Fortis | Binani Cement | United Bank Of India | ICICI Bank | Aurobindo Pharma | ABC India | Atlas Cycles | DLF | Cipla | BPCL | HDFC | Bharat Forge | Sadbhav Infra | L&T Infotech | Reliance Industries and TVS are stocks, which are in news today.
Fortis Healthcare
-In relation to the news of attachment of assets of Singh brothers confirm that Delhi HC on February 26 pronounced an order for enforcement of an earlier order dated January 31, 2018
-Says company is not a part of the ongoing proceedings in the Delhi High court and not impacted by the outcomeBanking sources say
-Dalmia Bharat-Piramal Bain consortium emerge the highest bidder for Binani Cement
-UltraTech Cement & Dalmia’s bids were approximately Rs 6,200-6,300 crore each
-IDBI Bank, Edelweiss Group lead lenders in the consortium
Alert - Binani Cement has a debt of Rs 3,880 crore & corporate guarantee of Rs 2,420 crore, ICICI Bank says
-Company working with capital lenders to Gitanjali Group along with other banks in consortium
-Exposure to Gitanjali group is not largest amongst lenders in consortium
-Company has no exposure to Nirav Modi group
Aurobindo Pharma
-Undertakes voluntary recall of over 7,000 bottles of Metformin Hydrochloride tablets in the US
-Reason for recall is presence of foreign tablets
-Drug manufactured at company's Unit VII Unit in Mahabubnagar
BPCL
-In talks to sell stake in Bina refinery: Media Report
-National oil firms of Oman, Kuwait, Abu Dhabi may buy up to 24 percent stake
Other stocks and sectors in the news today:
Dilip Buildcon bags order worth Rs 2,013 crore from NHAI in Andhra Pradesh
Dr. Reddy's Labs gets US FDA nod for Atomoxetine Hydrochloride capsules (10-100 mg)
United Bank of India gets shareholders' nod to issue up to 145 crore shares to government on preferential basis aggregating up to Rs 2,634 crore
PNB says AK Pradhan, General Manager, has been appointed as group chief risk officer
ABC India receives order of Rs 142 crore from BHEL for Multimodal Transportation of Export Project Cargo
DLF emerges as highest bidder for freehold land measuring 11.76 acres for a sum of Rs 1,496 crore
Atlas Cycles manufacturing activity at Sonepat unit has been temporarily suspended may be closed after re-assessing the situation
Cipla partners with Roche Pharma India to create greater access to medicines
HDFC opens QIP, floor price set at Rs 1,824.63 per share
Bharat Forge completes divestment of its shareholding in Alstom Bharat Forge Power to GE
Sadbhav Infrastructure has been declared L1 for HAM project by NHAI with a bid price of Rs 1,047 crore
L&T Infotech promoter sells 2 percent stake in open market for achieving minimum public shareholding
TVS Motor plans to sell 2,00,000 Ntorq 125 scooters in FY19: BS
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The Central Bureau of Investigation today arrested Former Finance Minister P Chidambaram's son Karti Chidambaram in connection with INX media money laundering case. The investigating agency nabbed Karti Chidambaram at Chennai Airport on his return from London. Reports suggest that junior Chidambaram was arrested for not cooperating with the agency.
Last year in May, the CBI lodged an FIR against Karti Chidambaram for alleged irregularities in Foreign Investment Promotion Board (FIPB) clearance to INX Media. It said that INX Media received overseas funds to the tune of Rs 305 crore in 2007 when his father P Chidambaram was the Finance Minister during the then UPA regime.
Not only CBI, the Enforcement Directorate is also probing Karti Chidambaram for money laundering. Last year, the ED registered a case of money laundering against Karti under the Prevention of Money Laundering Act. The ED in its FIR said that Karti received money from INX Media in return for using his influence to manipulate a tax probe against it in a case of violation of Foreign Investment Promotion Board conditions to receive investment from Mauritius.
The Enforcement Directorate had earlier summoned Karti to appear before the agency on March 1. The CBI and ED have both grilled Karti Chidambaram on multiple occasions. Reacting to Karti Chidambaram's arrest, Subramanian Swamy said that all this will lead to P Chidambaram. "P Chidambaram is the main culprit and Karti Chidambaram is a beneficiary," Swamy said.
