Closing Bell: Sensex, Nifty end at record closing high; banks push up indices
The Sensex was up 387.14 points at 33600.27, while the Nifty was up 105.20 points at 10440.50.
3:30 pm Market at Close: Benchmark indices ended the session on a strong note, with Nifty closing above 10400 first time ever.
The Sensex was up 387.14 points at 33600.27, while the Nifty was up 105.20 points at 10440.50. The market breadth was positive as 1515 shares advanced against a decline of 1274 shares, while 154 shares were unchanged.
Bharti Airtel, ICICI Bank, and SBI were the top gainers, while Dr Reddy’s Labs, Sun Pharma, Eicher Motors and Bharti Infratel lost the most.
3:25 pm Order Win : NBCC gained over a percent as the company bagged order worth Rs 400 crore in Mumbai.
3:22 pm Earnings : Software firm Tech Mahindra's second quarter earnings beat analyst expectations on Wednesday as profit grew by 4.7 percent sequentially (up 29.7 percent year-on-year) to Rs 836 crore, backed by operational performance.
"With our DAVID (digitisation, automation, verticalisation, innovation and disruption) strategy at play, we have posted reasonably good growth in the quarter across revenue, profit and new business," C P Gurnani, CEO and MD, Tech Mahindra said.
Numbers were ahead of estimates as profit was expected at Rs 740 crore on revenue of Rs 7,551 crore and dollar revenue at USD 1,173 million for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
3:16 pm Management Interview: PK Gupta, MD, State Bank of India said the bank cut deposit rate by 25 basis points in most of the buckets.
He said the an asset-liability committee (ALCO) had met last week and looked at all the interest rates and decided to cut some deposit rates. MCLR has also cut 5 bps this month.
When asked if this could mean cuts on the lending side, he said they will automatically get translated.
The 25 basis points cut will further translate in marginal cost-based lending rates (MCLR) advantage going forward, he said. The cut in MCLR is based on the composition of entire deposit fund base and so, the cut could be anywhere between 5-10 bps but the bank will take decision on that next month, he added.
He does not expect much impact on margins due to retail-term deposit rate cut. The lending rate currently stands at 7.95 percent.
3:10 pm Results: JSW Energy has reported profit at Rs 297.2 crore for July-September quarter against CNBC-TV18 poll estimates of Rs 213 crore.
Revenue grew by 0.1 percent year-on-year to Rs 2,049 crore while operating profit margin stood at 43.1 percent against CNBC-TV18 poll estimates of 42.8 percent.
Other income grew sharply to Rs 170.5 crore in September quarter 2017, compared with Rs 51.6 crore in same quarter last fiscal.
3:04 pm Earnings Estimates: Two-wheeler maker Hero Motocorp's second quarter (July-September) profit is seen rising 3 percent year-on-year to Rs 1,035 crore, driven by revenue growth.
Revenue during the quarter may increase 12 percent to Rs 8,717 crore compared with same quarter last fiscal, aided by sales volume growth of 11 percent.
According to average of estimates of analysts polled by CNBC-TV18, operating profit is expected to increase 6 percent year-on-year to Rs 1,444 crore but margin may contract by 100 basis points to 16.6 percent for quarter ended September 2017.
Margin may be impacted by higher commodity cost.
2:59 pm Reforms: The government is working with the World Bank to recognise over 200 reforms that will help propel India into the top-50 bracket in ease of doing business, according to Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek.
"We have already implemented 122 reforms this year, and are working with World Bank to recognise these. We will further initiate 90 more ease of doing business reforms this year," Abhishek told reporters on the sidelines of the CII Invest North conclave.
India yesterday jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.
"A jump of 30 positions in the World Bank rankings is extremely commendable. Now the aim is to move into the top-50 countries bracket," he added.
2:53 pm Ethanol price: The government today marginally raised the price of sugarcane-extracted ethanol used for blending in petrol by a little less than Rs 2 per litre to Rs 40.85 from the supply year beginning December 1.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the revision in the price of ethanol paid by state-owned fuel retailers to Rs 40.85 per litre for sugar season 2017-18, an official statement said.
