Sensex ends a tad above 34,000, down 407 pts, Nifty falls 1%; banks drag

All That happened in markets today.

1:41 PM

BUZZING STOCK

GMDC shares gained 4% as profit in Q3 increased sharply by 68.8% to Rs 78.5 crore compared to Rs 46.5 crore in year-ago.

 

Revenue from operations jumped 33.1% to Rs 506.1 crore, from Rs 380.3 crore in same period last year. Operating profit shot up 98.6% to Rs 131.3 crore and margin 850 basis points to 25.9% compared to same quarter last year.

1:24 PM

Indiabulls Real Estate surges 8% on business restructuring plan

 

Indiabulls Real Estate moved higher by 8% to Rs 230 on BSE in noon deal after the Mumbai-based real estate said that its board will meet next week to consider the business restructuring plan that it considered in April last year.

 

“The board of directors is scheduled to meet on Wednesday, February 14, 2018, to consider the various options and recommendations of the committee constituted for the reorganization/ restructuring of the existing residential and commercial office leasing businesses of the Company and to take appropriate decisions, as required,” Indiabulls Real Estate said in a regulatory filing. READ MORE

1:09 PM

Steel and mining companies still bearing the brunt of ban in Karnataka, Goa

 

Steel and mining companies operating in mineral-rich states of Karnataka and Goa till date bear the brunt of the iron ore mining ban, which brought the two industries onto their knees between 2011 to 2014.

 

“Till today, we regret the expansion opportunity we lost due to the ban in Karnataka. As per our business plan, JSW Steel was to have 16 million tonne capacity at Vijaynagar alone by 2012. We are still at 12 million tonnes here (at Vijaynagar),” deputy managing director of the company Dr Vinod Nowal. CLICK HERE FOR FULL STORY

1:01 PM

Sensex top gainers and losers

12:50 PM

Surya Roshni up 12% on order win of Rs 839 million; zooms 42% in one week

 

Surya Roshni hits record high of Rs 522, up 12% on BSE in intra-day trade after the company said it has received an order worth of Rs 839 million for supply of LED street and tube lights.

 

“The Company has obtained orders for supply of LED street lights under SLNP (Street light National Program) and for supply of LED tube lights aggregating to Rs 839 million from Energy Efficiency Services Limited (EESL),” Surya Roshni said in a regulatory filing. READ MORE

12:33 PM

Sectoral Trend

12:21 PM

Malvinder & Shivinder Singh took Rs 5 bn out of Fortis without board nod

 

India's tycoon Singh brothers took at least Rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago, people with knowledge of the matter said READ THE FULL STORY HERE

Shivinder M Singh, vice-chairman, Fortis Healthcare

12:20 PM

Nirmal Bang maintains 'accumulate' rating on ACC

 

Despite a rise in interest costs, ACC’s APAT stood at ~Rs 2 billion. We have moved forward our valuation to CY19E earnings and valued ACC based on 13.0x CY 2019E EV/EBITDA and $140 CY 2019E EV/mt  to arrive at a target price of Rs 1,891. We have retained Accumulate rating on the stock.

12:18 PM

Reliance Securities on Hexaware

 

Notwithstanding Hexaware’s differentiated business strategy, we believe its near-term growth will be a challenge owing to client-specific issues. Notably, the stock has substantially outperformed the broader market over the past year and in light of expected slower growth, current valuations at 19.6x/17.0x CY18E/CY19E EPS seem to be prohibitive, in our view. Thus, rolling over our estimates to CY19E EPS, we downgrade our recommendation on the stock to REDUCE from HOLD with a revised target price of Rs 313 (from Rs 285 earlier).

12:06 PM

Vakrangee hits 5% upper circuit after falling 62% in nine trading days

Vakrangee is locked in upper circuit of 5% at Rs 202, recovering 10% from its early morning low on BSE with no sellers seen on the counter. The stock opened 5% lower at Rs 183, against its Thursday’s close of Rs 192 on BSE.  READ MORE

12:03 PM

NEWS UPDATE

Malvinder & Shivinder Singh said to have taken Rs 5 bn out of Fortis, say reports

11:45 AM

India's oil hunger to double despite its electric car ambitions

Even though India aspires to sell only electric vehicles by 2030, it still sees gasoline and diesel consumption doubling over that period. The two ideas may not be contradictory.
 

Electric vehicles will take time to become affordable enough for price-sensitive Indian masses, according to the country’s energy forecaster. READ MORE

11:30 AM

Sugar  shares in focus; Dhampur, Mawana, Dwarikesh up over 4%

Shares of sugar companies were trading higher by up to 20% on BSE in otherwise weak market after the government imposed a limit on the amount of sugar that mills can sell in the market during February and March.
 

The market price of Avadh Sugar & Energy, Dhampur Sugar Mills, Magadh Sugar, Mawana Sugars, Dwarikesh Sugar and Uttam Sugar Mills were trading higher by more than 4% on BSE. READ MORE

11:15 AM

Cement, two-wheelers and building materials. Stocks you should avoid now

The steep increase in domestic and global bond yields may have stirred the market out of its complacency and into recognizing that the deterioration may be here to stay for longer than earlier, says Sanjeev Prasad, executive director and co-head, Kotak Institutional Equities in a recent co-authored report with Sunita Baldawa and Anindya Bhowmik. READ MORE

11:00 AM

Markets Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,917.72	-495.44	-1.44
S&P BSE SENSEX 50	10,873.12	-153.80	-1.39
S&P BSE SENSEX Next 50	34,276.86	-355.28	-1.03
S&P BSE 100	10,811.97	-146.42	-1.34
S&P BSE Bharat 22 Index	3,672.60	-39.83	-1.07

(Source: BSE)