Sensex rallies 346 points, Nifty ends above 10,200; Infosys, SBI, RIL gain

All that happened in today's trade

12:31 PM

MFs cash in as public sector banks rally

 

Fund managers turned net sellers in State Bank of India, Punjab National Bank and Bank of Baroda as the government's move to recapitalise public sector banks hoisted their stock prices by as much as 40 per cent. Fund managers sold shares worth Rs 1,660 crore in October in these three banks in order to book profits upon the announcement of a Rs 2.11 lakh crore bank recapitalisation programme.  Instead, they turned their attention to private banks. READ FULL REPORT

12:03 PM

Page Industries hits new high

 

Page Industries hits new high of Rs 24,678, up 8% on the BSE in early morning deal, gaining 20% or Rs 4,098 in the past six trading sessions after the company reported financial results for the quarter ended September 2017 (Q2FY18). The stock hit a record high of Rs 24,691 on the National Stock Exchange (NSE) in intra-day trade. READ FULL REPORT

12:00 PM

Markets at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,992.83	+232.39	+0.71
S&P BSE SENSEX 50	10,612.32	+67.97	+0.64
S&P BSE SENSEX Next 50	34,922.67	+213.30	+0.61
S&P BSE 100	10,626.21	+67.59	+0.64
S&P BSE Bharat 22 Index	3,692.06	+17.86	+0.49

(Source: BSE)

11:56 AM

Co-location controversy: I-T searches on NSE officials, brokers in Mumbai

The Income-tax department is conducting a massive search operation on former and present employees of the National Stock Exchange ( NSE), including a few brokers in the co-location controversy. Confirming the development, a senior income-tax department told Business Standard that searches were being carried out by the Delhi income-tax department in coordination with the Mumbai team. READ MORE HERE

11:55 AM

20 stocks that have eroded shareholder wealth in CY17
Besides RCom that has eroded shareholder wealth in CY17, shares of Videocon Industries, Religare Enterprises, Sintex, Lupin and Glenmark are some of the names in the BSE A group that have seen negative return thus far in CY17. By comparison, the benchmark indices – S&P BSE Sensex and Nifty50 – have gained around 25% CLICK HERE FOR THE FULL STORY

11:45 AM

Can BoB spearhead a recovery among PSBs?

 

After several quarters of dilly-dallying on whether the worst is behind Bank of Baroda (BoB), September quarter (Q2) results offer some respite. With gross non-performing assets (NPA) ratio settling at 11.16 per cent and more importantly, gross NPAs restricted at Rs 46,307 crore — almost at par with June quarter levels, it gives investors a ray of hope that BoB is nearing the end of bad loan recognition process. READ MORE

11:29 AM

Edelweiss Securities on NBCC

 

Pick up in execution key; maintain ‘HOLD’

 

NBCC’s order book has risen sharply over the past couple of years. The design/engineering work on many of these projects is now over and tendering is underway. We expect the company to commence work on these projects over the next couple of quarters and hence revenue growth to step-up starting Q4FY18. Pace of work on these redevelopment projects will determine stock performance, in our view. We maintain ‘HOLD’ with target price of INR270, based on 40x FY19E EPS.

11:18 AM

Stay away, lot of froth in IPO mkt, warns Jhunjhunwala 

 

Major Indian share investor Rakesh Jhunjhunwala said he is steering clear of all initial public offerings for now as valuations have skyrocketed amid strong inflows and exuberance in equity markets.

 

India has had a boom in IPOs, with a record $11 billion raised this year. However, high valuations — especially for some recent insurance IPOs —have produced some weak secondary market debuts and weighed on investor sentiment in recent weeks. READ MORE

10:59 AM

20 stocks that have eroded shareholder wealth in CY17

 

Shares of Anil Ambani-owned Reliance Communications (RCom) came under selling pressure again on Thursday and lost around 4.4% to Rs 9.75 levels, after the company recently defaulted on its interest payment obligation. On a year-to-date (YTD) basis, the stock has plummeted over 70%. READ FULL REPORT

10:31 AM

Markets at 10:30 am

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,944.55	+184.11	+0.56
S&P BSE SENSEX 50	10,598.51	+54.16	+0.51
S&P BSE SENSEX Next 50	34,864.43	+155.06	+0.45
S&P BSE 100	10,611.70	+53.08	+0.50
S&P BSE Bharat 22 Index	3,689.92	+15.72	+0.43

Source: BSE

10:24 AM

5paisa Capital hits 5% lower circuit on listing

 

5paisa Capital, a part of the IIFL Group, was locked in lower circuit of 5% at Rs 380 on the National Stock Exchange (NSE) on first of its debut. The stock opened at Rs 400 on the NSE. READ FULL STORY

9:56 AM

Life's complicated for telecom investors

 

The September quarter (Q2) results indicate that it’s hard going for telecom services. The industry will soon be down to three major private service providers with two loss-making PSUs limping on. RComm has defaulted on debt and registered a loss of over Rs 2,700 crore, with revenues dropping 45 per cent in Q2.

 

Idea Cellular also saw falling revenues and a loss of Rs 1,100 crore. Idea also sold its portfolio of 10,000 towers for 30 per cent less than expected.  Bharti Airtel has also seen sustained pressure on revenues and margins. READ FULL ANALYSIS

9:41 AM

JPMorgan, Morgan Stanley put India realty investments on hold

 

At a time when US-based KKR and Blackstone are pouring millions of dollars in Indian properties, JPMorgan and Morgan Stanley, two of the biggest American banks, have put on hold their private equity (PE) investments in Indian real estate.

 

Though PE funds of most global investors such as Wachovia, Merrill Lynch, Citigroup either exited or became dormant in Indian real estate after Lehman Brothers crisis in 2008, JPMorgan and Morgan Stanley continued and were looking to raise new property funds. READ FULL REPORT

9:33 AM

Sectoral trend: All but Nifty IT were trading in green

Source: NSE

9:22 AM

Sensex heatmap at open 

Source: BSE