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Care Ratings highlighted adverse impact of scam on developments in international trade and domestic revenue.
The Punjab National Bank (PNB) scam could negatively impact around 10,000 people working in the gems and jewelry sector as business woes of Gitanjali Group and Nirav Modi firms continue.
In addition, the banking sector’s non-performing assets (NPAs) in the gems and jewelry sector may surge to 30 percent from the current 11 percent of loans disbursed in the troubled segment, said a Care Rating report.
Following the disclosure of the PNB scam worth Rs 12,700 crore by the Delhi-based bank on February 14, the two group companies involved in the scam – three of Nirav Modi’s firms and his uncle Mehul Chokshi’s Gitanjali Group – have written letters to their employees asking them to look for other jobs as they would not be able to pay them their salaries.The shutdown of Gitanjali Group and Nirav Modi firms could lead to:
Foreign trade in jewelry could decline by 5-6 percent in 2018-19.
Overall sale of jewelry could be impacted by as much as 16 percent
3,000 permanent staff of the two companies could lose jobs, which could further impact around 7,000-8,000 non-permanent staff directly or indirectly.
A simulation analysis shows that NPA ratio for this sector could climb to 30 percent.
Gitanjali Gems is among the largest jewelry retailers in the country, where the market is estimated at Rs 3,90,000 crore, that consists of 30 percent formal retailers. The two companies - Gitanjali and Nirav Modi - employed 648 and 2,200 employees respectively, as per a March 2017 filing.
"A combined 3,000 persons would be rendered jobless and another 7,000-8,000 temporary workers and employees at franchisees are expected to be affected. The sector employed 22,000 people as per data available for 22 companies of this sample of 34 companies and the two companies constitute 12-15 percent of the total industry workforce excluding craftsmen and temporary employees," Care Ratings said.
Impact of NPAs on banks
Amid large loans totaling over Rs 21,000 crore including direct loans given to the two groups, the Indian gems, and jewelry sector may see a substantial increase in bad loans.
According to the ratings agency, stressed assets ratio for the banking system as of September 2017 was 12.2 percent, while the gems and jewelry sector reported 11.7 percent stressed advances ratio, which was lower than the sample average.
“With these two companies having reported borrowings of around Rs 16,000-17,000 crore (as per annual report and other sources and assuming there are no other loans from other banks than is reported), overall gross NPA ratio for this sector based on outstanding as of December 2017 (including the contingent liability falling due) and stressed assets as per RBI data for September 2017 would work out to around 30 percent,” it said.
In the report, Care has also highlighted that apart from employment and banks, the scam could have an adverse impact on developments in international trade and domestic revenue.
Gitanjali Gems Ltd and Firestar Diamonds (which has already filed for bankruptcy in the US) together also accounted for 5.8 percent of the diamond and jewelry trade in value terms in 2015-16. The sector accounted for around 13 percent of exports and 8 percent of imports in 2016-17.
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We expect the spot USD-INR pair to trade in a range of 64.80- 65.20 today, says Pramit Brahmbhatt of Veracity.
The Indian rupee slipped to the 3 months low in the early trade on Wednesday. It has opened lower by 25 paise at 65.12 per dollar versus 64.87 Tuesday.
Pramit Brahmbhatt of Veracity said, "A stronger dollar and weak domestic equity market will continue to put pressure on the rupee."
"We expect the spot USD-INR pair to trade in a range of 64.80- 65.20 today," he added.
The dollar stood near a three-week high against a basket of currencies on Wednesday, after Federal Reserve chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.
The dollar index, which measures the greenback against a basket of six major currencies, last stood at 90.414, after hitting a high near 90.50 on Tuesday, its strongest level in almost three weeks.
Dhawal Dalal of Edelweiss said, "Indian government bonds appear to have stabilized after the 10-year benchmark bond yield touched 7.80 percent last week. We expect government bonds to consolidate at current levels before charting their next course based on the developments in the local and global macroeconomic landscape."
