Thursday, 15 February 2018

PC Jeweller says co does not use letters of credit in business transactions | Trade Nivesh Investment

PC Jeweller Ltd today clarify that it has make timely disclosures of all events, information etc. that have a bearing on the operation/performance of the company, which includes price sensitive information etc.
“The company is not having any such information, which requires disclosure as aforesaid. We are not aware of the reason of sudden decrease in price of equity shares of the company today," the company said in the BSE filing.
Further, the company said in the filing, “However, we would like to assure our investors, shareholders, etc., that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans."
It said it does not use letters of credit or letters of undertaking while carrying out its business operations.
The company clarified that it does not use the instruments of LUT/LoC etc. in its business transactions. The company does not have any international transactions in diamonds, it procures all its diamonds from local markets on cash basis only, it added. 
Today, shares of PC Jeweller ended at Rs356.4, down by Rs20 or 5.31% from its previous closing of Rs376.4 on the BSE. The scrip opened at Rs379.4 and touched a high and low of Rs380 and Rs303, respectively.

Markets set to open gap up | Trade Nivesh Investment.

SGX Nifty indicating a positive opening for the Indian markets.

Indian markets are expected to trade with a positive bias in today’s session taking cues from global markets.
Traders would also keep an eye out on the WPI inflation numbers and Balance of trade figure for the month of Jan which would be released later in the day. 
Global markets
Major Asian markets are trading in the green, at present Shanghai Composite is trading 0.45% higher while Hang Sang is trading up 1.30%. Nikkei is trading up 1.38%.
US Markets: Wall Street witnessed a sharp recovery in yesterday’s session after initially trading lower.
The Dow jumped 1% to 24,893.49, the NASDAQ rose 1.9% to 7,143.62 and the S&P 500 surged up 1.3% to close at 2,698.63.
The rally in the markets was mainly led by the shares of Facebook and Apple.
European markets closed in the green yesterday with FTSE up 0.64%, CAX was up 1.08% and DAX closed 1.16% higher.
In Monday’s session FII’s sold 728 crores stock in the cash market whereas DII’s sold 152 crores worth of stock.
In the derivative market, FII’s bought 1039 crores of index futures and bought 1733 crores worth of Index options.
In the stock futures segment, FII’s bought 98 crores worth of stock futures and bought 57 crores stock options.

Nifty Highest Open Interest:

Call: 11100 / Put: 10500

Bank Nifty Highest Open interest: (15th Feb 2018 Expiry)
Call: 26000 / Put: 25000


Wednesday, 14 February 2018

PNB spots Rs 11,300 cr fraud at Mumbai branch; stock dips 10% | Trade Nivesh Investment

Punjab National Bank Wednesday said the bank has detected fraud transactions totaling over Rs 11,300 crore at its Mumbai branch. This led to the share price tanking 9.8 percent.
The fraudulent transaction amount is close to 1/3rd of its total market capitalisation of Rs 36,000 crore, or 2.55 percent of total loan book of Rs 4.5 lakh crore (as of December 2017). It is also 8 times of bank's FY17 net profit of Rs 1,324 crore.
With the sharp fall, investors lost Rs 3,844 crore of wealth on single day.
"The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad," the third largest public sector lender said in its BSE filing.
It further said in the bank, these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions.
The quantum of transactions is USD 1,771.69 million (approximately).
"The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking," PNB said.
Sources told PTI that the CBI has received two complaints from PNB against billionaire jewellery designer Nirav Modi and a jewellery company about fraudulent transactions.
Modi is already facing a CBI probe on a complaint from the Punjab National Bank, sources said.
Meanwhile, the bank, on February 6, reported lower than expected earnings for December quarter but asset quality improved sequentially.
Profit growth of 11 percent at Rs 230.11 crore and net interest income growth of 7 percent at Rs 3,989 crore year-on-year were below CNBC-TV18 poll of Rs 558.1 crore and Rs 4,122.9 crore, respectively.
The bank showed a good improvement on asset quality front as gross non-performing assets were lower at 12.11 percent compared to 13.31 percent in previous quarter. Net NPAs were also lower at 7.55 percent from 8.44 percent on sequential basis.
But provisions for bad loans remained at elevated levels, surging 80 percent quarter-on-quarter and 74 percent year-on-year to Rs 4,466.7 crore in Q3.
Provision coverage ratio at 60.78 percent in Q3 improved from 59.20 percent in previous quarter.
The stock rallied nearly 7 percent in last one year while PSU Bank gained 3 percent and Nifty Bank rallied 27 percent.
(1 US dollar - 64.15)

