Metal stocks under pressure after Moody’s downgraded China’s debt rating

The Nifty Metal Index is trading down at 2905 level down by 0.28% on Wednesday as of 1041 hours for a fifth straight trading session.
 
Moody's investor's service downgraded debt rating of China saying the outlook for its financial strength will worsen. The credit rating agency believes that the financial strength of China will erode in coming years as the debt of the country is on the rising trend.
 
The China’s debt has been growing at around 15% of the country’s output each year just to keep the economy growing between 6.5% to 7%.
 
China is the world's biggest consumer of metals. The downgrading of the China’s credit rating has worried the metal investors globally and domestically.
 
In the Indian equities market on Wednesday, the major metal stocks like Vedanta, Welcorp, Hindalco, MOIL are losing their sheen. Vedanta and Hindalco are the top contributors to the losses of BSE Metal index

Live Stock Market Updates – Nifty surges past 9400, Tata Motors climbs 4%

NSE Metal Index is down for the consecutive fifth straight session and is down by 0.5%. Moody's downgraded debt rating of China on Tuesday, the world's biggest consumer of metals, saying the outlook for its financial strength will worsen.
 
Stocks such as Vedanta is down by 1.5%, Welspun Corp is down by 0.9%, Hindalco is down by 0.7% and MOIL is down by 1%.
 
Tata Motors on Wednesday surged the most since Nov 8,2016 on above estimates Q4 FY17 earnings. The stock climbed nearly 4% on the NSE.
 
At 11 AM, the S&P BSE Sensex is trading at 30525 up 160 points, while NSE Nifty is trading at 9429 up 43 points. A total of 6 stocks registered a fresh 52-week high in trade today, while 51 stocks touched a new 52-week low on the NSE.
 
There are 884 advances, 658 declines and 408 unchanged stocks on NSE reflecting a negative bias floating in the market.
 
The BSE Mid cap Index is trading up 0.1% at 14261, while BSE Small cap Index is trading up 0.4% at 14841.
 
Some buying activity is seen in Realty, Metal, Auto and Bankex while Consumer Durables, Metal and Oil & Gas is showing weakness on BSE.
 
Tata Motors DVR, Tata Motors, Yes Bank, Adani Ports and TCS are among the gainers, whereas Bank of Baroda, Asian Paints, HCL Tech, Indiabulls Housing Finance and Dr Reddy’s on the NSE.
 

Videocon Industries tumbles 20% and hits fresh multi-year low

Videocon Industries, the diversified Indian company during Tuesday’s trading session has breached its lower circuit of Rs 64.80 per share, extending its losses for the second consecutive trading session. The stock is down by 20% or Rs 16 .20 per share on the BSE at 1035 hours.
 
The stocks on Monday also breached its lower circuit of Rs 80.40 per share on the BSE. The stock is trading at near its March 2009 lows of 65.60.
 
Recently, with the default on payments, Dena Bank had declared Videocon Industries account as non-performing asset (NPA) in the fourth quarter ended March 2017.Dena Bank had become the first lender to classify Videocon Industries as a bad loan.
 
The company which was once a dominant player in television market, also ventured into oil and gas, special economic zones and telecom. 

Stock view:
 
Videocon Industries Ltd is currently trading at Rs 64.8, down by Rs 16.2 or 20% from its previous closing of Rs 81 on the BSE.
 
The scrip opened at Rs 64.8 and has touched a high and low of Rs 64.8 and Rs 64.8 respectively. So far 247793(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 2709.12 crore.
 
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 114.9 on 06-Oct-2016 and a 52 week low of Rs 80.4 on 22-May-2017. Last one week high and low of the scrip stood at Rs 100.8 and Rs 80.4 respectively.
 
The promoters holding in the company stood at 66.04 % while Institutions and Non-Institutions held 11.54 % and 22.42 % respectively.
 
The stock is currently trading below its 200 DMA

Nifty struggles to stay above 9400; Broader market indices underperform

The broader market indices have been underperforming in the market on Tuesday. Bajaj finserv is pulling down the BSE Mid-cap index. The stock is trading lower by close to 4% at Rs 3820 per share. The company has recently posted the financial results for the quarter ended March 31, 2017. The company’s consolidated gross revenue grew by 16% on a YoY basis for Q4 FY17.
 
Federal Bank Limited is the top contributor to the BSE Small-cap index. The stock is trading lower by around 2.5% at Rs 107.85 per share.
 
There were 165 advances, 1421 declines and 363 unchanged stocks on NSE reflecting strong negative undertone in the market.
 
At 11 AM, the S&P BSE Sensex is trading at 30428 down 142 points, while NSE Nifty is trading at 9397 down 41 points. A total of 13 stocks registered a fresh 52-week high in trade today, while 77 stocks touched a new 52-week low on the NSE.
 
The BSE Mid-cap Index is trading down 1.7% at 14221, while BSE Small-cap Index is trading down 2.08% at 14741.
 
Some buying activity is seen in Information Technology and Auto while Oil & Gas, Energy, Finance, Telecom are showing weakness on BSE.
 
