Market Live: Sensex gains over 150 pts, Nifty above 10,300; all sectoral indices up
The company has received Fax of Acceptance (FOA) from Gas Authority of India (GAIL India) for 157.8 km long 30′ diameter pipeline laying works for Dobhi-Durgapur-Haldia Pipeline Section (Part B) along with 13.28 km long 12′ diameter spurline under Jagdishpur Haldia/Bokaro-Dhamra Natural Gas pipeline (JHBDPL) project in Jharkhand/West Bengal states, as per company release.
The total value of the contract is Rs 215.79 crore (excluding GST) and is to be mechanically completed in 15 months from date of FOA and additional 2 month for pre-commissioning and commissioning.
10:14 am Buzzing: Jet Airways share price rallied more than 4 percent in morning after Edelweiss upgraded its rating as well as raised target price on the stock.
Edelweiss has upgraded the stock to buy from hold and raised target price to Rs 822 from Rs 548 per share as it feels measures initiated by new CEO would turnaround company’s stressed financials.
The company is focussing on sustaining growth via cost rationalisation. The strategy is to focus on cost efficiencies & debt reduction, it said.
Edelweiss raised FY18 EBITDAR margin to 16.8 percent from 15.5 percent.
10:01 am Rating Upgrade: Shares of Redington India gained 5.6 percent in the early trade on the back of rating upgrade by CRISIL.
The rating agency CRISIL, an S&P Global Company, has upgraded its long-term ratings on the bank facilities of the company to CRISIL AA /Stable from CRISIL AA- / Positive.
Also the short term rating and commercial paper have been reaffirmed at CRISIL A1+, which is the highest rating in this category.
Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak
9:50 am Market Update: Equity benchmarks rallied further in morning as the Sensex was up 172.61 points at 33,422.91 and the Nifty rose 51.10 points to 1,0316.80.
About 1,437 shares advanced against 572 declining shares on the BSE.
9:39 am Buzzing: While maintaining buy call on Bharti Airtel with a target price of Rs 575 per share, HSBC said it believes its operations in Africa have further upside. The stock gained nearly 2 percent.
The company may be keen to unlock value in its African operations sooner rather than later, according to the research house.
HSBC estimates FY17-20 revenue CAGR at 1.4 percent and EBITDA CAGR at 11.1 percent for Africa operations.
Catalysts for Africa are improvement in revenue growth, particularly from data, it said. “The downside risk to our outlook for African operations is lower capex spend.”
India remains the priority for Bharti Airtel. Company may lower Africa capex if India recovery is delayed beyond FY19, HSBC feels.
9:29 am Rupee Trade: The rupee was up 6 paise at 64.39 against the dollar, helped by stronger domestic equities.
Apart from selling of the American currency by exporters, forex dealers said the dollar’s weakness against other currencies overseas kept the rupee higher.
On Friday, the rupee had gained 12 paise to end at 64.45 on fresh selling of the American currency amid unwinding of long dollar bets ahead of release of key US macro data.
9:20 am Buzzing: Max India fell 4 percent after the Delhi government on Friday cancelled the licence of Max Hospital at Shalimar Bagh.
The decision came nearly a week after one of the premature twins born on November 30 and declared dead was found alive by the parents while being taken for last rites.
9:15 am Market Check: Equity benchmarks extended previous day’s rally on Monday morning as all sectoral indices traded in green. Positive global cues after strong US jobs report also supported the market.
The 30-share BSE Sensex was up 141.65 points at 33,391.95 and the 50-share NSE Nifty rose 43 points to 10,308.70.
About five shares advanced for every share falling on the BSE.
SBI, Axis Bank, UltraTech Cement, Bharti Airtel, Maruti Suzuki, HDFC and Eicher Motors were early gainers while Infosys and HUL were losers.
The Nifty Midcap index was up 0.4 percent. Ucal Fuel surged 20 percent while Arvind, Jet Airways, Motherson Sumi, Redington India, Sharda Motor, Kaveri Seed, Thyrocare and Shriram EPC rallied 1-13 percent.
