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Saturday, June 30, 2018

IDBI Bank will get LIC's money, but what more will it need to turn around

                        
Optimists see the bank's performance turning around in as early as one year, but others believe it will take 3-4 years for LIC to affect a proper turnaround

Troubled public sector lender IDBI Bank got a fresh lease of life this weak from the country's largest life insurer Life Insurance Corporation of India (LIC).

In an unprecedented move, the Insurance Regulatory and Development Authority of India's board on Friday approved a proposal for LIC to own up to 51 percent stake (as against the 15 percent limit) in the PSU bank.

The move has been hailed by many as the "most workable" solution for rescuing the ailing bank from the mountain of bad loans it is currently sitting on, which is just short of 30 percent of its entire loan book.


This is not the first time the government has come to the rescue of a public sector bank. What is different is that in IDBI Bank's case, the responsibility of a bailout has shifted from taxpayers to insurance policy holders.

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Source:https://www.moneycontrol.com/news/business/idbi-bank-will-get-lics-money-but-what-more-will-it-need-to-turn-around-2655141.html

July 1st to be celebrated as ‘GST Day'


The first year of GST has been an example to the world of the readiness of the taxpayers to be a partner in the unprecedented reform in Indian taxation, the finance ministry said today. The government will celebrate July 1, 2018, as 'GST Day' to mark the first anniversary of the new indirect tax regime.

Goods and Services Tax (GST) was rolled out in the intervening night of June 30 and July 1, last year, in a ceremony held in the Central Hall of Parliament.

"Union Minister for Railways, Coal, Finance & Corporate Affairs Piyush Goyal will preside over as the Chief Guest of the event and Minister of State for Finance, Shri Shiv Pratap Shukla will be the Guest of Honour,” the finance ministry said in a statement.


GST subsumed over a dozen local levies and transformed India into "one nation, one Tax" and binds the country into an Economic Union, it added.

"The first year of GST has been an example to the world of the readiness of the Indian taxpayer to be a partner in this unprecedented reform of Indian taxation," the ministry said.

It said the introduction of e-way (electronic way) bill is a "monumental shift" from the earlier ‘Departmental Policing Model' to a ‘Self-Declaration Model'.

"It envisages one e-way bill for movement of the goods throughout the country, thereby ensuring a hassle free movement of goods throughout the country," the ministry said.

Transporter of goods worth over Rs 50,000 have to generate an e-way bill and show it to GST inspector, if asked. The inter-state e-way bill system was introduced on April 1. As regards intra-state e-way bill, it was rolled out in phases from April 15.

"GST will have a multiplier effect on the economy with benefits accruing to various sectors such as exporters, small traders and entrepreneurs, agriculture and industry, common consumers," the ministry said.

Any new change is accompanied by difficulties and problems at the outset, it said.

"A change as comprehensive as GST is bound to pose certain challenges not only for the government but also for business community, tax administration and even common citizens of the country," the ministry added.

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Source: https://www.moneycontrol.com/news/trends/current-affairs-trends/july-1st-to-be-celebrated-as-gst-day-2655011.html

Friday, June 29, 2018

Closing Bell (29 June 2018)


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IDBI Bank stock gains 12% on reports that IRDAI may clear LIC deal today


The IRDAI board is likely to grant exemption to LIC for taking over 15 percent stake in the bank and then LIC may be allowed to buy additional 30 percent stake, taking its shareholding in the bank to over 40 percent.

In his Budget speech for 2016-17, then Finance Minister Arun Jaitley had said the process of transformation of IDBI Bank has already started. "Government will take it forward and also consider the option of reducing its stake to below 50 percent," he had said.

As of March 2018, LIC held 10.82 percent in IDBI Bank. The approval from IRDA is mandatory for insurers to invest over 15 percent in listed companies.At 10:08 hours IST, the stock price was quoting at Rs 55.35, up Rs 5.45, or 10.92 percent on the BSE.

share price rallied 12 percent intraday on Friday after media report indicated that the insurance regulator may clear the bank's deal with LIC today. This upside was after the losses seen in previous four consecutive sessions.

The board members of Insurance Regulatory and Development Authority of India (IRDAI) are likely to meet today later in the day, wherein they may clear the deal between IDBI Bank and Life Insurance Corporation of India, reports CNBC-TV18 quoting unnamed sources.

