Market Live: Sensex off day#39;s high, Nifty below 10,200; RIL drags, metals shine

11:19 am Financial Closure: CG Tollway, a special purpose vehicle (SPV) of IRB Infrastructure Developers, has successfully achieved financial closure for its another BOT project of 6 laning of NH-79, Chittorgarh – Gulabpura Bypass.

The SPV, basis the concession agreement signed and executed with National Highway Authority of India (NHAI) for this Rs 2,090 crore project, has tied up with the consortium of lenders led by State Bank of India.

11:10 am Order Win: Shares of Jain Irrigation Systems gained 2 percent in morning as it has received order worth Rs 178.4 crore.

The company has been awarded work of Rs 178,39,16,702 for supplying, installing, and testing of UGPL System of sub minor for Irrigation through Kundies in Chak area of Sardar Sarovar Project Command.

The company will execute the said work in 15 months.

11:00 Market Outlook: Krishna Kumar Karwa said that on earnings, these are still early days and the trend looks good so far.

The Indian market is going through a Diwali cheer phase as frontline indices hit fresh record highs, backed by macro data and steady earnings trends in its first week of the season.

Having said that, these are still some early days as companies with good numbers initially are declared in the early part of the season. “Ex-financials, companies in our coverage should have 10 percent growth,” Krishna Kumar Karwa, MD, Emkay Global Financial Services told CNBC-TV18 in an interview.

10:50 am Market Check: Equity benchmarks came off day’s high in morning due to profit booking in Reliance Industries and select banking & financials stocks. Metals, FMCG and auto stocks continued to gain.

The 30-share BSE Sensex was up 123.20 points at 32,555.89 and the 50-share NSE Nifty gained 43.90 points at 10,211.40.

About 1,330 shares advanced against 899 declining shares on the BSE.

10:45 am Results Reaction: Share price of Reliance Naval and Kirloskar Oil Engines declined 3 percent in morning on the back of poor Q2 numbers.

Reliance Naval and Engineering has reported loss at Rs 150 crore in the quarter ended September 2017 (Q2FY18) against loss Rs 116 crore, in the same quarter last fiscal. The company’s revenue was down 15 percent at Rs 83 crore versus Rs 98 crore.

Kirloskar Oil Engines’ Q2 net profit declined 31 percent at Rs 29 crore versus Rs 42 crore. Revenue was down 10 percent at Rs 646 crore versus Rs 715 crore.

10:35 am Ghana deal: Telecom operator Bharti Airtel and Millicom International Cellular announced completion of a deal to combine their operations in Ghana.

The deal, executed through their respective subsidiaries, will create Ghana’s second largest mobile operator with nearly 10 million subscribers and USD 300 million in revenue.

“The combined networks of the two companies will cover more than 80 per cent of Ghana’s population, in particular in villages and far flung areas and serve customers with affordable world-class voice/ data services, affordable global roaming and mobile banking services,” a Bharti Airtel statement said.

Airtel and Millicom will have equal ownership (that is 50:50 each) and enjoy governance rights in the combined entity.

10:25 am FM on reforms: India carried out key structural reforms at the right time – when the growth rate was high – and it will serve the country well in the days to come, Finance Minister Arun Jaitley said.

Some of the key reforms, including demonetisation and the GST, were carried out keeping in mind their long-term benefits to the country’s economy and as a result, India’s growth rate is now headed for a higher trajectory, he said.

“When the world was growing at two-and-a-half percent, India was the fastest-growing major economy in the world. That was a time to really fix the roof. You don’t have to wait for a downward slide in order to do it,” Jaitley told a group of Indian reporters at a news conference here.

“I think, this was just the right time to bring about structural changes,” he said.

10:19 am Indian Economy: Days after the International Monetary Fund (IMF) lowered its growth forecast for the current and the next year, IMF chief Christine Lagarde said the Indian economy is on a “very solid track” in the mid-term.

