Live Stock Market Updates - Nifty hits 7,700 mark

The BSE Mid-cap Index is trading up 0.97% at 10,602, whereas BSE Small-cap Index is trading up 0.60% at 10,666. Some buying activity is seen in telecom, consumer durables, utilities, realty, power, industrial, energy and oil & gas sector, while pharma and FMCG are showing weakness on BSE.

At 2:48 PM, the S&P BSE Sensex is trading at 24,931 up 258 points, while NSE Nifty is trading at 7,641 up 86 points. 

The BSE Mid-cap Index is trading up 0.97% at 10,602, whereas BSE Small-cap Index is trading up 0.60% at 10,666.

Bharti Airtel, Adani Ports, BHEL, Tata Motors, Tata Steel and Wipro are among the gainers, whereas Lupin,Cipla, M&M, HDFC, Dr.Reddy's, Coal India and HDFC are losing sheen on BSE.

Some buying activity is seen in telecom, consumer durables, utilities, realty, power, industrial, energy and oil & gas sector, while pharma and FMCG are showing weakness on BSE.

The INDIA VIX is up 1.61% at 16.6975. Out of 1,808 stocks traded on the NSE, 722 declined, 735 advanced and 301 remained unchanged today.

A total of 20 stocks registered a fresh 52-week high in trades today, while 13 stocks touched a new 52-week low on the NSE.

The Indian rupee opened lower by 3 paise at 66.50/$ on Monday as against the previous close of 66.50/$. Indian rupee regained lost ground, helped by selling of US dollars by the domestic banks. Meanwhile, RBI governor stated that the measures taken by central bank to attain the inflation target of 4% will help in containing the overall volatility.

Shares of Adani Enterprises were trading higher 1% at Rs.78.80 on NSE today. Around 20 lakh shares were traded in a single block.

DLF Ltd stock was up by 2% at Rs. 120. DLF Ltd is seeking expressions of interest from several top global investors to sell a 40% stake in its rental assets arm, says report.

Quick Heal Technologies Ltd surged 6.5% to Rs.228.80 on Monday.The company said in a notice to BSE that CEO and Managing Director of NCS Computech Manohar Malani arrested by Pune Police. The company also said that it has never allotted any shares to NCS Computech.

Shares of Great Eastern Shipping were trading 2.3% lower at Rs.327. The company announced that it has contracted to buy a Secondhand Very Large Gas Carrier (1996 built) of about 76,931 cbm. The Japan-built vessel will be delivered to the company in Q1 FY17.

Infosys dropped marginally 0.32% to Rs. 1164 on BSE. Aberdeen Asset Management Asia has reduced its shareholding in Infosys by selling 56.26 lakh shares in the country's second-largest IT firm, according to reports. 

Bharti Airtel climbed 4% to Rs. 347.30 on Monday. The company has acquired 4G spectrum rights from Aircel for 8 circles for Rs 3,500 crore for Tamil Nadu, Bihar, J&K, West Bengal, Assam. The top telco has also acquired the right to use Andhra Pradesh and Odisha spectrum.  

Shares of Sun Pharmaceutical are currently trading 0.52% higher at Rs. 816 on BSE after the company yesterday received USFDA nod for BromSite.

Orchid Pharma Ltd has announced that it has received the Establishment inspection report (EIR) from USFDA based on the successful inspection closure for the API manufacturing facility located at Alathur, Kancheepuram District, India. The facility was inspected by USFDA in the month of August 2015. Orchid Pharma Ltd is currently trading at Rs. 39.95, up by Rs. 1.2 or 3.1% from its previous closing of Rs. 38.75 on the BSE.

Shares of BHEL were higher by 2% at Rs. 124. The company has closed the financial year ended 31 March 2016 (FY 2016) with significant traction in growth drivers. Enhanced focus on project execution has resulted in BHEL creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during FY 2016. 

DCM Shriram jumped 14% to Rs.166.10 on BSE. The stock is currently trading on a 52-week high on BSE.  The company experienced a spurt in volumes by more than 12.90 times.

Just Dial surged 7 % to Rs. 814 after the opening bell on Monday. There was a spurt in volumes by more than 1.45 times.

V2 Retail jumped 7% to Rs.52.40 on BSE. The company is planning to achieve 50% jump in its turnover to Rs.450 crore in the next year backed by network expansion, as per media reports.  

Gayatri Projects Ltd has secured a Rs. 340 crore contract for the four laning of a highway from Dimapur to Kohitna in the North-east state of Nagaland from the National Highways and Infrastructure Development Corporation Ltd (NHIDCL) and the Ministry of Road Transport and Highways (MoRTH).Gayatri Projects Ltd is currently trading at Rs. 592, up by Rs. 5.05 or 0.86% from its previous closing of Rs. 586.95 on the BSE.