The board is likely to grant exemption to LIC for taking over 15 percent stake in the bank and then LIC may be allowed to buy additional 30 percent stake, taking its shareholding in the bank to over 40 percent.

CNBC-TV18 is learnt that IDBI Bank-LIC transaction may be executed via preferential issuance of fresh equity. "LIC may get 3 board seats as a part of IDBI Bank-LIC transaction but may not be given management control," sources said.

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Source:https://www.moneycontrol.com/news/business/markets/idbi-bank-stock-gains-12-on-reports-that-irdai-may-clear-lic-deal-today-2650401.html

June series analysis: Traders beware as most positions haven't been rolled over


Fresh open interest build-up from current level will dictate the further move in the index, says Jay Purohit of Centrum Broking

The June series started with lighter open positions and rallied in the first fortnight along with fresh long build-up. The Nifty failed to sustain above its crucial hurdle of 10,850–10,900 and started correcting.

The fall seen in the last two weeks was supported by a large number of short positions. Low rollover (64.05 percent), both in term of open interest (-2.16 percent month-on-month) as well as in percentage term s(quarterly average is 67.89 percent), indicates that most positions formed in June series didn’t get carried over to the July series.

Fresh open interest build-up from current levels will dictate a further move in the index. In the month gone by, foreign institutional investors added a large amount of fresh short positions in index futures. As a result, the long-short ratio reached 35 percent from 44.20 percent at the start of the series.

FIIs sold equities worth Rs 10,092 crore in the June series, which doesn’t bode well for the markets. On the options front, 11,000 call and 10,600 put followed by 10,500 put is seeing investor attention in the July series.

The Bank Nifty started the June expiry with a large amount of long positions. But the bulls failed to capitalise on that. As a result, the banking index remained sideways for major part of the June series.

We didn’t witness any meaningful open interest addition in the entire series. Rollover in the Bank Nifty (71.79 percent) was below its quarterly average of 77.62 percent. It is also lower in term of open interest, as we witnessed unwinding of 31.88 percent positions in the June series as compared to the May series.

The rollover data clearly indicates that most long positions, which got carried forward from the May series, are now out of the system. However, some of the long positions formed at lower levels in April are still intact in the system.

Among stocks, Dr Reddy’s Laboratories, Bajaj Finance, Bata India and Reliance Industries were among the few counters which added a large amount of long positions and the same got rolled to the July series.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

While a good amount of shorts got rolled in the stocks like NCC, NBCC, SREI Infra, Dalmia Bharat, Ashok Leyland, Bank of Baroda, MRPL, REC, Sun TV etc. among others.

Disclaimer: The author is Technical & Derivatives Analyst at Centrum Broking Limited. The views and investment tips expressed by the investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.


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Oil prices slip on trade frictions, but crude market remains tight


U.S. West Texas Intermediate (WTI) crude futures were at $73.19 a barrel at 0337 GMT, down 26 cents, or 0.4 percent from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.

Oil prices dipped on Friday amid concerns about trade frictions between the United States and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand.

U.S. West Texas Intermediate (WTI) crude futures were at $73.19 a barrel at 0337 GMT, down 26 cents, or 0.4 percent from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.

Brent crude futures were at $77.73 per barrel, down 12 cents, or 0.2 percent from their last close.

Friday's falls came as Asian stock markets were near nine-month lows amid an escalation of trade disputes between the United States on one side and economies including China, India and the European Union on the other.

China's yuan slipped to a new low against the U.S.-dollar on Friday and was on course for its worst month on record, as the increasingly bitter trade row with the United States threatened to rattle the world's second-biggest economy.

Unless the disputes get resolved, traders worry that tariffs on imported goods will start feeding into other markets, including oil.

Eventually, world economic growth will be choked off, analysts said.

Commodities brokerage Marex Spectron said this week that the macroeconomic outlook was "overwhelmingly bearish."

Traders said Friday's dip was also a result of profit-taking. Greg McKenna, chief market strategist at futures brokerage AxiTrader said this week's crude price rises had "exhausted the bulls."

Despite the gloomy outlook for global trade, oil markets for now remain tight.

North America's oil markets have tightened significantly as an outage of Canada's Syncrude has locked in over 300,000 bpd of production. The outage is expected to last at least through July, according to operator Suncot.