“Turning to India…we have slightly downgraded India but we believe that India is for the medium and long-term on a growth track that is much more solid as a result of the structural reforms that have been conducted in India in the last couple of years,” the IMF Managing Director Lagarde said.

Describing the two major recent reforms in India – demonetisation and Goods and Services Tax (GST) – as a monumental effort, Lagarde said it is hardly surprising that there “is a little bit of a short-term slowdown” as a result.

“But for the medium term, we see a very solid track ahead for the Indian economy,” she said to a question on India.

10:10 am Merger: Bharat Financial Inclusion share price rallied 3 percent after its merger with private sector lender IndusInd Bank.

The deal is subject to approvals from the Reserve Bank of India, market regulator Securities and Exchange Board of India and Competition Commission of India among others.

IndusInd Bank share price declined 1.7 percent.

According to the deal, Bharat Financial shareholders will get 639 shares of the bank for every 1,000 held. The deal is likely to be completed in 9-10 months.

The deal comes nearly a month after IndusInd informed the stock exchange that they have entered into exclusive merger talks with Bharat Financial.

The composite scheme, which will be effective from January 1, is between IndusInd, BFIL and a wholly owned subsidiary of the bank.

10:00 am Listing: Diversified agro-business company Godrej Agrovet started off first trade at Rs 615.60 on the National Stock Exchange, a whopping premium of 33.82 percent over its issue price of Rs 460 per share.

The stock touched a high of Rs 630 and low of Rs 605.55 in early trade.

9:50 am Pre-opening: Godrej Agrovet stock price settled at Rs 615.60 on the National Stock Exchange in pre-opening trade, against issue price of Rs 460.

9:35 am Market Check: Equity benchmarks extended rally in morning, with the Sensex hitting fresh record high and crossing its earlier high of 32,686.

9:30 am USFDA Approval: Shares of Glenmark Pharma added 1 percent in morning as it has received approval for Aprepitant Capsules.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Aprepitant Capsules USP 40 mg, 80 mg, and 125 mg.

Aprepitant Capsules USP is a generic version of Emend Capsules, 40 mg, 80 mg, and 125 mg, of Merck Sharp & Dohme Corporation.

As per IMS Health sales data for the 12 month period ending August 2017, the Emend Capsules achieved annual sales of approximately USD 64.9 million.

9:25 am Listing: Godrej Agrovet, the diversified agro-business company, will make a Dalal Street debut today.

The final issue price is fixed at Rs 460 per share, at the higher end of price band.

Analysts expect the listing price to be in Rs 550-600 per share range, given the overwhelming response to the issue and market demand.

Sources told Moneycontrol that market premium for the stock is in the range of Rs 140-155 per share.

The Rs 1,157-crore initial public offer was oversubscribed 95.41 times on October 6, the last day of bidding.

9:20 am Buzzing: Share price of Cadila Healthcare rose 1 percent in early trade on USFDA approval for Allopurinol tablets.

Zydus Cadila has received final approval from the USFDA to market Allopurinol Tablets USP, 100 mg and 300 mg.

The drug is used to treat major depression and will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad.

9:15 am Market Check: Equity benchmarks started off the Diwali week at fresh record high on Monday, with the Nifty hitting 10,200 level backed by Reliance Industries and banks stocks.

The 30-share BSE Sensex was up 214.70 points at 32,647.39 and the 50-share NSE Nifty rose 61.10 points to 10,228.60. About five shares advanced for every share falling on the BSE.

ICICI Bank, Reliance Industries, Ambuja Cements, Hero Motocorp, Sun Pharma, IOC, Cipla, BPCL and HPCL were early gainers while IndusInd Bank was down.

Nifty Midcap was up 0.6 percent or 115 points in early trade on strong market breadth.
Keval Kiran Clothing, Bhansali Engineering, Avenue Supermarts, Gruh Finance, Bharat Financial, VA Tech Wabag, Ujjivan Financial, Equitas and Idea Cellular gained 2-10 percent while Jaiprakash Associates, Reliance Naval and GNA Axles fell 1-3 percent.