Wednesday 13 March 2019

IDEAL STOCK MARKET UPDATE | MARKET OPENS

It is a firm start for the Indian indices on Thursday morning with Nifty around 11,370 level.
The Sensex is up 131.80 points at 37883.97, while Nifty is up 32.80 points or 0.29% at 11374.50. About 566 shares have advanced, 268 shares declined, and 56 shares are unchanged. 
DHFL gained 5 percent, followed by Lemon Tree, Lupin, Zee Ent, Indianbulls Housing, HCL Tech, Axis Bank, Yes Bank, Infosys are among the major gainers on the indices, while losers include Power Grid, BPCL, Tata Motors, Adani Ports and HPCL.
Among the sectors, FMCG, infra and energy are trading marginally lower, while IT, metal, pharma, and auto witnessing buying interest.

Rupee Opens
The Indian rupee opened lower by 14 paise at 69.67 per dollar on Thursday versus previous close 69.53.
Rupee after strengthening for the past few sessions is expected to weaken after RBI announced that it would enter into currency swap for a three-year tenor, to supply funds to banks for a longer duration.
The RBI plans to conduct the dollar-rupee buy-sell swap auction on March 26th adding that the dollar amount mobilized through this auction would also reflect in RBI’s foreign exchange reserves for the tenor. The step is to curb the volatility and major appreciation of the currency.
Today, USD-INR pair is expected to quote in the range of 69.50 and 70.20.

Global Market :
Asian markets trade firm: 
Asian shares paused on Thursday as investors awaited data from China for clues about the health of the world's second largest economy while the pound shot up to near nine-month highs as the risk of a no-deal Brexit receded following a late-night vote.

SGX Nifty:
Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 7 points or 0.06 percent. Nifty futures were trading around 11,390.50-level on the Singaporean Exchange.

Wall Street ends higher:
US stocks rose on Wednesday, led by gains in healthcare shares, and Boeing edged upward even as the United States joined other nations in grounding the company's 737 MAX jets.

Crude Update:
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.

Domestic Markets :
Lok Sabha polls 2019 : How BJP has managed to retain its oldest allies
SAD and BJP entered into the first pre-poll coalition in 1997, during Assembly elections in Punjab. The BJP and Sena alliance go further back, formed in 1989.

Bharatiya Janata Party (BJP) president Amit Shah, during the announcement of the BJP-Shiv Sena alliance, had called the Sena and Shiromani Akali Dal (SAD) the BJP's "oldest allies".
Sena and SAD have been BJP's regional allies in Maharashtra and Punjab respectively.
Prime Minister Narendra Modi had called BJP's alliance with SAD the "most durable and time-tested alliance" in 2018, while despite Sena's continued jibes at the BJP government in the Centre as well as in Maharashtra, the BJP leadership kept mum.
But apart from being the oldest BJP allies, there is one more similarity between the SAD and Sena: both of them were unhappy with the BJP, and continued to express their displeasure. While the Sena criticised BJP over a number of its policies, including demonetisation and the BJP's inability to build a Ram temple in Ayodhya, SAD made a combination of subtle and overt comments against the BJP.

For instance, in February last year, SAD had asked the BJP to "treat its allies better", and had even hinted at reasons why the Shiv Sena might be unhappy with BJP. SAD supremo Parkash Singh Badal had told Shah during his visit to Chandigarh that the BJP should "remove insecurity among minorities".
The Akali Dal had also skipped a National Democratic Alliance (NDA) meet ahead of the budget session, threatening to walk out of the alliance. Interestingly, the reason SAD was miffed lay in Maharashtra: the party had reportedly stated that the BJP government in Maharashtra was trying to gain control of the Takht Huzur Sahib in Nanded through an amendment in Section 11 of the Takht Sri Nanded Board Act. The amendment was done in 2015, but a political controversy erupted in 2019, in the run-up to seat-sharing talks.