A2Z Infra Engineering climbed 4.2% to Rs.28.25 after the company has awarded from U.P Rajkiya Nirman Nigam Limited (a State Government Undertaking) vide the letter of award dated April 08, 2016 for the construction of 220/132/33KV GIS GRID sub-station on Turnkey Basis (Survey, Design, Civil Work, Installation, Testing & Commissioning) at Sector-45, Noida. The total value of contact is Rs.100.8 crore.

United Spirit slipped 4.2% to Rs.2,260 on BSE.

L&T Hydrocarbon Engineering, a wholly owned subsidiary of L&T has bagged two orders from PDO Oman. L&T stock gained 0.54% to Rs.1197 on BSE.

Ashoka Buildcon Ltd has announced that the Income Tax authorities have carried out Search and seizure proceedings at the premises of the Company and certain officials under Section 132 of the Income Tax Act, 1961 from April 05, 2016 to April 09, 2016. The Company has extended its full co-operation and provided all the requisite information to the Income Tax authorities. Currently, the stock is trading up 7% to Rs.157.25 on BSE.

Rupa & Company Ltd has informed BSE that Oban Fashions Private Limited, a wholly-owned subsidiary of Rupa & Company Ltd, has on April 07, 2016, entered into a definitive License Agreement with French Connection Limited, whereby the said subsidiary has acquired the exclusive license from French Connection Limited to develop, manufacture, marketing and sale of the innerwear and related products with the Brand name 'FCUK' in India.

IL&FS Transportation Networks Ltd stock was down by 3% at Rs. 76. The company has announced that the Consortium led by ITNL International Pte. Ltd. a wholly owned subsidiary' of the Company in Singapore has been awarded a Concession in Middle East for development of Commercial Area and Automated Car Park of approx. 1200 car spaces on DBFOT Basis including right to collect revenue from the Project for a period of 30 years.

Rajesh Exports jumped 2.8% to Rs.608.70 after the company has received Rs.1,188 crore order from UAE. The order is to be completed by 30th June 2016.This order will be executed at the Company's manufacturing facility in Bangalore.

Bharti Airtel climbs 4%; to buy Aircel's 4G spectrum in 8 circles for Rs.3,500 crore

Bharti Airtel has acquired 4G spectrum rights from Aircel for 8 circles for Rs.3,500 crore for Tamil Nadu, Bihar, J&K, West Bengal, and Assam. The top telco has also acquired the right to use Andhra Pradesh and Odisha spectrum. 

Bharti Airtel climbed 4% to Rs.347.30 on Monday. The company has acquired 4G spectrum rights from Aircel for 8 circles for Rs.3,500 crore for Tamil Nadu, Bihar, J&K, West Bengal, and Assam. The top telco has also acquired the right to use Andhra Pradesh and Odisha spectrum. The transfer of the right to use for the circles of Andhra Pradesh and Orissa is subject to the revision of spectrum caps with the upcoming auction to be conducted by DoT.

The scrip opened at Rs. 342.05 and has touched a high and low of Rs. 348.5 and Rs. 341 respectively. So far 1976004(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 133633.08 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 452.45 on 21-Jul-2015 and a 52 week low of Rs. 282.3 on 29-Jan-2016. Last one week high and low of the scrip stood at Rs. 350.6 and Rs. 325.7 respectively.

The promoters holding in the company stood at 65.62 % while Institutions and Non-Institutions held 25.4 % and 8.93 % respectively.

The stock is currently trading above its 200 DMA.

Rajesh Exports jumps 2.8% on order win

The company has received Rs.1,188 crore order from UAE. The order is to be completed by 30th June 2016. 

 Rajesh Exports jumped 2.8% to Rs.608.70 after the company has received Rs.1,188 crore order from UAE. The order is to be completed by 30th June 2016.This order will be executed at the Company's manufacturing facility in Bangalore.

The scrip opened at Rs. 595.45 and has touched a high and low of Rs. 608.25 and Rs. 595.45 respectively. So far 64945(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 17483.24 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 745.5 on 18-Feb-2016 and a 52 week low of Rs. 181 on 10-Apr-2015. Last one week high and low of the scrip stood at Rs. 643.75 and Rs. 586.5 respectively.

The promoters holding in the company stood at 53.9 % while Institutions and Non-Institutions held 20.51 % and 25.59 % respectively.

The stock is currently trading below its 100 DMA. 

Sun Pharma receives USFDA approval for BromSite and other Top Corporate News of the day

Check out the most important news stories, which captured the headlines at the corporate level in India and internationally. 