"A weekly close below 7.60 percent may indicate a reversal in the current uptrend in yields. That said, we expect the 10-year benchmark bond yield to trade in a range of 7.65-7.75 percent in the near term," he added.
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Zinc futures were trading higher during the afternoon trade in the domestic market on Monday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.
At the MCX, zinc futures for February 2018 contract was trading at Rs 230.85 per kg, up by 0.57 percent, after opening at Rs 229.95, against a previous close of Rs 229.55. It touched the intra-day high of Rs 231.10.
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The United States will overtake Russia as the world's biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country's shale oil boom continues to upend global markets.
IEA Executive Director Fatih Birol said at an event in Tokyo the United States would overtake Russia as the biggest crude oil producer "definitely next year", if not this year.
"U.S. shale growth is very strong, the pace is very strong ... The United States will become the No.1 oil producer sometime very soon," he told Reuters separately.
U.S. crude oil output rose above 10 million barrels per day (bpd) late last year for the first time since the 1970s, overtaking top oil exporter Saudi Arabia.
The U.S. Energy Information Administration said early this month that U.S. output would exceed 11 million bpd by late 2018. That would take it past top producer Russia, which pumps just below that mark.
Birol said he did not see U.S. oil production peaking before 2020, and that he did not expec
t a decline in the next four to five years.
The soaring U.S. production is upending global oil markets, coming at a time when other major producers - including Russia and members of the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) - have been withholding output to prop up prices.
U.S. oil is also increasingly being exported, including to the world's biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share.
Meanwhile, U.S. net imports of crude oil fell last week by 1.6 million bpd to 4.98 million bpd, the lowest level since the EIA started recording the data in 2001, reflecting further erosion in a market OPEC has been relying on for decades.
Birol said production growth was not just strong in the United States.
"Canada, especially the oil sands, and Brazilian offshore projects. These are the two major (non-U.S.) drivers," he said.
On the demand side, Birol said the IEA expected growth of around 1.4 million bpd in 2018.
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"U.S. shale growth is very strong, the pace is very strong ... The United States will become the No.1 oil producer sometime very soon," he told Reuters separately.
t a decline in the next four to five years.
L&T, NTPC, and KNR, among others, are being tracked by investors on Tuesday.
Brokerage: CLSA
The global research firm believes that transaction costs seem to be prohibitive between ACC and Ambuja. The merger could not happen unless there is a regulatory change. Having said that, the ultimate goal for the two is to still merge, as per the management it said. CLSA has a buy call on Ambuja with a target of Rs 325, while the rating is same in case of ACC a well. The target, in this case, is Rs 2,150.
Brokerage: Credit Suisse
Credit Suisse said that the full merger proposal replaced by material swap agreements. Overall, it remains cautious on the cement sector.
Brokerage: Deutsche Bank
The global investment bank said that issues & costs w.r.t transfer of limestone mines a key constraint in the merger. Further, the interim arrangement between the companies is likely to be on logistics. It prefers ACC to Ambuja on valuations.
L&T
Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 1,640
Deutsche Bank said that 9 big metro & road projects may support double-digit growth. Further, FY19 expected pipeline could be 20% higher than FY18. It also said that the company is trading at a discount to BSE CG index against a premium historically.
NTPC
Brokerage: Credit Suisse | Rating: Upgrade to Outperform | Target: Rs 190
The brokerage house said that significant underperformance and several catalysts prompt upgrade. Further, the company can meet its FY18/19 installation and commission targets. It also said that valuations are attractive at current levels.
Reliance Industries
Brokerage: Motilal | Rating: Buy | Target: Rs 1,111
The brokerage house said that strong core performance will continue. Further, it expects USD 11.50/bbl Of GRM In FY19-20. It also expects free cash flow generation of Rs 67,800 crore during FY18-20 on a consolidated basis.
KNR
Brokerage: Motilal Oswal | Rating: Buy | Target: Rs 375
The brokerage said that it is well placed to seize abundant opportunities in the South. It remains upbeat on medium-term business prospects.
Graphite Electrode
Brokerage: Jefferies
Jefferies observed that prices of GE are strong and upwards of USD 10,000 per tonne. It estimated 80% utilization for both Graphite India & HEG For FY19-20. It also observed that steelmakers are trying to reduce GE consumption. Overall, it is positive in Graphite electrode sector.
