Global cues, index heavyweights lift equities; metals slump

Apr 24, 2018 0

Mumbai– Key Indian equity indices on Tuesday closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings and healthy buying in oil and gas, banking and capital goods stocks.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra and Mahindra (M&M), and ICICI Bank were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks, along with outflow of foreign funds and higher crude oil prices, trimmed some gains of the benchmark indices, market observers said.

On closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 29.65 points or 0.28 per cent from the last closing to 10,614.35 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

In contrast, the BSE market breadth remained bearish with 1,497 declines and 1,180 advances.

The broader markets underperformed the benchmark index, with the S&P BSE mid-cap index closing lower by 0.02 per cent and the small-cap index by 0.13 per cent.

“Markets ended with moderate gains on Tuesday after (the Nifty50) finding support at the 10,569 levels,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a mixed note. European indices like FTSE 100 and DAX traded in the green,” added Jasani.

On the currency front, the Indian rupee strengthened by 10 paise at 66.38 against the US dollar from its previous close at 66.48.

Anand James, Chief Market Strategist, Geojit Financial Services, said: “Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the US towed by higher bond yields and fall in technology stocks.”

“Brent testing the $75 mark and FIIs (foreign institutional investors)’s continuous selling in the equities ensured that upsides were capped. All eyes would now be on whether the government will cut excise duty to provide relief to common man or stick to fiscal prudence,” he said.

In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 680.99 crore, while the domestic institutional investors purchased stocks worth Rs 508.55 crore.

Sector-wise, the S&P BSE oil and gas index rose by 215.36 points, followed by capital goods index by 123.98 points and banking stocks by 110.66 points.

On the other hand, the S&P BSE metal index declined by 265.55 points, IT index by 227.26 points and Teck (technology, media and entertainment) index by 104.52 points.

The major Sensex gainers on Tuesday were: RIL, up 3.70 per cent at Rs 969.75; Yes Bank, up 3.31 per cent at Rs 323.40; M&M, up 1.94 per cent at Rs 838.45; Adani Ports, up 1.74 per cent at Rs 391.95; and ICICI Bank, up 1.66 per cent at Rs 284.20.

The top losers were: Wipro, down 3.30 per cent at Rs 287.05; Infosys, down 2.49 per cent at Rs 1,153.90; Tata Steel, down 1.23 per cent at Rs 598.25; State Bank of India, down 0.87 per cent at Rs 240.60; and Tata Consultancy Services, down 0.87 per cent at Rs 3,385.65. (IANS)

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Essar sells “Equinox Business Parks” to Brookfield for Rs 2,400 cr

Apr 24, 2018 0

Mumbai– Essar Group on Tuesday announced that it has completed the sale of “Equinox Business Parks” to Brookfield Asset Management for an enterprise value of Rs 2,400 crore.

According to the company, the commercial property spread across nearly 10 acres is located in Mumbai’s Bandra-Kurla Complex (BKC) and comprises of four towers, with a leasable office space of about 1.25 million sq ft.

“In 2006, Essar was a licensee in the Park. Later, realising the potential of BKC in the commercial real estate space, it acquired the towers and ultimately the entire Park in the period between 2008 and 2012,” the company said in a statement.

“Over time, Essar developed the Park as among the few corporate parks in Mumbai with campus-like facilities. These facilities include a Commerce Centre, club house, food court, cafeteria, banquet hall and parking.” (IANS)

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Bharti Airtel’s fourth quarter net profit drops 78%

Apr 24, 2018 0

New Delhi– Bharti Airtel’s consolidated net profit for the January-March (fourth) quarter of 2017-18 dropped by 77.8 per cent, a company statement said here on Tuesday.

The company posted net profit of Rs 83 crore for the Q4 of 2017-18 compared to Rs 373 crore posted during the corresponding period a year ago.

The net revenue of the company during the quarter stood at Rs 19,634 crore, down 10.5 per cent from Rs 21,935 crore posted during the corresponding quarter in 2017-18.

The statement said during the quarter mobile data traffic had grown more than six times to 1,540 billion MBs in the quarter as compared to 225 billion MBs in the corresponding quarter last year. Mobile broadband customers increased by 79.3 per cent to 76.6 million from 42.7 million in the corresponding quarter last year.

“The telecom industry continues to witness below cost, artificially suppressed pricing. Industry revenues were further adversely impacted this quarter due to the reduction in International termination rates. Airtel continued to consolidate its leadership position this quarter,” said Gopal Vittal, MD and CEO, India & South Asia.

“Our strategic investments in data capacities, innovative digital content through Airtel TV, customer friendly bundles and upgrade programs led to the highest ever mobile data customer additions of 15 million during the quarter. Usage parameters remained robust on a year-on-year basis, we saw data and voice traffic grow 584 per cent and 55 per cent respectively,” he added.

