Telecom stocks were in focus after Reliance Jio raised data tariffs last week, signalling more pricing discipline in the sector, while strong global markets also boosted sentiment.
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03:48 PMMarket rundown by Anand James, Chief Market Strategist at Geojit Financial ServicesNPA worries continue to cloud markets’ upside prospects, firm global peers as well as centre’s plan to infuse new funds to PSU banks supported the banking stocks and gave impetus to the indices later in the afternoon, while also signs of price rationalisation lifted telecom stocks.
Nifty Chart for the daySource: NSE
Telecom shares rallied post Jio tariff hike planSource: BSE
Nifty IT gains ahead of Infosys resultsSource: NSE
Nifty Bank snaps 3-day rallySource: NSE
Tos Sensex gainers and losersSource: BSE
In broader markets, BSE Midcap index was in line with the frontline indices, up 0.45% while the BSE Smallcap index was a little changed
Markets at close
The S&P BSE Sensex ended at 32,506, up 116 points while the broader Nifty50 index settled at 10,184, up 38 points
Sectoral TrendSource: NSE
03:08 PMHSBC appoints Jayant Rikhye as CEO IndiaThe Hongkong and Shanghai Banking Corporation (HSBC) on Monday appointed Jayant Rikhye as the Chief Executive Officer for India operations. He will take charge on December 1 and will be succeeding Stuart Milne, who has held the position for five years.Rikhye joined the bank in 1989 and is currently the head of international markets, Asia Pacific.
Market check at 3 pmSource: BSE
02:56 PMBharti Airtel set to join Rs 2-lakh cr market-cap club after a 10-year gapBharti Airtel is set to join the elite league of corporate entities with a market value of over Rs 2 lakh crore after a gap of 10 years.The stock surged 6% to Rs 501 on BSE in intra-day trade on Monday after the media reports suggested that the analyst at Morgan Stanley upgraded the recommendation on Bharti Airtel to overweight from equal-weight.
EarningsConsumer electrical goods maker Havells India today reported a standalone net profit of Rs 171.02 crore for the quarter ended on September 30, 2017, on account of higher income.The company had posted a net profit of Rs 145.79 crore during the same period previous fiscal, Havells India said in a regulatory filing.
Zuari Agro rallies 20% on healthy earningsProfit grew multi-fold to Rs 53.5 crore in Q2, compared with Rs 0.3 crore in same quarter last fiscal, driven by sharp rise in revenue and operational income.Revenue shot up 87 percent year-on-year to Rs 1,315 crore while operating profit jumped to Rs 127.5 crore from Rs 33.1 crore and margin expanded by 500 basis points to 9.7%from 4.7% YoY.
02:20 PMHDFC Securities report on Sundaram FinanceBuy at CMP and add on declinesSequential Targets: Rs. 1860 & Rs. 2096CMP: Rs. 1663Sundaram Finance has seen slow growth in top and bottom line over the past three years due to its conscious strategy of conservatism in bad times. This has paid off as the NPA levels are much under control unlike a lot of its peers. The management has built a portfolio of assets over the past few years in the entire financial space whose values may keep rising as India’s economy becomes more formalized and savings are routed to formal financial avenues like Mutual funds, Insurance etc.
02:06 PMEurope checkEuropean markets opened slightly higher, as investors monitored fresh corporate earnings and awaited further developments of Spain’s ongoing constitutional crisis.The pan-European Stoxx 600 edged up 0.17% shortly after the opening bell with almost all sectors and major bourses in positive territory.
01:50 PMBUZZING STOCKGoa Carbon was locked in 5% lower circuit at Rs 767 on BSE on profit booking after gaining 27.6% in the preceding five trading sessions to settle at Rs 807.35 on 19 October 2017, from its close of Rs 632.70 on 12 October 2017.
01:38 PMHCL Infosystems gains after disclosing rights issue detailsHCL Infosystems rose 2.9% to Rs 48.9 on BSE after the company said it will raise Rs 499.09 crore from its existing shareholders by way of rights issue.
