Market Opens :
Sensex gains 200 pts in pre-open; real estate stocks in focus.
It is positive start for the benchmark indices on Monday with Sensex is trading around 36,000 level.
At 09:18 hrs IST, the Sensex is up 124.38 points at 35995.86, while Nifty up 27.00 points at 10818.70. About 600 shares have advanced, 226 shares declined, and 43 shares are unchanged.
Indiabulls Housing, JSW Steel, Yes Bank, Maruti Suzuki, Hero Moto, Tech Mahindra, Tata Steel, DLF, Sobha, Oberoi realty, Sunteck Realty, GVK Power, Reliance Capital, Godrej Properties are among major gainers on the indices, while losers are Adani Port, Mindtree, Jet Airways, IIFL Holding and Motilal Oswal.
Rupee Opens:
The Indian rupee gained in the early trade on Monday. It opened higher by 12 paise at 71.02 per dollar versus previous close 71.14.
Global Markets :
SGX Nifty :
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a gain of 16 points or 0.15 percent. Nifty futures were trading around 10,823-level on the Singaporean Exchange.
Asian markets trade firm:
Asian shares scaled a 5-month peak on Monday after US President Donald Trump confirmed he would delay a planned increase on Chinese imports as talks between the two sides were making “substantial progress”.
The S&P 500 posted its highest closing level since Nov. 8 on Friday as investors clung to signs of progress in the ongoing trade talks between the United States and China
Gold Update:
Gold prices edged up on Monday as the dollar eased after US President Donald Trump said he would delay an increase in tariffs on Chinese goods as trade talks between the two nations were making progress, while palladium hit a record-high.
Gold prices edged up on Monday as the dollar eased after US President Donald Trump said he would delay an increase in tariffs on Chinese goods as trade talks between the two nations were making progress, while palladium hit a record-high.
Domestic Markets :
GST Council slashes tax rate on under-construction residential properties. Ahead of the Lok Sabha elections
GST Council headed by Finance minister Arun Jaitley approved the proposal of 5 percent tax on normal residential properties and 1 percent for affordable housing category, In both cases, builders will not be able to claim the input tax credit (ITC).
The new rate will be applicable from April 1, 2019.
The decision is expected to boost demand and increase sales of under-construction properties as well as simplify tax structure and compliance for builders. The move is also in line with the government’s vision of ‘Housing for all by 2022’.
Currently, GST is levied at an effective rate of 12 percent (standard rate of 18 percent less a deduction of 6 percent as land value) on normal housing and effective rate of 8 percent (concessional rate of 12 percent less a deduction of 4 percent as land value) on affordable housing on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
Results on February 25: JMT Auto, Khaitan India, Rollatainers, United Drilling Tools.
Here are stocks that are in the news today:
NBFCs: RBI to merge 3 categories of NBFCs to create a new category called NBFC-ICC.
Motilal Oswal, IIFL Holdings: SEBI declares commodity arms of Motilal Oswal, IIFL 'not fit and proper'.
IIFL Holdings clarification: SEBI order on IIFL Commodities has no impact on businesses of other companies of IIFL Group.
Motilal Oswal Financial Services clarification: SEBI order against subsidiary company Motilal Oswal Commodities Broker Private Limited will have no impact on overall business activities of companies of Motilal Oswal group.
Tata Metaliks board meeting will be held on February 27, 2019 to consider, a proposal for raising of funds
NTPC: Nabinagar Thermal Power Project has been declared running commercial operation.
Wipro gets approval to issue of bonus shares and increase in authorised share capital
Sharon Bio-Medicine: API facility located at Taloja, Maharashtra received 4 Form 483 observations after the inspection completed by USFDA
Corporation Bank: Company received Rs 9,086 crore from Government of India.
Mold Tek Packaging inaugurates 9th Manufacturing Plant at Pudi (Vizag)
Hubtown: Company divested and transferred its entire holding of 4,720 equity shares in its subsidiary Heet Builders.
Tulive Developers: Board approved the buyback of up to 4,80,000 equity shares of the company at a price of Rs 350 per equity share.