Vittal said the company ended the financial year 2017-18 with its highest ever capital expenditure of Rs 240 billion. “We intend to continue the rollout momentum next year as well.”

During the quarter, Bharti Airtel acquired Tigo Rwanda country operations in Africa.

“Airtel Africa’s revenues grew by 10.7 per cent on a year-on-year basis. Data traffic grew 88 per cent, voice minutes increased by 37 per cent and Airtel Money throughput grew by 45 per cent on a year-on-year basis,” said Raghunath Mandava, MD and CEO, Africa operations. (IANS)

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Equity indices inch-up; IT stocks rise

Apr 23, 2018 0

Mumbai– The Indian equity indices witnessed a volatile trade session on Monday and closed on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

According to market observers, healthy buying was witnessed in healthcare, IT and auto stocks.

However, global cues, profit booking and upcoming derivatives expiry arrested the upward movement of the key indices.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed higher by 20.65 points or 0.20 per cent at 10,584.70 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,493.69 points, closed at 34,450.77 points — up 35.19 points or 0.10 per cent — from its previous session’s close.

The Sensex touched a high of 34,663.95 points and a low of 34,259.27 during the intra-day trade.

The BSE market breadth was tilted towards the bulls with 1,384 advances and 1,304 declines.

In the broader market segment, the S&P BSE mid-cap index closed higher by 0.49 per cent and the small-cap index inched up by 0.53 per cent.

“It has been a volatile day on the bourses as markets have not been able to hold on to gains, while bears have been unsuccessful in putting a lid on positive sentiment. Benchmark indices opened lower on negative global clues but recovered as the session progressed,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“However, unable to hold onto larger gains, both the benchmarks — Sensex and the Nifty — finally closed the day near the flat line.”

HDFC Securities’ Retail Research Head Deepak Jasani said: “Markets ended with modest gains on Monday after a sell-off from the highs curbed the gains. Selling emerged from the highs of 10,638 points (on Nifty50).

“Trading was volatile ahead of derivative expiry this week,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 35 paise on Monday to 66.48 against the US dollar from its previous close at 66.13.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 259.08 crore, while the domestic institutional investors purchased stocks worth Rs 387.26 crore.

Sector-wise, the S&P BSE healthcare index rose by 178.18 points, followed by IT which gained 89.92 points and auto stocks which edged up by 83.33 points.

On the other hand, the S&P BSE metal index fell by 133.04 points, FMCG index by 47.57 points and basic materials index by 7.92 points.

In another major market development, IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).

On closing basis, however, the company’s m-cap stood at Rs 653,767.50 crore or $99.05 billion on the BSE. Share price of the company settled at Rs 3,415.20 each, up 0.26 per cent from the previous close.

The major Sensex gainers on Monday were IndusInd Bank, up 3.40 per cent at Rs 1,875.60; Mahindra and Mahindra, up 2.74 per cent at Rs 822.50; Sun Pharma, up 1.74 per cent at Rs 514.20; Asian Paints, up 1.68 per cent at Rs 1,178.60; and Yes Bank, up 1.49 per cent at Rs 313.05 per share.

The top losers on Sensex were HDFC Bank, down 1.42 per cent at Rs 1,933.05; Tata Motors (DVR), down 1.15 per cent at Rs 188.75; Coal India, down 0.98 per cent at Rs 289.20; Hindustan Unilever, down 0.97 per cent at Rs 1,451.25; and ICICI Bank, down 0.85 per cent at Rs 279.55 per share. (IANS)

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RInfra’s Q4 2017-18 consolidated net profit zooms by 291%

Apr 23, 2018 0

Mumbai– Reliance Infrastructure (RInfra) on Monday reported an exponential rise of 291 per cent in its consolidated net profit for the fourth quarter of 2017-18.

According to the company, the consolidated net profit increased to Rs 160 crore from Rs 41 crore reported for the corresponding period of previous fiscal.

“If we exclude Mumbai Metro loss of Rs 43 crore and RNaval loss of Rs 130 crore in Q4 FY18, Net Profit would have been higher by 135 per cent YoY to Rs 333 crore,” the company said in a statement.

The company’s consolidated total income during the quarter under review increased by 12 per cent to Rs 6,737 crore ($1 billion).

In addition, the firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) during Q4 rose by 50 per cent to Rs 2,399 crore ($368 million).

On a financial year basis, RInfra reported a consolidated net profit of Rs 1,339 crore ($206 million) for 2017-18.

“FY18 net profit of Rs 1,888 crore ($290 million) — up 1 per cent (prior to Mumbai Metro loss of Rs 238 crore and RNAVAL loss of Rs 311 crore),” the statement said.

