Market Live: Sensex remains volatile but Midcap outperforms; pharma stocks up
Thu Aug 24 2017
Rajesh Sharma (2003 articles)

Market Live: Sensex remains volatile but Midcap outperforms; pharma stocks up

11:20 am Buzzing: Shares of MEP Infrastructure Developers surged 6 percent intraday as it has received toll collection rights from NHAI.

“The company has received the letter of acceptance (LOA) from National Highways Authority of India (NHAI) informing that MEP has been engaged as ‘user fee collection Agency on the basis of Competitive Bidding through e-tender for Chennasamudram fee plaza of NH-4, in the state of Tamil Nadu,” company said in press release.

The terms of the contract is of one year.

The operations will commence after complying with the statutory formalities viz. submission of performance security, signing of contract as stated in the LOA.

The contractual amount for the said project is Rs 74.70 crore payable to NHAI on a weekly basis over a period of 1 year.

11:05 am Deposit rates: Bank of India slashed savings deposit rate by 50 bps to 3.5 percent for balance upto Rs 50 lakh but kept savings deposit rate unchanged at 4 percent for balance above Rs 50 lakh.

10:58 am Deal: Private sector lender IndusInd Bank has emerged as frontrunner for deal with non-banking finance company Bharat Financial Inclusion, according to sources that told CNBC-TV18.

IndusInd Bank will discuss merger proposal with the board this week and Bharat Financial’s M R Rao is likely to present IndusInd’s offer to its board next week.

IndusInd Bank, Bharat Financial deal will be share-swap deal, sources said, adding the deal is likely by mid-September.

10:45 am SC Verdict: SC declared right to privacy as a fundamental right.

The bench gave a unanimous verdict that right to privacy as a fundamental right under the Article 21.

10:23 am Market Check: Benchmark indices remained volatile in morning trade, with the Nifty hovering around 9,850 level as investors looked for triggers after digesting Infosys and PSU banks consolidation news.

The 30-share BSE Sensex was up 17.56 points at 31,585.57 and the 50-share NSE Nifty rose 4.20 points to 9,856.70.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth.

About 1,113 shares advanced against 807 declining shares on the BSE.

Infosys, Tata Motors, Lupin and Sun Pharma top four contributors to Sensex’ gains but upside is capped by HDFC Group stocks.

9:55 am Buzzing: Shares of V-Mart Retail rose nearly 3 percent intraday on the back of opening of two new stores.

The company has opened two new fashion stores in the state of Uttar Pradesh and Jharkhand.

With the opening of these stores the company has total of 17 composite & 47 fashion stores in Uttar Pradesh and 9 fashion stores in Jharkhand.

This takes the total number of stores to 151 stores in 127 Cities across 14 states, with 37 composite stores and 114 fashion stores with a total area of approximately 12.79 lakh square feet.

9:45 am Stake sale: Share price of Mcleod Russel rose 2.5 percent intraday as the company is going to sell its loss making unit.

The company has decided to dispose of its Bhatpara Tea Estate, a loss making unit of the Company in Dooars, subject to necessary approval/s.

On August 23, 2017 the company has entered into an agreement for sale with Voom Food Industries of Siliguri, West Bengal.

The company will receive around Rs 13.21 crore from sale and the sale process will get completed after the sale permission is obtained from the government of West Bengal.

9:38 am Infosys in focus: Sources told CNBC-TV18 that Infosys is in initial stages to appoint selection panel to oversee selection. The panel, which aims to complete process within 4 months, is also in charge of overviewing board composition.

Search panel may have founders, board members & independent business leaders, sources said.

Its 10 key clients expressed their concern in writing on what lies ahead in terms of operations. They sought clarity on CEO succession & operational changes and also sought clarity on issue with founders and the way forward.

Sources said chairman R Seshasayee & co-chair Ravi Venkatesan will move on only after situation is stable.

9:28 am FII View: Jonathan Garner of Morgan Stanley said key country overweights of China and India are amongst the best country performers in 2017 so far.

He recommends investors to focus on alpha rather than beta.

“Within India, we are overweight IOC and Jain Irrigation,” he said.

9:25 am Buzzing: Shares of Alembic Pharmaceuticals gained 3 percent in the early trade as it has sold its formulations manufacturing facility at Baddi.

The company has sold its formulations manufacturing facility at Baddi on slump sale basis to Scott Edil Pharmacia (SEPL), a company engaged in the business of pharmaceuticals products.

SEPL does not belong to the promoter / promoter group / group companies and is not related party of the company.

The turnover and networth of the said manufacturing facility for the last financial year vis-a-vis turnover and networth of the company is insignificant.

The company continues to meet its domestic formulation demand from Sikkim unit and international formulation demand from its Panelav unit.

9:15 am Market Check: Equity benchmarks opened moderately higher amid mixed Asian cues on Thursday.

The 30-share BSE Sensex was up 44.21 points at 31,612.22 and the 50-share NSE Nifty rose 12.25 points to 9,864.75.

Infosys, ITC, TCS, Reliance Industries, L&T, Sun Pharma, Lupin and M&M gained while HDFC Bank, Maruti Suzuki, Kotak Mahindra Bank, HUL, Bajaj Auto and SBI were under pressure.

Nifty Midcap was up 0.2 percent.

SREI Infrastructure shares gained 3.5 percent as Bharat Road Network IPO will open from September 6-8.

United Spirits, United Breweries, Alembic Pharma, Mcleod Russel, Praj Industries and Ugar Sugar Works gained up to 6 percent.
Fortis Healthcare, DLF, Allahabad Bank, Dena Bank, SPARC, Andhra Bank, Castrol, Jaypee Infratech and Union Bank 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.

Discussion

Rules of Discussion on Live Index

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.