Closing bell: Sensex, Nifty close at record highs; HDFC AMC surges 65% on debut
11 min read.Updated: 06 Aug 2018, 05:27 PM ISTNirav Vyas
BSE Sensex closed 135.73 points up at 37,691.89, while the Nifty 50 ended 26.30 points higher at 11,387.10. Here are the latest updates from the markets
Mumbai: BSE Sensex and NSE’s Nifty 50 surged to new record higher on Monday led by banking stocks amid strong cues from global markets. In Intraday trade, Sensex surged 249.09 points to a new high of 37,805.25 and the Nifty 50 jumped 66.85 points to a fresh record high of 11,427.65. The Indian rupee strengthened marginally against the US dollar, tracking gains in local equity market and Asian currencies. Shares in Europe and Asia struggled as fears of the escalating US-China trade conflict outweighed the boost to sentiment from China’s intervention last week to shore up yuan. Meanwhile, DIIs purchased equities worth Rs 87.08 crore on net basis on Friday, while FIIs sold shares worth Rs 5.87 crore, provisional data showed. Here are the latest updates from the markets:
06 Aug 2018, 03:35:00 PM IST
Closing bell: Sensex, Nifty close at fresh record high
BSE Sensex closed higher by 135.73 points, or 0.36%, to 37,691.89, while the Nifty 50 rose 26.30 points, or 0.23%, to 11,387.10. In Intraday trade, Sensex surged 249.09 points to a new high of 37,805.25 and the Nifty 50 jumped 66.85 points to a fresh record high of 11,427.65.BSE MidCap and SmallCap gained 0.26% and 0.39%, respectively. Among the sectoral indices on BSE, bankex, telecom, finance and metal led gains, while realty, FMCG, healthcare and utilities declined. Nifty PSU Bank rose 2.6%.HDFC AMC shares closed at Rs 1,815.15, up 65.01% from its issue price of Rs 1,100. In intraday trade the stock hit a high of Rs 1,842.95 and a low of Rs 1,730.Axis Bank, SBI, ICICI Bank and Bharti Airtel were among the top gainers, whereas Kotak Bank, Hindustan Unilever, Sun Pharma and GAIL were among the major losers.
06 Aug 2018, 03:17:00 PM IST
Gold may hit $1,300 by year end: ICBC
Gold’s plunge to the lowest level in more than a year is close to ending, and prices will probably climb back to $1,300 by December, according to ICBC Standard Bank Plc. Gold’s appeal has been fading this year with prices sliding near to the key $1,200 level, partly because of an upbeat outlook on the US economy that’s strengthened the dollar. The metal saw some relief late last week as US hiring cooled in July and China moved to support its currency, and traded at $1,212.84 on Monday. Read more
06 Aug 2018, 03:10:00 PM IST
Profit rises in June quarter for Monsanto India
Monsanto India Ltd reported a profit of Rs 66.02 crore in the quarter ended 30 June, compared to Rs 54.48 crore a year ago. Revenue from operations came in at Rs 261 crore in the quarter, as against Rs 236 crore in the same period last year. Shares traded 0.70% down at Rs 2,905.
06 Aug 2018, 02:35:00 PM IST
European shares trade lower
European shares floundered in cautious trading as Europe’s biggest bank HSBC disappointed investors, while doubts over a planned $87 billion tie-up with Praxair sank shares in German industrial gases group Linde. The pan-European STOXX 600 was down 0.1% by 1pm. The heavyweight stock dragged Germany’s DAX down to underperform peers, declining 0.2%. HSBC shares fell 1.1% after it reported disappointing earnings due to rising expenses from investments in a new growth strategy and a $765 million provision against sale of U.S. mortgage securities. Reuters
06 Aug 2018, 02:20:00 PM IST
HUL to acquire ice cream business of Vijaykant Dairy and Food
Hindustan Unilever Ltd said it has signed an agreement with Vijaykant Dairy and Food Products Ltd to acquire its ice cream and frozen desert business, which included its flagship brand ‘Adityaa Milk’. Further terms of the deal were not disclosed. HUL said the acquisition is in line with the company’s strategic plant to strengthen its position in ice cream and frozen desert market in India. HUL shares traded 1.66% lower at Rs 1,730.25.