Vyapar Industries: Board approved the buyback of up to 15,30,000 equity shares of the company at a price of Rs 29 per equity share.
Tata Investment Corp completed extinguishment/destruction of 45,00,000 fully paid-up equity shares of face value of Rs 10 each
India Motor Parts sales 2.68% stake (1,20,52,112 equity shares) in Royal Sundaram General Insurance to Ageas Insurance International N.V.
Piramal Enterprises board decided to withdraw the issue of privately placed secured Non-Convertible Market Linked Debentures aggregating upto Rs 130 crore
Jet Airways: An additional two aircrafts have been grounded due to non-payment of amount outstanding to lessors under their respective lease agreements.
GVK Power & Infrastructure: Equity shareholding of the GVK Group will increase to 64 percent from the existing 50.5 percent of the total paid-up share capital of Mumbai International Airport Limited after the acquisition of 13.5 percent stake from Bid Services Division (Mauritius).
City Union Bank inaugurated 4 new branches in Tamil Nadu
Shakti Pumps: Akhilesh Maru tendered his resignation from the post of Chief Financial Officer as he is looking to start his own enterprise.
Adani Green Energy: Company awarded 150 MWac solar power project to its wholly-owned subsidiaries.
Adani Power: Board approved the proposal for acquisition of entire stake of Adani Power Dahej Limited; Adani Pench Power Limited; and Kutchh Power Generation Limited, which are wholly owned subsidiaries of Adani Enterprises (AEL) from AEL.
Adani Ports & Special Economic Zone: Subsidiary Adani Logistics approved the proposal for acquisition of 100 percent equity shares of Adani Agri Logistics Limited, Adani Agri Logistics (Dahod) Limited, Adani Agri Logistics (Darbhanga) Limited and Adani Agri Logistics (Samastipur) Limited from Adani Enterprises Limited.
CARE has reaffirmed credit rating on the bank facilities of PNC Infratech's subsidiary, MP Highways as CARE A with stable outlook
Manappuram Finance: Board approved equity infusion up to Rs 100 crore in its subsidiary Asirvad Micro Finance Ltd.
Tilaknagar Industries Q3: Consolidated loss at Rs 49 crore versus loss Rs 16.6 crore; revenue rises to Rs 425 crore versus Rs 366.5 crore YoY.
Allahabad Bank: Out of the capital infusion fund of Rs 6,896 crore received from the Government of India, Rs 2,750 crore has been appropriated to make loan loss provision in order to bring down the net NPA ratio below the threshold under Prompt Corrective Action Framework and remaining
Rs 4,146 crore has been appropriated towards shoring up the capital base so as to enhance the Capital to Risk Weight Asset Ratio (CRAR).
Kotak Mahindra Bank: Mark Newman, a Non-Executive Non-Independent Director of the bank has resigned from the board.
Mcleod Russel: Company announced execution of Memorandum of Understandings by the wholly owned subsidiary (WOS) for disposal of its stake in one of its subsidiaries and disposal of a part of its holding in another subsidiary by the WOS.
Hindustan Zinc: Agnivesh Agarwal steps down as Chairman and Director of company to pursue other interests.
Reliance Industries: Subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) entered into agreement for acquisition of equity shares of software service and data solutions company Surajya Services Private Limited (Easygov) for up to Rs 18 crore. RIIHL will further invest an amount up to Rs 50 crore. The said investment upon completion will translate into 76 percent equity stake in Easygov on a fully diluted basis. The total investment is likely to be completed by March 2021.
Reliance Industries: Subsidiary RIIHL entered into an agreement for acquisition of equity shares of software company SankhyaSutra Labs Private Limited (SSL) for up to Rs 16,02,08,808. RIIHL will further invest an amount of up to Rs 200 crore and is likely to be completed by December 2021. The said investment will translate into around 83 percent of equity capital in SSL on a fully diluted basis.
Reliance Industries: RIIHL entered into a agreement for acquisition of equity shares of Reverie Language Technologies Private Limited (Reverie) for up to Rs 190 crore. RIIHL will further invest an amount up to Rs 77 crore. The said investment upon completion will translate into 83.30 percent equity capital in Reverie on a fully diluted basis.
