Market Live: Sensex opens 100 points higher, Nifty above 10,450; RIL, ICICI Bank gain

Equity benchmarks have seen a positive begin on Wednesday, with the Sensex ascending more than 100 focuses, while the Nifty was over 10,450-stamp.

At 09:16 hrs IST, the Sensex is up 135.66 focuses or 0.40% at 33947.92, and the Nifty up 40.30 focuses or 0.39% at 10482.50. The market broadness is sound as 601 offers have progressed against a decrease of 172 offers, while 504 offers are unaltered.

Midcaps were exchanging the positive zone after it fell around one percent on Tuesday.

Dependence Industries and ICICI Bank are the best gainers, while Dr Reddy's Labs, ONGC and Aurobindo Pharma have lost the most

The Indian rupee slipped in the early exchange on Wednesday. It has opened lower by 7 paise at 63.55 for every dollar versus 63.48 yesterday.

Pramit Brahmbhatt of Veracity stated, "Rupee will proceed with its northward trip on the back of sudden FII inflow. Hence exchanging range for the spot USD-INR will be 63.30-63.60."

The dollar close to 3-month low, overloaded by desires of a slower pace of financing cost increments by the Federal Reserve in the midst of a lukewarm US Inflation picture.

On the worldwide markets, Asian stocks struck a new decade high on Wednesday as hazard cravings were whetted by a group of playful assembling overviews that affirmed a synchronized upturn in world development was well under way.

Action was particularly solid in Europe, lifting security yields there and driving the euro to inside a hair of its most elevated in three years against an ambushed US dollar.

Speculators additionally heaped into developing business sector exchanges. MSCI's record of Asia-Pacific offers outside Japan edged up another 0.1 percent, having bounced 1.4 percent on Tuesday in its best execution since last March.

In the interim, US stocks ascended in the primary session of the new year and the Nasdaq shut over 7,000 out of the blue on Tuesday as financial specialists were hopeful that 2018 will bring more picks up for the market.

The Nasdaq, driven by picks up in Apple , Facebook , Amazon and Alphabet , broke 6,000 in April of a year ago and shut over 5,000 of every 2015 without precedent for a long time. The innovation list included 1.4 percent Tuesday, following a 37-percent surge in 2017 that made it the best-performing S&P 500 division.

The S&P 500 likewise hit a record high close. Other than innovation, S&P buyer optional, human services, vitality and materials records all were up more than 1 percent on the day.

Disclaimer: Reliance Industries Ltd. is the sole recipient of Independent Media Trust which controls Network18 Media and Investments Ltd.

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Buy Reliance Industries, Cipla, Yes Bank; sell Bank of Baroda: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "Reliance Industries is a purchasing opportunity independently and exclusively. This stock obviously was in an exchanging range for three weeks and is presently ready to go higher; that is the sense I get."


He additionally included, "Cipla is a purchase. There was a tolerable and sensible rectification in the stock and that redress was finished. Recently we had a decent day in Cipla and that is most likely a flag that the uptrend should proceed."
"My old top choice, Hindustan Unilever (HUL) is a purchasing opportunity. We have had three down days in it; it didn't take an interest in this 10,500 record in any event. Be that as it may, there is a restricted range and there is an inside day. So HUL is most likely eager to join that gathering once more."


"Truly Bank has come in purchase list before. After that huge decay, it was level and uniting, and that solidification to me is taking the state of a bullish example. Thus, we are actually purchasing on a plunge on the off chance that we are correct. So Yes Bank is a purchase."


"Bank of Baroda from the PSU banks, is a short offer. Keep short offers just intraday," he included.


Revelation: Reliance Industries Ltd. is the sole recipient of Independent Media Trust which controls Network18 Media and Investments Ltd.
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Prataap Snacks' Rs 482-cr IPO to hit market on September 22

Indore-based snacks maker Prataap Snacks' estimated Rs 482-crore initial public offer (IPO) will open for subscription on September 22.

The issue, with a price band of Rs 930-Rs 938 per equity share, will close on September 26.