As per RInfra’s statement, its total income for the financial year under review stood grew by three per cent to Rs 28,724 crore ($4.4 billion).

“Consolidated net worth of Rs 24,219 crore ($3.7 billion) and book value of Rs 921 ($14) per share at the end of FY18,” the statement said.

Among the key highlights of the quarter, the EPC (engineering, procurement and construction) business has a current order book stood at Rs 20,500 crore. It has “won projects worth Rs 15,700 crore in last 1 year”.

In the road infrastructure segment, the company’s revenue increased by 13 per cent to Rs 1,093 crore.

“Expect Delhi-Agra and Pune-Satara projects to be completed in 2018,” the statement said.

Further, RInfra earned revenue worth Rs 291 crore in FY18 from its Mumbai Metro One project.

In defence manufacturing space, the company’s JV Dassault Reliance Aerospace is expected to play a major role in meeting the offset obligation of Rs 30,000 crore for “Rafale 36” contract.

In terms of arbitration, the company won an arbitration award against DMRC worth Rs 5,300 crore including interest.

“Received Rs 306 crore as immediate relief to ensure than no account of lenders of DAMEPL turns NPA. Hon’ble Delhi HC has directed DMRC to service entire debt of DAMEPL worth Rs 1,618 crore,” the statement said.

“Arbitration award won for 48 MW Goa power plant against Government of Goa worth Rs 292 crore.” (IANS)

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Equity indices close flat on tepid global cues

Apr 20, 2018 0

Mumbai– Key equity indices provisionally closed on a flat-to-negative note on Friday tracking weak global cues.

Heavy selling pressure was seen in the banking, metal and capital goods stocks. However, healthy buying in IT and Teck (technology, media and entertainment) stocks restricted further decline during the day.

At 3.30 p.m, the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,564.05 points — down 1.25 points or 0.01 per cent — from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,434.14 points, closed at 34,415.58 points — down 11.71 points or 0.03 per cent — from its previous close.

Sensex touched a high of 34,487.33 points and a low of 34,311.29 points during the day.

The BSE market breadth was bearish with 1,447 declines and 1,169 advances.

On Friday, the top gainers on the BSE were Tata Consultancy Services (TCS), Infosys, Coal India, Wipro and Bharti Airtel, while Yes Bank, ICICI Bank, Tata Steel, Adani Ports and NTPC were among the major losers.

On NSE, the top gainers were TCS, HCL and Infosys and the major losers included Yes Bank, Bajaj Finance and GAIL. (IANS)

 

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Global cues depress equity indices, banking stocks fall

Apr 20, 2018 0

Mumbai– Negative global cues such as high crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks triggered by a likely hawkish stand of the Reserve Bank of India (RBI) in its next monetary policy review subdued the key Indian equity indices on Friday.

According to market observers, the downfall was arrested on the back of an accelerated pick-up in IT and Teck (technology, media and entertainment) stocks as well as expectations of healthy quarterly results.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,564.05 points — down 1.25 points or 0.01 per cent — from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed on a flat note. It opened at 34,434.14 points, closed at 34,415.58 points — down 11.71 points or 0.03 per cent — from its previous session’s close.

In the intra-day trade, the Sensex touched a high of 34,487.33 points and a low of 34,311.29 points with a bearish breadth of 1,478 declines and 1,148 advances.

In the broader market segment, the S&P BSE mid-cap index closed lower 0.44 per cent and the small-cap index ended a tad higher by 0.02 per cent.

“Markets ended on a flat note on Friday after a volatile session that saw the Nifty witnessing a roller coaster ride,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

“The Nifty index slid lower in the morning session into negative territory, but a sharp recovery in the afternoon session from the lows of 10,527 ensured the Nifty ended with a minor loss,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 33 paise to 66.13 against the US dollar from its previous close at 65.80.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 21.02 crore, while the domestic institutional investors bought stocks worth Rs 111.01 crore.

Sector-wise, the S&P BSE IT index rose by 611.30 points, followed by Teck (technology, media and entertainment) which gained 263.25 points and auto stocks which edged up by 43.72 points.

On the other hand, the S&P BSE banking index fell by 291.67 points, capital goods index by 169.52 points and metal index by 96.37 points.

Scrip-wise, shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose nearly seven per cent to touch a new high of Rs 3,414 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

The major Sensex gainers on Friday were Infosys, up 4.02 per cent at Rs 1,178.25; Coal India, up 3.25 per cent at Rs 292.05; Wipro, up 2.31 per cent at Rs 298.35; and Bharti Airtel, up 1.47 per cent at Rs 400.75 per share.