Stocks Out of F&O Ban: Reliance Capital, Reliance Infrastructure, Kaveri Seed Company
Bulk Deals on February 22
IndInfravit Trust: Omers Infrastructure Asia Holdings Pte Ltd bought 8,28,00,000 shares of the company at Rs 104.5 per share on the NSE. However, ICICI Prudential Mutual Fund (1,00,00,000 shares), L&T Transportation Infrastructure Limited (26,00,000 shares), Larsen & Toubro Limited (6,62,00,000 shares) and Yes Bank (26,00,000 shares) were net sellers at same price.
Kotak Mahindra Bank: ING Mauritius Investments I sold 2,92,26,738 shares of the bank at Rs 1,228.51 per share and bought the same number of shares at Rs 1,225.14 per share.
Nagarjuna Oil Refinery: Zuari Investments sold 25,24,278 shares of the company at 38 paise per share.
Refex Industries: Sheil Atulbhai Patel sold 90,000 shares of the company at Rs 27.5 per share.
Reliance Communications: STCI Finance Limited sold 2,60,00,000 shares of the company at Rs 6.75 per share.
Sanco Industries: Ajay Kumar Bokadia sold 98,100 shares of the company at Rs 13.90 per share.
Silver Touch Techno: Thakkar Keyur Balkrishna HUF purchased 72,000 shares of the company at Rs 122.05 per share.
Sintercom India: Pivotal Enterprises Private Limited sold 1,64,000 shares of the company at Rs 58.92 per share.
Analyst or Board Meet/Briefings
Som Distilleries & Breweries: Board meeting is scheduled on March 2 to consider allotment of 12,88,906 equity shares upon conversion of an equal number of convertible warrants and to convey an EGM on March 26.
Zeal Aqua: Company's officials will be meeting Trust Capital, M3 Investments and Moneybee Securities on February 25 in Mumbai.
KNR Constructions: Company will be participating in HDFC Infra Day conducted by HDFC Securities on February 25 in Mumbai.
Power Grid Corporation: Board meeting scheduled on March 7 to consider and approve the declaration of interim dividend for the financial year 2018-19.
Pacific Industries: Board meeting is scheduled on February 27 to consider the rights issue of equity shares to the existing shareholders of the company.
Ashoka Buildcon: Company will be attending the Investors Conference organised by HDFC Securities on February 25 in Mumbai.
PNC Infratech: Company will be attending the Investors Conference organised by HDFC Securities on February 25 in Mumbai.
JMC Projects: Company will be attending the Investors Conference organised by HDFC Securities on February 25 in Mumbai.
Tata Chemicals: Company's officials will meet Baron Capital Managment Inc on February 25.
Escorts: Company has scheduled meeting with TT International HK on February 25.
Mahindra & Mahindra: Company's officials will meet UBS Global Asset Management and Janus Henderson Investors on February 26, and GIC Singapore on February 27 in Mumbai.
Fine Organic Industries: Officials of the company will be interacting with investors and analyst on February 25 and 26.
Mahanagar Gas: Company's officials will meet Mathews International on February 25.
Endurance Technologies: Various meetings have been planned with institutional investors on certain dates during the next two weeks starting February 25.
Welspun Enterprises: Company will be attending HDFC Infra Day Conference on February 25.
Ahluwalia Contracts: Company will be attending HDFC Infra Day Conference on February 25.
Eris Lifesciences: Company's officials will meet Investec Capital Services (India) Private Limited on February 25.
Syndicate Bank: Board meeting is scheduled on February 27 to consider raising of equity capital by way of preferential allotment.
Dr Lal PathLabs: Company's officials will meet C Worldwide Asset Management on February 25 and Bay Capital on February 27.
Tata Motors: Company's officials will meet analysts/investors during February 25 and 28.
Share India Securities: Board meeting is scheduled on February 26 to consider the proposal for migration of company's present listing on BSE SME Platform to the BSE Main Board Platform.
Welspun Corp: Extra Ordinary General Meeting of the company to be held on March 19.
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