Here are stocks that are in the news today :
Lupin: USFDA classifies the inspection at the company's Mandideep (Unit 1) facility as 'Official Action Indicated'.
Satin Creditcare Network: CARE revised its rating on the company's commercial paper to A2+ from A1.
Reliance Communications: NCLAT reserves order on RCom plea to release funds

IOC, ONGC: Facing revenue shortfall, government pushes companies to pay 2nd interim dividend - PTI
Bajaj Consumer Care: Company engaged the services of Bain & Company which will help the company in formulating a front-end strategy for growth and also help in implementing it.
Sun Pharma: Subsidiary increased its stake in PJSC Biosintez, Russia to 96.96 percent from 85.10 percent earlier.
Lemon Tree Signed a non-binding term sheet with Berggruen Hotels

GE T&D India: Company received a technology-driven grid modernization project from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPL).
Wipro: Chairman Azim Premji has earmarked another 34 percent of his equity in Wipro worth Rs 52,750 crore towards Azim Premji Foundation.

Unichem Labs: USFDA approved the company's ANDA for Allopurinol tablets, USP 100 mg and 300 mg.
Essel Propack: Company redeemed commercial papers amounting to Rs 50 crore and Rs 35 crore.
Star Cement received Rs 115.18cr owards its Freight Subsidy claims from the Central Government and a further amount of Rs 42.55 cr s expected to be received within a week's time
Deep Industries: Company received 2 orders from ONGC in the rigs segment valued at around Rs 183.50 crore.
Sicagen India: Company made additional investment to the extent of SGD 1 million in subsidiary Wilson Cable Private Limited, Singapore.

HCL Technologies: Company to acquire Strong-Bridge Envision (SBE), a digital transformation consulting firm with offices in Seattle, Denver, Atlanta, and New York City.
IOC: Company has fixed March 28 as the record date for payment of 2nd interim dividend, if declared, at the board meeting scheduled on March 19.
Jet Airways: Additional five aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

DCM Shriram: Company commissioned its 30 MW power plant at DSCL Sugar Hariawan Unit.
SRS: Company appointed Vikash Sharma as CFO.
SpiceJet will seek compensation from Boeing and demand credit on maintenance, repair, and overhaul for the 12 grounded 737 MAX aircraft. The airline, which had an aggressive expansion plan that banked on the delivery of the Boeing 737 Max, will now look to lease old planes - BS
Reliance halts diluents export to Venezuela, not raised oil buying- Reuters

Bulk Deals on March 13
NSE
Nagarjuna Oil Refinery: Multiplier S and S Adv Pvt Ltd sold 29,42,339 shares and Nagarjuna Trust also sold 51,00,000 shares of the company at 30 paise per share.
Reliance Communications: IndusInd Bank Ltd client A/c sold 1.4 crore shares of the company at Rs 4.97 per share.
Saketh Exim: TIA Enterprises Private Limited purchased 40,000 shares of the company at Rs 105 per share.
BSE

SAB Events & Governance Now Media: Union Bank of India sold 74,930 shares of the company at Rs 1.33 per share.
Hisar Metal Industries: Abhiram Tayal purchased 27,500 shares of the company at Rs 40.27 per share.
Indo US Bio-Tech: Riddheshkumar Girishbhai Bhandari bought 36,000 shares of the company at Rs 82.50 per share.
Palm Jewels: Sagar Rajeshbhai Jhaveri bought 1,04,000 shares of the company at Rs 30.66 per share.
Analyst or Board Meet/Briefings

Alembic Pharma: NCD Committee meeting will be held on March 19 to consider the issue and allotment of unsecured listed redeemable non-convertible debentures (NCDs) of up to Rs 150 crore on private placement basis.
Virinchi: Officials of the company will be meeting investors and analysts (participants) on March 14.
Alankit: Management will be attending the Valorem Analyst Conference 2019, organized by Valorem Advisors to be held on March 15 in Mumbai.

Container Corporation of India: Company's officials will meet analysts/institutional investors on March 15, 18 and 26.
DCM Shriram: Company's officials will meet Bajaj Allianz Life Insurance Company on March 18.
Magma Fincorp: Company's officials will meet fund houses on March 14 and 15.

Voltas: Company's officials will meet analysts/investors on March 14 and 15.
Mahindra Logistics: One-on-one meeting with Premji Invest, Institutional Investor is scheduled to be held on March 15.

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