Market Live: Sensex down 200 pts; HUL pips ITC in market cap, Avenue Supermarts drops

May 18, 02:19 PM (IST)

Stake Sale: Biocon Ltd has sold close to 2 percent stake in its research arm Syngene International for an estimated Rs 230 crore. 

“Biocon, the promoter of Syngene International, on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88 per cent of the equity share capital of Syngene through open market sale,” Biocon said in a regulatory filing.

In a separate filing, Syngene said Biocon has sold the shares for achieving minimum public shareholding requirement.

Based on average weighted price of Syngene’s  shares on May 16 at Rs 611.02 apiece, the transaction is estimated at Rs 230.08 crore.

Post transaction, stake of promoter and promoter group in the company stands at 72.57 per cent. Public shareholding is 25.90 percent, reports PTI.

May 18, 02:15 PM (IST)

Here are the top headlines from Moneycontrol News’ Anchal Pathak

May 18, 02:09 PM (IST)

Earnings: Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter.

Profit for the quarter grew by 34.7 percent year-on-year to Rs 1,080 crore and revenue rose by 38.3 percent to Rs 6,773 crore.

Operating profit jumped 45.2 percent to Rs 1,315 crore for the quarter and margin expanded 90 basis points to 19.4 percent compared to year-ago.

The board of directors has announced dividend of Rs 60 per share.

Earnings : Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter. Profit for the quarter grew by 34.7 percent year-on-year to Rs 1,080 crore and revenue rose by 38.3 percent to Rs 6,773 crore. Operating profit jumped 45.2 percent to Rs 1,315 crore for the quarter and margin expanded 90 basis points to 19.4 percent compared to year-ago. The board of directors has announced dividend of Rs 60 per share.

May 18, 01:59 PM (IST)

Crude Impact: Crude oil prices may rise further in the coming months, following which India’s current account deficit will be around 2.4 per cent in 2018-19, says a Goldman Sachs report.

 According to the global financial services major, the rise in international crude prices poses risks to India’s current account deficit.

“Our commodities team expects oil prices to continue to rise over the course of this summer, before moderating slightly at the end of the year. We recently increased our 2018-19 current account deficit (CAD)forecast to 2.4 per cent of GDP (from 2.1 per cent of GDP earlier),” Goldman Sachs said in a research note.

CAD widened to 2 percent or USD 13.5 billion in the October-December quarter of 2017, up from 1.4 per cent, or USD 8 billion, in the corresponding period a year ago.

Globally, brent broke through the USD 80 a barrel mark yesterday for the first time since November 2014, reports PTI.

May 18, 01:50 PM (IST)

Buzzing: Strides Shasun share price dropped nearly 10 percent after it reported consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against profit of Rs 91.6 crore in year-ago.

Revenue from operations fell by 1.9 percent year-on-year to Rs 664.2 crore for the quarter ended March 2018.

Consolidated operating profit (EBITDA – earnings before interest, tax, depreciation and amortisation) plunged 33.2 percent to Rs 86.5 crore and margin contracted 610 basis points to 13 percent compared to same quarter last fiscal.

Other income during the quarter fell sharply to Rs 21.8 crore compared to Rs 62.4 crore in Q4FY17.

Buzzing: Strides Shasun share price dropped nearly 10 percent after it reported consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against profit of Rs 91.6 crore in year-ago. Revenue from operations fell by 1.9 percent year-on-year to Rs 664.2 crore for the quarter ended March 2018. Consolidated operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) plunged 33.2 percent to Rs 86.5 crore and margin contracted 610 basis points to 13 percent compared to same quarter last fiscal. Other income during the quarter fell sharply to Rs 21.8 crore compared to Rs 62.4 crore in Q4FY17.

May 18, 01:44 PM (IST)

Market Update: Benchmark indices extended losses in afternoon, continuing fall for the fourth consecutive session amid uncertainty over the formation of government in Karnataka and likely widening of fiscal deficit due to higher crude oil prices.

The 30-share BSE Sensex was down 236.81 points at 34,912.31 and the 50-share NSE Nifty fell 64.20 points to 10,618.50.

About two shares declined for every share rising on the BSE.

May 18, 01:25 PM (IST)

Here are the top headlines from Moneycontrol News’ Sakshi Batra

May 18, 01:17 PM (IST)

Buzzing: Retail chain Avenue Supermarts share price fell 6 percent as promoter Radhakishan Damani is going to sell up to 1 percent stake to meet minimum public shareholding norm.

Buzzing : Retail chain Avenue Supermarts share price fell 6 percent as promoter Radhakishan Damani is going to sell up to 1 percent stake to meet minimum public shareholding norm.

May 18, 01:05 PM (IST)

Fund Raising: Infrastructure firm NCC said its board will meet next week to consider raising funds through issuance of equity shares or warrants to promoters on preferential basis.

“The Board of Directors at the board meeting (on May 24)  will…consider the proposal to issue equity shares/warrants to the promoters/promoter group,” NCC said in a BSE filing.

The company, however, did not share any details.