Tata Motors made commercial launch of its new hatchback Tiago in Bihar. The new fuel efficient vehicle would be available at a starting price of Rs 0.33mn (exshowroom) for Revotron 1.2 litre (petrol) and Rs 0.41mn (ex-showroom) in Patna for Revotorq 1.05L (diesel) variant.

Bajaj Auto and its Austrian partner KTM AG are extending their partnership to Indonesia for selling Duke and RC brands of motorcycles of up to 400cc.

As the employee unions oppose stake sale in IDBI Bank, the Government said it is consulting all stakeholders as part of "transformation" of the state-owned lender.

Federal Bank tied up with Phillip Capital (India), a subsidiary of the Singapore headquartered Phillip Capital group, for managing the NRI Portfolio Investment Scheme.

ITC said it has adequate cigarette stocks available in the market despite shutting all its manufacturing in the wake of the government rule that requires larger pictorial warnings on packets.

Cairn India has full indemnity from its former promoter Cairn Energy of UK against levy of any tax for past deeds, including the two-year old Rs 204.95bn retrospective tax demand, its new owner Anil Agarwal has said.

Tata Power said its Singapore-based arm TPIPL has signed an agreement with KS Orka Renewables Pte for sale of its 50 per cent stake in OTP Geothermal Pte (OTP) for USD 30 million.

Sun Pharmaceutical Industries has received approval from the US health regulator for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery. 

Excise duty on jewellery...FM refuses to budge

Jewellers and bullion traders across the country have been on strike for over a month to protest against the proposed one per cent excise duty on non-silver jewellery. 

Finance Minister Arun Jaitley on Sunday reiterated the Government's stance on excise duty on non-silver jewellery, saying that a luxury item cannot remain out of tax ambit when taxes need to be paid on many essentials.

Jewellers and bullion traders across the country have been on strike for over a month to protest against the proposed one per cent excise duty on non-silver jewellery.

They are also opposing mandatory quoting of PAN by customers for transactions of INR 2 lakh and above.

“How can a luxury item remain out of tax when essential items like cement, cloth and many others have to pay manufacturing tax. If we do not bring GST on gold, taxation on other items will have to be increased,” Jaitley told reporters at the Press Club in Kolkata.

He said that there was no reason why luxury items should be exempted when the country was moving towards GST.

Jaitley said that the Centre has given a benefit that excise would be similar to VAT on gold and has assured that the artisans in the jewellery industry would not be affected from the new taxation.

Cairn India has indemnity from Cairn Energy on tax demand: Anil Agarwal

Agarwal’s Vedanta Resources Plc acquired Cairn India in 2011 and in the sale purchase agreement Cairn Energy has indemnified it from any tax liability for past years, he told a domestic news agency. 

Cairn India Ltd has full indemnity from its former promoter Cairn Energy Plc against levy of any tax for past deeds, including the two-year-old Rs.  20,495 crore retrospective tax demand, Anil Agarwal has been quoted as saying.

Agarwal’s Vedanta Resources Plc acquired Cairn India in 2011 and in the sale purchase agreement Cairn Energy has indemnified it from any tax liability for past years, he told a domestic news agency.

“Our tax demand is purely on the basis of tax demand on the principal company, that is Cairn Energy. We have absolutely nothing to do with retrospective tax. It is between them (Cairn Energy and income tax department),” Agarwal has been quoted as saying.

“I have full indemnity from that company (Cairn Energy) on the tax demand,” Agarwal added.

In April 2014, Cairn India was slapped with a tax demand of INR 20,495 crore for failing to deduct withholding tax on alleged capital gains made by Cairn Energy in FY07 when it reorganised the India business.

The tax notice on Cairn India came 3 months after the income tax department (I-T Dept), using retrospective tax legislation slapped INR 10,247 crore tax notice on Cairn Energy. 

In February this year, the IT-Dept issued a final assessment order, seeking over INR 29,000 crore in tax from Cairn Energy including INR 18,800 crore in interest

Top 10 stocks in focus today: Sun Pharma, Bharti Airtel, DLF

Check out the companies which will be in focus during trade today based on recent and latest news developments. 

Sun Pharma: Sun Pharmaceutical Industries said its unit received approval from USFDA for its New Drug Application (NDA) related to BromSite 0.075% for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery.

Bharti Airtel: Bharti Airtel has acquired 4G spectrum rights from Aircel for 8 circles for Rs 3,500 crore for Tamil Nadu, Bihar, J&K, West Bengal, Assam. The top telco has also acquired the right to use Andhra Pradesh and Odisha spectrum.

