Stocks Market Corner

Stocks Corner

  1. Modi government has finally dropped the big Kashmir bomb today, with Home Minister Amit Shah moving to revoke two key constitutional provisions — Article 370 and Article 35(A) — that give the state of Jammu & Kashmir a host of special rights. STOCK CORNER UPDATES
  2. Gold prices jumped more than 1% to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe-haven assets.
  3. Reliance Industries (RIL) Chairman Mukesh Ambani saw his wealth rise by $2.94 billion during the year. The owner of the world’s largest and most refinery complex in Jamnagar was worth $47.3 billion on July 30, 2019. The stock is up over 2 per cent year to date, but it has been on a falling spree for past 10 sessions.

Wipro’ Azim Premji gained the most, among Indian billionaires, with his wealth soaring by $3.06 billion on year to date basis. His net worth stood at $20.4 billion at as of August 2. Shares of WiproNSE -0.63 % advanced around 6 per cent this year.

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Stocks Market Corner

Stocks Corner

  1. Auto sector, reeling from slowdown in sales amid liquidity crisis, regulatory & policy changes and pollution norms , is staring at more trouble with the government proposing a hike in registration fees on old and new vehicles.STOCK CORNER UPDATES
  2. NBCC recently deferred its decision to acquire the Jaypee Infratech assets on the ground of differences among bankers and homebuyers and with itself. Through various means, the infrastructure player had proposed to settle claims worth of Rs 23,723 crore of financial creditors. Considering the size of the project and the amount involved, this would have certainly put pressure on its balance sheet, which is today flush with cash and the least working capital requirements.
  3. LIC is the largest financial institution in India could easily become the country’s top listed company if its shares get listed on the stock exchanges points the report. They will rank number one in market valuation, beating the current leaders such as Reliance Industries and Tata Consultancy Services.

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Stock Market Corner

  1. Zydus Cadila has received the final approval from the USFDA to market Misoprostol Tablets (US RLD – Cytotec), 100 mcg and 200 mcg. Misoprostol is used to prevent stomach ulcers in patients taking pain medications especially if the patient is at risk for developing ulcers or has a past history of ulcers. Misoprostol helps to decrease risk of serious ulcer complications such as bleeding. The drug will be manufactured at the group’ s formulations manufacturing facility at SEZ, Ahmedabad.

STOCK CORNER UPDATES

  1. Sterling and Wilson Solar Ltd (SWSL), a global pure-play, end-to-end Solar EPC solutions provider, has received approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering.The capital markets regulator issued its final observations on SWSL’s IPO proposal on July 4, 2019, according to information on the SEBI website.

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Stocks Market Corner

Stocks Corner

  1. Infosys, FDC, GE Shipping, others: Nine companies which have active buyback programmes are staring at an unexpected tax burden, says a Business Standard report. The Union Budget on Friday made it mandatory for listed companies to pay additional tax at 20 per cent on share buybacks.

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  2. Maruti Suzuki India: The country’s largest car maker Maruti Suzuki India (MSI) cut production by 16 per cent in June. It was the fifth consecutive month of production cut by the company.
  3. Mindtree: Executive chairman Krishnakumar Natarajan, executive vice chairman & chief operating officer (COO) NS Parthasarathy, and managing director & chief executive officer (CEO) Rostow Ravanan quit on Friday after the IT company was acquired by engineering giant L&T.
  4. PNB: Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of Rs 38.05 billion ($556 million) in Bhushan Power & Steel Ltd’s account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India’s most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court for a debt resolution process under India’s new insolvency law.
  5. PSU banks: Global brokerages such as CLSA and Morgan Stanley believe that PSU banks will be the biggest beneficiaries from the Budget announcements. Finance Minister Nirmala Sitharaman has announced Rs 70,000 crore recapitalisation plan for the state-owned banks.

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Stocks Market Corner

Stocks Corner

  1. Lupin: Drug maker Lupin is recalling more than 18,000 bottles of an antibiotic drug used to treat bacterial infections from the US market. The drug is being recalled due to a “complaint received of metal piece identified in the product bottle prior to the reconstitution,” USFDA said.