Maruti, Eicher Motors, Wipro, ICICI Bank and Hindustan Unilever are among the gainers, whereas Sun Pharma, Aurobindo Pharma, Cipla, GAIL, Lupin are losing sheen on NSE in the first trading hour.
 

Nifty, Sensex trade in red; HCL Tech, ITC, Infy outperforms

Only Nifty IT index is trading in green among the sectoral indices on NSE. The IT giant, Tata Consultancy Services is trading higher marginally by Rs 10.3 per share at Rs 2541.65 per share.
 
HCL Tech is the top gainer in the index trading higher by 0.7% at Rs 863.75 per share.
 
There were 151 advances, 1390 declines and 405 unchanged stocks on NSE reflecting strong negative undertone in the market.
 
At 10 AM, the S&P BSE Sensex is trading at 30426 down 144 points, while NSE Nifty is trading at 9387.2 down 51 points. A total of 13 stocks registered a fresh 52-week high in trade today, while 70 stocks touched a new 52-week low on the NSE.
 
The BSE Mid-cap Index is trading down 2.5% at 14105, while BSE Small-cap Index is trading down 2.95% at 14609.
 
Some buying activity is seen in Information Technology while Oil & Gas, Energy, Finance, Telecom are showing weakness on BSE.
 
Maruti, HDFC, Hindustan Unilever, HCL Tech and Wipro are among the gainers, whereas GAIL, Sun Pharma, Aurobindo Pharma, Adani Ports and Cipla are losing sheen on NSE in the first trading hour.
 
The INDIA VIX is higher by close to 8% at 12.08.

L&T wins largest private sector defence order worth Rs 4500 Crore

Larsen & Toubro has entered into a contract with the Ministry of Defence for the supply of 100 units of 155mm/ 52 calibre tracked self-propelled gun systems to the Indian Army.

L&T in its BSE filing on Friday said that the contract is valued at about Rs 4500 Crore and it is the largest order placed by the Defence Ministry on an Indian Private Company.

It also said that this win affirms L&T’s position as India’s leading private sector defence company with capabilities to design, develop and manufacture state-of-the -art platforms and systems for the Indian armed forces.

This contract embodies the Government’s ‘Make in India’ initiative, it also added.
Stock view – 
 
Larsen & Toubro Ltd is currently trading at Rs 1741, up by Rs 4.75 or 0.27% from its previous closing of Rs 1736.25 on the BSE.
 
The scrip opened at Rs 1736.25 and has touched a high and low of Rs 1757.25 and Rs 1727.55 respectively. So far 1198082(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 162039.22 crore.
 
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1771 on 27-Apr-2017 and a 52 week low of Rs 1224 on 24-May-2016. Last one week high and low of the scrip stood at Rs 1765 and Rs 1704 respectively.
 
The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 56.02 % and 42.09 % respectively.

HUDCO IPO receives stellar response; oversubscribed by 20.23 times

In line with the street expectations, the HUDCO IPO has received more subscriptions on Day 3 of the subscription. The IPO has issue size of 20,40,58,747 shares.
 
As per the data available with the National Stock Exchange (NSE), as of 1345 hours, the total bids received by the HUDCO IPO stands at 4,12,87,92,600. The total bids received at cut off prices stands at 49,21,64,800. The data shows that the issue got subscribed by 2023% or 20.23 times.
 
The qualified institutional buyers reported subscription of 845%, Non-institutional investors reported subscription of 4255%, Retail investors reported subscription of 304% and Employees of the company reported subscription of 12% on the third day of subscription as of 1350 hours.
 
The IPO is following the book-building process wherein the price band is pegged at Rs 56 to Rs 60 per equity share.
 
The government intends to sell 20,40,58,747 shares to raise Rs 1224 Cr of funds from the capital markets. The investors need to apply for the minimum of one market lot which consists of 200 shares.
 
As per data available with the National Stock Exchange (NSE), the 10,00,95,000 shares (49%) are offered to qualified institutional buyers, 3,00,28,500 shares (15%) are offered to non-institutional buyers, 7,00,66,500 (34%) shares are offered to retail institutional investors and 38,68,747 shares (2%) to the employees of the company.

HDFC twins and Reliance emerged as top Nifty gainers on Wednesday.  On the sectoral front, Nifty Bank and Nifty mid-cap indices ended at their record high. 
 
Benchmark indices NSE Nifty closed at 9407.30 up by 90 points, whereas BSE Sensex closed higher by 314 points at 30,258 on Wednesday.
 
Telecom companies such as Idea Cellular and Bharti Airtel rose to higher levels in trade. Bharti Airtel was the top index gainer rising 8%. Nifty bank underperforms in today’s trading session as PSU banks trade under pressure.
 
BSE Mid-cap index closed higher by 0.87% at 14,853. BSE Small-cap index closed higher by 0.75% at 15,561. India VIX closed lower by 0.6% at 11.04 levels.
 

Among the companies which announced their financial results today were 8K Miles Software, Zee Entertainment, Hero Motocorp, Capital First and Siemens.
 