GST and transportation charges will also be payable additionally. The revised price will be applicable during ethanol supply period from December 1, 2017 to November 30, 2018.
2:43 pm Fund raising: Mahindra & Mahindra Financial Services share price gained 2 percent intraday as promoter company is going to invest up to Rs 1,160 crore.
Parent company Mahindra and Mahindra inform exchanges that it has approved investment of an amount not exceeding Rs 1,160 crore, in one or more tranches in the aggregate, by way of subscribing to the preferential issue of equity shares of MMFSL.
Earlier Mahindra & Mahindra Financial Services (MMFSL) intimated the stock exchanges that its board of directors had approved raising of funds by way of issue of equity shares/securities convertible in to equity shares by way of qualified institutional placement and issue of equity shares by way of preferential issue to the company.
2:37 pm Europe trade: European stocks edged higher, despite a terrorist attack in New York, as investors focused on earnings reports.
The pan-European Stoxx 600 was 0.4 percent higher with almost all sectors trading in positive territory.
2:35 pm Buzzing: Shares of multiple portal operator, Info Edge, gained 6 percent intraday following the announcements of its quarterly results. Multiple brokerages also were positive on the stock’s prospects.
Credit Suisse maintained an outperform rating on the stock with a hiked target of Rs 1,300. It highlighted that the company continues to be a dominant player in recruitment, which has attractive cash flow.
Its restaurant listings portal Zomato could continue to aggressively focus on growth, it added. The company also expects lower losses for 99 acres.
It increased earnings estimates by 2-8 percent for the three financial till March 2020, reflecting higher margins in recruitment, but sees ad costs to increase in 99 Acres.
2:30 pm Results: Shriram Transport share price hit a fresh 52-week high of Rs 1,211.50 on the BSE, rising nearly 4 percent post earnings.
Net profit increased 24 percent year-on-year to Rs 479.1 crore and revenue grew by 9.8 percent to Rs 2,978.9 crore in quarter ended September 2017.
2:25 pm Market Check: Equity benchmarks continued to trade strong in afternoon after the World Bank raised India ranking to 100th place from 130th place in ease of doing business and India's annual infrastructure output in September grew 5.2 percent from a year ago.
The 30-share BSE Sensex surged 400.08 points or 1.20 percent to 33,613.21 and the 50-share NSE Nifty gained 100.10 points or 0.97 percent at 10,435.40.
About 1,496 shares advanced against 1,113 declining shares on the BSE.
PSU Bank index rallied 3 percent and Nifty Bank index jumped nearly 2 percent.
IDFC Bank, ICICI Bank, SBI, Axis Bank, Bank of Baroda and Yes Bank gained 1-8 percent.
2:22 pm Fundraising: Indian firms raised Rs 5.52 lakh crore in January-September 2017 through private placement of corporate bonds to meet business needs, a surge of 19 percent from year-ago period, according to a Prime Database report.
These funds have been raised mainly for expansion of business plans, repayment of debt and to support working capital requirements.
In debt private placements, firms issue securities or bonds to institutional investors to raise capital.
According to the report, a total of 569 institutions and corporates garnered Rs 5.52 lakh crore in the first nine months of the year. In comparison, firms had raised Rs 4.65 lakh crore in January-September 2016.
2:20 pm Auto sales: Home-grown auto major Tata Motors today reported a 5 percent increase in total sales at 48,886 units in October.
The company had sold 46,500 units in the same month last year, Tata Motors said in a statement.
Its domestic sales of commercial vehicles last month stood at 32,411 units as against 30,189 in October 2016, up 7 percent.
Sales of passenger vehicles in the domestic market grew by 1 percent year on year to 16,475 units last month.
On the exports front, Tata Motors said its overseas shipments last month were at 4,311 units, down 32 percent YoY.
2:15 pm Order Win: Premier Explosives share price gained nearly 5 percent on bagging order worth Rs 144.92 crore from Coal India.
2:10 pm Auto sales: Ashok Leyland's October sales disappointed Street on Wednesday, growing 3 percent year-on-year due to degrowth in medium and heavy commercial vehicle M&HCV) segment.
Country's second largest commercial vehicle maker sold 12,914 units in October 2017 against 12,534 units in same month last year.
