Sensex rebounds 507 pts from lows, ends 138 pts up; auto, IT stocks gain

Closing Bell on August 16, 2023: The shares of SBFC Finance, which debuted on Wednesday at a premium of 44 per cent, settled at Rs 92.2 per share, up nearly 62 per cent over issue price

11:27 AM

ALERT :: SP Apparels proposes to incorporate subsidiary in Sri Lanka

>> In consideration of strategical advantages and cost effective manufacturing circumstances, the company proposes to incorporate subsidiary company in Sri Lanka, it said in a BSE filing.

11:18 AM

Solid listing: SBFC Finance debuts at 44% premium over its issue price

SBFC’s IPO received huge response with issue subscribed 74 times. The institutional investor portion of the IPO was subscribed 203.61 times, high networth individual portion 51.82 times and retail portion nearly 12 times. READ MORE

11:09 AM

ALERT :: Allcargo Logistics' LCL volume falls 4% YoY in July

>> LCL volume for the month of July 2023 was down 4% as compared to July 2022 and up 5% as compared to June 2023. January 2023 onwards, the volume includes ~1.5% contribution from the new acquisition in Germany.

>> The company is witnessing increased competition for incremental volumes in the market driven by muted overall demand. 

>> July volumes have shown an uptick on a sequential basis. All our major regions saw a sequential improvement this month led by Asia Pacific, India, and LATAM. 
 

10:59 AM

Buzzing stock :: Garden Reach Shipbuilders extends gains post Q1 show; stock up 31% in 2 days

>> Standalone net profit came at Rs 76.7 crore vs Rs 50.2 crore YoY

>> Revenue was Rs 756 crore vs Rs 580 crore YoY

>> Ebita at Rs 46.1 crore vs Rs 33.5 crore YoY

>> Ebitda margin at 6.09% vs 5.77% YoY
 

10:49 AM

What your portfolio should look like when markets are at a record high

Indian markets are expected volatile over the short term and the future trajectory will remain guided by factors such as: 1) How fast interest rate hikes come to a halt globally 2) Damage to economic growth, more so in developed economies 3) Lag effect of a rise in interest rates on demand cycle & corporate EPS in India etc READ MORE

10:37 AM

Mazagon Dock in focus; stock up 4%

10:26 AM

Gangwal stake sale buzz: IndiGo dips 5% amid block deal of 18 mn shares

At 09:15 AM; around 18.19 million equity shares representing 4.71 per cent of total equity of IndiGo changed hands on the BSE, the exchange data shows. However, the names of the buyers and sellers were not ascertained immediately. READ MORE

10:16 AM

Hindustan Oil Exploration sinks 19% as govt hikes windfall tax

The government has hiked the windfall profit tax on crude oil produced in the country and on export of diesel, while bringing back the levy on overseas shipments of ATF.

 

The tax, levied in the form of special additional excise duty, on domestically produced crude oil has been raised to Rs 7,100 per tonne from Rs 4,250 per tonne, according to an official notification.
 

10:02 AM

NEW LISTING | SBFC Finance lists at 44% premium

10:00 AM

Comment :: 'Defensives like pharma, IT will be relatively safe in near-term'

Global headwinds are from the rising dollar index (103.23) and spiking US bond yields (10-year yield 4.21%). Consequently FIIs are selling, taking their cash market sell figure in August, till 15th, to Rs 9,867 crores.

Domestically, the major headwind is the rising inflation. July CPI inflation has come at 7.44%, which is 1% above consensus estimates. The CPI inflation for FY24 will have to be revised upwards to 5.6%. The takeaway from this is that a rate cut can be expected only in H2 of CY24. This is negative for rate sensitives. So, banking sector, which has been a pressure point for the Nifty is likely to experience more near-term pain.

But for long-term investors, the correction can be an opportunity since the sector is doing well and valuations are fair.  Defensives like pharmaceuticals and IT will be relatively safe in the near-term. Rupee will turn weak.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:56 AM

Zee in focus :: Sebi bars Subhash Chandra, Punit Goenka from holding KMP in merged entity

>> Report says duo to challenge the order

>> Punit Goenka & Subhash Chandra may move SAT against Sebi's order, could seek KMP position till Sebi completes probe

Alert: Sebi said it will complete the investigation in the alleged fund diversion matter within eight months. And till such time, it has barred promoters Subhash Chandra and Punit Goenka from holding a directorship or key managerial positions in any of the merged or demerged company as well. 

9:51 AM

Nagarjuna Fertilisers and Chem hits 5% lower circuit as Q1 net loss widened

The company’s Q1 net loss widened to Rs 805.45 crore for the quarter ended June 2023 as against a net loss of Rs 142.32 crore in the quarter a year ago.  Total income dipped by 28.6 per cent YoY to Rs 1,074.86 crore.

9:49 AM

Sadbhav Engineering freezes at 5% upper circuit on Q1 turnaround

The company reported a net profit of Rs 1.05 crore for the quarter ended June 2023 as against a net loss of Rs 22.31 crore in the quarter a year ago.  Total income increased by 46.7 per cent YoY to Rs 422.06 crore.

9:48 AM

Easy Trip Planners dips 2% as Q! PAT declines 22% YoY

The company’s Q1 net profit declined by 22 per cent to Rs 26.19 crore for the quarter ended June 2023 when compared with Rs 33.68 crore in the corresponding quarter a year ago. Total income, however,  was up 20.2 per cent YoY at Rs 105.46 crore.

9:47 AM

Rajesh Exports rises in a weak market as Q1 net grows 14% YoY

The company’s Q1 consolidated net rose 13.8 per cent to Rs 309.36 crore for the quarter ended June 2023 when compared with Rs 271.74 crore in the quarter a year ago. Total income surged by 73.1 per cent YoY to Rs 85,700.67 crore.