Market Live: Sensex opens higher, Nifty eyes 10,100; Tech Mahindra surges 5%
Tue Aug 01 2017
Rajesh Sharma (2003 articles)

Market Live: Sensex opens higher, Nifty eyes 10,100; Tech Mahindra surges 5%

9:56 am IPO opens: Cochin Shipyard, India’s largest public sector shipyard, opened for subscription. The company intends to raise about Rs 1,400-1,500 crore through an initial public offering (IPO).

It plans to use the net proceeds for setting up of dry dock within the existing premise of the company (Rs 443 crore), setting up of an international ship repair facility at Cochin Port Trust area (Rs 229.5 crore) and general corporate purposes.

As of June 30, 2017, its total cash and bank balance stood at Rs.2,003 crore, while it had fund-based indebtedness in the form of tax-free infrastructure bonds amounting to Rs 123 crore.

9:45 am FII View: Neelkanth Mishra of Credit Suisse said all the 7 percent YoY spending growth budgeted in FY18 Budget is over.

Growth for the rest of the year should be flat YoY, he added.

Comparisons of tax versus Budget or YoY growth will be tougher from now, bringing some fiscal uncertainty, he feels. Even the feed into GDP will be disrupted, according to Mishra.

9:40 am Buzzing: Shares of Vascon Engineers advanced more than 4 percent in the early trade as the company received order worth Rs 80 crore.

“The company has received letter of award from Transcon Sheth Creators, a domestic entity, for the work of civil construction, finishing, electrical and fire fighting work of residential building No 3 and 4 (Ground plus 23 Floors) in Malad (W) amounting to Rs 80.41 crore,” as per company release.

The work has to be completed within 24 months from the date of receipt of work order.

The meeting of board of directors of company is scheduled on August 10 to consider, approve and take on record the unaudited financial results for the quarter ended June 30, 2017, along with other matters.

9:25 am Buyback: Share price of Sobha gained 3 percent in morning trade as the company is going to consider buyback of shares.

A meeting of the board of directors of the company is scheduled on August 04, to consider and take on record, the unaudited financial results of the company for the quarter ended June 30, 2017.

The board will also consider a proposal for buyback of equity shares of the company, for an aggregate amount up to Rs 62 crore.

9:15 am Market Check: Equity benchmarks opened moderately higher, with the Nifty inching towards 10,100 level as investors look for two-day monetary policy committee meeting that will being today.

The 30-share BSE Sensex was up 27.90 points at 32,542.84 and the 50-share NSE Nifty gained 13.20 points at 10,090.30.

Glenmark Pharma gained 1.6 percent but Biocon fell nearly 2 percent.

The Nifty Midcap was up 0.4 percent. About two shares advanced for every share falling on the NSE.
Container Corporation, BEL, JK Paper and Trent gained up to 10 percent while Siemens, Torrent Pharma, Reliance Power, Peninsula Land and Godrej Consumer were under pressure.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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