MCLR has come down by more than 1%, When repo rate was going up in the past 7 years, the bank base rate increased less than the repo rate: Chanda Kocchar of ICICI Bank 

10:56 AM

BS Banking Round Table

 

Why keep the interest rate high for those who keep Rs 50 lakh in their account? Savings for poor people are reduced. Anti-customer, anti-poor measures are being taken: KC Chakrabarty, ex-deputy Governor, RBI 

10:50 AM

BS Banking Round Table

 

Banks have missed the opportunity arising out of Demonetisation; savings rate should have come down to 1%: KC Chakrabarty , ex-deputy Governor, RBI 

10:46 AM

BS Banking Round Table

 

The biggest change that we see is with the payments system, how customers will interact with the rest of the ecosystem: Chanda Kocchar of ICICI Bank

10:46 AM

BS Banking Round Table

 

Credit growth was 5.5% earlier and it has reached 10% now. Retail growth is 16-17%. Corporate credit growth has shown an uptick: Chanda Kocchar of ICICI Bank