May 18, 01:02 PM (IST)

Trading in F&O: Leading bourse NSE said US regulator Commodity Futures Trading Commission (CFTC) has allowed the exchange’s brokers to trade in derivatives for US clients.

CFTC yesterday issued a Part 30 exemptive order to National Stock Exchange (NSE) as part of its programme of regulatory deference to foreign regulatory frameworks, the bourse said in a statement.

Part 30 exemptive programme provides US customers with increased access to foreign futures markets.

The move will allow NSE brokers to accept US customer funds directly for trading in futures and options contracts on the exchange without the members having to register with CFTC as a futures commission merchant, reports PTI.

May 18, 12:48 PM (IST)

Market Update: The market remained under pressure amid continued uncertainty over the formation of government in Karnataka, higher crude oil prices and weak rupee.

The Sensex and Nifty Bank indices fell more than 100 points while the Nifty Midcap index underperformed frontliners, falling over half a percent.

FMCG stocks continued to support the market as ITC and HUL gained over a percent each while all other sectoral indices are in the red.

More than 110 stocks hit 52-week low with cuts in names such as ACC, Bank of Baroda, Oriental Bank of Commerce etc.

May 18, 12:42 PM (IST)

Buzzing: Chemicals firm SRF share price fell nearly 10 percent after it reported a 4 percent decline in its consolidated net profit at Rs 124 crore for the quarter ended March YoY.

Total income rose to Rs 1,625.30 crore in the fourth quarter from Rs 1,442.37 crore in the corresponding period of the previous year.

For the full last financial year, SRF’s net profit fell by 10 per cent to Rs 462 crore from Rs 515 crore in 2016-17. Total income increased to Rs 5,753.67 crore in the 2017-18 fiscal from Rs 5,182.05 crore in the previous year.

May 18, 12:34 PM (IST)

Ashok Leyland Q4 Preview: Net profit likely to see robust growth, no big capex expected

Ashok Leyland Q4 Preview: Net profit likely to see robust growth, no big capex expected

According to a Reuters poll of 21 analysts, it is expected to report a rise 38 percent in standalone net profit on year to Rs 655 crore

May 18, 12:28 PM (IST)

New Offer for Binani Cement: Sources told CNBC-TV18 that lenders will take up UltraTech Cement’s revised offer in today’s meeting.

Its revised offer for Binani Cement stands at approximately Rs 7,960 crore, which is much higher than Dalmia Bharat’s offer at approximately Rs 6,590 crore.

Binani Industries’ proposal to settle claims may be discussed by lenders as well.

May 18, 12:20 PM (IST)

JSW Steel finalises Aferpi deal, to acquire Italy’s 2nd largest steelmaker for Rs 600 crore

JSW Steel finalises Aferpi deal, to acquire Italy's 2nd largest steelmaker for Rs 600 crore

JSW Steel has finally sewn up the deal to acquire Italy’s second largest steelmaker Aferpi after hectic negotiations over deal size and plans to turnaround the facility.

May 18, 12:18 PM (IST)

Here are the top headlines from Moneycontrol News’ Anchal Pathak

May 18, 12:04 PM (IST)

CAD to widen further?: Trade deficit in Apr’18 remained elevated at $13.7 billion, but the overall trade activity remained tepid. Growth in exports and imports remained low at 5.2 percent YoY and 4.6 percent YoY, respectively. Capital Goods and commodity-oriented sectors gained momentum while consumption-oriented sectors continued to languish. Consumption-oriented imports reflected similar trend as that in Consumer Durables production, pointing to overall weakness in consumption.

Emkay expects some improvement in consumption-centric imports in FY19, with higher government focus on the rural sector. Escalation in global trade protectionism amid rising commodity prices poses a risk to India’s trade deficit, it feels.

“Net services exports expanded to $6.6 billion Mar’18, with both service imports & exports gaining traction. CAD/GDP for FY18 is expected at 1.9 percent and we believe it can further expand to 2.5 percent in FY19,” Emkay said.

May 18, 12:02 PM (IST)

May 18, 11:59 AM (IST)

Key points from Supreme Court order on Karnataka election:
# The floor test will happen at 4.00 pm on Saturday (tomorrow).
# Chief Minister will not take any major policy decision until the floor test.
# DGP has been asked to ensure the safety of all lawmakers.
# A member of the Anglo-Indian community will not be appointed till floor test concludes.
# Appearing for Yeddyurappa, Rohatgi argued that the time is not enough.
# Request from Rohatgi for secret ballot as the mode of the floor test was rejected

May 18, 11:53 AM (IST)

Market Update: The market remained under pressure, with the Sensex falling more than 100 points amid higher crude oil prices, corporate earnings and uncertainty over formation of government in Karnataka.

All sectoral indices are in the red barring FMCG that gained more than 1 percent. PSU Bank and Pharma indices lost a percent each.

HDFC twins, ICICI Bank and Tata Motors dragged the market while Bajaj Finance, ITC, HUL continued to support the market.

The 30-share BSE Sensex was down 133.60 points at 35,015.52 and the 50-share NSE Nifty fell 35.40 points to 10,647.30.