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There are about 20 stocks in which fund managers along with financial institutions have raised their stake in every quarter more than doubled investors’ wealth in the last 1 year.
Indian markets witnessed a major reversal which put the raging bulls of the year 2017 on the back foot in the month of February 2018. Thanks to global volatility, investors who didn’t get the chance to dip into the equity pool in the year 2017 have the chance to use the opportunity.
Largecap stocks remained fairly stable but most of the small and midcaps suffered losses up to 40-50 percent as Nifty slipped over 6 percent from its all-time high of 11,171.55 recorded earlier in the month of January 2018.
The next big question is what to buy if there is a correction? Some investors would like to stick to their fundamental or technical approach but a sneak peek into what fund managers are doing with your money could also throw some interesting stock ideas.
There are about 20 stocks in which fund managers along with financial institutions have raised their stake in every quarter more than doubled investors’ wealth in the last 1 year.
Stocks which rose up to 900 percent include names like Yuken India, Jindal Steel & Power, Polaris Consulting, Escorts, Nocil, Tata Metaliks, MM Forging, Dewan Housing, Jamna Auto, L&T Infotech Ltd, Jaiprakash Associates, NCL Industries, Aegis Logistics, Sterling Tools, Subros, Hatsun Agro, Tata Global Beverages etc. among others.
The domestic institutional investors have been the biggest beneficiaries of retail investors’ money in the year 2017 and the trend continued in the year 2018 as well.
Investors have pumped over Rs 1 lakh crore into mutual funds in January, driving the industry assets base to an all-time high of Rs 22.41 lakh crore, Amfi data showed.
In January 2018, Equity funds (including ELSS) witnessed monthly net inflows of Rs 15,390 crore, down 4 percent MoM. “The fall in number could be because of investors turning cautious ahead of the Union Budget 2018-19,” rating agency ICRA said in a report.
“There has been a sharp recovery in the global markets, but India has seen huge selling pressure on every rally due to the recent turn of events domestically, one after another,” Devang Mehta, Head – Equity Advisory at Centrum Wealth Management told Moneycontrol.
“In hindsight, markets had a dream run till January end and a correction in valuation was overdue. We don’t see any reason to panic, as corrections are part and parcel of any bull market. It will, in fact, make valuations look better and help investors sitting on the sidelines to deploy funds gradually,” he said.
Rather than focusing on the index targets for the next 12 months, investors should focus on individual stocks which they can hold for the longer term. Investors should focus on themes which are likely to be a big beneficiary of the rise in the Indian economy and can support growth for the next two to three years.
Some of the sectors which are likely to benefit the most from the rise in economic cycle include Infrastructure, Railways, Aviation, and telecom.
Change in December quarter:
Stocks in which domestic financial institutions increased their stake and has also more than doubled investors wealth in the December quarter include companies like Butterfly Gandhimathi Appliances Ltd, Yuken India Ltd, Shaily Engineering Plastics Ltd, Sonata Software Ltd, Polaris Consulting & Services Ltd, and Bhansali Engineering Polymers Ltd.
MF heavy stocks:
Most of the stocks in which MF managers hold a stake in double-digit saw some correction in the December quarter to till data. But, fund managers used the fall or correction to accumulate stocks.
Stocks in which fund managers/financial institutions hold double-digit stake include names like Equitas Holdings, Tata Motors DVR, Max Financial Services, Ashoka Buildcon, NCC, Tata Chemicals, ICICI Bank, Oriental Cement, Blue Star, Apar Industries etc. among others.
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ACC, Ambuja Cements not proceeding with merger plan; stocks down 1-2%
ACC and Ambuja Cements, the two Indian units of LafargeHolcim, said they are not proceeding with the merger at this juncture. Shares of ACC are down close to a percent and that of Ambuja Cements is down 2%.
"On the basis of a comprehensive evaluation carried out by both the special committee and Board of Directors of the company, the board is of the opinion that there are at present certain constraints in implementing a merger between the company and Ambuja Cements (ACL)," ACC said in a filing to BSE.