Outside North America, oil prices have been rallying for most of 2018 due to record demand and voluntary supply cuts led by the Middle East dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC).

Oil demand has been chasing records for most of the year, and OPEC has said it will raise output in order to meet demand and replace crude from unplanned disruptions.

Looming U.S. sanctions against OPEC-exporter Iran are also fuelling Brent prices.

Unplanned supply disruptions from Libya to Venezuela have helped to further tighten the market.

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Source: https://www.moneycontrol.com/news/business/markets/oil-prices-slip-on-trade-frictions-but-crude-market-remains-tight-2650171.html

Indian rupee opens higher at 68.70 per dollar


The Indian rupee opened higher by 9 paise at 68.70 per dollar on Friday against previous close 68.79.

Dollar-rupee July contract on the NSE was at 69.01 in the previous session. July contract open interest increased 16.56% in the previous day, said ICICIdirect.

We expect USD-INR to meet resistance at higher levels. Utilise upsides in the pair to initiate short positions, it added.If you want more information regardingtheMarket News & many other tips like Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , commodity market tip.

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Source:https://www.moneycontrol.com/news/business/markets/indian-rupee-opens-higher-at-68-70-per-dollar-2649961.html

Market Live: Sensex up 100 pts, Nifty opens July series above 10,600; HPCL, IOC, BPCL rally

Rollover Analysis by ICICI Securities: Nifty rolls were at 64 percent, lower than the 3M average of 66.33 percent

Market wide rollover was at 84.09 percent, in line with the 3M average of 84.98 percent

Sectorally, realty, textile and metal stocks witnessed high rollover of positions while stocks from the oil & gas, FMCG and cement space witnessed relatively low rolls into the July series

Highest rollover was observed in JSW Steel (97 percent), Dabur (95 percent), Britannia (94 percent), M&M Finance (94 percent) and LIC Housing Finance (93 percent) while rollover activity was relatively low in OFSS, Indian Bank, Torrent Power, KPIT and ACC

Among index stocks, Sun Pharma, Tech Mahindra, Bajaj Auto and Tata Motors witnessed high rolls into the July series while Adani Ports, Titan, HCL Tech and Tech Mahindra witnessed relatively low rolls into the next series

Among heavyweights, auto and metal stocks saw fresh short additions while relatively low short positions were seen in cement and oil & gas space

The open interest in Nifty futures at 18.8 million shares is in line with the open interest seen in the last couple of months at inception. The roll spread in the Nifty remained subdued throughout the settlement week and finally declined further to 17 points in the last session. Activity suggests continued short rollover in the Nifty in the July series as well. The Nifty has major support around 10550 while 10600 Put strike has the highest Put option base.

At the same time, Bank Nifty open interest has declined substantially to 1.93 million shares from 2.84 million shares in the last series at inception. The roll spread in the banking index has remained under continued pressure indicating consolidation in coming sessions. Roll spread in the banking index has declined to almost 90 points during the settlement suggesting continued short bias.


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Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-up-100-pts-nifty-opens-july-series-above-10600-hpcl-ioc-bpcl-rally-2650081.html

Opening Bell (29 June 2018)


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Thursday, June 28, 2018

Closing Bell (28 June 2018)


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Market Live: Nifty below 10,650 ahead of F&O expiry, Sensex falls 100 pts; Midcaps index dips 1%


Asian markets were mixed amid ongoing trade concerns between the US and China

RBL Bank has acquired 100 percent stake in Swadhaar Finserve Pvt. Ltd. (SFPL) – an exclusive business correspondent of RBL Bank engaged in offering services to the underbanked segment in rural and semi-urban areas.

RBL Bank has brought this additional stake from marquee investors including global financial inclusion nonprofit Accion, which has been instrumental in shaping Swadhaar into one of India’s most effective lenders for underserved families and businesses. SFPL works as a last-mile distributor of comprehensive financial services and products, particularly loans and savings products, to low-income households and microenterprises across India.

Swadhaar’s extensive reach – with a network of 331 branches across 16 states and 2 union territories – and transformation from an NBFC to one of India’s first banking correspondents pioneered an innovative way to reach underserved communities throughout the country, the bank said.

Today, the company has an AUM of around Rs. 2,000 crores and reaches 750,000 customers.