The Rs 482-crore issue size includes Rs 200 crore through fresh equity issue and the rest from offer for sale. It will also offer a discount of Rs 90 per share to eligible employees of the company.

The Sequoia Capital-backed company, which clocked a revenue of Rs 903 crore last fiscal, also plans to enter the sweet snacks category in a fortnight's time, Managing Director and Chief Executive Officer Amit Kumat told reporters here.

Sequoia Capital's stake would reduce to 49 % post IPO from 63 % at present, while the other three promoters -- Arvind Mehta, Amit Kumat and Apoorva Kumat's shareholding will come down to approximately 24 % from around 33-34 % at present.

The organised snack category in India is estimated to be Rs 22,000 crore in size and growing at 10-11 %. Prataap Snacks has been clocking a CAGR of over 27 %.

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TCS regains second most valued firm slot from HDFC Bank

Overtaking HDFC Bank, Tata Consultancy Services (TCS) on Tuesday regained its status as the country's second most valued firm in terms of market capitalization.

Earlier in the day, HDFC Bank had surpassed TCS to become the country's second most valued firm.

However, it slipped to the third position in the ranking chart at the close of trade. In the afternoon trade, market capitalisation (m-cap) of HDFC Bank reached Rs 4,73,530.72 crore, crossing that of TCS was Rs 4,72,733.32 crore.

However, at the close of trade, TCS' market valuation stood at Rs 4,76,045.04 crore, which was Rs 2,578.86 crore more than HDFC Bank's Rs 4,73,466.18 crore valuation.

Shares of TCS went up by 0.94 per cent to close at Rs 2,486.80 on BSE, while HDFC Bank gained 0.62 per cent to end at Rs 1,834.15. Reliance Industries Ltd is the country's most valued firm with a market cap of Rs 5,35,509.87 crore, followed by TCS, HDFC Bank, ITC (Rs 3,38,064.40 crore) and HDFC (Rs 2,86,404.51 crore).

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आज का बाजार: कैसी रहेगी चाल, कहां मुनाफे की गारंटी

निफ्टी में 10000 के स्तर के बाद ऊपरी स्तर पर मुनाफावसूली देखने को मिल रही है। हालांकि बाजार में मुमेंटम जारी रहने की पूरी संभावनाएं बनी है। लेकिन बाजार की तेजी अब तक रहेगी यह कहना थोड़ा मुश्किल है। लिहाजा 10000 के स्तर पर निफ्टी का टिकना अहम है।

गौरांग शाह के मुताबिक यूएन सिक्योरिटी काउंसिल की बैठक में क्या फैसला लिया जाता है यह देखना जरुरी है क्योंकि इसके चलते बाजार में अनिश्चितता का माहौल बना रह सकता है।

शानदार कमाई की वैल्यू पिक्स

पीआई इंडस्ट्रीजः लंबे नजरिए से खरीदें, लक्ष्य 885 रुपये

गौरांग शाह ने लंबी अवधि के लिहाज से वैल्यू पिक के तौर पर पीआई इंडस्ट्रीज को चुना है। गौरांग शाह का कहना है कि कंपनी लगातार अच्छे नतीजे पेश कर रही है। हालांकि इस तिमाही में जीएसटी के कारण कंपनी के नतीजे पर थोड़ा असर जरुर देखऩे को मिला था। लेकिन कंसोलेडेशन के बाद इसमें और भी तेजी की उम्मीद है। लिहाजा इसमें 1 साल का नजरिया रख 885 रुपये के लक्ष्य के लिए खरीदारी की जा सकती है।

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Three IPOs to hit market this week to raise Rs 6,600 cr

Three companies -- Matrimony.com, Capacit'e Infraprojects and ICICI Lombard -- will launch their initial share sale offers this week to raise about Rs 6,600 crore.

The initial public offer (IPO) of Matrimony.com, which runs online match-making portals, will be open from September 11-13.

The IPO comprises fresh issue aggregating up to Rs 130 crore and an offer for sale of up to 37.67 lakh equity shares.

