[email protected]: Indices end in red for fourth straight session
Benchmark indices ended sharply lower, continuing weakness for the fourth consecutive session amid uncertainty over government formation in Karnataka, likely fiscal imbalance due to higher crude oil prices and weaker rupee.
May 18, 05:21 PM (IST)
Podcast | Sensex cracks 300 points ahead of Karnataka floor test; Nifty below 10,600
The S&P BSE Sensex cracked 300 points on Friday amid uncertainty as to who will form the government in Karnataka and rising crude oil prices.
May 18, 05:18 PM (IST)
Rupee Update: The Indian rupee ended at 68.01 a dollar, down 31 paise from previous settlement. It fell for the sixth consecutive week against the US dollar, posting biggest weekly fall since week ended April 20, 2018.
May 18, 04:29 PM (IST)
Here are the top headlines from Moneycontrol News’ Sakshi Batra
May 18, 03:35 PM (IST)
Market Closing: Benchmark indices ended sharply lower, continuing weakness for the fourth consecutive session amid uncertainty over government formation in Karnataka, likely fiscal imbalance due to higher crude oil prices and weaker rupee.
The 30-share BSE Sensex was down 300.82 points at 34,848.30 and the 50-share NSE Nifty fell 86.30 points to 10,596.40.
L&T, Maruti, ICICI Bank, Cipla and Grasim were losers while Bajaj Finance, Bajaj Finserv, HUL, ITC and Kotak Mahindra Bank were gainers.
Nifty Midcap index fell 250 points.
Amara Raja Batteries, SRF, Voltas, Avenue Supermarts, Nalco, Graphite India, HEG, Escorts, Jyothy Labs, Radico Khaitan, Wockhardt, Jet Airways, Venkys and Granules India fell up to 13 percent.
Strides Shasun down 23 percent.
Colgate Palmolive, Jubilant Foodworks, Endurance Technologies, Balrampur Chini, Dhampur Sugar, JK Tyre, Central Bank of India, Karnataka Bank, Rupa and PI Industries gained up to 7 percent.
May 18, 03:30 PM (IST)
USFDA Inspection: Alembic Pharma informed exchanges that the United States Food and Drug Administration (US FDA) has conducted an inspection at API Facility located at Karkhadi from May 14 to May 18.
This was a scheduled inspection and at the end of the inspection, the US FDA issued a Form 483 with one observation, the company said.
The company is preparing the response to the observation, which will be submitted to the US FDA shortly, it added.
May 18, 03:28 PM (IST)
Market Update: Benchmark indices extended losses as the Sensex was down 300.69 points at 34,848.43 and the Nifty fell 86.40 points to 10,596.30.
About 1,838 shares declined against 710 advancing shares on the BSE.
May 18, 03:18 PM (IST)
Strides Shasun Q4 consolidated loss from continuing operations at Rs 4.4 cr
Strides Shasun has reported consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against profit of Rs 91.6 crore in year-ago.
May 18, 03:02 PM (IST)
Buzzing: Bhushan Steel share price rallied 5 percent after its board of directors approved allotment of 7.2 crore shares to lenders.
May 18, 02:49 PM (IST)
Market Update: The market remained under pressure amid uncertainty over the formation of government in Karnataka, likely widening of fiscal deficit due to higher crude oil prices and weaker rupee.
The Sensex fell 214.78 points to 34,934.34 and the 50-share NSE Nifty declined 58.40 points to 10,624.30 while the Nifty Midcap shed over a percent.
About two shares declined for every share rising on the BSE. The Indian rupee declined 30 paise to 68 against the US dollar.
May 18, 02:48 PM (IST)
Pradhan’s take on rising oil prices: With global crude prices touching USD 80 a barrel, Oil Minister Dharmendra Pradhan has pressed OPEC kingpin Saudi Arabia to keep prices stable and moderate, saying that spike in rates would have a negative impact on Indian consumers as well as the economy.