"RBL Bank’s acquisition of SFPL is in line with its stated policy of strengthening its market position in this inclusive finance segment. SFPL and a few other select BC partners help RBL Bank in having a twin strategy of distribution, which is key towards having a diversified pan-India presence," the bank said.

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Source:https://www.moneycontrol.com/news/business/markets/market-live-nifty-below-10650-ahead-of-f-midcaps-index-dips-1-2644411.html

Rupee hits all-time low: Here are 4 reasons why it is losing currency


The Indian rupee touched a fresh record low of 68.89 against the dollar in opening trade, falling 26 paise from the previous close.

On Tuesday, the rupee plunged by 30 paise to hit a 19-month low of 68.54 against the US dollar in early trade. In the previous session, rupee posted the biggest single session fall against dollar since June 19.


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Source: https://www.moneycontrol.com/news/india/rupee-hits-all-time-low-heres-4-reasons-why-it-is-losing-currency-2644441.html

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Opening Bell (28 June 2018)


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Wednesday, June 27, 2018

Closing Bell (27 June 2018)


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IndusInd Bank hits record high after acquisition of IL&FS Securities Services


The bank acquired securities business for an undisclosed amount.

IndusInd Bank share price hit a fresh record high of Rs 1,995 in the opening after the private sector lender decided to acquired infra lender IL&FS' brokerage business. However, the stock price immediately wiped out those opening gains to trade 0.33 percent lower at Rs 1,977 on the BSE, at 09:30 hours IST.

The city-based lender, which has recently got the final nod for a merger with microlender BFIL, has received the Reserve Bank go-ahead for acquiring IL&FS Securities Services, it said in a statement.

"The acquisition will help us scale up the present capital market business in the bank and bring new specialised products, hitherto not offered by us, to our clients," said Romesh Sobti, managing director and chief executive officer, IndusInd Bank.

Incorporated in 2007, the brokerage offers clearing of exchange traded derivatives, depository and custodial services and has over 1,000 broker client accounts, FPIs and FIIs, the statement said, adding that its platform sees three million transactions a day.

It had clocked revenues of Rs 324.5 crore in FY18 versus the previous fiscal's Rs 342.65 crore, and a post tax net of Rs 45 crore.

The bank acquired securities business for an undisclosed amount. A definitive agreement for acquisition of 100 percent ownership against cash has been signed.

IndusInd Bank said it would take up to three months to complete the acquisition.

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Source: https://www.moneycontrol.com/news/business/markets/indusind-bank-hits-record-high-after-acquisition-of-ilfs-securities-services-2638981.html

Market Live: Sensex, Nifty open flat; IT stocks outperform as rupee dips to 68.53/$


Asian shares traded mixed amid trade concerns.

Benchmark indices traded flat in the opening on Wednesday despite weakness in Asian stocks due to trade tensions.

The Sensex rose 37.63 points to 35,527.67 while the Nifty fell 0.90 points to 10,768.30.

Bharti Infratel, Zee Entertainment, NTPC, UltraTech Cement, Dr Reddy's Labs, Reliance Industries and HDFC Bank are under pressure.

Aurobindo, Sun Pharma, M&M, Tata Motors, HCL Technologies, Infosys, Yes Bank, Titan Company, Kotak Mahindra Bank and Tech Mahindra are early gainers.

Nifty Midcap and Bank indices are flat.

IndusInd Bank hit fresh record high, up 0.24 percent.

Bata India, Godrej Consumer, Hexaware and Jubilant Foodworks also hit new high.

Future Retail, Majesco and Mphasis gained.

Fortis Healthcare, IDBI Bank, Adani Enterprises and Ashok Leyland fell 0.5-3 percent.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-flat-it-stocks-outperform-as-rupee-dips-to-68-53-2638651.html

Opening Bell (27 June 2018)


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Tuesday, June 26, 2018

Closing Bell (26 June 2018)


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Oil India gains 1% on hydrocarbon discovery in KG Basin, Andhra Pradesh


The company through its exploratory efforts has made its second hydrocarbon discovery in the onland KG Basin NELP VI Block: KG-ONN-2004/1 in the month of May 2018 at well Thanelanka-l in Andhra Pradesh.Shares of Oil India rose 1.5 percent intraday Tuesday as company made hydrocarbon discovery in KG Basin, Andhra Pradesh.

