NEW DELHI: Nifty futures on the Singapore Exchange were trading 34 points, or 0.30 per cent, lower at 11,249.50, indicating a negative start for the Nifty50. Here are a few stocks, which may buzz the most in today’s trade:
Voda Idea, SBI Life: India’s three newly listed insurers — ICICI Lombard General Insurance, SBI Life Insurance, HDFC Life Insurance — and RBL Bank and Info Edge (India) could be included in MSCI India index in the upcoming re-balancing scheduled later this month. Vodafone Idea and Cadila Healthcare could exit.
L&T: Larsen & Toubro’s (L&T) March quarter earnings came in line with market expectations as the infra major reported a 7.91 per cent year-on-year rise in profit at Rs 3,418.24 crore. Analysts in an ET NOW poll had projected a profit of Rs 3,414 crore. The company maintained its revenue growth and order inflow guidance at 12-15 per cent and 10-12 per cent for FY20.
Eicher Motors: Eicher Motorson reported 18 per cent year-on-year rise in profit at Rs 544.84 crore for the quarter ended March 31. Analysts in an ET NOW poll had projected a profit of Rs 542 crore.
PC Jeweller: The company said its board has given approval for the demerger of the company’s export division and amalgamation of the same with its wholly-owned subsidiary PCJ Gems & Jewellery.
NIIT Technologies: Hulst B V, which has signed a deal to acquire about 30 per cent stake in NIIT Technologies, has received approvals from anti-trust authorities in Germany and the US for the transaction, as per a regulatory filing on Friday.
SRF: Chemical engineering firm SRF has agreed to sell its engineering plastics business to Dutch conglomerate DSM for Rs 320 crore as part of a strategy to focus on core operation. The Gurugram-based company is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates.
Era Infrastructure: The National Company Law Tribunal (NCLT) has rejected ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure (India) on the grounds of “duplicacy” of claims.
Torrent Pharma: Drug firm Torrent Pharma Inc is recalling over 8.82 lakh bottles of Losartan Potassium tablets, used for the treatment of hypertension, from the US and Puerto Rico markets on account of deviations from the current good manufacturing norms, according to a report by the US health regulator.
HCL Technologies: The IT firm’s plan to raise $200 million to fund its acquisitions of some intellectual property (IP) assets of IBM is a concern, say analysts
GSK Consumer Healthcare: The compan reported 34.93 per cent increase in standalone net profit at Rs 285.81 crore for the fourth quarter ended March 31, 2019. The company clocked a profit of Rs 211.81 crore in the January-March quarter a year ago, it said in a BSE filing.
Board meetings (Full list)
• IIFL has maintained buy rating on HCL Technologies with a target price of ₹1,250. The brokerage believes that a pick-up in organic revenue growth in FY20 is essential for rerating of the stock and strong deal wins provide visibility in the medium term for the company.
• Edelweiss has downgraded Tata Steel to hold from buy and cut target price to ₹520 from ₹600 on the European Commission’s non-approval of JV of Tata Steel Europe with ThussenKrupp’s Steel Europe. Owing to the JV between TSE and TK-SE not going through, the brokerage said it finds incremental value in the stock undermined.
• ICICIdirect has downgraded Apollo Tyres to hold and revised target price to ₹180. Apollo Tyres posted a weak set of numbers for the fourth quarter, the brokerage said. Apollo Tyres is amid aggressive capex spend, which will stretch its balance sheet with no meaningful free cash flow generation over FY19-FY21, said ICICIdirect.
• IDBI Capital has downgraded Eicher Motors to reduce from hold and revised target price lower to ₹18,777 from ₹19,860. The brokerage firm has maintained cautious view on success of 650 twins in coming times and does not expect any major revival for products such as the Classic in the near term.
• CLSA has downgraded Cadila Healthcare to sell from buy and cut target price to ₹250 from ₹430 after the US drug regulator issued 14 observations on the company’s Moraiya plant. The brokerage has cut US sales forecasts by 12-17% over FY20-FY21 assuming delays in approvals and disruption in existing supplies due to remedial action.
- BIRLASOFT LIMITED: National Engineering Industries Limited has bought 13,707,189 shares through Market Purchase on Jan 24, 2019.
- Prajay Engineers Syndicate Limited: D.Hymavathi Reddy has bought 414,936 shares through Inter-se-Transfer on May 3, 2019.
- Zensar Technologies Limited: Instant Holdings Limited has bought 27,663 shares through Market Purchase from May 7, 2019 to May 8, 2019.
- Prajay Engineers Syndicate Limited: Vijmohan Constructions Private Lmited has sold 414,936 shares through Inter-se-Transfer on May 3, 2019.
Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.
Bulk and Block Deals :
|Blg Tickers||Date||Company Name||Acquirer/Seller||Buy /Sell||Qty Traded||Price|
|IVRC||10-May-19||IVRCL Limited||Idbi Bank Limited||Sell||13,558,615||0.40|
|IIT||10-May-19||Industrial Investment Trust Ltd||Systematix Capital Services Private Limited||Buy||500,000||75.00|
|IIT||10-May-19||Industrial Investment Trust Ltd||One Earth Capital Ltd Dr A/c||Sell||500,000||75.00|
|OCTAWARE||10-May-19||Octaware Technologies Limited||Hiral Amarkumar Shah||Sell||35,200||100.07|
|PSEC||10-May-19||Prime Securities Ltd||Sangeeta Multitrade Private Limited||Sell||158,250||41.44|
|RELICAB||10-May-19||Relicab Cable Manufacturing Limited||Goodpoint Commodeal Private Limited||Buy||69,000||43.40|
|RELICAB||10-May-19||Relicab Cable Manufacturing Limited||Amar Mukeshbhai Shah||Sell||99,000||43.40|
|WORL||10-May-19||White Organic Retail Limited||Rajesh Rameshchandra Shah||Buy||68,000||64.17|
|WORL||10-May-19||White Organic Retail Limited||Manji Karaman Patel||Buy||50,000||64.26|
|WORL||10-May-19||White Organic Retail Limited||Kalpesh Manji Patel||Buy||48,000||64.25|
|WORL||10-May-19||White Organic Retail Limited||Hardik Rajendra Bagadia(huf)||Sell||48,000||64.25|
Edelweiss Alternative Research
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