Pradhan conveyed India’s concerns when Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid Al-Falih called him last evening “to discuss continued joint cooperation between the two countries and in particular the current oil market situation”, an official statement said here.
Brent crude oil, which breached USD 80 a barrel mark yesterday, was trading at USD 79.54 today, the highest level since November 2014, reports PTI.
May 18, 02:36 PM (IST)
STFC inks pact with HPCL: Shriram Transport Finance Company (STFC), inked MOU with Hindustan Petroleum Corporation LTD (HPCL) to offer credit based fuel filling services to its customers on digital platform.
STFC had been offering a host of products to its customers ranging from Commercial vehicle finance to tyre loans. Credit based fuel financing will enable customers to have an efficient way of purchasing auto fuels like diesel, petrol and lubricants at credit. It is an affordable low cost working capital solution to monitor and control fuel expenses. Fuel Finance service will be a cash/card free transaction, the company said.
May 18, 02:28 PM (IST)
Acquisition: Himatsingka Seide announced that Himatsingka America Inc., the wholly owned step down subsidiary has acquired the home portfolio of Global Brands Group Holding Limited.
The acquired home portfolio includes the exclusive license rights to the famous and iconic Tommy Hilfiger brand, the Copper Fit brand and other brands.
This brand portfolio is estimated to contribute Annual Revenues of approximately USD 60 – 65 million to the Group, it said.
May 18, 02:19 PM (IST)
Stake Sale: Biocon Ltd has sold close to 2 percent stake in its research arm Syngene International for an estimated Rs 230 crore.
“Biocon, the promoter of Syngene International, on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88 per cent of the equity share capital of Syngene through open market sale,” Biocon said in a regulatory filing.
In a separate filing, Syngene said Biocon has sold the shares for achieving minimum public shareholding requirement.
Based on average weighted price of Syngene’s shares on May 16 at Rs 611.02 apiece, the transaction is estimated at Rs 230.08 crore.
Post transaction, stake of promoter and promoter group in the company stands at 72.57 per cent. Public shareholding is 25.90 percent, reports PTI.
May 18, 02:15 PM (IST)
Here are the top headlines from Moneycontrol News’ Anchal Pathak
May 18, 02:09 PM (IST)
Earnings: Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter.
Profit for the quarter grew by 34.7 percent year-on-year to Rs 1,080 crore and revenue rose by 38.3 percent to Rs 6,773 crore.
Operating profit jumped 45.2 percent to Rs 1,315 crore for the quarter and margin expanded 90 basis points to 19.4 percent compared to year-ago.
The board of directors has announced dividend of Rs 60 per share.
May 18, 01:59 PM (IST)
Crude Impact: Crude oil prices may rise further in the coming months, following which India’s current account deficit will be around 2.4 per cent in 2018-19, says a Goldman Sachs report.
According to the global financial services major, the rise in international crude prices poses risks to India’s current account deficit.
“Our commodities team expects oil prices to continue to rise over the course of this summer, before moderating slightly at the end of the year. We recently increased our 2018-19 current account deficit (CAD)forecast to 2.4 per cent of GDP (from 2.1 per cent of GDP earlier),” Goldman Sachs said in a research note.
CAD widened to 2 percent or USD 13.5 billion in the October-December quarter of 2017, up from 1.4 per cent, or USD 8 billion, in the corresponding period a year ago.
Globally, brent broke through the USD 80 a barrel mark yesterday for the first time since November 2014, reports PTI.
May 18, 01:50 PM (IST)
Buzzing: Strides Shasun share price dropped nearly 10 percent after it reported consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against profit of Rs 91.6 crore in year-ago.
Revenue from operations fell by 1.9 percent year-on-year to Rs 664.2 crore for the quarter ended March 2018.
Consolidated operating profit (EBITDA – earnings before interest, tax, depreciation and amortisation) plunged 33.2 percent to Rs 86.5 crore and margin contracted 610 basis points to 13 percent compared to same quarter last fiscal.
Other income during the quarter fell sharply to Rs 21.8 crore compared to Rs 62.4 crore in Q4FY17.
