Market Live: Sensex off opening high, Nifty breaks 10,100; Infosys, Biocon rally

10:20 am Order Win: Shares of Transformers and Rectifiers India gained 5 percent in morning as it has received order worth Rs 127 crore.

“….. has been awarded order for 15 number of transformer amounting to Rs 127 crore from Power Grid Corporation of India.”

The said order fall under the normal course of business. The company neither has any interest in the entity that awarded the order nor fall within related party transactions.

With this order, the company’s order book as on stands around Rs 937 crore.

The company continuously thrives to deliver quality products and services, and over a period of time has become a leading manufacturer of transformers in the country.

10:12 am EIR from USFDA: Shares of Dr Reddy’s Laboratories was up more than 2 percent intraday as it has received EIR for its Miyapur facility.

The company has received establishment inspection report (EIR) for Miyapur facility, Hyderabad, Telangana.

The audit of the said facility has been completed by USFDA in September with zero observations.

10:01 am Rupee Trade: The rupee was trading down by 3 paise at 64.49 against the US currency in early trade today at the interbank foreign exchange as the dollar strengthened in global markets after progress on the US tax-cut proposal.

Dealers also attributed the rupee’s fall to increased demand for the US currency from importers but a higher opening in the domestic equity market capped the losses to some extent.

The rupee opened lower by 7 paise at 64.53 against last close of 64.46 on higher demand for the dollar. Later the rupee reverses its losses to touch a high of 64.45 in early trade.

On Thursday, the rupee had lost 15 paise to close at 64.46 a dollar on growing concerns with regard to fiscal deficit and possible extension of crude oil production curb by OPEC. Forex and money markets were closed on Friday on account of Id-E-Milad.

Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

9:53 am Buzzing: Shares of JSW Energy rose 2.2 percent in morning as it has secured (power purchase agreements) PPAs aggregating to 208 MW.

This PPA consists 176MW PPA with Haryana Power Purchase Centre to be supplied from the Karcham Wangtoo Hydro Electric Project of Himachal Baspa Power Company, a 100 percent subsidiary of the company.

And 32MW under group captive scheme to be supplied from the Ratnagiri plant of the company.

With this, the long term PPA proportion of the company on a consolidated basis has increased from 64.6 percent at end of Q2FY18 to 69.3 percent currently.

9:43 am Adani Enterprises under pressure: China’s two biggest banks said they do not plan to finance a controversial Australian coal mine, in the latest blow to Indian conglomerate Adani Enterprises’ long delayed project.

The stock fell more than 4 percent after this news, but immediately recovered to trade 0.4 percent lower.

Industrial and Commercial Bank of China (ICBC) and China Construction Bank said in separate statements they were not working on the project, after media recently reported that Chinese banks may get involved.

Adani is seeking 2 billion Australian dollar (USD 1.5 billion) in financing by March 2018 for the 4 billion Australian dollar first stage of its proposed Carmichael coal mine in the state of Queensland, a project that has been shrunk from a 16.5 billion Australian dollar plan to make it more viable.

Adani declined to comment on its financing plans on Monday or the statements from the Chinese banks.

9:31 am Market Check: Equity benchmarks wiped out opening gains to trade flat as gains led by Infosys, Tata Motors, HDFC and Axis Bank were offset by Reliance Industries, HDFC Bank and ITC.

The 30-share BSE Sensex was down 5.47 points at 32,827.47 and the 50-share NSE Nifty fell 15.30 points to 10,106.50.

9:25 am Buzzing: Share price of Alphageo advanced more than 4 percent in the early trade on receiving award of contract from ONGC.

The company has received a notification of award of contract from ONGC, WOB, Vadodara, Gujarat for acquisition of 3D seismic data in Mehsana carpet area of Cambay basin, India for an estimated contract value of Rs 154.77 crore.

A meeting of the board of directors of the company is scheduled to be held on December 4, 2017, to consider and approve the unaudited financial results of the company for the quarter and six months ended September 30, 2017.

9:20 am Infosys in focus: Infosys’ board of directors has appointed Salil S Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the company effective January 2, 2018.

The appointment ends a nearly four-month long search for the top job at India’s second largest IT services firm.

Parekh joins Infosys from Capgemini where he was a member of the Group Executive Board.

He has Master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University, and a Bachelor of Technology degree in Aeronautical Engineering from the Indian Institute of Technology, Bombay.

UB Pravin Rao will step down as the interim CEO and Managing Director effective January 2, 2018 and will continue as Chief Operating Officer and a whole-time Director of the Company.

9:15 am Market Check: Equity benchmarks started off the week on a positive note, backed by Infosys that gained 2.5 percent after the appointment of new CEO and MD.

The 30-share BSE Sensex rose 89.51 points to 32,922.45 and the 50-share NSE Nifty gained 23.60 points at 10,145.40. About 980 shares advanced against 291 declining shares on the BSE.

Infosys, Indiabulls Housing, Tata Motors, Dr Reddy’s Labs, SBI, Aurobindo Pharma and ICICI Bank were early gainers while Tech Mahindra, Sun Pharma and Hero MotoCorp were early losers.

Biocon surged 10 percent as the US FDA approved Mylan and Biocon’s Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.
Syngene International, MT Educare, Zee Learn, Videocon Industries and Ashok Leyland gained up to 8 percent.