Top stocks in focus today: Bank stocks, Britannia, Idea Cellular, NBCC, Fortis Healthcare

Shares of banks will be in focus after the Reserve Bank of India (RBI) late Monday brought out new rules for recognition of stressed assets by commercial banks and revoked all old rules.
Britannia plans to launch ~50 new products under it's existing as well as new categories by March 2020, as per media sources.
Idea Cellular raises Rs3,250cr through preferential allotment to promoters.
Bank of Baroda to exit South Africa amid probe over Gupta ties.
Mangalam Cement to set up an 11 MW waste heat recovery plant at Rajasthan.
Indoco Remedies’ Goa plant gets 8 observations under form 483 from USFDA.
CG Powerto sell Hungary business (excluding switchgear business) for 38 million euros. 
IOL Chemicals and Pharma starts production of anti-diabetes drug Metformin
Precision Camshafts receives multiple orders worth Rs275cr.
JSW Steel commences mining operations in Tunga with a capacity of 0.3 MTPA.
Vascon Engineers approved raising of funds up to Rs100cr.
Fortis Healthcare signs agreement to buy entire assets of RHT Health Trust
Apollo Tyres to acquire up to 40% in KT Telematic Solutions Private Limited for Rs9cr.
NBCC to seek shareholder approval for a stock split from Rs2 to Re 1.
Oriental Bank of Commerce approved preferential allotment to GoI worth Rs3,571cr.
Punjab & Sind Bank approved preferential allotment worth Rs785cr to GoI and Rs1,215cr via FPO/Rights/QIP etc.

Monday, 12 February 2018

Nifty reclaims 10,500, as global equities bounce back | Trade Nivesh investment

Markets opened gap up and witnessed a sideways consolidation through the day before witnessing further buying interest in the final hour of trade, helping Nifty close above the physiological level of 10,500. All the major indices managed to record nearly 1% gains with the Nifty Midcap Index being the star performer, gaining 1.36%. HDFC, HDFC Bank, and Reliance were the major contributors to the index in today’s trade. Market breadth ended in the favor of advance with the advance-decline ratio closing at 4:1x.
Nifty February futures witnessed a surge in open interest to the tune of ~14.96 lakh shares, while Bank Nifty Futures witnessed a marginal surge in open interest to the tune of 12,000 shares, mainly long positions. 
Tracking the Nifty options, 10500PE and 10400PE saw an addition in open interest to the tune of ~5.4 lakh shares and ~4.3 lakh shares, respectively, indicating fresh short positions, while at the money call options witnessed a marginal decline in open interest.

India VIX index closed 7% lower ending at 17.88.

A positive opening likely after a strong rebound in US markets | Trade Nivesh Investment

SGX Nifty indicate a positive opening for the Indian markets.
Markets are expected to trade range bound in today’s session with a positive bias.
Bank of India, Gail, Indian Bank and NHPC are some of the large-cap companies set to announce their Q3 results today.
Global markets
Major Asian markets are trading in the green, at present Shanghai Composite is trading 0.2 % higher, while Hang Sang is trading up 0.32%. Nikkei is shut in today’s trade.
US Markets: Wall Street witnessed heavy volatility in Friday’s session ending the session firmly in the green.
The Dow surged up 1.4% to 24,190.90, Nasdaq jumped 1.4% to 6,874.49 and the S&P 500 shot up 1.5% to 2,619.55.
The positive spike was mainly due to bargain hunting after the indices had reached a two month low due to steep corrections in the previous session.
European markets closed in the red on Friday with FTSE down 1.1%, CAX was down 1.42% and DAX closed 1.26% lower.

