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Friday 12 February 2016

Mission incomplete: Rajan's overhaul of RBI


In a video conference in mid-2014, Reserve Bank of India (RBI) governor Raghuram Rajan told employees that he wanted to hire talented external candidates and improve the quality of research at the 81-year-old central bank. The proposals, described to Reuters by three officials who heard Rajan speak, would hardly seem out of place in any major institution on the planet.


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Sun Pharma Q3 beats estimates, profit jumps 28%; revenue up 3.6%

Drug major Sun Pharmaceutical Industries   ' third quarter earnings surpassed analysts' expectations on Friday with profit rising 28 percent sequentially (up 258.3 percent year-on-year) to Rs 1,416.6 crore. Bottomline on sequential basis was boosted by other income, lower tax cost and good operational performance while lower tax expenses and other income supported profitability YoY.


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After a tumultous ride, the market has opened a bit steady on Friday. The Sensex is up 139.27 points or 0.6 percent at 23091.10, and the Nifty is up 47.30 points or 0.7 percent at 7023.65. About 386 shares have advanced, 286 shares declined, and 35 shares are unchanged. BHEL, SBI, ONGC, ICICI Bank, Bajaj Auto are major laggards while Axis Bank, HDFC, Coal India, Infosys and Dr Reddy's Labs are losers.


Illusion about equity markets that one can earn 15-20 per cent by investing in markets is getting exposed now.India's biggest state-owned crude explorer posted a standalone net profit of Rs 1,286 crore for the three months ended December 31, compared with Rs 3,571 crore in the year-ago quarter.

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The S&P BSE Sensex pared gains after rallying over 100 points in morning trade on Friday. The fall in the index was led by losses in ICICI Bank, ONGC, SBI, RIL, and BHEL.The Nifty50 which reclaimed its crucial psychological level of 7,000 in morning trade failed to hold onto momentum. The fall in the index was led by losses in realty, power, oil & gas, metal, consumer durable, banks, and auto stocks. 


Indian shares fell more than 3 percent on Thursday and headed for their biggest daily falls in nearly six months, hitting their lowest levels since May 2014, as fears of a slowdown in the global economy hit markets worldwide.

Thursday 11 February 2016

Receding liquidity key concern; long-term OW pharma:Emkay Global

With severe correction seen in the market , it would not be a surprise if the market breaches 7000 levels is the word coming from Dhananajay Sinha of Emkay Global.Throughout 2016, we will have to negotiate with receding liquidity - both domestic as well as foreign.Sector specific, also pharma space has been slowing down the house is not bearish on it, in fact they are long-term overweight. Although regulator issues have been an overhand for the sector, currency depreciation has benefited them.

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SBI Q3 profit falls 62% on high provisions, slippages Rs 20692cr

State Bank of India  (SBI) disappointed analysts' with December quarter earnings with standalone profit falling 61.7 percent year-on-year to Rs 1,115 crore on higher provisions. Profit was supported by lower other income. Net interest income (the difference between interest earned and interest expended) declined 1.2 percent to Rs 13,606 crore in Q3 compared to Rs 13,777 crore in year-ago period.

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The Sensex is down 79.05 points or 0.3 percent at 23679.85 and the Nifty slips 24.15 points or 0.3 percent at 7191.55. About 273 shares have advanced, 416 shares declined, and 48 shares are unchanged. BHEL, ICICI Bank, Coal India, M&M and Maruti are losers while Dr Reddy's, SBI, Tata Motors, TCS and Hero are top gainers in the Sensex.


Back home, foreign institutional investors sold shares worth Rs 751.33 crore while domestic investors bought shares worth Rs 196.92 crore on Wednesday.Traders would focus on India's largest public sector lender, State Bank of India which will report its third quarter numbers later in the day.

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The S&P BSE Sensex plunged over 100 points in morning trade on Thursday, led by losses in ICICI Bank, InfosysBSE -0.24 %, HDFC BankBSE -0.62 %, Maruti, and L&T. The Nifty50 opened below 7200 levels for the first time since May 2014 to hit a fresh 52-week low of 7167.80, weighed down by losses in banks, power, oil & gas, metal, and realty stocks. 


 Indian stocks fell more than 1 percent for a third consecutive session on Wednesday, pushing indexes to their lowest since May 2014 as state-run lenders were hit hard by a slew of earnings that showed a spike in bad loans and provisions for sour debt.

