Thursday, 30 November 2017

The Rupee Dropped Sharply By 19 Paise To 64.50 Against The American Currency

The rupee dropped sharply by 19 paise to 64.50 against the American currency in early trade today ahead of the September quarter GDP data.

Currency dealers said apart from increased month-end demand for the US currency from importers and a lower opening of the domestic equity markets, dollar's gains against other currencies overseas on upbeat US economic growth data weighed on the rupee.

Yesterday, the rupee had maintained its upbeat trend for the third straight session and firmed up by another 10 paise to end at a fresh two-month high of 64.31 against the US dollar ahead of the GDP data.

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Equity Benchmarks Started Off Last Day Of The Month On A Negative Note

Equity benchmarks started off last day of the month on a negative note ahead of expiry of November derivative contracts. Investors also await second quarter GDP data and OPEC decision later today.

The 30-share BSE Sensex fell 154.03 points to 33,448.73 and the 50-share NSE Nifty declined 49 points to 10,312.30, tracking weakness in Asian stocks.

Vedanta, Tech Mahindra, Axis Bank, UltraTech Cement, SBI, Kotak Mahindra Bank, Adani Ports, Tata Motors and Reliance Industries were early losers.

Sun Pharma, Indiabulls Housing Finance, Bosch, IndusInd Bank, Wipro and Aurobindo Pharma were early gainers.

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Wednesday, 29 November 2017

Reliance Communications Said It Will Sell Its DTH Arm Reliance BIG TV

Reliance Communications said it will sell its DTH arm Reliance BIG TV to Pantel Technologies and Veecon Media & Television, a move aimed at reducing debt.

The company has entered into a binding share purchase agreement with Pantel Technologies Ltd and Veecon Media & Television Ltd for sale of its subsidiary Reliance BIG TV Limited, RCom said in a statement without disclosing the deal amount.

"The transaction will help reduce the liability of unsecured creditors, benefiting all stakeholders, including lenders and shareholders of RCOM. The transaction is in consonance with RCOM’s stated objective to focus on B2B businesses of the new RCOM," RCom said.

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Equity Benchmarks Were Mildly Higher In Opening Trade

Equity benchmarks were mildly higher in opening trade, shrugging off North Korea's latest missile launch, and tracking positive Wall Street close.

The 30-share BSE Sensex was up 34.86 points at 33,653.45 and the 50-share NSE Nifty rose 16.90 points to 10,387.20.

About 896 shares advanced against 317 declining shares on the BSE.

Cipla, Coal India, NTPC, ONGC, Hindalco Industries and L&T were early gainers while Axis Bank and Tech Mahindra were under pressure. Alkem Labs gained 4 percent on US FDA nod for Capecitabine tablets.

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Tuesday, 28 November 2017

Equity Benchmarks Opened Mildly Lower On Tuesday, Weighed By Profit Booking

Equity benchmarks opened mildly lower on Tuesday, weighed by profit booking. The market rallied for previous eight consecutive sessions.

The 30-share BSE Sensex was down 32.62 points at 33,691.82 and the 50-share NSE Nifty fell 11 points to 10,388.50.

Power Grid, NTPC, ITC, IOC, Bharti Airtel, ICICI Bank, Tata Motors, Tech Mahindra, Bharti Infratel and Infosys were early losers.

Tata Power, HUL, Cipla, IndusInd Bank, HDFC Bank, Ambuja Cements and UltraTech Cement were early gainers

Reliance Communications plunged 8 percent. Reliance Capital, Reliance Naval and Reliance Infrastructure fall 1 percent each.

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Glenmark Pharma Slips 3% On Observations Issued By USFDA For Baddi Plant

Shares of Glenmark Pharma tumbled 3 percent in the early trade Tuesday on the back of observations issued by USFDA.

The US Food and Drug Administration has issued 7 observations to company's Baddi units as the company has failed to thoroughly review any unexplained discrepancy and also failure of a batch.

The observations includes, lack of written procedures for production & process controls and complaint records are deficient.

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Friday, 24 November 2017

Bata Falls 3% After Motilal Oswal Downgrades Stock; Sees 23% Downside

Shares of Bata India fell 3 percent intraday on Friday as investors turned cautious after Motilal Oswal downgraded the stock.

The broking firm downgraded the stock to sell, with a target of Rs 578, a downside of 23 percent.

The brokerage highlighted how the company’s focus has been on product premiumisation. “The intent is to expand average realization through premiumization and increase the revenue contribution of premium products from 30% to 45% in FY18.