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  2. Reliance Infrastructure: A day after auditors raised a long list of concerns on Reliance Infrastructure’s (RInfra) financial reporting, company officials called it an overhang in the auditing environment after the IL&FS fiasco.
  3. Jet Airways: As per news reports, the Income Tax (IT) Department has summoned Jet Airways founder Naresh Goyal for questioning in relation with an alleged case of tax invasion. Moreover, resolution plan of the beleaguered airline is likey to be taken today.
  4. Bharti Airtel, Vodafone: According to a news report by The Economic Times, the Department of Telecommunications (DoT) has backed penalties of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for allegedly denying Reliance Jio Infocomm adequate points of interconnection (PoIs) in 2016.
  5. Auto companies reported another subdued sales figures for May owing to high finance cost and liquidity constraints. Maruti Suzuki India said its overall sales including that to original equipment manufacturer (OEM) for May declined by 22 per cent to 134,641 units YoY while Tata Motors reported a drop of 26 per cent in its domestic sales at 40,155 units as against 54,290 units sold in May 2018.
  6. US stores and factories reported a pickup in activity last month, suggesting the economy is humming along without an urgent need for the Federal Reserve to cut interest rates.

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Stock Market Corner

Stock Corner

  1. Equity benchmark indices extended gains for the third consecutive session on Tuesday led by gains in banking and information technology stocks. Yes Bankwas the top gainer in the Nifty50, the stock rose 5%, followed by Zee Entertainment, ONGC, Vedanta, and IndusInd Bank. However, shares of Indiabulls Housing Finance, Sun Pharma, M&M, and Tech Mahindra fell in today’s trade.
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  1. The Adani Ports and Special Economic Zonesaid in the filing on Tuesday that the company board has approved the proposal for the buy-back by the company of up to 3.92cr equity shares from the equity shareholders of the company as on June 21, 2019, at a price of Rs500 per equity share for an aggregate amount not exceeding Rs1,960cr.
  2. Indian Oil Corporation Limited (lndian Oil), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited(HPCL) have signed an Agreement for formation of a Joint Venture Company for implementation and subsequent operation of 2757 Km long LPG Pipeline from Kandla, Gujarat to Gorakhpur, UP. Indian Oil, BPCL and HPCL would have 50%, 25% and 25% equity holding in the JV Company.

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Stocks Market Corner

Stocks Corner

  1. Shares of Adani Group companies surged up to 17 per cent intra-day on the BSE on Monday supported by heavy buy volumes after exit polls predicted the Bharatiya Janta Party (BJP)-led National Democratic Alliance (NDA) to form government on May 23

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  2. Shares of Dr Reddy’s Laboratories plunged 7 per cent to Rs 2,544 in intra-day trade on the BSE in an otherwise strong market after the company reported disappointing margin in January-March quarter (Q4FY19).The company’s gross margin for the Q4 was at 52.4 per cent. On the year-on-year (YoY) basis, the gross margin declined by around 100 basis points (bps), primarily on account of price erosion, partially offset by new launches and favorable forex rates.
  3. Muthoot Finance has reported 4QFY19 numbers with healthy AUM growth of 18% YoY.Net Interest Income grew by 6%/13% YoY/QoQ in 4QFY19. PAT has registered a low growth of 1%/6% YoY/QoQ.NIM increased by 113 bps to 14.64% in 4QFY19 on the account of increase in yield QoQ .The average cost of funding stood at 9.3% in 4QFY19 and incremental borrowing cost stood at 9.5%.
  1. Tata Motors has reported a 49 percent fall in its consolidated net profit at Rs 1,108 crore.The company had reported a profit of Rs 2,175 crore in a year ago period.  The figure above includes profit attributable to shareholders of the company and non-controlling interests.Revenue of the company declined to Rs 86,422 crore against Rs 89,928.97.  of Bajaj Auto on May 20 defied the broader market sentiment and settled with over 1 percent loss on bourseThough the fourth quarter earnings for the auto major was a good show in a tough environment, the company is expected to face margin pressure.

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