BSE Sensex and NSE’s Nifty closed at record highs on Monday. Photo: Mint
- Mumbai: Benchmark indices BSE Snesex and NSE’s Nifty 50 closed at new record highs on Monday following positive cues from global markets. The Sensex closed over 330 points higher, while the Nifty 50 settled above 11,550 for the first time. In intraday trade, the Sensex surged 392.81 points to a fresh record high of 38,340.69 and the Nifty 50 soared 94.55 points to an all-time high of 11,565.30. Stocks in Europe and Asia rose amid optimism over planned US-China trade talks, while Turkish lira fell after its credit ratings were downgraded and shots were fired outside the US embassy in Ankara. The Indian rupee along with Asian currencies strengthened against the US dollar over optimism that trade tensions between US and China will ease after planned talks due this week. Moreover, FIIs purchased shares worth Rs 147.31 crore on net basis on Friday and DIIs bought Rs 151.89 crore of shares, provisional data showed. Here are the highlights from the markets:
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3.33 pm IST Closing bell: Sensex, Nifty close at record highsBSE Sensex closed higher by 330.87 points, or 0.87%, to 38,278.75, while the Nifty 50 rose 81 points, or 0.71%, to close at 11,551.75. In intraday trade, the Sensex surged 392.81 points to a fresh record high of 38,340.69 and the Nifty 50 soared 94.55 points to an all-time high of 11,565.30.BSE MidCap rose 1.05% and SmallCap gained 0.14%. Sixteen out of 19 sectoral indices on BSE advanced led by capital goods, which rose 3.74%, followed by metal, industrials and energy, up over 2%. IT, teck and consumer durables declined.L&T, Tata Motors, ONGC, Tata Steel and Hindalco led the gains, whereas Infosys, Maruti, ICICI Bank, Titan and HCL Tech were among the top losers.
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3.20 pm IST Gold prices rebound today, silver risesGold prices rebounded by Rs 170 to Rs 30,420 per 10 grams today amid fresh demand from local jewellers and positive global sentiment , reported PTI. In global markets, gold rates inched up as demand for the yellow metal rose after prices slumped to a 19-month low last week, while a rising dollar weighed on the market ahead of planned US-China trade talks. In Delhi, gold prices of 99.9% and 99.5% purity rose by Rs 170 each to Rs 30,420 and Rs 30,270 per 10 grams, respectively. The precious metal shed Rs 90 in Saturday’s trade. Sovereign gold remained flat at Rs 24,400 per piece of eight grams. Read more
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3.07 pm IST TPG Capital in talks to invest over $100 million in Jet Airways: ReportPrivate equity firm TPG Capital is considering investing in India’s Jet Airways Ltd but is not close to finalising a deal, two sources with knowledge of the matter said, a plan that could raise money for the beleaguered airline. The investment could be more than $100 million but discussions are at an early stage and the size of the stake and the investment are not clear yet, the sources said. Jet Airways shares traded 1.01% lower at Rs 298. Reuters
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2.32 pm IST Indian Hume Pipe shares jump 6% on new orderIndian Hume Pipe Co. Ltd said it has received an order worth Rs 256.19 crore from Tamil Nadu Water Supply and Drainage Board, Coimbatore. Shares rose as much as 6.23% to Rs 291.25.
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2.25 pm IST BSE to delist 17 companies from tomorrowThe Bombay Stock exchange will delist as many as 17 companies from tomorrow as trading in their shares has remained suspended for over six months. The exchange has been delisting for the past few months those firms in which trading has remained suspended for a long period. These companies are Associated Marmo & Granites, Baroda Electric Meters, Bihar Air Products, Cana Glass, Graphic Charts, IAG Company, Kiev Finance, Mahavir Impex, Neelkanth Motels & Hotels, Prithvi Information Solutions, Realtime Finlease and Sibar Media & Entertainment. Besides, Sudar Industries, Valuemart Retail Solutions, Graham Firth Steel Products India, Spartek Ceramics India and Yule Financing & Leasing Company are also facing delisting.According to the exchange, shares of these companies would cease to be listed and therefore not be available for trading on the platform of the exchange. Promoters of these delisted companies will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the exchange. Further, these delisted companies, their whole-time directors, promoters and group firms will be debarred from accessing the securities market for a period of 10 years. In July, BSE had delisted 222 companies, while in May, it had delisted over 200 firms. PTI
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2.00 pm IST Tanla Solutions to buy Karix Mobile for Rs 340 croreTanla Solutions Ltd said it has entered into a definitive agreement to acquire 100% of Karix Mobile Pvt. Ltd, formerly known as mGage India Pvt. Ltd. The company said the enterprise value of the deal is Rs 340 crores, which includes Rs 112 crore of upfront cash payment, Rs 125 crore of shares issuance and the balance through a takeover of debt of Rs 103 crore. Tanla Solutions shares traded at Rs 40.60, up 4.91%.