06 Aug 2018, 02:10:00 PM IST
Vinati Organics shares jump 6% after quarterly results
Vinati Organics Ltd shares jumped 6.48% to Rs 1,054.50 after the company reported a net profit of Rs 64.25 crore, up from Rs 31.1 crore a year ago. Revenue from operations stood at Rs 265 crore in the quarter ended 30 June, compared to Rs 197 crore in the same period last year.
06 Aug 2018, 01:57:00 PM IST
RCom shares rise 5% on SC approval
Reliance Communications Ltd shares rose 5.48% to Rs 16.55. The Supreme Court on Friday cleared a settlement between Reliance Communications Ltd (RCom) and the Indian unit of Swedish telecom equipment maker Ericsson AB, paving the way for the sale of the telecom operator’s assets to Reliance Jio Infocomm Ltd. The judgment, which was delivered by a two-judge bench headed by justice R.F. Nariman, directed Reliance Communications to pay ₹550 crore to Ericsson by 1 October and asked RCom chairman Anil Ambani to give an undertaking to this effect.
06 Aug 2018, 01:30:00 PM IST
IDFC shares rise 8% on AMC business sale buzz
Shares of IDFC Ltd jumped 8.18% to Rs 50.90 following reports that the company is in talks with Avendus Capital for sale of asset management business. The company told BSE that it keep evaluating opportunities from time to time, and “there is nothing that requires disclosure.”
06 Aug 2018, 01:17:00 PM IST
After HDFC AMC share listing, it may be time to book partial profit
Investors who were lucky enough to be alloted HDFC AMC shares in the IPO must be elated today at the over 65% gains in just one day. HDFC AMC shares surged to Rs 1,835 at the day’s high on their stock market debut. In noon trade, HDFC AMC shares held on to most of their gains amid a firm broader market. Livemint spoke to a few analysts who shared their views on the stock:
Oil prices rise as Saudi output dips, US drilling stalls
Oil prices rose after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. Markets also anticipated an announcement from Washington later in the day on renewed U.S. sanctions against major oil exporter Iran. So-called “snapback” sanctions are due to be reinstated on Tuesday, according to a US Treasury official. Spot Brent crude oil futures were at $73.42 per barrel at 12.23pm on Monday, up 21 cents, or 0.3%, from their last close. US West Texas Intermediate crude futures were up 19 cents, or 0.3%, at $68.68 barrel. Reuters
06 Aug 2018, 12:50:00 PM IST
Paushak shares jump 4% as June-quarter profit rises
Paushak Ltd shares surged 4.20% to Rs 1,944. The company reported a net profit of Rs 14.31 crore in the quarter ended 30 June, compared to Rs 3.86 crore a year ago. June-quarter revenue from operations stood at Rs 29.86 crore versus Rs 17.66 crore a year ago
06 Aug 2018, 12:30:00 PM IST
Nestle India shares trade higher
Nestle India shares traded 2.35% up at Rs 10,555.35. Nestle India Ltd, the local entity of Swiss packaged food maker Nestle SA, on Friday reported a 50% jump in its net profit for the quarter ended 30 June, backed by lower cost of raw materials. Net profit for the June quarter stood at Rs 395.03 crore as against Rs 263.43 crore in the year-ago quarter.Motilal Oswal said, “2QCY18 was another quarter of moderate sales growth, despite a low base (single-digit growth in 2QCY17). Ongoing margin gains on low material prices are likely to be ephemeral, and in the absence of any significant uptrend in sales and volumes, we continue to be cautious on NEST’s prospects. Management commentary also indicates an uptrend in commodity costs. From 3QCY18, the company no longer has the advantage of a weak margin base either. Despite valuing the company at 47x Jun’20E EPS, in line with the three-year average multiple, we get a target price of INR9,815, implying 5% downside to CMP. We maintain our Neutral rating on the stock.”