The Sensex was up 387.14 points at 33600.27, while the Nifty was up 105.20 points at 10440.50.
3:30 pm Market at Close: Benchmark indices ended the session on a strong note, with Nifty closing above 10400 first time ever.
The Sensex was up 387.14 points at 33600.27, while the Nifty was up 105.20 points at 10440.50. The market breadth was positive as 1515 shares advanced against a decline of 1274 shares, while 154 shares were unchanged.
Bharti Airtel, ICICI Bank, and SBI were the top gainers, while Dr Reddy’s Labs, Sun Pharma, Eicher Motors and Bharti Infratel lost the most.
3:25 pm Order Win : NBCC gained over a percent as the company bagged order worth Rs 400 crore in Mumbai.
3:22 pm Earnings : Software firm Tech Mahindra's second quarter earnings beat analyst expectations on Wednesday as profit grew by 4.7 percent sequentially (up 29.7 percent year-on-year) to Rs 836 crore, backed by operational performance.
"With our DAVID (digitisation, automation, verticalisation, innovation and disruption) strategy at play, we have posted reasonably good growth in the quarter across revenue, profit and new business," C P Gurnani, CEO and MD, Tech Mahindra said.
Numbers were ahead of estimates as profit was expected at Rs 740 crore on revenue of Rs 7,551 crore and dollar revenue at USD 1,173 million for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
3:16 pm Management Interview: PK Gupta, MD, State Bank of India said the bank cut deposit rate by 25 basis points in most of the buckets.
He said the an asset-liability committee (ALCO) had met last week and looked at all the interest rates and decided to cut some deposit rates. MCLR has also cut 5 bps this month.
When asked if this could mean cuts on the lending side, he said they will automatically get translated.
The 25 basis points cut will further translate in marginal cost-based lending rates (MCLR) advantage going forward, he said. The cut in MCLR is based on the composition of entire deposit fund base and so, the cut could be anywhere between 5-10 bps but the bank will take decision on that next month, he added.
He does not expect much impact on margins due to retail-term deposit rate cut. The lending rate currently stands at 7.95 percent.
3:10 pm Results: JSW Energy has reported profit at Rs 297.2 crore for July-September quarter against CNBC-TV18 poll estimates of Rs 213 crore.
Revenue grew by 0.1 percent year-on-year to Rs 2,049 crore while operating profit margin stood at 43.1 percent against CNBC-TV18 poll estimates of 42.8 percent.
Other income grew sharply to Rs 170.5 crore in September quarter 2017, compared with Rs 51.6 crore in same quarter last fiscal.
3:04 pm Earnings Estimates: Two-wheeler maker Hero Motocorp's second quarter (July-September) profit is seen rising 3 percent year-on-year to Rs 1,035 crore, driven by revenue growth.
Revenue during the quarter may increase 12 percent to Rs 8,717 crore compared with same quarter last fiscal, aided by sales volume growth of 11 percent.
According to average of estimates of analysts polled by CNBC-TV18, operating profit is expected to increase 6 percent year-on-year to Rs 1,444 crore but margin may contract by 100 basis points to 16.6 percent for quarter ended September 2017.
Margin may be impacted by higher commodity cost.
2:59 pm Reforms: The government is working with the World Bank to recognise over 200 reforms that will help propel India into the top-50 bracket in ease of doing business, according to Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek.
"We have already implemented 122 reforms this year, and are working with World Bank to recognise these. We will further initiate 90 more ease of doing business reforms this year," Abhishek told reporters on the sidelines of the CII Invest North conclave.
India yesterday jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.
"A jump of 30 positions in the World Bank rankings is extremely commendable. Now the aim is to move into the top-50 countries bracket," he added.
2:53 pm Ethanol price: The government today marginally raised the price of sugarcane-extracted ethanol used for blending in petrol by a little less than Rs 2 per litre to Rs 40.85 from the supply year beginning December 1.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the revision in the price of ethanol paid by state-owned fuel retailers to Rs 40.85 per litre for sugar season 2017-18, an official statement said.
GST and transportation charges will also be payable additionally. The revised price will be applicable during ethanol supply period from December 1, 2017 to November 30, 2018.