The company through its exploratory efforts has made its second hydrocarbon discovery in the onland KG Basin NELP VI Block: KG-ONN-2004/1 in the month of May 2018 at well Thanelanka-l in Andhra Pradesh.

Earlier, a gas discovery was made at well Dangeru -lin Andhra Pradesh in the block.

The well Thanelanka-1 is the first High Pressure - High Temperature (HP-HT) well drilled by the company and has encountered multiple sands in Gollapalli Formation of Late Jurassic-Early Cretaceous and one zone in Raghavapuram Formation of Intra Cretaceous.


On testing, the HP-HT zone in the depth range 4912-5159 m in Golapalli Formation produced gas at 1300 scmd through 16/64" bean choke. Presently, the well is under further testing.

At 11:50 hrs Oil India was quoting at Rs 210.60, up Rs 2.50, or 1.20 percent.

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Source:https://www.moneycontrol.com/news/business/oil-india-gains-1-on-hydrocarbon-discovery-in-kg-basin-andhra-pradesh-2634381.html

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Market Live: Sensex opens 100 pts lower; Asia under pressure on crude worries


Asian markets are under pressure amid escalated trade tensions between US and China and crude worries.Shares of PNB Housing Finance fell over 3.5 percent in the morning trade after the lender clarified that it was not aware of any talks to sell controlling stake to HDFC or Kotak Mahindra Bank.

"The company is not aware of any such negotiations. We would like to state that the company does not have any information on the news item published," the company said in an exchange notification.

The share had rallied on Monday, around 15 percent, on the back of media reports that the bank’s controlling stake was up for grabs. However, senior management at HDFC and now at PNB Housing Finance have clarified that no such talks are underway.

According to a report on The Economic Times, both the lenders were competing for a controlling stake in PNB Housing Finance in a bid to get better access to mortgage market.

The report further added, quoting sources, PNB and Carlyle were looking to sell their 66 percent stake to a large investor. The deal is expected to fetch them about Rs 6,000 crore each, the people said.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-opens-100-pts-lower-asia-under-pressure-on-crude-worries-2633361.html

Opening Bell (26 June 2018)


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Monday, June 25, 2018

Closing Bell (25 June 2018)


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Market Update: Nifty pharma outperforms led by Cadila Health; Idea tanks 6%, Tata Motors top loser


The breadth of the market favoured declines, with 776 stocks advancing, 827 declining and 466 remaining unchanged. On BSE, 995 stocks advanced, 949 declined and 112 remained unchanged.The broader indices including the Nifty and the Sensex are trading on a flat to negative note this Monday morning with the Nifty down 14 points at 10,807 and the Sensex is trading lower by 62 points at 35,628.

Nifty pharma outperforms led by Cadila Healthcare, Glenmark Pharma, Lupin and Sun Pharma.

Nifty auto is down almost 1 percent dragged by Tata Motors, Tata Motors DVR, Motherson Sumi Systems, Amara Raja Batteries and Hero MotoCorp among others.

Bank Nifty is trading weak with stocks like Axis Bank, ICICI Bank, Bank of Baroda, Punjab National Bank and State Bank of India shedding up to 1 percent each.


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Source: https://www.moneycontrol.com/news/business/markets/market-update-nifty-pharma-outperforms-led-by-cadila-health-idea-tanks-6-tata-motors-top-loser-2628771.html

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Market Live: Sensex opens lower, Nifty holds 10,800; Tata Motors, ICICI Bank, SBI down


Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 54.5 points or 0.51 percent. Nifty futures were trading around 10,782.5-level on the Singaporean Exchange.


Shares of ICICI Bank lost around 2 percent in the morning trade as investors turned cautious of another whistleblower complaint against it.

The stock has touched an intraday high of Rs 300.20 and an intraday low of Rs 295.45.

The bank now faces allegations of "irregularities in the conduct of some borrower accounts" and "incorrect accounting", thanks to a third whistleblower complaint in as many years.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-may-open-lower-on-weak-asian-cues-2628461.html

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Indian rupee opens marginally lower at 67.90 per dollar

The Indian rupee opened marginally lower by 6 paise at 67.90 per dollar on Monday versus 67.84 Friday.