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1.50 pm IST Reliance Industries shares hit fresh record highShares of Reliance Industries Ltd rose as much as 2.6% to hit an all-time high of Rs 1,234.85. China’s Alibaba Group Holding Ltd has initiated talks with Mukesh Ambani’s Reliance Retail to form a mega Indian retail joint venture, with an investment of at least $5 billion, reported Mint, citing two people with direct knowledge of the matter
Alibaba is willing to acquire a large stake in Reliance Retail at an investment of $5 billion to challenge the dominance of Flipkart and Amazon in India”s e-commerce market. https://t.co/0QiiNRCP8u
— Livemint (@livemint) August 20, 2018
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1.43 pm IST Rupee fall to have limited impact on sovereign rating: FitchThe impact of the sharp fall in the rupee is likely to be limited on India’s sovereign ratings, Fitch Ratings Ltd said on Monday. The fallout is limited courtesy India’s strong external finances, especially the low levels of external debt, the rating agency said. However, in a note of caution, Fitch said the currency depreciation could add to existing pressures in the corporate and banking sector. At 1.39pm, the rupee was trading at 69.61, up 0.76% from its previous close. Read more
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1.38 pm IST Nirav Modi is in UK, CBI moves extradition requestNirav Modi, along with his uncle and Gitanjali Gems Ltd promoter Mehul Choksi, is the prime accused in the ₹ 14,356 crore PNB fraud.
UK authorities have confirmed PNB fraud accused Nirav Modi”s presence in that country and CBI has sent his extradition papers to the home ministry. https://t.co/4ln8BzFYtN
— Livemint (@livemint) August 20, 2018
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1.15 pm IST European stock markets rise at openEurope’s stock markets climbed at the start of trading on Monday, with London’s benchmark FTSE 100 index up 0.1% at 7,568.96 points. In the eurozone, Frankfurt’s DAX 30 index gained 0.4% to 12,263.01 points and the Paris CAC 40 added 0.3% to 5,362.37, compared with Friday’s close. AFP
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1.02 pm IST Gitanjali Gems, Amtek Auto as BSE, NSE to suspend tradingShares of Gitanjali Gems Ltd, Amtek Auto Ltd, Easun Reyrolle Ltd and Panoramic Universal Ltd fall by their maximum permissible daily limit after BSE and NSE decided to suspend trading. The two stock exchanges said that they will suspend trading in shares of as many as nine firms from 10 September for not complying with listing norms pertaining to submission of financial results. Gitanjali Gems fell 4.9%, Amtek Auto 4.3%, Panoramic Universal 4.2% and Easun Reyrolle 4.94%.
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12.25 pm IST BSE market cap hits record highThe total market valuation of all listed companies on the Bombay Stock Exchange hit a lifetime high of Rs 156.57 trillion on Monday, aided by strong gains in benchmark Sensex which breached 38000 mark again. At 12.15pm, market cap of BSE-listed companies stood at Rs 15,657,000 crore. Last time, all listed BSE market cap hit at a record high of Rs 156.56 trillion on 23 January. Read more
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12.15 pm IST GMR Infra shares rise over 3% as DVI Fund raises stakeGMR Infrastructure Ltd shares rose as much as 3.66% to Rs 19.80 after the company said DVI Fund (Mauritius) Ltd purchased an over 5% stake in the company.