However, with subdued growth in 1HFY18, we expect the ramping up of premium products’ contribution to get pushed to FY19, with marginal margin expansion of 70bp in FY18 to 12% and 100bp thereafter to 13% in FY19,” the brokerage said in a report.

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Asian Indexes Trade Mixed As China Markets Look To Bounce Back

Asian markets were mixed, following a relatively quiet overnight trading session as US markets had been closed for the Thanksgiving holiday.

Investors also kept an eye on Chinese markets, which bounced back after taking a tumble in the last session.

Japan's Nikkei 225 was lower by 0.47 percent as markets reopened for trade after a day off. Losses were seen in trading houses, banks, manufacturing and retail names. Technology stocks were a mixed picture: Nintendo rose 1.98 percent, SoftBank Group edged up 0.46 percent and Sharp was down 0.98 percent.

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Thursday, 23 November 2017

Rupee Opens 11 Paise Higher At 64.80 Against US Dollar


The Indian rupee has opened at 64.80 against the US dollar, higher by 11 paise compared with previous day's closing level of 64.91 a dollar.

Mohan Shenoi of Kotak Mahindra Bank said US FOMC minutes sounded caution on potential impact of sudden reversal of asset price inflation on growth.

Activity in the currency market is expected to be muted due to the Thanksgiving holiday in the US, according to him.He feels the Rupee holds on to its gains registered post the Moody's upgrade and is expected to trade today in the range of 64.65-64.95 against the US dollar.

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Asian Markets Were Mostly Subdued On Thursday, Taking The Lead

Asian markets were mostly subdued on Thursday, taking the lead from a quiet overnight session on Wall Street. U.S. stocks had closed narrowly mixed in the lead up to Thanksgiving as investors parsed through minutes from the U.S. central bank.

Down Under, the S&P/ASX 200 shed 0.07 percent. The energy and materials sub-indexes led gains in the broader market after commodity prices strengthened overnight. Those gains, however, were offset by losses in the utilities and consumer discretionary sub-indexes.

South Korea's benchmark Kospi index edged down 0.07 percent after markets opened an hour later on Thursday due to a nationwide university entrance exam. Blue-chip tech plays slipped, but several prominent manufacturing names climbed: Samsung Electronics fell 0.93 percent and Posco rose 1.44 percent.

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Wednesday, 22 November 2017

Sensex Rises 100 Pts, Nifty Reclaims 10,350 At Open

State owned lender Bank of Baroda said it proposes to raise up to Rs 6,000 crore through rights issue or private placement.

The finance committee of the bank's board has approved the proposal, the lender said in a regulatory filing.

Shares of NCC touched 52-week high of Rs 114.80, gaining 6.5 percent in the early trade as it has won a contract for mine development and operation of Talaipalli coal block.

The consortium formed between NCC and BGR Infra has been awarded a project relating to mine development and operation of Talaipalli coal block by NTPC India.

A special purpose vehicle to be formed between NCC and BGR Mining & Infra with a sharing ratio of 51:49 will execute the project.



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Equity Benchmarks Started Off Trade On A Positive Note With The Nifty

Equity benchmarks started off trade on a positive note, with the Nifty reclaiming 10,350 level, tracking positive lead from Asian peers.

The 30-share BSE Sensex was up 95.75 points at 33,574.10 and the 50-share NSE Nifty gained 29.80 points at 10,356.70.

About 803 shares advanced against 291 declining shares on the BSE.

Yes Bank, NTPC, Ambuja Cements, Zee Entertainment, Reliance Industries, Tata Motors and Bosch were early gainers.

Bata, Liberty Shoes, Relaxo Footwears, Superhouse and Mirza International gained 1-5 percent as sources told CNBC-TV18 that cabinet may consider package for leather sector today.

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Tuesday, 21 November 2017

Jet Airways, In Analysts Meet, Said It Would Focus On Reducing Expenses

Jet Airways, in analysts meet, said it would focus on reducing expenses, especially in trimming maintenance and distribution costs, as the full-service airline pursues strategic growth priorities amid stiff competition.

To bolster its overall income, the carrier would also focus on enhancing ancillary revenue by around Rs 250 crore.

In a presentation made to investors on Monday, the carrier has listed out its priorities for strategic growth.

The airline would look to reduce maintenance expense from January 2019 as well as bring down the cost of sales and distribution, as per the presentation.

