10:10 am Buzzing: Bajaj Electricals surged nearly 7 percent after the engineering & project business unit of the company has bagged orders for ten rural/urban electrification projects.
The company said the order worth Rs 3,577.93 crore was from Madhyanchal Vidyut Vitran Nigam Limited under the Saubhagya Yojna of Government of India in Uttar Pradesh.
The scope of work includes work of rural/urban electrification and related work on turnkey basis under the Saubhagya Yojna of Government of India.
These projects will be completed within 15 months from the date of issue of letter of intent, the company said.
Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak
9:55 am China Growth: China’s economic growth held steady at 6.8 percent over a year earlier in the quarter ending in March, buoyed by retail sales and investment.
Data released today showed growth in the world’s second-largest economy was down slightly from 2017’s full-year expansion of 6.9 per cent but in line with the quarter ending in December.
9:42 am Rupee Trade: The rupee fell 4 paise to 65.53 against the dollar at the interbank forex market.
Yesterday, the rupee had fell by 29 paise, or 0.44 per cent, to close at a six-month low of 65.49 against the US currency on widening trade deficit concerns amid heightened geopolitical worries.
9:32 am Market Update: Benchmark indices erased opening gains amid consolidation, as investors digested normal monsoon forecast and look for corporate earnings.
The 30-share BSE Sensex was down 2.48 points at 34,302.95 and the 50-share NSE Nifty fell 2.20 points to 10,526.20.
About 917 shares advanced against 548 declining shares on the BSE.
9:30 am Long Term Agreement: Adani Ports and Special Economic Zone (APSEZ) share price gained nearly a percent after it signed a long term agreement with Indian Oil Corporation (IOC) to provide liquefied natural gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha.
As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in West Bengal.
9:22 am Cipla’s Clarification: Cipla informed exchanges that the US FDA conducted a routine current Good Manufacturing Practices (cGMP) audit at its Indore formulations facility during April 2-13.
“This was in the normal course of business. There were no data integrity and/or repeat observations. At this stage, the company believes the
observations are unlikely to have any material adverse impact,” it said.
The company will submit the response within the stipulated timeframe.
US FDA observations
-Testing programme not adequately designed to assess stability characteristics of products
-Written procedures not designed properly for assuring product quality
-Scientifically sound & appropriate laboratory control mechanisms not established
9:18 am Buzzing: Glenmark Pharmaceuticals share gained more than a percent after the drug maker announced the initiation of a Phase 2b clinical trial of GBR 830, a novel, investigational treatment for moderate-to-severe atopic dermatitis.
The trial’s primary endpoint will assess the efficacy of GBR 830, compared to placebo. Secondary and exploratory trial endpoints include additional measures of efficacy, safety and pharmacodynamics. Trial enrollment is
expected to begin in June 2018, it said.
9:15 am Market Update: Benchmark indices opened mildly higher amid positive global cues on Tuesday, continuing upmove for the ninth consecutive session.
The 30-share BSE Sensex was up 74.11 points at 34,379.54 and the 50-share NSE Nifty rose 21.00 points to 10,549.40.
NIfty Midcap gained 58 points.
Power Grid, Hindalco, M&M, Adani Ports, Tata Steel, Vedanta, Tata Motors, L&T, Bajaj Finance and SBI and Sobha were early gainers.
Infosys, TCS, Wipro and Tech Mahindra were under pressure, falling up to 1 percent.
Mishra Dhatu rallied 9 percent on top of 40 percent rally in previous session.
Bajaj Electricals, DB Realty, VST Tillers, Force Motors, Coromandel International and Indiabulls Real Estate gained up to 5 percent.
Talwalkar Fitness and Alok Industries fell up to 10 percent.
9:14 am Dividend Announcement: Biocon said consideration and recommendation of final dividend, if any, for the financial year 2017-18 forms part of the agenda of the meeting of Board of Directors of the company, scheduled on April 26, 2018.
9:10 am Pre-Opening Settlement: The Sensex settled with a gain of 76.37 points or 0.22 percent at 34381.80 and the Nifty with a gain of 28.90 points or 0.27 percent at 10,557.30 in pre-opening trade.
9:05 am Technical Recommendations: We spoke to HDFC Securities and here’s what they have to recommend:
Tata Global: BUY| Target Rs. 300 | Stop-loss Rs 268 | Return 7%
JAI CORP: BUY| Target Rs. 181 | Stop-loss Rs 154 | Return 11%
GENUS POWER: BUY| Target Rs. 62 | Stop-loss Rs 54 | Return 8%
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
9:03 am Stocks in news: Cipla: USFDA conducts inspection at Indore facility
Bajaj Electricals: Company wins orders worth Rs 3,577.93 crore as part of govt’s Saubhagya Yojna
Fortis Healthcare: The company said that the Board will meet this week to look at eligible options.
Reliance Communications: No legal restriction any more to proceed with sale of spectrum, MCNs & real estate.
Adani Ports: Signs A Long Term Regasification Pact With Indian Oil For Dhamra LNG Terminal
Results in focus: CRISIL, Muthoot Capital, Orchid Pharma, and Tata Sponge Iron, among 9 companies declaring results on Tuesday.
Sobha: Company to invest Rs 500 crore for residential project in GIFT City, Gujarat.
Sterlite Technologies: Board to consider raising funds through issue of securities on April 25
9:01 am Market Check: Benchmark indices were in the green in pre-opening trade, following positive lead from global peers.
The 30-share BSE Sensex was up 123.85 points at 34,429.28 and the 50-share NSE Nifty rose 55.30 points to 10,583.70.
Jaypee Infra fell 5 percent while STC gained 1.5 percent.
State Bank of India was up 3 percent and M&M rose 1.75 percent.
Tata Motors was up 0.8 percent.
US stocks closed higher on Monday, with the biggest boosts from technology and healthcare sectors as investors were optimistic about earnings season and appeared less worried about US-led missile attacks in Syria, Reuters reported.
The Dow Jones Industrial Average rose 212.9 points, or 0.87 percent, to 24,573.04, the S&P 500 gained 21.54 points, or 0.81 percent, to 2,677.84 and the Nasdaq Composite added 49.64 points, or 0.7 percent, to 7,156.29.
Asia stocks edged higher on Tuesday, tracking Wall Street gains as the focus shifted to corporate earnings and looming economic data from China amid signs Western-led strikes on Syria weren’t likely to escalate, a Reuters report said.