May 18, 11:44 AM (IST)

Motilal Oswal Sec says consumption has been highlight of Q4 earnings; likes Bajaj Finance

Motilal Oswal Sec says consumption has been highlight of Q4 earnings; likes Bajaj Finance

The March quarter earnings season is nearing its fag end and Motilal Oswal Securities says the highlight has been the consumption story.

May 18, 11:38 AM (IST)

Order Win: Larsen & Toubro (L&T) today said L&T Construction has won orders worth Rs 1,504 crore in the domestic market.

“The heavy civil infrastructure business of L&T Construction has bagged orders worth Rs 1,504 crore,” the engineering and construction major said in a BSE filing.

The marine infrastructure project from the Cochin Shipyard is for part design and construction of a dry dock along with associated works, the company elaborated.

L&T GeoStructure, also part of L&T Construction, has received an order from the Kalinga International Coal Terminal Paradip for construction of piling, diaphragm wall and berth deck at Paradip Port, Odisha, reports PTI.

May 18, 11:36 AM (IST)

Tie Up: Bharti Airtel and Amazon India announced a strategic partnership with an aim to jointly drive smartphone adoption across the country.

May 18, 11:21 AM (IST)

Here are the top headlines from Moneycontrol News’ Anchal Pathak

May 18, 11:17 AM (IST)

Buzzing: Shares of JK Tyre and Industries rose 8 percent intraday as company reported strong numbers in the quarter ended March 2018.

The company’s Q4 net profit was 77 percent at Rs 158.87 crore against Rs 89.48 crore in the same quarter last fiscal.

Revenue from operations was down 1 percent at Rs 2,283.97 crore versus Rs 2309.48 crore.

The board has recommended a dividend of Rs 1.50 per equity share of Rs 2 each (75 percent) for the financial year ended March 31, 2018.

Buzzing: Shares of JK Tyre and Industries rose 8 percent intraday as company reported strong numbers in the quarter ended March 2018. The company's Q4 net profit was 77 percent at Rs 158.87 crore against Rs 89.48 crore in the same quarter last fiscal. Revenue from operations was down 1 percent at Rs 2,283.97 crore versus Rs 2309.48 crore. The board has recommended a dividend of Rs 1.50 per equity share of Rs 2 each (75 percent) for the financial year ended March 31, 2018.

May 18, 11:15 AM (IST)

Karnataka Election: Supreme Court on  Floor test seems to be the best option, says Justice Sikri while Abhishek Manu Singhvi told Supreme Court that the floor test is an inevitability.

Supreme Court said it is just a number game, one who enjoys the majority should be invited to form the government in Karnataka.

May 18, 11:12 AM (IST)

Results Date: MMTC said board of directors, on May 29, will consider the audited standalone and consolidated financial results for quarter and year ended March 31, 2018.

The board will also recommend dividend, if any, on the equity shares of the company for the year ended March 31, 2018 for the approval of the shareholders at the ensuing Annual General Meeting.

May 18, 10:50 AM (IST)

Market Update: The market continued trade lower, with the Sensex falling more than 100 points amid higher crude oil prices and corporate earnings.

All sectoral indices are in the red barring FMCG, with the PSU Bank and Pharma indices losing a percent each.

Bajaj Auto is up nearly 3 percent ahead of March quarter earnings as Profit is expected to jump 30 percent year-on-year basis.

The 30-share BSE Sensex was down 113.74 points at 35,035.38 and the 50-share NSE Nifty fell 24.30 points to 10,658.40.

May 18, 10:38 AM (IST)

Buzzing: Bajaj Finance share price gained nearly 2 percent on top of 7.63 percent upside in previous session, following solid earnings growth for the quarter ended March 2018.

Net profit in Q4 surged 61 percent year-on-year to Rs 720.9 crore compared to Rs 449 crore in corresponding period of last fiscal.

Net interest income, the difference between interest earned and interest expended, grew by 40 percent to Rs 2,365 crore compared to Rs 1,686 crore in year-ago.

Asset quality also improved as gross non-performing assets (NPA) for the quarter fell to 1.48 percent from 1.67 percent in previous quarter. Net NPA were also down at 0.38 percent from 0.53 percent on sequential basis.

Buzzing : Bajaj Finance share price gained nearly 2 percent on top of 7.63 percent upside in previous session, following solid earnings growth for the quarter ended March 2018. Net profit in Q4 surged 61 percent year-on-year to Rs 720.9 crore compared to Rs 449 crore in corresponding period of last fiscal. Net interest income, the difference between interest earned and interest expended, grew by 40 percent to Rs 2,365 crore compared to Rs 1,686 crore in year-ago. Asset quality also improved as gross non-performing assets (NPA) for the quarter fell to 1.48 percent from 1.67 percent in previous quarter. Net NPA were also down at 0.38 percent from 0.53 percent on sequential basis.

May 18, 10:31 AM (IST)

Listing on Monday: IndoStar Capital Finance, an NBFC which offers structured term financing solutions for corporates, and loans to small and medium enterprise (SME) borrowers, is set to list on bourses on Monday. 

It has recently expanded its portfolio to offer vehicle finance and housing finance products.

Source: moneycontrol