Bharti Airtel, an Indian global telecommunications services, on Wednesday’s trading session rose 10% on the NSE despite the telecom major posted a 69% drop in profit for the January-March quarter, which it announced on Tuesday, as newcomer Reliance Jio had launched a price war putting pressure on its earnings.
 
Bharti Airtel hit a high of Rs 380.05 per share and a low of Rs 336.95 during Wednesday’s trading session. It closed at Rs 373 per share, up by 7.96% on the BSE.
 
Mumbai-headquartered, Marksans Pharma in its filing to the exchanges said that the company’s Goa plant has been approved by UK Medicines and Healthcare Products Regulatory Agency (UK MHRA) and can start supplying all drugs to the UK.
 
The plant was inspected between February 14-17. The stock soon after the announcement rallied 16.6% on the NSE. The stock closed at Rs 54.30 per share, up by 12.77% on the BSE.
 
The shares of Hindustan Unilever Limited (HUL), an Indian consumer goods company based in Mumbai on Wednesday’s trade rallied as much as 5% on the bourses, scaling new record highs after a global brokerage firm upgraded shares of parent company Unilever PL. The stock closed at Rs 993.20 per share, up by 4.32% on the BSE.
 
Jubilant Industries on Wednesday put up a stellar performance as the stock of the company rallied 13.5% on the NSE. The stock hit an intraday high of Rs 326.95 per share and an intraday low of Rs 292.30 per share. The stock closed at Rs 311 per share, up by 8% on the BSE.
 
Movers and Shakers of the day:
 
Mirza International closed higher by 14.46% at Rs 133.35 per share.
 
Marksans Pharma closed higher by 12.77% at Rs 54.30 per share.
 
ABB India closed higher by 5.02% at Rs 1615.05 per share.
 
Adani Enterprises closed higher by 4.61% at Rs 123.65 per share.

Live Stock Market Updates – Nifty trades lacklustre, Godrej Consumer surges 11%

S Chand and Company Limited stock is hovering around Rs 675 per share. The stock is trading lower by 3.34% as against its opening price. Currently, there is no significant movement in the stock.
 
As per the data available with the National Stock Exchange (NSE), as of 1415 hours, the total bids received by the HUDCO IPO stands at 31,15,94,000. The total bids received at cut off prices stands at 17,13,73,000. The data shows that the issue got subscribed by 153%.
 
The BSE Healthcare index is one of the top losing index post lunch hours on BSE. It is trading 0.33% down at 14,735.
 
The stock of Lupin is contributing majorly to the index losses and dragging it to lower levels. It is trading down 2.7% at Rs 1245 per share.
 
Other stock such as Poly Medicure is trading down by 3% at Rs 246 per share, Aurobindo Pharma is down by 1.2% at Rs 596 per share and Sun Pharmaceutical is down by 0.3% at Rs 635.
 
The stocks such as Kopran, Narayana Hrudayalaya and Hikal are trading in green on BSE.
 
Other buzzing stocks of the day are Godrej Consumer Products, Polaris Consulting, Balrampur Chini Mills, JSW Energy and Ansal Properties which are trading in green.
 
At 3 PM, the S&P BSE Sensex is trading at 29,940 up 14 points while NSE Nifty is trading at 9318 up 4 points. A total of 98 stocks registered a fresh 52-week high in trade today, while 17 stocks touched a new 52-week low on the NSE.
 
The BSE Mid-cap Index is trading up 0.16% at 14815, while BSE Small-cap Index is trading up 0.50% at 15539.
 
Some buying activity is seen in Power, Metal and Realty indices, while Healthcare, Finance and Consumer Durables indices are showing weakness on BSE.
 
IOC, Wipro, Axis bank and Hindalco are among the gainers, whereas Lupin, Bharti Airtel, Grasim and Bank of Baroda are losing on the NSE.
 
The INDIA VIX is down 5.1% at 11.06.

HUDCO IPO subscribed by 52%

All eyes are on the Housing and Urban Development Corporation (HUDCO) IPO. HUDCO is a government owned company and it disburses loans for the housing and development projects in the country. The IPO has issue size of 20,40,58,747 shares.
As per the data available with the National Stock Exchange (NSE), as of 1545 hours, the total bids received by the HUDCO IPO stands at 10,61,52,200. The total bids received at cut off prices stands at 7,11,48,600. The data shows that the issue got subscribed by 52%.

The IPO is following the book-building process wherein the price band is pegged at Rs 56 to Rs 60 per equity share.

 
The government intends to sell 20,40,58,747 shares to raise Rs 1224 Cr of funds from the capital markets. The investors need to apply for the minimum of one market lot which consists of 200 shares.
 
As per the data available with the National Stock Exchange (NSE), the 10,00,95,000 shares (49%) are offered to qualified institutional buyers, 3,00,28,500 shares (15%) are offered to non-institutional buyers, 7,00,66,500 (34%) shares are offered to retail institutional investors and 38,68,747 shares (2%) to the employees of the company.