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12.10 pm IST BNP Paribas sees profit revival in Indian equity marketEarnings at companies listed in India, Asia’s best-performing stock market this year, can return to 2006 highs if the nation doesn’t enact any more “disruptive” economic policies, according to BNP Paribas Asset Management. “We just need to avoid disruptions to get earnings back,” Anand Shah, head of investments at BNP Paribas Asset Management (India) Pvt., said in an interview. “Indian companies’ profits have shrunk in the past decade,” he said, adding that the 2016 withdrawal of the most valuable bank notes and the introduction of a general services tax in 2017 were among government steps that forced businesses to change the way they operated. Read more
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11.35 am IST Kerala floods will lead to losses, recovery delays for banks: JefferiesKerala floods will lead to some recovery delays and losses for banks, typically in agriculture loans, micro, small and medium enterprises (MSME) priority sector loans, home loans and trade activities, said Jefferies. Incessant rains since 8 August have caused Kerala’s worst floods in a century, and at least 186 people have dies, many of them killed by landslides.According to Jefferies, banks have 24% of exposure to agriculture, 16% to MSME and 11% to housing loans. RBI regulations allow restructuring of loans in case of natural calamities but banks will need to make higher provisions with respect to restructured loans, noted the brokerage. Banks’ overall loan exposure to Kerala was 3 pct in FY 18, according to Jefferies. It expects RBI’s relaxation to defer NPA spike in the near term.Kerala advances as percentage of total advances is 41% for South Indian Bank Ltd and 36% for Federal Bank Ltd. Federal Bank shares fell as much as 6.4%, while South Indian Bank were down 3.8%. Reuters
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11.25 am IST FPIs pump in ₹ 7,577 crore in August so farForeign investors have pumped over ₹ 7,500 crore into the Indian capital markets so far this month on better corporate earnings coupled with improvement in crude oil prices. The latest inflow follows a net infusion of over ₹ 2,300 crore in the capital markets, both equity and debt, last month. Prior to that, overseas investors had pulled out over ₹ 61,000 crore during April-June. According to the latest depository data, foreign portfolio investors (FPIs) pumped ₹ 2,409 crore into equities and ₹ 5,168 crore into the debt market during 1-17 August, taking the total to ₹ 7,577 crore. Read more
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11.08 am IST Oil prices fall on concerns over slowing economic growthOil prices fell as concerns over slowing economic growth dragged on markets. Brent crude futures, which act as a benchmark for international oil prices, were at $71.60 per barrel at 11am, down 23 cents, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.3%, at $65.69 per barrel. Shanghai crude futures for December delivery, China’s most actively traded contract, fell 3.4% to 488.2 yuan ($71.02) per barrel.In the United States, U.S. energy companies last week kept the oil rig count unchanged at 869, according to the Baker Hughes energy services firm. Outside the US, traders said US sanctions against Iran could soon impact prices. The US government has introduced financial sanctions against Iran which, from November, will also target the country’s petroleum sector. Reuters
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10.47 am IST Bajaj Group plans ₹ 3,000 crore IPO of power generation businessBajaj Group plans to raise about ₹ 3,000 crore through an IPO of its power generation business, reported Mint, citing two people aware of the plans. The company is expected to soon file a draft prospectus with Sebi for a share sale. Bajaj has hired investment banks UBS, Edelweiss Financial Advisors Ltd and IIFL Holdings Ltd as advisers for the proposed IPO, the person added. Read more
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10.35 am IST IndiGo shares trade flatInterGlobe Aviation shares traded 0.18% up at Rs 1,049.75. During the day, the stock hit a high of Rs 1,053.60 and a low of Rs 1,037. A new Airbus A320Neo aircraft of budget carrier IndiGo (Interglobe Aviation Ltd), which was inducted into its fleet barely a couple of weeks ago, has been grounded due to Pratt and Whitney engine issues, reported PTI.
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10.25 am IST Sensex, Nifty extend gainsBSE Sensex traded higher by 300.38 points, or 0.79%, to 38,248.26, while the Nifty 50 rose 67.85 points, or 0.59%, to 11,538.60. In intraday trade, the Sensex surged 312.39 points to a fresh record high of 38,260.27 and the Nifty 50 soared 74.35 points to an all-time high of 11,545.10.BSE MidCap and SmallCap advanced 0.68% and 0.39%, respectively. All the sectoral indices on BSE, except IT and teck, gained led by capital goods, which rose 3.50%, followed by industrials, energy, oil and gas, and metal.L&T, Tata Motors, Yes Bank, ONGC and Coal India were leading the gains, whereas Infosys, GAIL, ITC, Bharti Airtel and Titan were among the major losers.
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10.03 am IST ONGC shares rises over 4%ONGC shares rose as much as 4.23% to Rs 170. The company will not sell its stake in Indian Oil and GAIL India in the near future as it has used internal resources to repay close to a third of the Rs 24,881 crore loan it had taken to buy HPCL, reported Mint, citing people with direct knowledge of the matter said. ONGC had in January received government approval to sell its 13.77% stake in Indian Oil and 4.86% stake in GAIL to help fund the ₹ 36,915 crore acquisition of HPCL.