06 Aug 2018, 12:20:00 PM IST
Power Mech shares rise 3% on new orders
Power Mech Projects Ltd shares rose as much as 3.79% to Rs 1005 after the company said it has received orders worth Rs 1,385 crore.
06 Aug 2018, 12:12:00 PM IST
Pidilite sees GST-driven market share gains in Q1, but positives fully priced in
While Pidilite offers strong volume-led growth visibility, investors in the stock should brace for near-term volatility in margins
While Pidilite offers strong volume-led growth visibility, investors in the stock should brace for near-term volatility in margins. Read here by @imharshajhttps://t.co/hsjuwfTIqz
Britannia Industries shares traded 0.61% up at Rs 6434. The Good Day biscuits maker reported quarterly profit below analysts’ estimates, hurt by subdued growth in the dairy business and an increase in expenses. Net profit was Rs 258 crore in the quarter ended 30 June, compared with Rs 216 crore a year ago. Analysts on average had expected a profit of Rs 269 crore, according to Thomson Reuters I/B/E/S. Total expenses rose 7.2% to Rs 2,193 crore.
06 Aug 2018, 11:30:00 AM IST
India bond rout could be over. Nomura, StanChart think so
Is the worst over for India’s much-battered bond market? Standard Chartered Plc and Nomura Holdings Inc. seem to think so. The lenders are among investors who are adding to their Indian debt holdings, betting that the central bank will stay on hold for the rest of the year after raising interest rates last week for the second time since June.Current Indian government bond valuations already reflect most of the negative factors the market has been worried about in 2018,” Nagaraj Kulkarni, Asia rates strategist with Standard Chartered Bank in Singapore, wrote in a note. Read more
06 Aug 2018, 10:57:00 AM IST
Global gold prices move higher
Global gold prices inched higher, extending their recovery from a 17-month low, amid lingering worries over the US-China trade conflict, while a stronger U.S. dollar capped the safe haven’s gains. Spot gold was up 0.2% at $1,215.71 an ounce at 9.40am, building on its 0.5% gain on Friday. US gold futures were little changed at $1,223.7 an ounce. Gold prices rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed US job growth slowed in July. Reuters
06 Aug 2018, 10:47:00 AM IST
Jet Airways shares rise 2% as management scraps salary cut plan
Jet Airways India Ltd shares jumped as much as 2.09% to Rs 314.45 in the early trade after The Economic Times reported that it has decided not to go ahead with salary cuts for non management staff. The Jet Airways management had earlier this week asked a section of its employees to take up to 25% cut in their salaries as cost of operations for the airlines has been increasing on the back of rising crude and a falling rupee.
06 Aug 2018, 10:35:00 AM IST
Shipping Corp. of India shares fall as June-quarter loss almost doubles
Shares of Shipping Corp. of India Ltd fall 5% to Rs 61.2, their lowest since 24 July after the company’s June-quarter loss almost doubled from a year earlier. Forex loss widened to Rs 153 crore in the quarter from Rs 53.06 crore a year ago. The stock was down 31.8% this year as of last close. Reuters
06 Aug 2018, 10:12:00 AM IST
HDFC AMC IPO shares rise over 60%
HDFC AMC shares of the asset manager made a strong debut today on both NSE and BSE, surging over 60% from the issue price. HDFC AMC shares rose to Rs 1,801 at day’s high on BSE, as compared to issue price of Rs 1,100. HDFC AMC’s Rs 2,800 crore IPO was open during July 25-27 and the price band for the offer was fixed at Rs 1,095-1,100 per share. Read more
06 Aug 2018, 09:57:00 AM IST
Titan shares rise 2% on positive Q1 earnings
Titan shares rose as much as 2.24% to Rs 938.95 after the company reported a near 31%rise in its net profit for the quarter ended 30 June on increased demand and sales of all key product categories—jewellery, watches and eyewear. Titan’s standalone profit for the June quarter rose to Rs 349.17 crore from Rs 266.91 crore in the year-ago period. Revenue for the quarter grew 7.40% to Rs 4,354.52 crore.Motilal Oswal: “There is no material change in our EPS estimate, as the slight downward revision in the Jewelry guidance and higher depreciation are offset by higher EBITDA margins. Jewelry business growth prospects remain robust, and Watches and now Eyewear have also started contributing to growth. High valuations are fully deserved for a business that has perhaps the best top-line growth potential in the large cap FMCG/retail space and also has improving outlook on margins. Maintain Buy with an unchanged target price of Rs 1,130 based on 52x Jun’20E EPS (25% premium to three-year average P/E).”Dolat Capital: “Titan, being one of the largest players in the organized industry with attractive offerings, we believe it to be a clear winner of the shift from unorganised to organised. Furthermore, changing trend of buying jewellery for fashion instead of investment would enhance premiumization. We have revised our estimates upward to factor-inn Q1 performance. Maintain ACCUMULATE with TP of 1,026 (48x FY20E).”