2:43 pm Fund raising: Mahindra & Mahindra Financial Services share price gained 2 percent intraday as promoter company is going to invest up to Rs 1,160 crore.
Parent company Mahindra and Mahindra inform exchanges that it has approved investment of an amount not exceeding Rs 1,160 crore, in one or more tranches in the aggregate, by way of subscribing to the preferential issue of equity shares of MMFSL.
Earlier Mahindra & Mahindra Financial Services (MMFSL) intimated the stock exchanges that its board of directors had approved raising of funds by way of issue of equity shares/securities convertible in to equity shares by way of qualified institutional placement and issue of equity shares by way of preferential issue to the company.
2:37 pm Europe trade: European stocks edged higher, despite a terrorist attack in New York, as investors focused on earnings reports.
The pan-European Stoxx 600 was 0.4 percent higher with almost all sectors trading in positive territory.
2:35 pm Buzzing: Shares of multiple portal operator, Info Edge, gained 6 percent intraday following the announcements of its quarterly results. Multiple brokerages also were positive on the stock’s prospects.
Credit Suisse maintained an outperform rating on the stock with a hiked target of Rs 1,300. It highlighted that the company continues to be a dominant player in recruitment, which has attractive cash flow.
Its restaurant listings portal Zomato could continue to aggressively focus on growth, it added. The company also expects lower losses for 99 acres.
It increased earnings estimates by 2-8 percent for the three financial till March 2020, reflecting higher margins in recruitment, but sees ad costs to increase in 99 Acres.
2:30 pm Results: Shriram Transport share price hit a fresh 52-week high of Rs 1,211.50 on the BSE, rising nearly 4 percent post earnings.
Net profit increased 24 percent year-on-year to Rs 479.1 crore and revenue grew by 9.8 percent to Rs 2,978.9 crore in quarter ended September 2017.
2:25 pm Market Check: Equity benchmarks continued to trade strong in afternoon after the World Bank raised India ranking to 100th place from 130th place in ease of doing business and India's annual infrastructure output in September grew 5.2 percent from a year ago.
The 30-share BSE Sensex surged 400.08 points or 1.20 percent to 33,613.21 and the 50-share NSE Nifty gained 100.10 points or 0.97 percent at 10,435.40.
About 1,496 shares advanced against 1,113 declining shares on the BSE.
PSU Bank index rallied 3 percent and Nifty Bank index jumped nearly 2 percent.
IDFC Bank, ICICI Bank, SBI, Axis Bank, Bank of Baroda and Yes Bank gained 1-8 percent.
2:22 pm Fundraising: Indian firms raised Rs 5.52 lakh crore in January-September 2017 through private placement of corporate bonds to meet business needs, a surge of 19 percent from year-ago period, according to a Prime Database report.
These funds have been raised mainly for expansion of business plans, repayment of debt and to support working capital requirements.
In debt private placements, firms issue securities or bonds to institutional investors to raise capital.
According to the report, a total of 569 institutions and corporates garnered Rs 5.52 lakh crore in the first nine months of the year. In comparison, firms had raised Rs 4.65 lakh crore in January-September 2016.
2:20 pm Auto sales: Home-grown auto major Tata Motors today reported a 5 percent increase in total sales at 48,886 units in October.
The company had sold 46,500 units in the same month last year, Tata Motors said in a statement.
Its domestic sales of commercial vehicles last month stood at 32,411 units as against 30,189 in October 2016, up 7 percent.
Sales of passenger vehicles in the domestic market grew by 1 percent year on year to 16,475 units last month.
On the exports front, Tata Motors said its overseas shipments last month were at 4,311 units, down 32 percent YoY.
2:15 pm Order Win: Premier Explosives share price gained nearly 5 percent on bagging order worth Rs 144.92 crore from Coal India.
2:10 pm Auto sales: Ashok Leyland's October sales disappointed Street on Wednesday, growing 3 percent year-on-year due to degrowth in medium and heavy commercial vehicle M&HCV) segment.
Country's second largest commercial vehicle maker sold 12,914 units in October 2017 against 12,534 units in same month last year.
Comments
Post a Comment