Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

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1:59 PM

SPARC hits 52-week high; stock up 15% in two days

 

Sun Pharma Advanced Research (SPARC) hit 52-week high of Rs 390, up 5% in intra-day trade, extending its Wednesday’s 10% rally on BSE.

 

Since July 13, the stock outperformed the market by surging 30% after the company allotted 15.15 million warrants to promoters’ group companies at a price of Rs 330 per share. By comparison, the S&P BSE Sensex was down 0.6% during the same period.

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1:46 PM

Cochin Shipyard lines up Rs 2,800-cr expansion projects

After successfully completing its initial public offer (IPO) recently, Cochin Shipyard Ltd (CSL) has lined up expansion projects worth Rs 2,800 crore. The IPO's proceeds will be utilised to fund these expansions.

 

CSL, which comes under the Ministry of Shipping, was listed on the BSE and the National Stock Exchange last week.

 

The company has raised Rs 1,442 crore from the IPO, which has been a combination of fresh issue and offer for sale in the ratio of 2:1. The IPO was oversubscribed by over 75 times with more than Rs 1.11 lakh crore being raised against the offer of Rs 1,442 crore.

1:32 PM

ITDC soars

ITDC surged 13% to Rs 564 on BSE in intra-day trade on back of six-fold jump in trading volumes. A combined 327,103 shares changed hands on the counter on BSE and NSE till 12:27 pm. The stock soared 165% from Rs 213, in 2017, so far. It touched a record high Rs 746 on April 24, in intra-day trade.

 

As of June 30, 2017, the Government of India holds 87.03% stake in ITDC. Among public shareholders, The Indian Hotels Company has 7.87% holding in the company, the shareholding pattern data shows.

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1:17 PM

Market check

 

At 1:15 pm, the Sensex was ruling at 31,892, up 121 points, while the broader Nifty50 was trtading at 9,935, up 38 points.

In broader markets, BSE Midcap pared some gains to turn flat, was trading 0.2% higher while BSE Smallcap outperformed, up 0.8%

1:00 PM

Infosys to discuss buyback on 19 August

 

The announcement has put to rest speculations on the timeline of the buyback. While the quantum and price of buyback is yet to be finalised, management’s earlier figure of Rs 13,000 (including dividend) hints at a much bigger buyback in the offing compared to those done by peers, TCS, HCL Tech and Wipro. For Infosys, the buyback will lead to higher RoE and payout ratio. 

 

We do not perceive this move to be an outcome of lower growth, instead it well means limited possibilities of large acquisitions going ahead, and consistent generation of cash. We maintain ‘BUY’ with a target price of Rs 1,155.

 

Source: Edelweiss Securities

12:45 PM

Buzzing stock 

Shares of BEML surged over 8% to hit its lifetime high of Rs 1,879 after the Union Cabinet approved the new metro rail policy. BEML is a pioneer in manufacturing metro and rail coaches. 

12:27 PM

These 9 steel stocks rallied over 50% in 2017 so far

 

Shares of steel companies are on a roll with nine companies include Tata Steel, Jindal Stainless Hisar, Welspun Corp, Kalyani Steel, Jindal Saw, Maharashtra Seamless and APL Apollo having rallied over 50% so far in the calendar year 2017. READ MORE HERE

11:44 AM

Nifty Bank top sectoral loser

Source: NSE

11:20 AM

Buzzing stocks

Shares of aviation companies were trading higher for the third straight trading session after they reported a good set of numbers for the April-June quarter (Q1FY18). InterGlobe Aviation, SpiceJet and Jet Airways (India) were up in the range of 1% to 3% on BSE. READ MORE 

10:50 AM

Buzzing stock

Suven Life Sciences rallied over 5% to Rs 167 after the company secured process patents of new chemical entities for treatment of disorders associated with neurodegenerative diseases in Europe, Japan and New Zealand. CLICK HERE FOR REGULATORY FILING

10:25 AM

IMF on China debt

China's massive debt is on a "dangerous" path, raising the risk of a sharp slowdown in growth, the International Monetary Fund (IMF) warned on Tuesday, urging Beijing to speed up structural reforms. READ FULL REPORT HERE

10:17 AM

HDFC Bank Ltd., today announced a revision in its Savings Bank interest rate effective August 19, 2017. Post revision, customers maintaining savings bank account balance of Rs. 50 lakh and above will continue to earn interest at 4% per annum. Customers maintaining account balance of below Rs. 50 lakh will earn interest at 3.5% per annum. The revised rates will be applicable to both Resident and Non-resident customers

10:06 AM

Markets check

 

At 10:00 am, the Sensex was ruling at 31,854, up 83 points, while the broader Nifty50 was trtading at 9,927, up 30 points.

9:56 AM

Interview of the day

Tushar Pradhan, chief investment officer at HSBC Asset Management (India), in an interview tells Hamsini Karthik that flows from foreign investors shouldn’t matter much for equities any more. READ FULL INTERVIEW HERE 

9:50 AM

Stock recommendation

 

Tata Power’s target is to take renewable’s proportion to 30-40% of total generation portfolio, which is a key growth driver for it. Also, its endeavour to prune debt, if successful, could be a key trigger for the stock. The stock is trading at 1.6x FY18E and 1.5x FY19E P/BV. We maintain ‘BUY’ with a target price of Rs 87.

Source: Edelweiss Securities