Economy Live: Nifty under 9950 amid consolidation; Dr Reddy’s tanks 5 Percent, L&T soars 4 Percent


Future Market Networks, Future Enterprises and Future Consumer surged up to 10 percent.
Products made at the facility aren’t now exported to the European Union.

The firm will be submitting a corrective and preventive action strategy (CAPA) to the authorities.

The auditor has cautioned that the facility will receive EU-GMP certification in your regulator up to November 2018 just when the regulator approves the CAPA.

The facility’s compliance with all the CAPA and other applicable regulations will be reviewed again from the regulator by November 2018 for the continuation of EU-GMP certification.

11:00 am Market Assess: Benchmark indices continued to consolidate as investors looked for new triggers.

The 30-share BSE Sensex was up 13.25 points in 31,675.99 along with the 50-share NSE Nifty climbed 7.95 points to 9,937.85.

Larsen & Toubro abruptly jumped 4 percent in morning.

10:53 am Pharma under stress: Healthcare stocks were under selling pressure today because the Nifty Pharma index was down 1.5 percent.

Dr Reddy’s Labs was the biggest failure among them, down 5 percent followed closely by Glenmark Pharma, Sun Pharma, Lupin and Cadila Healthcare.

10:50 am SEBI match: The Securities and Exchange Board of India (SEBI) will review the securities lending and borrowing frame in the Secondary Market Advisory Committee (SMAC) meeting on Monday.

Other items on the agenda for discussion include the introduction of each week futures, review of this block bargain window, along with a review of their telephone auction frame.

The securities lending and borrowing (SLB) mechanism — which makes it possible for investors with a bearish view to borrow stocks and brief market them — have been first introduced in late 2007. However, it hasn’t picked up in a big way, despite the regulator repeatedly tweaking the rules.

SBI intends to dilute 8 per cent & BNP Paribas Cardiff 4 per cent through IPO.

10:30 am 52-week highs: Brushing off worries of geopolitical tensions, drop in GDP growth, rising oil prices in addition to muted earnings from India Inc. for the quarter ended June, mid cap and small cap stocks jumped to new record highs.

The S&P BSE Sensex and Nifty50 are still trading 2-3 percent short of their respective record highs but the S&P BSE Midcap index climbed to a new all-time high of 15,906.14, and also the S&P BSE Smallcap index hit 16,446 for the first time ever.

Tracking the momentum, as far as 97 stocks hit a new 52-week high on the BSE which include names like Andhra Cement, Andhra Petrochemicals, Bajaj Finance, Bharti Agri, Bombay Dyeing, Cian Agro, Colgate Palmolive India, Future Enterprises, Goa Carbon etc. amongst others.

Out of 97 stocks just as far as 35 stocks climbed to new all-time high which includes names like Bajaj Finserv, Eicher Motors, Future Consumer, Indiabulls Housing Finance, Teamlease, Tata Metaliks, Manappuram Finance etc. amongst others.

10:20 am a Land sale: Shares price of Bombay Dyeing and Manufacturing Company has closed in 5 percent top circuit on Friday since the company has offered property parcel situated at Pune, Maharashtra.

There were pending purchase orders of 102,439 stocks, with no sellers available.

In the month of January 2017, the firm had entered into an agreement for sale of MIDC property & building and a few specific utility machinery of Ranjangaon unit situated at Ranjangaon, Pune, Maharashtra, with an aggregate value of Rs 174.45 crore.

10:10 am Buzzing: Biocon stocks soared more than 5 per cent intraday following its Malaysian insulin facility received a certificate of GMP compliance from European inspection authority.

“The certificate of GMP compliance reveals that the agency considered the site to be in compliance with the principles and guidelines of Good Manufacturing Practices for active compounds, sterile drug products and quality control testing operations,” that the biopharmaceutical firm said in its filing.

The facility has been inspected by Irish medication regulator HPRA since the representative of European Medicines Agency in April 2017.

Biocon Sdn. Bhd (Biocon Malaysia) facility setup with an investment of roughly USD 275 million is the first abroad biopharma manufacturing and research unit of the business and employs more than 600 professionals.

