Textile manufacturer KPR Mill on Thursday became the first company to withdraw its Rs 263.31-crore buyback proposal after the government last week imposed an additional tax of 20 per cent in case of repurchase of shares by Indian listed companies.
"We have today filed with Sebi our communication conveying that the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019 was neither contemplated nor prevailing at the time of the consideration and the approvals of the board and shareholders," the company said in a press release.
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Nifty took support at the upward sloping trendline formed by joining the major lows from 2019, which are placed in the 11,470-11,490 zone. However, on the way up, the 11,600 level will act as a crucial resistance. A failure to cross and sustain above this resistance zone can lead to fresh correction, dragging Nifty lower to 11,470-11,400 levels
- Aditya Agarwala, YES Securities
Momentum oscillator Stochastic has turned positive from the oversold zone, indicating a possible consolidation or an upward move in the near term
- Rajesh Palviya, Axis Securities
It’s a wait and watch scenario. The 11,520 level should act as a support for the index on Friday. A break below the 11,500 mark should make Nifty retest the 11,430-60 levels. A bounce towards the 11,650 level can’t be ruled out, but net-net the bias remains that of consolidation
Nifty has been forming higher highs and lows since last two sessions while supports are slightly shifting higher. Now it needs to hold above 11,550 to extend its bounce towards the next hurdle at 11,650 level, while on the downside, supports are seen at 11,500 and then 11,420 levels
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Citi Research on Piramal Enterprises
We have a Neutral rating on Piramal Enterprises shares. PIRA is scaling-up its financial services business and has a good track record of bolt-on acquisitions in pharma. Financial services drives the bulk of the value of the company and the outlook here is key. Piramal has delivered well on growth and asset quality, but valuations appear fair for a softer phase of the real estate cycle. More clarity on the company’s plans to unlock value by separating its three key businesses can be a positive for the stock.
Technically, while the Nifty has bounced back smartly, the underlying short term trend remains down. Further downsides are likely once the immediate support of 11,537 is broken. Any pullback rallies could find resistance in the 11,599-11,638 band.
- Deepak Jasani, Head Retail Research, HDFC securities
Rate cut hopes in US seems to be back in the market and bolstered equities across the globe including domestic markets. Slide in 10yr yield and strength in rupee despite surge in oil prices may ease investor’s concern over liquidity. Further gains going ahead are expected to be limited as the market seems to be in a high valuation trajectory. Investors to await fresh triggers and wait for Q1 FY20 results announcement which is expected to be subdued.
- Vinod Nair, Head of Research, Geojit Financial Services
Immediate support for nifty is coming near 11,535-11,460 zone holding said levels index can see some push towards the resistance of 11650-11,700 zone. Nifty bank has support near 30,550-30,400 zone and resistance is coming near 31850-31080 zone".
- Rohit Singre, Senior Technical Analyst - LKP Securities
Reliance Infrastructure said its 16 lenders have signed the Intercreditor Agreement (ICA), which provides some relief to the debt-laden Anil Dhirubhai Ambani Group (ADAG).
Complying with the RBI Circular of June 7, all of its lenders have signed the ICA for the resolution of Reliance Infrastructure’s debt, and the company has now achieved standstill for 180 days.
Did IndiGo CEO downplay promoters’ tiff? SEBI to probe
Top 10 NSE losers in afternoon session
Price as on 11 Jul, 2019 01:03 PM, Click on company names for their live prices.
Spent Rs 10,000 crore on capex in FY19: Vedanta
Stating that its growth plans will see it becoming the world's largest zinc producer and among the top three silver producers, mining giant Vedanta Ltd Thursday said it spent around Rs 10,000 crore in FY'19 on capital expenditure programmes.
"As India's largest private sector oil and gas producer, your company aims to double its current contribution of 27 per cent of nation's production," the company's Chairman Navin Agarwal said at its Annual General Meeting (AGM).
India currently imports around 80 per cent of its oil and gas requirements, amounting to USD 150 billion, he said.
We are very bullish with the three-month view onwards and we think October onwards we will see the best markets rally in a long time. Use this fall to buy and the pessimism is very much overdone.
Domestic low-cost mortgage lender DHFL has entered the twilight zone from where its fortunes may turn either way depending on the intent of the company management, content of its books and the view that its lenders take on the nearly Rs 1 lakh crore outstanding loans that are under stress.
Stock investors are watching the company closely, as the beaten-down stock may throw up an amazing opportunity should it find an easier way for revival.
Basically the flows that we have seen post the budget is more temporary and it is going to settle. We have to go back to seeing where the earnings are coming from, what kind of valuations we have. The bigger problem continues to be that we do not have a very strong earnings outlook. Economy is not doing very well and that is disconcerting the FIIs. I believe either our valuations come down quite a bit from here or the earnings and the outlook on the economy change. Then only this turnaround is going to happen.
HSBC downgraded Indian shares to 'neutral' from 'overweight', citing expensive valuations, and that Indian earnings could take a greater knock from trade tensions as "expectations for earnings are much higher" than in China.
Shares of Religare Enterprises jumped hit upper circuit limit of 10 per cent in Thursday’s trade after the company said the company has entered into an agreement with TCG Advisory Services to divest its entire stake in Religare Finvest (RFL). Pursuant to the divestment, TCG Advisory would also acquire an indirect interest in Religare Housing Development Finance Corporation, which is a subsidiary of RFL, the company told stock exchanges.