Thursday, 8 February 2018

Closing Bell: Sensex gains 330 pts, Nifty fails to hold 10,600; pharma, cement stocks rally

Benchmark indices closed sharply higher, though were off day's highs.
The 30-share BSE Sensex was up 330.45 points or 0.97 percent at 34,413.16, and the 50-share NSE Nifty gained 100.20 points or 0.96 percent at 10,576.90.
About 2,158 shares advanced against 639 declining shares on the BSE.
Banking & financials, technology stocks and Reliance Industries led the market higher while cement and pharma stocks were strong in trade.
3.28 pm Buzzing: Page Industries shares gained 8 percent as profit increased 32.6 percent year-on-year to Rs 83.4 crore and revenue grew by 17.6 percent to Rs 621 crore in Q3FY18.
Operating profit jumped 30 percent to Rs 128.9 crore and margin expanded by 220 basis points to 21 percent compared to year-ago.
3:25 pm Earnings: Muthoot Finance shares rallied 7 percent as net profit in Q3 grew by 59.3 percent to Rs 463.6 crore from Rs 291.1 crore YoY.
Revenue from operations during the quarter rose by 15.9 percent to Rs 1,554 crore from Rs 1,341 crore YoY.
The company's board of directors approved dividend of Rs 10 per share.
West Coast Paper gained nearly 10 percent as profit in Q3 increased 14.8 percent YoY to Rs Rs 43 crore, but revenue declined 7 percent to Rs 408.6 crore and operating income fell 16.2 percent to Rs 73 crore with margin contraction of 190 basis points at 17.9 percent.
3:22 pm Recall of drug bottles: Dr Reddy's Laboratories has initiated voluntary recall of over 80,000 bottles of its drug Atorvastatin Calcium Tablets 10mg, 20mg and 40mg from the US market due to quality concerns.
Atorvastatin is a drug that blocks the production of cholesterol and reduces its level in the blood.

Nifty extends gains, Sensex rises 250 pts; Infosys, HDFC twins lead | Trade Nivesh Investment

Benchmark indices extended gains in morning driven by index heavyweights like Infosys, HDFC twins and Reliance Industries.
The 30-share BSE Sensex was up 253.58 points or 0.74 percent at 34,336.29 and the 50-share NSE Nifty rose 71.60 points to 10,548.30.
The broader markets also participated in the rally, with the Nifty Midcap rising 0.77 percent. About four shares advanced for every share falling on the .BSE.
Technical Outlook: Rohit Singre of Bonanza Portfolio said, "If Nifty manages to hold 10,270 levels, we may expect the index to consolidate. The immediate and strong hurdle for Nifty is placed around 10620, and any close above the same will lead to strong short covering in the index."
is placed at 10000 PE followed by at 10500 PE so 10,000 will act as a strong support in the month of February and on the higher side 11500 CE has highest open interest followed by 11000 CE.
He expects volatility to extend further and one need to trade with strict stop losses as it is a buy on the dip and sell on rising market for near term.
Currently, the index has strong resistance at 10620. Traders can initiate shorts on every rise with keeping a stop loss above 10620 and immediate support formed near 10270 so these level can be used as buying stop loss on the downside.
Gati fell 3 percent after net profit in Q3 slipped 26.7 percent year-on-year to Rs 4.8 crore and operating profit declined 21 percent to Rs 24.08 crore.
Operating profit margin contracted to 5.4 percent from 7.2 percent while revenue grew by 5.6 percent to Rs 448.5 crore versus Rs 424.8 crore YoY.
Aurobindo Pharma said its fiscal third-quarter profit rose 2.8 percent to Rs 595 crore, helped by higher sales of generic drugs in US and Europe markets.
The company posted a net profit of Rs 579 crore in the same period previous year. Total revenue rose 11.2 percent to Rs 4369.2 crore.
The company took a one-time charge of Rs 66.4 crore for the quarter  due to US deferred tax assets and liabilities based on the new tax law which has resulted in reduction in federal corporate tax from 35 percent to 21 percent.
The EBITDA margin stood at 23.7 percent.
The net profit came in below the estimate of CNBC-TV18 analyst poll estimate of Rs 682 crore, while the revenues stood higher than Rs 4328.4 crore projection.
 Market Check: Benchmark indices rebounded with mild gains on Thursday after shedding more than 2,000 points in previous seven consecutive sessions.
The 30-share BSE Sensex was up 94.37 points at 34,177.08 and the 50-share NSE Nifty gained 23.30 points at 10,500.
Cipla rallies 5 percent. Sun Pharma lost 2.6 percent post Taro earnings and Aurobindo Pharma was down 1 percent post Q3 earnings.
IOC shed nearly 4 percent as stock goes ex-dividend.
Nifty Midcap was up 0.3 percent on positive breadth.
Torrent Power, Prestige Estates, ICRA and SRF gained 1-4 percent. Gati, Hexaware and Dixon Technologies were down 1-4 percent.
Most Asian indexes climbed after last session's rally stalled late in the trading day, with the Nikkei rising 0.6 percent and South Korea's Kospi up 0.5 percent. However, China's Shanghai Composite was down 1.5 percent.
Gains in the region followed the slightly lower close seen on Wall Street as U.S. bond yields rose.