The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective, it added. In a filing to the bourses, Ambuja Cements also said it was not pursuing a merger with ACC at this point in time, though it remains the ultimate goal.
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HDFC Bank | Ambuja Cements | ACC | Jain Irrigation | Mahindra & Mahindra | IOB | Music Broadcast | Amtek Auto | PFC | Reliance Industries | JSW Steel | Monnet Ispat | PVR | PNB | Indiabulls Real Estate | Simbhaoli Sugar | Sagar Cements are stocks, which are in news today.
HDFC Bank Financial Data Leak Case | HDFC Bank Says
HDFC Bank Financial Data Leak Case | HDFC Bank Says
Bank will continue to work closely with SEBI in this regard. Bank re-iterates commitment to highest standards of corporate governance, ACC Says
Not proceeding with merger with Ambuja Cements at this juncture
Merger with Ambuja Cements remains the ultimate objective
Currently, there are constraints in implementing merger with Ambuja Cements
Arrangement with Ambuja Cements for mutual purchase & sale of materials, svcs
Arrangement with Ambuja Cement will need shareholder approval
Arrangement with Ambuja Cements intended to maximize synergies & unlock value
Not proceeding with merger with Ambuja Cements at this juncture
Don't think business compulsion behind merger being shelved at present
There is a 'bigger design' behind the merger being called off both
cos failed at coming out with plan for minority shareholders
This is an effort to frustrate the minority shareholders
Other stocks and sectors in the news
Jain Irrigation subsidiary invests in Innova Food NV Belgium. CY17 turnover of the acquired co - Euro 23.6mn
Mahindra & Mahindra collaborates with LG Chem to for Lio-on battery technology to support EV revolution in India
IOB approves preferential issue of shares to GoI up to Rs 4694cr
Music Broadcast - Radio city and Apple music launch Bollywood countdown show
LT Foods - CRISIL upgrades long term and short term ratings of the Co
Sagar Cements board approves acquisition of hydel power plants (capacity of 4.3 MW and 4 MW) for a sum of 26.9cr
USL - ICRA upgrades ratings of various debt instruments
HDFC Bank says will work closely with SEBI in relation to WhatsApp data leak
Simbhaoli Sugar says that in relation to the fraud case registered by OBC- co is in process of submitting the information and clarifications to the investigating agencies
PNB says quantum of unauthorized transactions can increase by USD 204.25 mn Clarifies that govt hasnt asked PNB to pay the fraud liabilities
Indiabulls Real Estate’s EGM on March 23 to seek shareholder approval for divestment of stake in Indiabulls Properties
IMAX inks a new five-year pact with PVR Cinemas
JSW Steel, Monnet Ispat creditors OK Aion-JSW Offer for Monnet Ispat - ET
KKR sells 5.9% stake in Coffee Day Enterprises to raise Rs 405cr
RIL-BP’s USD 4bn investment plan in KG-D6 approved
PFC inks MoUs with UP power utilities to provide financial assistance of Rs 50,200cr
Amtek Auto creditors may offer to sell Amtek along with its units - mint
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Don't think business compulsion behind merger being shelved at present
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Gold futures were up today as speculators built up fresh positions, driven by a firm trend overseas. Analysts said fresh positions built up by participants largely in sync with a firm trend overseas, as the dollar eased influenced sentiment here.
At the MCX, gold futures for April 2018 contract is trading at Rs 30609 per 10 grams, up by 0.33 percent, after opening at Rs 30526, against a previous close of Rs 30509. It touched the intra-day high of Rs 30623.
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With current level rebounding above a crucial 100-days level placed at 10410, the index formed a strong bullish candlestick pattern on its daily price chart although a weekly chart has yet to confirm the trend.
The Indian equity market made a decent comeback towards a weekend session after closing on negative regime ahead of current month’s F&O expiry and slipover of banking fraud.
On Friday’s trade, Nifty index surpassed a crucial support level placed at 10300 and decisively managed to close above its 100-days EMA level.
Although it witnessed a selling pressure on an intraday basis to slip at 10396 level, the sentiment continued on positive cues as it recoups losses and closed at 10491 level with 1.04 percent upside. Thus it signaled a bullish sentiment in the market after series of bearish drought.