06 Aug 2018, 09:43:00 AM IST
Suzlon Energy shares down 5% after Q1 earnings
Shares of Suzlon Energy Ltd fell 5% to Rs 7.60 after the company said it posted net loss of Rs 575 crore for the quarter ended June on account of decline in sales and increase in forex losses.
06 Aug 2018, 09:30:00 AM IST
Alembic Pharma shares rise 3%
Alembic Pharmaceuticals Ltd rose 3% to Rs 592.45 after the company said its Bimatoprost ANDA gets tentative approval from USFDA.
06 Aug 2018, 09:27:00 AM IST
Strong gains seen for HDFC AMC IPO investors, listing today
HDFC AMC shares will make its stock market debut today on both BSE and NSE. HDFC AMC fixed the issue price at Rs 1,100. HDFC AMC’s Rs 2,800 crore IPO was open during July 25-27 and the price band for the offer was fixed at Rs 1,095-1,100 per share. Various reports suggest that the grey market operators expect shares of HDFC AMC to list with strong gains. Read more
06 Aug 2018, 09:25:00 AM IST
Banking stocks gain
Banking stocks trade higher with Nifty Bank Index rising 0.67% and Nifty Bank 1.5%. State Bank of India rose 1.2%, ICICI Bank 1.2%, Axis Bank 1%, Indusind Bank 1%, Yes Bank 0.6%, Punjab National Bank rose 1.4%.
06 Aug 2018, 09:18:00 AM IST
Sensex, Nifty hit record high
BSE Sensex traded higher by 224.29 points, or 0.60%, to 37,780.45, while the Nifty 50 rose 40.70 points, or 0.36%, to 11,401.50.
06 Aug 2018, 09:07:00 AM IST
Rupee gains marginally against US dollar
The Indian rupee on Monday strengthened marginally against US dollar tracking gains in local equity and Asian currencies market. At 9.15am, the rupee was trading at 68.58 a dollar, up 0.06% from its previous close of 68.62. The currency opened at 68.57 a dollar. The 10-year bond yield stood at 7.762%, from its Friday’s close of 7.763%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 7%, while foreign investors have sold $534.60 million and $5.69 billion in equity and debt markets, respectively.
06 Aug 2018, 08:50:00 AM IST
Opening bell: Cues to look out for before trading today
■ US stocks closed with gains on Friday. The S&P 500 rose 0.5% to 2,840 on upbeat earnings. Asian stocks on the other hand opened mixed.■ Wipro Ltd said the company has entered into a settlement with National Grid US for $75 million with regard to a lawsuit filed by the energy utility major last year, reports Business Standard.■ Maruti Suzuki India Ltd is maintaining double-digit sales growth forecast for 2018-19 despite a marginal decline in July, banking on good monsoon and uptick in rural market to drive demand, reports PTI.■ Adani group on Friday emerged as the biggest winner of gas retailing licences, winning rights to sell CNG in 11 cities, including Allahabad.■ The government is likely to hike import duty on about 300 textile products to boost domestic manufacturing and create employment opportunities, reports PTI.■ Earnings today: Britannia Industries Ltd, Adani Ports and SEZ Ltd, Adani Power Ltd, Arvind Ltd, Monsanto India Ltd, and Parag Milk Foods Ltd are some of the companies that will release their earnings for the June quarter today.(R. Sree Ram/Mint)