May 18, 01:44 PM (IST)
Market Update: Benchmark indices extended losses in afternoon, continuing fall for the fourth consecutive session amid uncertainty over the formation of government in Karnataka and likely widening of fiscal deficit due to higher crude oil prices.
The 30-share BSE Sensex was down 236.81 points at 34,912.31 and the 50-share NSE Nifty fell 64.20 points to 10,618.50.
About two shares declined for every share rising on the BSE.
May 18, 01:25 PM (IST)
Here are the top headlines from Moneycontrol News’ Sakshi Batra
May 18, 01:17 PM (IST)
Buzzing: Retail chain Avenue Supermarts share price fell 6 percent as promoter Radhakishan Damani is going to sell up to 1 percent stake to meet minimum public shareholding norm.
May 18, 01:05 PM (IST)
Fund Raising: Infrastructure firm NCC said its board will meet next week to consider raising funds through issuance of equity shares or warrants to promoters on preferential basis.
“The Board of Directors at the board meeting (on May 24) will…consider the proposal to issue equity shares/warrants to the promoters/promoter group,” NCC said in a BSE filing.
The company, however, did not share any details.
May 18, 01:02 PM (IST)
Trading in F&O: Leading bourse NSE said US regulator Commodity Futures Trading Commission (CFTC) has allowed the exchange’s brokers to trade in derivatives for US clients.
CFTC yesterday issued a Part 30 exemptive order to National Stock Exchange (NSE) as part of its programme of regulatory deference to foreign regulatory frameworks, the bourse said in a statement.
Part 30 exemptive programme provides US customers with increased access to foreign futures markets.
The move will allow NSE brokers to accept US customer funds directly for trading in futures and options contracts on the exchange without the members having to register with CFTC as a futures commission merchant, reports PTI.
May 18, 12:48 PM (IST)
Market Update: The market remained under pressure amid continued uncertainty over the formation of government in Karnataka, higher crude oil prices and weak rupee.
The Sensex and Nifty Bank indices fell more than 100 points while the Nifty Midcap index underperformed frontliners, falling over half a percent.
FMCG stocks continued to support the market as ITC and HUL gained over a percent each while all other sectoral indices are in the red.
More than 110 stocks hit 52-week low with cuts in names such as ACC, Bank of Baroda, Oriental Bank of Commerce etc.
May 18, 12:42 PM (IST)
Buzzing: Chemicals firm SRF share price fell nearly 10 percent after it reported a 4 percent decline in its consolidated net profit at Rs 124 crore for the quarter ended March YoY.
Total income rose to Rs 1,625.30 crore in the fourth quarter from Rs 1,442.37 crore in the corresponding period of the previous year.
For the full last financial year, SRF’s net profit fell by 10 per cent to Rs 462 crore from Rs 515 crore in 2016-17. Total income increased to Rs 5,753.67 crore in the 2017-18 fiscal from Rs 5,182.05 crore in the previous year.
May 18, 12:34 PM (IST)
Ashok Leyland Q4 Preview: Net profit likely to see robust growth, no big capex expected
According to a Reuters poll of 21 analysts, it is expected to report a rise 38 percent in standalone net profit on year to Rs 655 crore
May 18, 12:28 PM (IST)
New Offer for Binani Cement: Sources told CNBC-TV18 that lenders will take up UltraTech Cement’s revised offer in today’s meeting.
Its revised offer for Binani Cement stands at approximately Rs 7,960 crore, which is much higher than Dalmia Bharat’s offer at approximately Rs 6,590 crore.
Binani Industries’ proposal to settle claims may be discussed by lenders as well.
May 18, 12:20 PM (IST)
JSW Steel finalises Aferpi deal, to acquire Italy’s 2nd largest steelmaker for Rs 600 crore
JSW Steel has finally sewn up the deal to acquire Italy’s second largest steelmaker Aferpi after hectic negotiations over deal size and plans to turnaround the facility.