Read More Update Click Here : 

Wednesday, 7 February 2018

Markets ends lower as RBI maintains status quo

Markets witnessed a sharp sell-off in last one hour of trade as RBI flagged concerns regarding rising inflation. Major heavyweights like L&T & HDFC Bank dragged the benchmark index lower, while Mid-cap index managed to close marginally higher.

Trading favourite Vakrangee Ltd. continued its southward journey, crashing ~60% in last 9 trading sessions. Market breadth finally ended in the favour of advance with advance-decline ratio closing at 3:1x.

Nifty/Bank Nifty Index February futures witnessed a surge in open interest to the tune of ~7.7 lakh/2.2 lakh shares, indicating a buildup of short positions.

Tracking the Bank Nifty options, short gamma and short vega strategies were the flavour of the day as both out of the money call and put options of 08 February 2018 expiry contract tumbled on account of lacklustre index movement and falling implied volatility.

India VIX witnessed a decline of ~2%, ending the session at 19.45 levels.

- 22 points @ 10477
Bank Nifty
-141 points @ 25670
Top 2 F&O Gainer:
Fortis & BEL
Top 2 F&O Loser:
Hexaware & Siemens
Most Active Index Option Contract:
Call Option
11000CE, O.I: +~30  lakh shares
Put Option:
10000PE, O.I: + ~9.05 lakh shares
Nifty Max O.I Strikes:
11500CE, 10500PE
Bank Nifty Max O.I Strikes:
27000CE, 25000PE (8TH Feb 2018 Expiry)

HDFC could move to acquire controlling stake in CanFin Homes | Trade Nivesh Investment

HDFC is exploring the purchase of controlling stake in CanFin Homes (30% stake of parent Canara Bank) as per Media reports. HDFC which is raising Rs13,000cr, may use part of this money to fund this stake buying.

If the acquisition goes through then it will be positive for CanFin Homes as it would be part of HDFC group.

Shares of Can Fin Homes share is trading higher at Rs473/share (up 3.3%) and Canara Bank share is trading higher at Rs327/share (up 2.57%).

The divestment would act positive for the Canara bank as it would aid it to improve its capital adequacy ratio, which in turn would partly fund its future loan growth.
Canara Bank’s improving asset quality, better NIM prospects and rising noninterest income bodes well for its profitability over FY17-19E. The bank is trading at ~2.1x FY19E P/ABV. We have positive outlook on the stock.
Can Fin Homes Ltd is a South-based (74% of business) housing finance company with Canara Bank holding 30% stake. We expect strong growth in affordable housing loan segment and high yielding non-core segments. Additionally, favorable funding mix and the lower cost-to-income ratio will trigger earnings growth. The stock is trading at 3.7x FY19E P/BV. We have positive outlook on the stock.

Monday, 5 February 2018

Tata Motors Q3 profit at Rs 1,215 cr misses estimates on weak JLR show; standalone strong | Trade Nivesh Investment