IndiGo tanks 5% as promoter feud escalates
Shares of InterGlobe Aviation Enterprises extended losses for the third straight session on Thursday amid reports that the issue between two promoters may drag the airline to NCLT. Legal experts are divided as to whether SEBI or NCLT is the right jurisdiction over issues such as articles of association and related-party aspects of the company.
So far, SEBI has asked the company to file its reply based on the complaint filed by Rahul Gangwal pertaining to issues governing to articles of association and related party aspects of the company.
At 11 pm, the scrip was down 5.49 per cent at Rs 1321 on BSE.
L&T bags 'significant' orders across various business segments
Infrastructure company Larsen & Toubro (L&T) Thursday said it has received 'significant' orders across various business segments in the domestic and international market. The company did not provide value of the contracts but said the orders fall under "significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts.
NSE index neutral in 11,488-11,605 range: Technicals
The NSE index looks neutral in the 11,488.01 and 11,605.25 range and a break may give further direction
The levels are identified as the 61.8% and 50% Fibonacci retracement levels of the uptrend from May 14 low to June 3 high
The index is currently supported at an ascending trend line
Wave pattern suggests that the index has completed wave 4 of a five-wave up trend and a upper level breakout is expected unless the correction turns out to be combination, resulting in the breakdown of the trend line
Glenmark, Torrent Pharma ink licensing pact to co-market diabetes drug in India
Price as on 11 Jul, 2019 10:46 AM, Click on company names for their live prices.
With inter-promoter feud intensifying at InterGlobe Aviation, legal experts believe that the fierce battle may not end up at capital markets doors alone. While SEBI has asked the company to file its reply based on the complaint filed by Rahul Gangwal pertaining to issues governing to articles of association and related party aspects of the company, legal experts are divided as to whether SEBI or NCLT is the right jurisdiction governing such issues.
Minister - “How are stock Markets looking? “ Bureaucrat - “Very surcharged madam.” #5TrillionBudget #Nifty
YES Bank, Dish TV, REC among most active stocks on NSE
Price as on 11 Jul, 2019 10:17 AM, Click on company names for their live prices.
Rupee spurts 25 paise to 68.33 against dollar on Fed boost
The rupee rebounded 25 paise to 68.33 against the US dollar in early trade Thursday, in tandem with other emerging market currencies after Federal Reserve chief Jerome Powell bolstered expectations of a rate cut later this month.
However, rising crude oil prices capped the gains.
At the interbank foreign exchange market, the domestic unit opened on a firm footing at 68.31, but soon pared some gains to trade at 68.33, up 25 paise over its previous close.
GTPL Hathway surges 20% on strong Q1 numbers
Shares of GTPL Hathway surged 20 per cent in morning trade on Thursday, a day after the company said its June quarter consolidated net profit rose 121 per cent on year-on-year (YoY) basis.
The company's June quarter consolidated net profit came at Rs 29.4 crore while consolidated revenue in June quarter jumped 50 per cent YoY to Rs 454.3 crore. Ebitda jumped 38 per cent YoY to Rs 115.6 crore in June quarter.
Sensex jumps 150 pts, Nifty above 11,550; rupee opens at 68.30 against dollar.
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange were trading 37.50 points, or 0.33 per cent, higher at 11,532, indicating a positive start for Dalal Street.
Tech view: Nifty forms small bearish candle
Nifty tumbled for the fourth straight session on Wednesday to settle below its 100-day moving average. That said, the index managed to defend the corrective swing low 11,461, which it had hit on Tuesday. Analysts said the index could still bounce back, as long as it stays above the said level.
Asian stocks gain on Powell comments
Asian stocks advanced after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month. Powell confirmed that the US economy is still under threat and the central bank stands ready to "act as appropriate". MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, while Japan's Nikkei added 0.15 per cent.
Oil prices flat after Wednesday’s rally
Brent crude futures were down 5 cents, or 0.1 per cent, at $66.96 a barrel, after ending Wednesday up 4.4 per cent. Five boats believed to belong to Iranian Revolutionary Guards approached a British oil tanker on Wednesday and asked it to stop in Iranian waters close by, but withdrew after a British warship warned them over radio, a US defence official said.
S&P500 hits 3,000 mark for 1st time
In overnight trade, the S&P500 index closed 13.43 points, or 0.45 per cent, higher at 2,993.06. This is after hitting the index hit 3,000-mark intraday for the first time ever. The Dow Jones Industrial Average index rose 76.71 points, or 0.29 per cent, to 26,860.2. The Nasdaq Composite index added 60.80 points, or 0.75 per cent, to 8,202.53.
RBI panel bats for extended trading hours for forex
A special central bank committee has suggested extending the Over-the-Counter forex exchange-traded currency derivatives markets to 9 pm instead of 5 pm now. In the money markets, trading is proposed to be stretched by an hour. short-term loan products.
DIIs buy Rs 667 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 604.94 crore on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 667.40 crore, data suggests.
Sensex on Wednesday
BSE Sensex closed 173.78 points or 0.45 per cent lower at 38,557 while NSE Nifty ended at 11,493.95, down 61.95 points or 0.54 per cent.
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