28/03/2019
[28/03, 09:12] My Office: Market view: Nifty finds support at 11,413, while it faces resistance around 11,546. Bank nifty now trades in uncharted territory with 29,900 acting as support & 30,375 acting as resistance.
[28/03, 09:13] My Office: Sheela Foam stock in focus. Promoters said they will exercise the over-subscription offer to sell 9.75 lakh shares or 2% of the total equity capital. OFS was subscribed 2.78 times the demand for the non-retail investors with an indicative price of Rs 1,184.49/share, as per the NSE data.
Strides Pharma Science board approved divestment of Australia Business for transactions up to Rs500c with Solara Active Pharma Sciences in each financial year, starting from the financial year 2019.
Tata Motors’ long term rating downgraded to ‘B+’ from ‘BB-’ by S&P. The ratings remain on watch negative and the agency expects cash flow to remain negative at least for the next 12-18 months before the Chinese operations stabilize and cost cuts restore its financial health, as per media reports.
Mahindra & Mahindra Financial Services increased its stake from 88.75% to 98.43% in Mahindra Rural Housing Finance for Rs286.78cr.
Mcleod Russel completed the sale of its Rwandan arm to Rwanda Tea Investment. The board has accepted the resignation of BM Khaitan as the chairman of the company on account of old age, but he will continue to be ‘Chairman Emeritus’. Existing Vice-Chairman of the Board Aditya Khaitan will be the next Chairman.
NBCC received infrastructure orders worth Rs1,003cr for five development projects across the country.
[28/03, 09:13] My Office: BofAML upgraded to ‘Buy’ from ‘Neutral’ on HCL Technologies, hiked a TP to Rs1,250 from Rs1,060.
Expect organic revenue growth rate to improve in 2019-20.
Poised to gain from the large deal intake, lower portfolio drag.
See stable margin on accretion from software products in the next financial year. 2019-20 revenue guidance implies an uptick in organic growth rate.
BofAML upgraded to ‘Buy’ from ‘Neutral’ on L&T Technologies, hiked price a TP to Rs1,650 from Rs800.
Large projects and leveraging of M&A lift growth visibility.
Maturing sales construct to drive 15% revenue CAGR.
Expect stable margins and better pricing power versus IT.
Deutsche Bank maintained ‘Sell’ on IDFC First Bank; raised a TP to Rs44 from Rs35.
Find the risk-reward extremely unfavourable for the stock.
The focus will be to build CASA - but this will be a long and costly journey.
Very long gestation period to earn its cost of capital.
See subdued RoEs and RoAs by around 8% and 0.7% respectively until 2022-23.
CLSA maintained ‘Buy’ on Godrej Properties, with a TP of Rs1,024.
Record new launches driving share gains for the company.
Launch pace pick-up supported by project pipeline, faster churn.
Strong response to Pune affordable launch indicates good end-user demand.
Source: Media reports
[28/03, 09:27] My Office: Positional Call - Praj Industries | Buy between Rs156-157 | Stoploss Rs155.25 | Target Rs160 | (Holding period 1 - 7 Days).
Stock Future - Dabur | Sell at Rs411-415 | Stoploss Rs421 | Target Rs404-404.5 | (Hold till Expiry).
[28/03, 10:12] My Office: Sensex Up Equity benchmark indices opened higher on Thursday on rally led by Infosys, TCS, HCL Tech, and ITC. The Sensex was up 165 points at 38,298, and the Nifty50 index rose 49 points at 11,494. The market breadth was positive with 1,091 shares advancing, 466 shares declining, and 513 remaining unchanged on the NSE.
In the broader market, the BSE Midcap index was trading 60 points higher at 15,227, while the BSE Smallcap index was ruling at 14,845, up 66 points.
Volatility index India VIX was marginally up 0.48% at 17.13.
The Indian rupee opened 23 paise lower at 69.11 against the US dollar on Thursday amid weak global cues.
On the sectoral front, Nifty IT index surged 2%, with all the companies trading in the green. Realty, media, banking and FMCG stocks were trading higher in the range of 1-2% respectively.
Shares of Strides Pharma were trading slightly lower on the BSE in the morning trade. The company’s shareholders passed a resolution approving the divestment of the company’s Australia business.
HCL Tech, Adani Ports, Infosys, and TCS are trading higher, while ONGC, Dr Reddy’s, and Bharti Airtel are trading lower on the NSE.
The most active stocks on the NSE are Yes Bank, Gruh Finance, Infosys, TCS, and ICICI Prudential.
Meanwhile, Asian markets declined as the precipitous decline in developed-market sovereign bond yields continued to unnerve investors about the economic outlook.
[28/03, 10:13] My Office: Dabur in its filing to the exchanges informed that the company will dissolve its step down wholly owned subsidiary "Dabur Tunisie" by December 2019 instead of March 2019 as informed earlier.
The extension in dissolve period is due to certain legal and regulatory compliances under the law of Tunisia, the company said in a press note after markets hours to the exchanges on Wednesday.
However, the company did not disclose the reason for dissolve process.
Dabur India Ltd's share price ended at Rs412.25, down by Rs12.3 or 2.9%, from its previous close of Rs424.55 on the BSE.
The scrip opened at Rs428.95 and touched a high and low of Rs428.95 and Rs410, respectively. A total of, 52,55,638 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs72,815.35cr.