Tata Motors' third quarter consolidated earnings missed analyst expectations on Monday due to weak Jaguar Land Rover show; but standalone or domestic business reported healthy performance backed by strong commercial vehicle segment performance and cost reduction efforts.
Consolidated profit growth of nearly 11-fold year-on-year at Rs 1,215 crore for December quarter was much below CNBC-TV18 poll of Rs 3,040 crore. The multi-fold growth was due to low base in year-ago quarter, but sequentially the bottomline declined 51 percent.
Profit for the year-ago period stood at Rs 111.6 crore, the company said.
Consolidated revenue from operations grew by 16 percent to Rs 74,156 crore compared to Rs 63,933 crore in December quarter 2016.
Solid consolidated operating profit or EBITDA (earnings before interest, tax, depreciation and amortisation) growth of 80 percent at Rs 8,671 crore and margin expansion of 420 basis points at 11.7 percent for the quarter YoY were also lower than CNBC-TV18 estimates of Rs 9,964 crore and 13 percent, respectively.
Jaguar Land Rover
Per-tax profits of the UK-based luxury car maker were lower at 192 million pound for the quarter compared to 255 million pound in Q3FY17 which had included an USD 85 million insurance recovery.
"Profitability was impacted by the run-out of the 17 model year Range Rover and Range Rover Sport and higher depreciation & amortisation resulting from continued investment to drive profitable growth," the company said.
JLR operating profit margin expansion of 160 basis points at 10.9 percent YoY was far lower than CNBC-TV18 poll of 12.1 percent.
Revenue from operations during the quarter increased 4.3 percent to 6,310 million pound compared to year-ago due to slow volume growth.
Retail sales rose 3.5 percent YoY to 1.54 lakh units and wholesales increased 2.2 percent to 1.33 lakh units in Q3.
"China and overseas market were up while the UK, US and European markets were lower reflecting more challenging conditions with cyclical weakness in the UK and US, increasing diesel uncertainty in the UK and Europe, and Brexit uncertainty in the UK," JLR said.
Standalone Business
Tata Motors' passenger and commercial vehicle business performance was strong for the quarter as standalone profit stood at Rs 183.7 crore in Q3 against loss of Rs 1,045.9 crore in same period last year and expected loss of Rs 7 crore by CNBC-TV18.
Revenue from operations grew by 57.8 percent year-on-year to Rs 16,101.6 crore for quarter ended December 2017, driven by strong volume growth.
"The turnaround strategy is delivering results as is evident in share gain in an intensely competitive market and improved profitability enabled by a slew of new product launches and customer centric initiatives," Guenter Butschek, MD & CEO said.
Standalone volumes increased 29 percent YoY and 11.6 percent QoQ to 1,71,000 units from 1,32,000 units, with commercial vehicle volumes showing an increase of 34.4 percent and passenger vehicles 17.5 percent YoY.
EBITDA growth of over 77-fold at Rs 1,383 crore and sharp margin expansion of 840 basis points at 8.6 percent in Q3 YoY were far ahead of CNBC-TV18 estimates of Rs 1,012 crore and 6 percent, respectively.
Butschek said the regulatory landscape on emission norms including BSVI, electric vehicles and alternative fuel sources were significant challenges for the industry and Tata Motors was ready to play its part.
Finance cost during the quarter increased by Rs 377 crore YoY to Rs 1,247 crore due to higher borrowings while free cash flow in Q3 was negative Rs 5,159 crore reflect higher investments, lower operating profits and adverse working capital in JLR due to new product launches.
The stock price closed up 3.12 percent at Rs 396.05 ahead of earnings that announced after market hours.

Sensex falls 400 pts, Nifty back above 10,600; VIX rises 8% | Trade Nivesh Investment