The top losers on Sensex were Yes Bank, down 3 per cent at Rs 308.45; ICICI Bank, down 2.49 per cent at Rs 281.95; Tata Steel, down 2.29 per cent at Rs 606.35; State Bank of India, down 1.97 per cent at Rs 241.40; and NTPC, down 1.80 per cent at Rs 174.25 per share. (IANS)

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India’s Forex reserves rise by $1.21 bn

Apr 20, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves increased by $1.21 billion as on April 13, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $426.08 billion from $424.86 billion reported for the week ended April 6.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — increased by $1.20 billion to $400.97 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

However, the country’s gold reserves value remained stagnant at $21.48 billion.

The SDRs’ value inched up by $6.6 million to $1.54 billion, while the country’s reserve position with the IMF rose by $8.9 million to $2.07 billion. (IANS)

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TCS’s shares at new high post Q4 results, m-cap close to $100 bn

Apr 20, 2018 0

Mumbai– Shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose over 7 per cent to touch a new high of Rs 3,419.80 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

With this, the IT major emerges as the first Indian company with a market capitalisation of close to $100 billion.

On closing (at 3.30 p.m.), the m-cap of the company stood at Rs 6,53,154.93 crore or some $98.18 billion on the BSE.

Shares of the company closed higher by 6.94 per cent at Rs 3,412 per scrip.

“In terms of market capitalisation, TCS has the largest m-cap and is ahead of companies like Reliance, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys. At the closing price of April 20, TCS’ m-cap is at approximately Rs 651,000 crore, which is 153 per cent higher than that of Infosys,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“IT stocks have benefited today out of selling pressure in banking space and encouraging numbers of some large and mid-cap IT stocks. TCS has also declared bonus shares to its investors,” he added.

The IT major’s shares surged a day after its quarterly results announcement which reported a net profit for Q4 at Rs 6,925 crore — up 4.6 per cent — from Rs 6,622 crore in the same period year ago and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

The company on Thursday also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.

“The Board of Directors recommend 1:1 bonus share issue to the shareholders,” it said in a regulatory filing on the BSE. (IANS)

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Expectations of healthy Q4 results, global cues push equity indices higher

Apr 19, 2018 0

Mumbai– Expectations of healthy quarterly earning results coupled with a rebound in commodity prices and broadly positive global indices pushed the Indian equity market to close at its highest level in the last seven weeks on Thursday.

“Both the Nifty and the Sensex closed the day at seven week high levels. Positive global cues supported the markets,” Deepak Jasani, Head, Retail Research, HDFC securities told IANS.

Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) closed higher by 39.10 points, or 0.37 per cent, at 10,565.30 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,403.67 points, closed at 34,427.29 points — up 95.61 points, or 0.28 per cent, from its previous session’s close.

The Sensex touched a high of 34,478.82 points and a low of 34,358.91 during the intra-day trade.

The BSE market breadth was bullish with 1,265 advances and 1,082 declines. The market breadth on the NSE was also bullish during the day.

In the broader markets, the S&P BSE mid-cap index closed higher by 0.63 per cent and the small-cap index by 0.60 per cent.

“Markets ended in green, despite volatility continuing in the last half of weekly expiry. Investors sentiment was optimistic ahead of quarterly earnings of some key companies, including TCS, which will release its results later in the day,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On the currency front, the Indian rupee weakened by 13 paise to 65.80 against the US dollar from its previous close at 65.67.

“Recent drop in rupee over the last one week… is on back of a combination of factors such as hardening of crude oil prices which is likely to put pressure on India’s deficit coupled with US action in Syria and increase in political activity ahead of upcoming Karnataka elections,” Salil Datar, CEO and Executive Director, Raha Advisors told IANS.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 624.99 crore, while the domestic institutional investors bought stocks worth Rs 448.61 crore.

Sector-wise, the S&P BSE metal index rose by 632.58 points, followed by capital goods which gained 203.34 points and IT stocks which edged up by 115.48 points.

On the other hand, the S&P BSE consumer durables index fell by 195.89 points, oil and gas index by 191.12 points and energy index by 24.05 points.

The major Sensex gainers on Thursday were Tata Steel, up 3.17 per cent at Rs 620.55; Yes Bank, up 2.83 per cent at Rs 318.00; Bharti Airtel, up 2.64 per cent at Rs 394.95; Larsen and Toubro, up 1.74 per cent at Rs 1,384.30; and Power Grid, up 1.61 per cent at Rs 208.20 per share.

The top losers on Sensex were Axis Bank, down 1 per cent at Rs 513.50; Coal India, down 0.77 per cent at Rs 282.85; HDFC, down 0.65 per cent at Rs 1,864.45; Sun Pharma, down 0.61 per cent at Rs 508.80; and IndusInd Bank, down 0.57 per cent at Rs 1,834.10 per share. (IANS)

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