With current level rebounding above a crucial 100-days level placed at 10410, the index formed a strong bullish candlestick pattern on its daily price chart although a weekly chart has yet to confirm the trend.
Further, the secondary momentum indicated an upward move with RSI moving at 54 levels from previous low. Based on the Fibonacci retracement, the resistance is currently placed at 10623 followed by 10752 and important support level is placed at 10330.
A breakout from important moving average level will certainly enable index to attempt to breach 10600 levels on a short-term basis and it will be advisable to trade with a strict stop-loss regime for the long position below 10350 on a closing basis.
The selloff from foreign counterpart still evokes a concern, and thus we maintain a weekly rangebound trade at 10370 levels on the downside and 10710 levels on the upside.
Here is a list of top three stocks which could give up to 12% return in the short term:
Engineers India Ltd: BUY| Target Rs191 | Stop-loss Rs160 | Return 12%
Engineers India Ltd (EIL) witnessed a healthy consolidation from Rs198 levels towards Rs159 levels before proceeding to its current uptrend regime.
The scrip made an important breakout from 200-day EMA last week despite trading on the sideways direction and signaled a positive upward trend.
Further, it managed to accumulate a support for volume growth across the price movement.
The scrip formed a solid bullish candlestick pattern on its weekly price chart coupled with bullish crossover just happening at current level on its MACD.
Thus, a rebound at the current level is expected to create next lag of uptrend towards its 52-weeks high in the medium term.
The support level for scrip is currently placed at 154 and resistance level is seen at 199. We have a BUY recommendation for Engineers India which is currently trading at Rs. 170.80
Apex Frozen Foods Ltd: BUY| Target Rs. 744 | Stop-loss Rs680| Return 5%
Despite continuing on uptrend trajectory on its long-term price chart, Apex Frozen Foods witnessed a consolidation over a two weeks period. The scrip took a major support at 640-630 level and gradually managed to rebound on bullish momentum.
The scrip ended the session with about 10 percent upside on intraday basis indicating a reversal trend. On the daily price chart, the scrip made a bullish reversal pattern after making a bearish trend for the consecutive session and thus indicated a positive sentiment for the forward session.
Further, the RSI at 64 levels has given a favorable price regime to enter coupled with positive cues on MACD.
With price trading above its 20-day EMA (660), the scrip is now facing a resistance at 791 levels and support level at 670. We have a BUY recommendation for Apex Frozen Foods which is currently trading at Rs. 708
IIFL Ltd: SELL | Target Rs. 702 | Stop-loss: - Rs. 750 |Upside: - 5%
IIFL continued to consolidate on its daily price movement although it attempted to breach upward and witnessed a sustained free fall to trade at a lower level.
The scrip made a breakout below its 20-day EMA level indicating a further decline in price and continued to shred about 5 percent on weekly basis.
On the weekly price chart, it formed a strong bearish candlestick pattern which is expected to keep the stock under pressure without any major breakout in short-term.
Further, the secondary momentum indicator suggested a current level placed at its lower support band which is a negative signal.
The Signal Line and MACD continued to indicate weak support for the scrip. The stock is facing a resistance at 754 levels and support at 693 levels which will remain crucial for scrip. We have a SELL recommendation for IIFL which is currently trading at Rs. 735.75
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IndusInd Bank and Tata Motors are the top gainers, while Dr. Reddy’s and Sun Pharma were the top losers.
Kalyan Jewellers is looking to file papers for an Initial Public Offering (IPO) next month, according to a Mint report citing sources.
The Kerala-based company is considering raising around Rs 2,500 crore from the issue, a source told Mint.
"The IPO is a mix of the primary fundraiser that the company will use to fund the expansion of its domestic and new overseas markets and a secondary share sale, primarily by private equity investor Warburg Pincus, which will be selling part of its stake in the company", the source added.
Shares are trading strongly on Monday, with the Nifty eyeing 10,600-mark.
The Sensex is up 271.23 points or 0.79% at 34413.38, while the Nifty is up 81.50 points or 0.78% at 10572.50. The market breadth is negative as 1572 shares have advanced, against a decline of 740 shares declined, while 197 shares are unchanged.