Benchmark indices continued to trade sharply lower, though recovered a bit from opening lows.
The 30-share BSE Sensex was down 407.24 points or 1.16 percent to 34,659.51 and the 50-share NSE Nifty fell 137.60 points or 1.28 percent to 10,623.A
About nine shares declined for every share rising on the BSE.
TCS, Infosys, Tata Motors, Bharti Airtel, ITC, Tech Mahindra, Wipro and HCL Technologies were gainers..
Shares of Inox Wind, PI Industries and Gujarat Gas declined 3-10 percent in morning on the back of poor Q3 (Oct-Dec) numbers.
Inox Wind has registered net loss of Rs 46 crore in Q3FY18 against profit of Rs 107 crore. Revenue of the company was down 92 percent at Rs 90 crore.
The company post operating loss at Rs 18.6 crore versus profit of Rs 183.4 crore.
PI Industries' Q3FY18 net profit was down 14 percent at Rs 80 crore, while revenue was up 7 percent at Rs 537 crore. The operating profit (EBITDA) was up 1 percent at Rs 104 crore and margin was down 170 bps at 19.4 percent.
Gujarat Gas has posted 2 percent declined in its Q3FY18 net profit at Rs 60 crore, while, revenue was up 13 percent at Rs 1,614 crore. EBITDA was down 2 percent at Rs 198 crore and margin was down 190 bps at 12.3 percent.
9:25 am Investment: Bharti Airtel said Singtel would invest Rs 2,649 crore in promoter company, Bharti Telecom via preferential issue.
Funds raised will be used towards debt reduction, it added.
Singtel's stake in Bharti Telecom will increase to 48.9 percent from 47.2 percent.
PC Jeweller rallied more than 20 percent in early trade on huge buying, after the stock hit hard in previous session.
On Friday, the stock fell close to 60 percent intraday but recovered later to close with a loss of 24.40 percent post management positive comments and clarified on relation with Vakrangee that has been facing some issues.
Market Check: Benchmark indices opened the week sharply lower on Monday, with the Sensex falling more than 500 points, tracking weakness across the globe.
The 30-share BSE Sensex was down 527.75 points or 1.50 percent at 34,539 and the 50-share NSE Nifty fell 166.40 points or 1.55 percent to 10,594.20.
About five shares declined for every share rising on the BSE.
Vakrangee, Inox Wind, HCC, IFCI, Westlife Development, Union Bank of India, Gujarat Gas, Future Consumer and Jain Irrigation were down 2-10 percent.

Friday, 2 February 2018

Bloodbath on D-Street post Budget; Sensex falls over 800 points | Trade Nivesh Investment

Domestic benchmark indices were weak, weighed down by cues from global equity markets and re-introduction of long-term capital gains tax in the Budget.

At 3:05 PM, the BSE Sensex was trading at 35,085, down 822 points, while the Nifty50 index was trading at 10,766, down 250 points.

Shares of Hindalco Industries erased gains and fell as much as 4% to a one-month low of Rs246.25 after the company reported lower-than-expected earnings for the December quarter.

Shares of Info Edge India fell nearly 3% after the company's Oct-Dec net profit came in at Rs533.5 mn, down 32.1% on quarter, below analysts' estimates of Rs702.9 mn.

Bank of Baroda said it would consider raising up to Rs5,375cr via issue of equity shares on preferential basis and consider fundraising via preferential issue to government, on February 9.

PC Jeweller recovered sharply post management clarification on Vakrangee issue, trimming losses from 60% to around 16% now.

Volatility index India VIX gained 5.10% at 14.8275.

ITC (+0.71%), TCS (+0.65%), Tech Mahindra (+0.48%), HCL Tech (+0.37%) and Wipro (+0.35%) were the top gainers on Nifty50.

Bajaj Auto (-5.7%), Bajaj Fin (-4.8%), Maruti (-4.2%), UltraTech Cement (-4%) and RIL (-4%) were the top losers in today’s trade.

Out of 2,023 stocks traded on the NSE, 138 advanced, 1,624 declined and 261 remained unchanged today.

A total of 14 stocks registered a fresh 52-week high in trade today, while 84 stocks touched a new 52-week low on the NSE.

Sensex, Nifty take a hit post Budget 2018. 5 reasons weighing on sentiment | Trade Nivesh Investment