Matrimony.com, which runs online match-making business under BharatMatrimony brand, among others, is expected to raise over Rs 500 crore.

The price band for the IPO has been fixed in the range of Rs 983-985 per share.

The company has raised nearly Rs 226 crore from anchor investors on Friday.

Besides, ICICI Lombard General Insurance Company has set Rs 651-661 as the price band for its IPO, which will make it a Rs 5,700 crore issue.

The issue, the first by any general insurance company, will be open for subscription from September 15-19.

So far this year, 19 companies, including BSE, Avenue Supermarts and Central Depository Services (India) Limited, have hit the market with their IPOs.

Last week, Dixon Technologies and Bharat Road Network concluded their IPOs.

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Sun Pharma sees single-digit decline in revenues for FY18

Pharma major Sun Pharmaceutical Industries said its short-term outlook continues to be challenging and expects a single-digit decline in consolidated revenues for FY18. 

"The short-term outlook continues to be challenging as the US generics industry is facing rapidly changing market dynamics. 

"In the Indian market, there is uncertainty amongst the trade channels due to the GST implementation, although it may be temporary. Given these factors, growth could be a challenge in FY18 and we expect a single-digit decline in consolidated revenues for FY18 over FY17," Shanghvi said. 

The company's consolidated R&D investments for FY18 will be about 9-10 per cent of revenues. 

"Our R&D investment in FY17 was Rs 23 billion, targeted mainly at developing complex generics and specialty products. R&D is the engine, which will drive our journey of moving up the pharmaceutical value chain. 

"We are also investing in enhancing our product pipeline for emerging markets and other non-US developed markets. We continued to build our specialty pipeline during the year and simultaneously investing in developing the requisite front-end for this business in the US. We expect this trend to continue in future as well," the managing director said. 

The company is entering into the third and the most important year of integration of Ranbaxy with the company. 

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RBI income in FY17 dips 24%, while expenses rise 108%

The Reserve Bank of India’s income for the year 2016-17 decreased by 23.56 percent while its expenditure increased by 107.84 percent, according to its annual report.

The year ended with an overall surplus of Rs 30,659 crore, a decline of 53.46 percent from Rs 65,876 crore in the previous year. This surplus was transferred as dividend to the government.

“The balance sheet size of the Reserve Bank increased marginally by 1.88 percent for the year ended June 30, 2017, RBI said in its annual report.

The balance sheet of the Reserve Bank reflects its role in the functioning of the country’s economy largely in terms of the activities carried out in pursuance of its currency issue function as well as monetary policy and reserve management objectives.

The balance sheet increased by Rs 61,083 crore from Rs 32.43 lakh crore as on June 30, 2016 to Rs 33.04 lakh crore as on June 30, 2017.

“The increase on the asset side was due to the increase in foreign investments and domestic investments by 2.70 percent and 7.45 percent, respectively, and capital contribution to the subsidiaries of the Reserve Bank. On the liability side, the increase was mainly due to increase in deposits by 76.96 percent.

Domestic assets constituted 24.32 percent while the foreign currency assets and gold (including gold held in India) constituted 75.68 percent of total assets as on June 30, 2017 as against 24.59 percent and 75.41 percent, respectively, as on June 30, 2016,” the report added.

Further, provisions of Rs 13,140 crore and Rs 50 lakh were made and transferred to Contingency Fund (CF) and Asset Development Fund (ADF), respectively.

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Foreign ownership in BSE-200 rises by 43 bps to 24.93%

Foreigners have ramped up their ownership in domestic equities during the three months to June by 43 basis points to 24.93 percent, which is only a tad less than than the promoters' holdings, according to an industry report.

While foreigners own USD 388 billion in the BSE-200 index companies, domestic institutions investors (DIIs) account for only USD 271 billion, or 12.2 per cent, marginally up from 11.8 per cent three months ago, according to the data collated by domestic brokerage Kotak Securities.

This is 24.93 percent of the USD 1.557 trillion of market cap of the index, which is the single largest ownership of the domestic market, according to the report. In March FPIs' ownership in markets was 24.55 percent.