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Opening Bell (25 June 2018)


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Saturday, June 23, 2018

Bajaj Finance market cap sails past Axis Bank


Bajaj FinanceNSE 3.48 % on Friday surpassed Axis BankNSE 2.46 % in market value for the first time. The market capitalisation of the finance company stood at of Rs 134,952 crore on Friday after the stock gained 3.5 per cent to close at Rs 2,335. Axis Bank’s market capitalisation ended at Rs 134,725 crore. This makes Bajaj Finance the sixth most valuable company in the banking, financial services and insurance (BFSI) sector in India. Bajaj Finance, which gained 33 per cent so far this year as compared to a 4 per cent rise in the Sensex, is currently trading at a price-to-book ratio of 8, making it one of the expensive stocks in the BFSI space.

Though valuations of Bajaj Finance are not cheap, analysts remain positive about its prospects.

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Source:https://economictimes.indiatimes.com/markets/stocks/news/bajaj-finance-market-cap-sails-past-axis-bank/articleshow/64707564.cms

Pharma comes out of shell & it’s not more a bitter pill


India’s pharmaceutical sector is now popping out from a shell and making a remarkable recovery. Actually, it has been facing several regulatory challenges in the forms of a recast of foreign direct investment (FDI) policy, pricing policy in the US generics market, patent protection, regulatory approvals and compulsory licensing. 
Also limited new product launches in the generics space, GST introduction and higher costs associated with regulatory compliance have hurt the sector. 

The government has been engrossed more in policy making and taking resilient decisions for the concerns of the pharma industry. Recently, the government proposed to introduce a new price index for pharmaceutical products, which would serve as a benchmark for determining prices of all medicines sold in the country. 
Meanwhile, pharma companies’ constant investments in R&D have enabled them to develop a basket of robust products for markets across the world. In international markets, pricing pressure on generics sold in the US has eased and this is likely to support the sector. 

Domestic pharma sales grew to Rs 10,583 crore in May 2018 from Rs 9,549 crore in the same month last year. The recent clearance by the US Food and Drug Administration to Sun Pharma’s manufacturing plant at Halol in Gujarat brings to an end a two-year import ban it had imposed on the company over quality issues. This is likely to increase sales for the company


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Source:https://economictimes.indiatimes.com/markets/stocks/news/pharma-comes-out-of-shell-its-not-more-a-bitter-pill/articleshow/64707827.cms

Friday, June 22, 2018

Closing Bell (22 June 2018)


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Market Live: Sensex, Nifty open mildly lower: Asia mixed ahead of OPEC meeting


Asian shares are trading mixed amid trade and economic concerns; OPEC meeting ahead.


Order Win: Consortium of Capacit'e Infraprojects, Tata Projects Limited and CITIC Construction has received letter of acceptance from Mumbai Housing and Area Development Board (a MHADA Unit) for total contract value of Rs 11,744.26 crore.

"The project will be executed through a Special purpose vehicle in which Capacit'e Infraprojects Limited will have 37.1 percent share worth Rs 4,357.12 crore," the building construction company said in its filing.

Share of Tata Projects Limited in the consortium will be 36.9 percent and CITIC Construction will have 26 percent share.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-mildly-lower-asia-mixed-ahead-of-opec-meeting-2620231.html

Rupee gains 19 paise, global dollar weakness helps


The dollar slipping from an 11-month peak against other currencies overseas as investors took profits also helped the rupee.

The rupee firmed up by 19 paise to 67.79 against the dollar today after increased selling of the US currency by exporters and banks.

The dollar slipping from an 11-month peak against other currencies overseas as investors took profits also helped the rupee.

Further, fresh foreign capital inflows took the local currency higher but a lower opening of the domestic equity markets capped the rise, dealers said.


Yesterday, the rupee had appreciated by 10 paise to close at 67.98 against the greenback on sustained selling of the American currency by exporters and local banks.

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Source: https://www.moneycontrol.com/news/business/markets/rupee-gains-19-paise-global-dollar-weakness-helps-2620351.html

Opening Bell (22 June 2018)


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Thursday, June 21, 2018

Closing Bell (21 June 2018)


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Closing Bell: Sensex ends 192 pts lower, Nifty below 11,600 even as RBI cuts rate

Market at close:  Benchmark indices ended lower but off day's low after Reserve Bank of India (RBI) slashed repo rate by 25 bps to 6...