A day after Finance Minister Arun Jaitley presented the Union Budget 2018, equity markets in India took a beating on the back of several announcements made in his speech.
The Sensex lost over 300 points intraday in the opening minutes of trade, while the Nifty lost almost 100 points and traded near 10,900 levels.
Midcaps have continued to crack, while financials, pharma and metals are trading weak as well.
The move surprised D-Street as most analysts were factoring in a change in definition of ‘Long Term’ to 2 or 3 years from 1 year. An imposition of additional tax over and above this time-frame issue spooked investors.
The government introduced the much talked about long term capital gains tax (LTCG) on sale of listed securities on gains of over Rs1 lakh.
Jaitley, introduced a long-term capital gains tax of 10 percent if the gains exceed Rs 100,000 without allowing the benefit of indexation. However, all gains till January 31, 2018 will be grandfathered and short term capital gains remains unchanged at 15 percent.
Fiscal slippage
The market is also worried about the fiscal slippage issue, largely because of the degree of deviation as well.
The government revised the fiscal deficit target to 3.5 percent of GDP to for 2017-18, indicating a deviation from the path of fiscal consolidation because of a spillover impact of the new indirect tax system—Goods and Services Tax.
For the next financial year 2018-19, fiscal deficit target is pegged at 3.3 percent of Gross Domestic Product (GDP).
“Revised fiscal deficit estimates for 2017-18 are Rs 5.95 lakh crore at 3.5 percent of GDP. I am projecting a fiscal deficit of 3.3 percent of GDP for the year 2018-19,” Jaitley said while presenting Union Budget, 2018.
Tax on income from equity mutual funds
In times when flows from mutual funds were one of the highest, the imposition of a fresh tax on income from them could have spooked investors too.
Investors will have to pay 10 per cent tax on distributed income from equity oriented mutual funds, as per the Budget proposals announced.
Besides, the overall investor sentiment will be hit with the introduction of 10 per cent tax on long term capital gains exceeding Rs 1 lakh, as mutual funds have recently emerged as a key route to invest in stock markets, experts said.
Global markets
The Nifty futures on Singaporean exchange (SGX Nifty) was trading were trading over a 100 points lower, hinting at the selloff that is visible in Indian market as well.
Meanwhile, other global indices are trading weak too, probably why the market is showing weakness here as well.
Asian shares came under pressure after Wall Street closed mixed and yields on US government debt rose in the last session.
Japan's Nikkei 225 declined 1.3 percent after snapping a six-day losing streak in the previous session. Technology names were mostly lower, with heavyweight SoftBank falling 1.5 percent.
The US equities pulled back as investors worried about rising interest rates.
The S&P 500 declined 0.1 percent to close at 2,821.98 after rising as much as 0.4 percent. The Nasdaq composite fell 0.4 percent to 7,385.86. Earlier, the tech heavy index traded 0.4 percent higher as Facebook shares hit an all-time high. Facebook reported better-than-expected earnings and revenue on Wednesday.

Thursday, 1 February 2018

Ashok Leyland sees 22% volume growth in January2018 | Trade Nivesh

Ashok Leyland Limited (ALL) reported strong 22% sales volume growth for the month of January 2018. Total sales were 18,101 units in January 2018 vs. 14,872 units in January 2017.
Among its sub-segments, M&HCV (Medium and Heavy Commercial Vehicles) saw 13% yoy growth. 13,643 units were sold in January 2018 against 12,056 units in January 2017. LCV (Light Commercial Vehicles) sales during January 2018 was 4,458 units against 2,816 units in January 2017, growth of 58% yoy.
ALL is the third largest manufacturer of commercial vehicles (trucks, buses, tippers, trailers and defence vehicles) in India with ~18% market share. The company is also engaged in the manufacturing and selling of engines for industrial and marine applications, spare parts and special alloy castings. ALL has a combined capacity of 1,50,000 vehicles across six manufacturing facilities — three in Tamil Nadu, and one each in Maharashtra, Rajasthan and Uttarakhand.
Ashok Leyland Ltd is currently trading at Rs124.2, down by Rs1.75 or 1.39% from its previous closing of Rs125.95 on the BSE.
The scrip opened at Rs127.85 and has touched a high and low of Rs127.85 and Rs116.45 respectively. So far 1,75,90,282(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs36,866.88cr.

Trade Nivesh | Market update Sensex reclaims 36,000, mid-caps underperform

The Indian market is trading strong on the Budget Day, led by gains in Bank Nifty among other sectoral indices. Midcaps have continued their corrective phase. 
The Nifty midcap index is down about half a percent.
The Sensex is up 128.89 points or 0.36% at 36093.91, and the Nifty up 30.90 points or 0.28% at 11058.60. The market breadth is positive as 1084 shares have advanced, 548 shares declined, and 157 shares are unchanged.
L&T and M&M are the top gainers on both indices, while Tata Steel, Infosys, Vedanta and Bharti Infratel lost the most.
Shares of Larsen and Toubro gained over 3 percent intraday after the company posted better results for the December quarter.
The infrastructure giant reported a 48.41 per cent jump in its consolidated net profit at Rs 1,618 crore for the third quarter ended December 31, 2017.
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