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Indian Metals & Ferro Alloys still at an attractive valuation

We had initiated coverage on IMFA (Indian Metals & Ferro Alloys) sometime ago and the stock continues to impress us post its quarterly earnings report. The company reported a turnaround performance with a net profit of Rs 100 crore in Q1 of FY18 as against a loss of Rs 30 crore in the year ago period which was impacted due to production disruption and lower realization.

The performance for the quarter gone by was largely driven by recovery in chrome prices. Despite a 6 percent drop in sales volumes to 48,500 tonnes, the company saw 69 percent year-on-year growth in revenues as sales realizations stood at close to Rs 87,000 per tonne as against Rs 51,600 a tonne in Q1 of FY17.

The benefits of operating leverage also kicked in and, consequently, costs actually declined by 2 percent to Rs 247 crore. This translated to higher profitability. The company also saw 328 percent increase in other income thanks to the increasing cash in the books.

We estimate cash to reach around Rs 660 crore (currently about Rs 300 crore) or about 40 percent of its current market capitalization by the end of FY18. Our estimates suggest that the company should be reporting an annual net profit of close to Rs 290 crore in the current financial year. At the current market price of Rs 465, the stock is still attractively valued at about 4 times its FY18 estimated earnings. The attractive valuation is in addition to other fundamental strengths like high margin and return ratios and a strong balance sheet.

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Lakshmi Vilas Bank looks to raise funds

Private sector lender Lakshmi Vilas BankBSE -0.45 % is looking to raise fresh equity capital as much as Rs 1,000 crore by September but the volatile market may play a party pooper. 

The Chennai-based bank is in talks with institutional investors as it is growing its loan book at 15% rate. The bank managing director Parthasarathi Mukherjee said the bank needs capital to keep the growth momentum. 

International investors such as Morgan Stanley Investment Managers and ChrysCapital have recently had a meeting with the bank’s top management. Local investors like Aviva Life Insurance Company, ICICI Prudential Mutual Fund, Kotak Mutual Fund and HDFC Mutual Fund have also met Mukherjee and executive director N Venkatesh, the bank informed the stock exchanges in two separate filings on August 11 and August 3. 

The volatile market has however kept the bank management guessing with the bank stock price falling about 13% in a month to Rs 178 on BSE, upsetting the pricing of the proposed qualified institutional placement (QIP). 

According to Securities & Exchange Board of India rule, the pricing of the equity shares for qualified institutional placement is being arrived at by taking the average of weekly highs and weekly lows of the closing prices for six months or during the fortnight preceding the relevant date, whichever is higher. 

“The bank is well capitalised but the rise in gross NPAs (to 3.78% as on June from 2.67% a quarter back) in the first quarter is a concern and the bank may need more capital to cover it in the future. More capital may also be needed since it is chasing an aggressive retail and SME growth plan with opening of more branches,” said Sanjeev Jain, associate vice president at Ashika Stock Broking. 

Earlier in January, the bank raised Rs 167 crore in a share-sell to institutional buyers at Rs 140 per equity share of face value Rs 10. 

The bank said its gross advances grew 15% Rs 23,236 crore as on June 30, from Rs 20,182.72 crore a year earlier. Its total business rose 14% to Rs 52,712 crore. It has reported 9% rise in net profit at Rs 66 crore for the first quarter. 

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KKR's Moneyline Portfolio sells 85 lakh shares in Max Financial

Private equity major KKR's unit Moneyline Portfolio Investments sold 85 lakh shares in Max Financial Services on Wednesday at Rs 605.02 per share, bulk deal data on the BSE showed. 

The name of the buyers could not be ascertained immediately. Moneyline Portfolio held 2.66 crore shares or 9.94% stake in Max Financial at the end of June. Shares of Max Financial ended up 0.84% at Rs 605.10 on the BSE, off its day's high of Rs 624. 

KKR had acquired the stake in Max Financial in February 2016 from a group of promoters including Analjit Singh, to become the largest institutional shareholder in the company. 