Nifty Pharma falls nearly 1%Source: NSE
Infosys has rallied nearly 1% in trade on Monday to Rs 935 levels on the National Stock Exchange (NSE). The company is likely to announce its September quarter results post market hours on Tuesday
01:11 PMRealty shares in focusShares of real estate companies were trading higher by up to 14% on the BSE in an otherwise subdued market in noon deal trade on expectation of uptick in residential new sales in ensuing quarters across key markets.Sunteck Realty, Sobha, Kolte-Patil Developers, Unitech and Puravankara were up 5% to 14% on the BSE.Kolte-Patil Developers, Puravankara and Sobha were trading at their respective 52-week highs while NBCC (India), Delta Corp and Sunteck Realty hit record highs on the BSE in intra-day trade on Monday.
Markets at 1pm
Index Current Pt. Change % Change S&P BSE SENSEX 32,346.24 -43.72 -0.13 S&P BSE SENSEX 50 10,518.63 -15.60 -0.15 S&P BSE SENSEX Next 50 34,766.84 +18.13 +0.05 S&P BSE 100 10,539.98 -12.04 -0.11 S&P BSE MidCap 16,106.14 +29.72 +0.18
Bhushan Steel hit an upper circuit limit of 20% at Rs 69.80 on BSE after a media report suggested that the global steel giant, ArcelorMittal, showed interest in buying the Indian firm.
12:49 PMReliance Industries gains post tariff hike plan
Reliance Jio increased price of its popular 84-day plan by 15% to Rs 459 from October 19, under which subscribers get 1GB 4G data at high speed per day.However, subscribers of Rs 149 plan gets 4GB of data for each billing cycle of 28 days under the new scheme “Diwali Dhamaka” compared to 2GB being offered at present.
Reliance Industries races to $100 billionReliance Industries (RIL) is likely to be the first Indian company to touch the $100 billion market capitalisation mark. Valued at $91.4 billion at present, the Mukesh Ambani-led company is only 10% away from this landmark.Thanks to a successful foray into telecom, RIL has seen its shares spurt 68% in 2017. Globally, there are 93 companies in the $100-billion-plus club. RIL is ranked 109 just behind Morgan Stanley.
The Hongkong and Shanghai Banking Corporation Limited today announced the appointment of Jayant Rikhye as the Chief Executive Officer for HSBC India with effect from 1 December 2017, subject to regulatory approvals
(Source: Company release)
12:34 PMKotak Securities recommends SELL on ICICI LombardICICI Lombard is poised for earnings and profitability growth with an increase in insurance penetration, better pricing, and improvement in operating efficiency. We expect its combined ratio to improve 290 bps to 101% in FY2017-20E and steady investment income to drive 21-23% medium-term RoE (18% in FY2017). However, current rich valuations (30X EPS and 6.3X book FY2019E) don’t provide any room for inherent volatility in the core risk-underwriting business. We initiate coverage with a SELL rating and a target price of Rs 550 (23% downside).
12:32 PMPrabhudas Lilladher on UltraTech CementUltratech (UTCEM) reported Q2FY18 earnings ahead of our expectation. The key surprise came on account of lower other expenses. Given the lumpiness of cost components and stabilisation of acquired assets underway, we believe that current quarter don’t reflect the steady run-rate of other expenses and hence, we keep our earnings estimates unchanged for FY18E/FY19E. Given the rich valuations and relatively better earnings outlook for its peers, we remain cautious on the stock in medium term. Maintain Accumulate with target price of Rs 4500, EV/EBITDA of 16x FY19E.
NIA’s Rs 10,000-cr IPO to hit market in first week of November GET THE DETAILS HERE
12:29 PMInfosys Q2 preview: What Dalal Street wishes to hear from Nandan NilekaniInfosys will likely cut CC revenue growth guidance for FY18 to 6-7% from 6.5-8.5% announced earlier, said Kotak Institutional Equities