Kotak Mahindra Bank: Kotak Mahindra Bank announced that the Bank's subsidiary, Kotak Mahindra (International) (KMIL) a Foreign Portfolio Investor (FPI) on its client account, has acquired 1,289,556 equity shares at Rs. 92.69 each, aggregating to Rs. 11.9 crore being 7.61% of the paid-up capital of Banswara Syntex.

Cairn India: Cairn India has full indemnity from its former promoter Cairn Energy Plc against levy of any tax for past deeds, including the two-year-old INR 20,495 crore retrospective tax demand, Anil Agarwal has been quoted as saying.

RIL: Reliance Industries is ready to strike a compromise with the Government over its dispute on natural gas prices, reports a business daily. RIL and its partner BP Plc. have initiated discussions with the government to drop the arbitration, an Oil Ministry Official has been quoted as saying by the daily.

DLF Ltd: DLF Ltd has sought expressions of interest (EoI) from several top global investors to sell a 40% stake in its rental assets arm as it seeks to pare debt, reports a business daily.

Ashok Leyland: Ashok Leyland Ltd is planning major expansion of its defence business in the wake of winning a big order from the Defence Ministry, reports a business daily.

ARSS Infrastructure Projects: ARSS Infrastructure Projects announced that a work order amounting to Rs. 156.85 crore namely 'Budhapank-Salegaon Via- Rajathagarh - 3rd & 4th line: Execution of earthwork, minor bridges & other allied works (Km: 483.047 to Km. 398.166 i.e 2*85 =170 km approx has been awarded in favour one of the Company's Joint Venture (JV) i.e. “ARSS-SIPS (JV)” by East Coast Railway, Bhubaneswar on 08 April 2016.

Tata Power: Tata Power said its Singapore-based arm TPIPL has signed an agreement with KS Orka Renewables Pte for sale of its 50 per cent stake in OTP Geothermal Pte (OTP) for USD 30 million.

Electrosteel Steels Ltd: The SBI-led lenders’ forum for Electrosteel Steels Ltd (ESL) is likely to appoint a consultancy firm for “interim management” of the company, reports a business daily. A decision in this regard is expected on 11th April, it adds.

Tata Motors: Tata Motors made commercial launch of its new hatchback Tiago in Bihar. The new fuel efficient vehicle would be available at a starting price of Rs 3.32 lakh (exshowroom) for Revotron 1.2 litre (petrol) and Rs 4.08 lakh (ex-showroom) in Patna for Revotorq 1.05L (diesel) variant, Prashant Sibal Head-B2B Sales, Passenger Vehicle Business Unit said here.

Opening Bell - Nifty above 7550-mark

At 9:15 AM, the S&P BSE Sensex is trading at 24,712 up 38 points, while NSE Nifty is trading at 7,578 up 23 points. Asian markets are mixed. Nikkei has dropped by 1.5% while China's CSI300 rose 1.5%. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are down 0.2% each.

At 9:15 AM, the S&P BSE Sensex is trading at 24,712 up 38 points, while NSE Nifty is trading at 7,578 up 23 points. 

The Indian rupee opened lower by 3 paise at 66.50/$ on Monday as against the previous close of 66.50/$. Indian rupee regained lost ground, helped by selling of US dollars by the domestic banks. Meanwhile, RBI governor stated that the measures taken by central bank to attain the inflation target of 4% will help in containing the overall volatility.

US markets had managed some gains on Friday following a bounce back in crude oil prices. Asian markets are mixed.  Nikkei has dropped by 1.5% while China's CSI300 rose 1.5%. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are  down 0.2% each.

Reliance Industries Ltd (RIL) is ready to strike a compromise with the Government over its dispute on natural gas prices, reports a business daily.

Ashok Leyland Ltd is planning major expansion of its defence business in the wake of winning a big order from the Defence Ministry, reports a business daily.

DLF Ltd is seeking expressions of interest from several top global investors to sell a 40% stake in its rental assets arm as it seeks to pare debt. The rental assets arm holds about 20 million sq.ft of leased-out office space and is valued at about $2 billion, a top company executive said.

Lodha Group has appointed close to 11 senior associates at various levels, says report.

Finance Minister Arun Jaitley reiterated the Government's stance on excise duty on non-silver jewellery, saying that a luxury item cannot remain out of tax ambit when taxes need to be paid on many essentials.

Bharti Airtel has acquired 4G spectrum rights from Aircel for 8 circles for Rs 3,500 crore for Tamil Nadu, Bihar, J&K, West Bengal, Assam.

Sanjeev Gupta formally took charge of Tata Steel’s loss-making plants in Scotland.