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9.45 am IST Coal India shares rise over 3%Coal India shares rose as much as 3.39% to Rs 290.75. The company said that it expects 367 million tonne output by the end of the current financial year from its 115 ongoing projects. The coal production from the projects is “planned to reach 377 mt in 2019-20,” Coal India said in a report, adding that there are 65 projects in the pipeline with a “targeted capacity of 247.66 mt per year”. “Of these 65 future projects, 27 with ultimate capacity of 108.29 MT have been approved,” Coal India said.
Coal India”s share sale plans eclipse bright outlook for FY19 https://t.co/FlJWzc6vKu
— Livemint (@livemint) August 20, 2018
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9.28 am IST Infosys shares dive 4% on CFO departureShares of Infosys Ltd fell as much as 4.03% to Rs 1,373.55 after its CFO M.D. Ranganath has abruptly stepped down from his position, marking the second CFO departure at Infosys in three years. In a statement to stock exchanges, Infosys did not give a reason for Ranganath’s departure, but said the company’s board had accepted his resignation and Ranganath would continue in his current role till 16 November 2018.
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9.23 am IST L&T shares Larsen & Toubro Ltd rose as much as 5.21% to Rs 1,305 after the company said its board will meet on 23 August to consider shares buyback. It also added that the trading window for dealing in the securities of the company will be closed for directors/officers and designated employees of the company from Monday, 20 August till Friday, 24 August.
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9.18 am IST Sensex, Nifty trade at record highsBSE Sensex traded higher by 164.56 points, or 0.43%, to 38,112.44, while the Nifty 50 rose 39.05 points, or 0.34%, to 11,509.80.
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9.15 am IST Rupee gains against dollar ahead of US-China trade talksThe Indian rupee along with Asian currencies strengthened against the US dollar over optimism that trade tensions between US and China will ease after planned talks due this week. At 9.15am, the rupee was trading at 69.84 a dollar, up 0.48%, from its Thursday’s close of 70.16. The home currency opened at 69.83 a dollar. On Friday, currency markets were closed due to Parsi New year. So far this year, the rupee has weakened 9%, while foreign investors have sold $193.30 million and $5.35 billion in equity and debt markets, respectively.
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9.02 am IST Give IT investors an inch, they’ll take a mileInflows to these funds have continued to be strong and the dearth of quality stocks in the market has forced some funds to consider increased allocations to Indian IT. IT stocks have also benefited from increased allocations to the sector by domestic mutual funds.
If companies are losing revenues from existing clients at a faster pace compared to what new deal wins will bring in, there is no point in investors getting excited. https://t.co/SvS4zuDEFK
— Livemint (@livemint) August 20, 2018
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8.50 am IST Metals feel the heat of Turkey crisis, US-China trade warWhile domestic metal companies will be affected by the decline in metal prices, producers will benefit from the rupee fall but their imports will become expensive
While domestic metal companies will be affected by the decline in metal prices, producers will benefit from the rupee fall but their imports will become expensive. https://t.co/oPrI3cmnb2
— Livemint (@livemint) August 20, 2018
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8.40 am IST Opening bell: Cues to look out for before trading today■ Asian share markets are little changed in the morning trade as investors awaited developments on proposed Sino-US trade talks, reports Reuters. US stocks closed with gains over the weekend. S&P 500 rose 0.33% to 2,850.■ Larsen and Toubro Ltd informed the stock exchanges on Saturday that its board will consider a share buyback at its meeting on 23 August.■ Infosys CFO MD Ranganath, a veteran of nearly two decades at the company, has abruptly stepped down from his position.■ GlaxoSmithKline Pharmaceuticals is working on a strategy to reduce the number of brands in India to around 20 from 130, and bring in more patented products from the parent to the country, reports Business Standard.■ An Italian road operator, Cube Highways and a Canadian fund are in separate discussions to acquire stake in Sadbhav Infrastructure Project Ltd, reports The Economic Times. ■ Bharti Airtel is forming a new independent fibre company and has appointed Abhay Savargaonkar as the new unit’s chief executive officer, reports The Economic Times.■ A new Airbus A320Neo aircraft of budget carrier IndiGo (Interglobe Aviation Ltd), which was inducted into its fleet barely a couple of weeks ago, has been grounded due to Pratt and Whitney engine issues, reports PTI.■ The Bombay Stock Exchange Ltd and National Stock Exchange will suspend trading in shares of as many as nine firms, including Gitanjali Gems, from 10 September for not complying with listing norms, reports PTI.■ Vedanta Ltd has said it will be investing $2.3 billion towards capex on its oil and gas activities in the “near term” to increase the reserve base by around 375 million barrels, reports PTI.(R. Sree Ram/Mint)With inputs from Reuters, agencies
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