Besides Moneyline, Barron Emerging Markets Fund held 28.15 lakh shares or 1.05% stake in Max Financial, while Morgan Stanley (France) S.A. held 44.69 lakh shares or 1.67% stake, shareholding data for the quarter ended June showed.

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Today's Market Update - LTI Q1 profit rises

LTI, formerly known as Larsen & Toubro Infotech, reported a net profit of Rs 2,672 million in the first quarter, an increase of 5 percent from the previous quarter, even as the company reiterated that digital business would overtake the traditional model of IT outsourcing.

The company’s chief executive officer Sanjay Jalona said that digital business now represents over 29 percent of LTI’s revenues.

The company reported revenue of Rs 16,707 million in the quarter ended June, a decline of 0.4 percent from the previous quarter, and growth of 7.4 percent since the same quarter in the previous year.

LTI added 12 new clients in the quarter, with one client each in the USD 20 million and USD 10 million revenue bands.

India business accounted for 7 percent of the revenue of LTI during the first quarter. “We have critical and large deals here (in India), and are committed to projects like Smart Cities and Digital India,” Jalona said, adding that LTI would like to keep the India business at 6-7 percent.

He said that LTI does not see the goods and services tax (GST) regime as an impediment to business in India.

The total number of employees in LTI at the end of the quarter was 22,321, with the attrition of 14.7 percent.

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RIL likely to open 3-4% higher today

Reliance Industries delivered a massive beat in almost all parameters when it reported its results for the quarter ended June on Thursday. The stock could well open with a gap up of 3-5 percent by today, suggest experts.

We have collated a list of top 10 takeaways from RIL Q1 results:

Net Profit up 28%

RIL reported 28 percent YoY growth in net profit to Rs9,108 crore which was higher than a CNBC-TV18 poll of 7,960 crores. The oil & gas major reported a net profit of Rs7,113 crore in the corresponding quarter of last fiscal.

Total Revenues:

Consolidated Total revenues rose 27.7 percent on a YoY basis to Rs90,537 crore for the quarter ended June 30, compared to Rs71,451 crore reported in the year-ago period.

Strong beat on GRMs:

Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter. Gross refining margins recorded nine-year-high of $ 11.9/bbl whereas petrochemicals EBIT margin were at an all-time high of 15.8 percent.

Increase in Employee Cost:

Employee cost increased by 16.3 percent at Rs2,455 crore ($ 380 million) as against Rs2,111 crore in corresponding period of the previous year due to increased employee base and higher payouts.

Operating profit rose by nearly 12%

Operating profit before other income and depreciation increased by 11.9 percent on a Y-o-Y basis to Rs12,554 crore ($ 1.9 billion) from Rs11,223 crore in the previous year.

Capital Expenditure:

The capital expenditure for the quarter ended 30th June 2017 was Rs25,192 crore (USD 3.9 billion) including exchange rate difference capitalization.

Refining Margins:

During 1Q FY18, revenue from the Refining and Marketing segment increased by 18.3 percent on a Y-o-Y basis to Rs66,945 crore (USD 10.4 billion). Gross Refining Margins (GRM) for 1Q FY18 stood at USD 11.9/bbl as against USD 11.5/bbl in 1Q FY17.

Petchem Margins:

1Q FY18 revenue from the Petrochemicals segment increased by 22.9 percent on a Y-o-Y basis to Rs25,461 crore (USD 3.9 billion), primarily due to increase in prices of PP, PVC, PTA, and Polyester and increase in volumes due to addition in the capacity of PX at Jamnagar.

Oil & Gas Business:

1Q FY18 revenues for the Oil & Gas segment decreased by 1.2 percent on a Y-o-Y basis to Rs 1,324 crore primarily due to lower volumes in US shale and domestic operations. Segment EBIT was at (373) crore, impacted by an overall decline in volumes and lower realizations in domestic business.

Retail business revenue grew by 73%

1Q FY18 revenues grew by 73.6 percent on a Y-o-Y basis to a Rs11,571 crore, a milestone level for quarterly revenues. The increase in revenue was led by growth across all consumption baskets.

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