10:00 am Economy Assess: Equity benchmarks were away opening highs due to the absence of international and domestic cues.

The 30-share BSE Sensex was up 61.60 points in 31,724.34 along with the 50-share NSE Nifty climbed 24.05 points to 9,953.95.

The wider markets continued northward travel because the BSE Midcap and Smallcap indices gained approximately 0.5 percentage on positive width.

About two stocks advanced for every discuss falling around the BSE.

Metals stocks prolonged rally because the Nifty Metal was up 1.4 percentage. Hindalco Industries, Vedanta and Tata Steel gained 1.6 percent every day.

9:55 am Earnings: Shares of Global Vectra Helicorp and Plastiblends India declined 3-10 percentage intraday on the back of inferior Q1 numbers.

Plastiblends India has reported 41 percent decline in its Q1FY18 at Rs 5.2 crore versus Rs 8.8 crore, in exactly the same quarter this past year.

Revenue slipped 2 per cent at Rs 144 crore versus Rs 147 crore.

Its operating profit (EBITDA) was down 16 percent at Rs 11.4 crore and margin has been down in 8.65 percent

Meanwhile, revenue was up 5 per cent at Rs 99.8 crore and EBITDA grew up 12 percent in Rs 17.2 crore.

9:44’m Inflow out of EPFO: Emerging as a significant source of investments into capital markets, Employees Provident Fund Organisation (EPFO) is likely to pump in Rs 25,000-30,000 crore in equities in 2017-18 with Rs 5,700 crore currently invested this season up to now, states a report.

According to international broker Morgan Stanley, besides EPFO, the National Pension Scheme (NPS) is also one of the resources for driving the domestic flow surge, which was positive for the previous 17 months.

“NPS’ pension funds stood at USD 30 billion in the end of July. We estimate their equity assets to maintain USD 3.5 billion,” the report said.

In August, equity flows were positive for the 17th straight month.

“Similarly, equity ETF assets climbed to fresh highs of USD 8.4 billion.

9:35’m Buzzing: Shares of Punj Lloyd additional up to 8.3 percent in early trade because it has received a letter of award of Rs 870 crore.

The business has issued the letter of award (LOA) in regard to construction and commissioning of balance/left out canal job including cross drainage structures & design to Gosikhurd National Project in Bhandara, Nagpur and Chandrapur districts of Maharashtra for VIDC, Stage – I / Pkg – I personally by NBCC India.

On Thursday, the share closed with a gain of over 19 percent following its joint venture bagged Rs 1177-crore job by the National Highways Authority of India in Myanmar.

9:30 am Rupee powerful: The Indian rupee appreciated sharply in morning trade on dollar weakness.

It had been trading in 63.87 against the US dollar, up 17 paise from Thursday’s closing of 64.05.

Bhaskar Panda of HDFC Bank said the buck misunderstanding continued due to various risks.

9:25’m IPO: ICICI Lombard General Insurance Company place Rs 651-661 because of the price group for its initial public offering (IPO), which will make it a Rs 5,700-crore issue.

“The price group has been placed at Rs 651-661. In the top end of the group, it will raise Rs 5,700 crore,” a source said late in the evening.

The issue, the first by any typical insurance carrier, hits the market on September 15.

Sources said the firm promoters will dilute their holding by 19 percent as part of the issue.

At the moment, its shareholders include biggest private sector lender ICICI Bank as well as the Canadian Fairfax Financial Holdings.

More than 8.6 crore equity shares will be sold as a member of their IPO, which will include ICICI Bank selling over 3 crore stocks and the remainder from Fairfax.

9:15 am Market Assets: Equity benchmarks opened each day of the week on a positive note amid consolidation, with all the Nifty reclaiming 9,950 degrees.

The 30-share BSE Sensex was up 89.87 points in 31,752.61 along with also the 50-share NSE Nifty gained 23.75 points in 9,953.65.

About 784 stocks complex against 247 declining shares on the BSE.

Apex Frozen Foods gained yet another 3.5 percent, rising since listing on Monday.


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