Wednesday 10 February 2016

Quick Heal IPO subscribed 77% on second day

The initial public offer of software provider Quick Heal Technologies was subscribed 77 percent on the second day of the offer. The Rs 451-crore IPO received bids for 78,35,850 shares against the total issue size of 1,01,37,557 shares, data available with the NSE till 1700 hours showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 27 percent, while non institutional investors received 10 percent subscription.


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May see short-term mkt pain but long-term outlook strong

The Indian market has been caught in a global storm that has engulfed equities but seasoned analysts are advising that investors should stay the course and not jump out of stocks. "The Indian economy is fundamentally strong. While we may see panic for the next few months, investors will come back," Edelweiss CEO Rashesh Shah told CNBC-TV18. He added that the market would also take cues from the Union Budget, which the government must ensure is reform-oriented and kickstarts consumption.


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The Nifty slips below  7250. The 50-share indices was down 42.05 points or 0.6 percent at 7256.15. The Sensex is down 147.40 points or 0.6 percent at 23873.58. About 454 shares have advanced, 807 shares declined, and 65 shares are unchanged. Infosys, HUL, HDFC Bank, NTPC and Reliance are top gainers in the Sensex.


Ambuja Cements was trading 2.6 per cent lower at Rs 192.30 ahead of its third quarter numbers which are due later in the day.Shares of IPCA Labs fell nearly 9 per cent to hit intraday low of Rs 596 after the FDA found the corrective action plan of the company inadequate. FDA has pointed out systemic data manipulation at all three plants.

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The S&P BSE Sensex slipped as much as 159 points in morning trade on Wednesday, led by losses in ICICI Bank, Tata Motors, HDFC, Axis Bank, and Sun Pharama.The Nifty50 came under pressure but was still trading above its crucial support level of 7,250. The fall in the index was led by losses in banks, pharma, realty, oil & gas, and metal stocks.

 
The BSE Sensex fell more than 1 percent on Tuesday as software services exporters were hit hard after Cognizant Technology Solutions(CTSH.O) issued disappointing revenue guidance, while sentiment also remained weak after a global market sell-off.

Tuesday 9 February 2016

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Buoyed down by weak global cues the market has opened sharply on Tuesday. The Sensex was down 351.02 points or 1.4 percent at 23936.40 and the Nifty slipped 100.40 points or 1.4 percent at 7286.85. About 152 shares have advanced, 660 shares declined, and 19 shares are unchanged. Bank stocks are bleeding. Infosys, TCS, ICICI Bank, Maruti and SBI are major losers while M&M, Bajaj Auto, HUL, Sun Pharma and GAIL are gainers in the Sensex.


Bajaj Finserv was the top loser from the mid-cap space, down 2.45 per cent to Rs 1,785. IndiaBulls Housing Finance, Glenmark, LIC Housing Finance, UPL, Alstom T&D, Amara Raja Batteries and Shri Ram City Union Finance were also among the losers, down 1.75-2.4 per cent each.

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The S&P BSE Sensex plunged as much as 368 points to slips below its crucial support level of 24,000 in morning trade on Tuesday, led by losses in Infosys, TCS, ICICI Bank, ITC, and HDFC.The Nifty50 cracked over 100 points to break below its crucial support level of 7300, weighed down by losses in IT, metal, banks, auto, and FMCG stocks.


The BSE Sensex fell more than 1 percent on Monday to post its biggest daily decline in 2-1/2 weeks as European shares were hit hard by persistent concerns about the pace of global economic growth.

Monday 8 February 2016

Today's Equity Market Picks

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The market has opened flat on Monday. The Sensex is down 11.57 points or at 24605.40 and the Nifty is down 5.30 points at 7483.80. About 527 shares have advanced, 293 shares declined, and 44 shares are unchanged. Tata Steel, Axis Bank, ICICI Bank, NTPC and Adani Ports are gainers while Infosys, Tata Motors, TCS, HDFC and ONGC are losers in the Sensex.


Metal and banking stocks were the prominent gainers on the index today with Tata Steel rising over 3 per cent followed by Axis Bank and Bank of Baroda, which rose over 2 per cent each. Jet Airways surged over 8 per cent to Rs 618 as it reported strong earnings for the December quarter. 

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The S&P BSE Sensex started on a cautious note with a slightly negative bias in morning trade on Monday, led by losses in Infosys, TCS, Tata Motors, HDFC Bank, and HUL.The Nifty50 was trading around its crucial level of 7500 supported by gains in metal, realty, power, banking, and oil & gas stocks. 

India's stock markets rose 1.1 percent on Friday as state-owned lenders such as State Bank of India(SBI.NS) recovered from recent sharp losses, but the key indexes were still headed for a fourth weekly loss in five, highlighting fragile investor sentiment.