IndusInd Bank and Tata Motors are the top gainers, while Dr. Reddy’s and Sun Pharma were the top losers.
In an interview with CNBC-TV18, Sanjeev Prasad, Managing Director and Co-Head of Kotak Institutional Equities shard his views and outlook on the market. He was speaking from the sidelines of the Kotak Institutional Equities - Chasing Growth Conference.
It looks like earnings growth is coming back fairly strongly, he said.
We are looking at about 25 percent growth for the Nifty-50 index, about 28 percent for entire coverage universe which is slightly above 200 stocks. So looks like there is earnings recovery, he added.
We are also seeing a turnaround in the infrastructure sector, said Prasad.
Shares of A2Z Infra Engineering gained 4.3 percent intraday Monday as the company has entered into a one-time settlement with Standard Chartered Bank.
The company approved one-time settlement (OTS) with Standard Chartered Bank towards debt settlement of Rs 344.93 crore, for a total consideration of Rs 120 crore.
It has also approved the allotment of shares to Standard Chartered Bank.
The market is likely to consolidate in a narrow range of 10,350-10,600 but there is one sector which is likely to remain in limelight which is the ‘metal’ sector, Gautam Shah, Associate Director & Technical Analyst at JM Financial said in an interview with CNBC-TV18.
“In the last 1-1/2 years, the metal index has exceeding well. It is trading around 15,300-15,400 on the BSE and our near-term target for the index is close to 17,000 but for 2018 our target is about 21,000 which translates into an upside of 20-25 percent over the next 9-12 months,” he said.
The way metal stocks have handled themselves in the last 2-weeks that is quite commendable. It is a place in which investors should allocate 20-30 percent of your portfolio, added Shah.
Commenting on the global markets, Shah is of the view that US markets have made a multi-month top for the US market. If that is the case, Indian markets will be impacted.
Pharmaceutical names have witnessed a weak 2018 so far, with the sectoral index down around 5 percent so far. On Monday too, led by cuts in heavyweight names such as Dr. Reddy's and Sun Pharmaceuticals, pharma indices were trading lower. Here is a list of other such scrips in focus.
Market debutant Aster DM Healthcare listed at a discount of around 4 percent on the exchanges on Monday.
The stock listed at Rs 183 on the National Stock Exchange against the upper band of its issue price of Rs 190.
The healthcare services provider’s issue was oversubscribed 1.3 times on the last day, as per data available on the NSE website.
The market has extended its gains from opening tick and is witnessing an upmove of over half a percent.
The Sensex is up 185.56 points or 0.54% at 34327.71, while the Nifty is up 56.00 points or 0.53% at 10547.00. The market breadth is positive as 1432 shares have advanced, against a decline of 537 shares, while 158 shares are unchanged.
Dr. Reddy’s Labs and Sun Pharma are the top losers on both indices, while gains are seen in auto stocks such as Bajaj Auto and Tata Motors.
The share price of Sterlite Technologies added more than 10 percent in the early trade on Monday on the back of order win worth Rs 3500 crore.
The company has been awarded Rs 3500 crore advance purchase order to design, build and manage the Indian Navy’s communications network.
This will give the Indian Navy digital defense supremacy at par with the best naval forces globally.
Shares of Oriental Bank of Commerce and Simbhaoli Sugars lost 9-20 percent intraday on Monday as investors turned cautious post developments of a likely fraud involving the sugar firm.
The Central Bureau of Investigation (CBI) said on Sunday it had filed a fraud case against executives of Simbhaoli Sugar for causing alleged losses of Rs 1.09 billion to state-run Oriental Bank of Commerce, reports Reuters. The bank alleged that the sugar refiner “dishonestly and fraudulently diverted” a Rs 1.48-billion-loan sanctioned in 2011 for financing cane farmers for private use, a statement issued by CBI said.
This is the second case in three days registered by the CBI upon complaints from the Oriental Bank of Commerce. The police have registered a case against several top officials of Simbhaoli Sugar, including its chairman and managing director, chief executive and chief financial officer, some unknown bank officials, and other private persons.
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