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Equity Benchmarks Opened Higher On Tuesday, Continuing Upmove

Equity benchmarks opened higher on Tuesday, continuing upmove for fourth consecutive session while the broader markets also participated in rally, backed by positive global cues.

The 30-share BSE Sensex was up 109.13 points at 33,469.03 and the 50-share NSE Nifty rose 30 points to 10,328.80.

About 892 shares advanced against 258 declining shares on the BSE. Yes Bank, Reliance Industries, Vedanta, Cipla, Wipro, Tech Mahindra, Tata Motors, Bajaj Finance and Bharti Airtel were early gainers while TCS, L&T and NTPC were losers.

SKM Egg and Venkys gained 4-11 percent. L&T Finance Holdings fell 3 percent after big block deals.

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Monday, 20 November 2017

The Rupee Depreciated By 7 Paise To 65.08 Against The Dollar Today

The rupee depreciated by 7 paise to 65.08 against the dollar today after renewed demand for the US currency from importers.

The dollar made headway against the euro after Angela Merkel's attempts to form a new government for Europe's biggest economy collapsed, plunging Germany into a crisis. A subdued start at domestic stock markets cast its shadow, traders said.

On Friday, the rupee had bounced back in style to end at a one-week high of 65.01 after Moody's upgraded India's sovereign credit rating.

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Equity Benchmarks Opened Flat With A Negative Bias On Monday

Equity benchmarks opened flat with a negative bias on Monday, after rallying nearly 600 points in previous two consecutive sessions. Subdued Asia trade also caused some selling pressure. Investors digested Moody's India upgrade and focussed on Gujarat Assembly elections that will take place next month.

The 30-share BSE Sensex was down 27.26 points at 33,315.54 and the 50-share NSE Nifty fell 15 points to 10,268.60.

L&T surged 2 percent after bagging Mumbai Trans Harbour Link project. Yes Bank, IndusInd Bank, ONGC, Sun Pharma, HDFC Bank, TCS and UPL were early gainers.

Infosys, Coal India, Cipla and Zee Entertainment were early losers.

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Friday, 17 November 2017

The Indian Rupee As Well As 10 Year Government bond yields

The Indian rupee as well as 10-year government bond yields were strong in early trade.

The rupee was trading at 64.79 against US dollar, higher by 52 paise over previous close.

It has opened with the biggest gain in four years against previous close.

The 10-year government bond yield opened at 6.94 percent, much higher compared with previous day's closing level of 7.06 percent.

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Nifty Bank Hit Fresh Record High As Moody's Investors Service

The 30-share BSE Sensex was up 396.36 points or 1.20 percent at 33,503.18 and the 50-share NSE Nifty gained 117.10 points or 1.15 percent at 10,331.90.

Nifty Bank hit fresh record high as Moody's Investors Service has today upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.

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Thursday, 16 November 2017

Jubilant Foodworks Gained Over A Percent And Hit A Fresh 52-Week High

Jubilant Foodworks gained over a percent and hit a fresh 52-week high. While retaining a buy call on Jubilant Foodworks with a target price of Rs 1,775 per share, Deutsche Bank said market checks indicated Dominoes has implemented price hike of average 6 percent.

Price hike will mitigate potential margin headwind due to impact of stranded taxes, it added.

The research house said Jubilant Foodworks remains its top pick in consumer discretionary.

Revenue growth and higher cost savings in second half of FY18 may drive consensus earnings upgrades, it feels.

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Equity Benchmarks Rebounded On Thursday After Seeing A Fall

Equity benchmarks rebounded on Thursday after seeing a fall for previous three consecutive sessions, backed by beaten down stocks. Asian markets barring China also traded higher.

The 30-sahre BSE Sensex was up 96.78 points at 32,857.22 and the 50-share NSE Nifty gained 29 points at 10,147.

Bharti Infratel rallied 2 percent after 8 percent fall in previous two straight sessions.

Aurobindo Pharma, Tata Motors, Ambuja Cements, Tata Steel, Reliance Industries and SBI were early gainers while Coal India, HUL, HCL Technologies and GAIL were under pressure.

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Wednesday, 15 November 2017

Sun Pharma Plunges 3% On Weak Q2 Nos; Morgan Stanley Underweight

Share price of Sun Pharmaceutical Industries slipped 3 percent in the early trade on Wednesday on the back of poor Q2 numbers.

The company has reported 59 percent decline in net profit to Rs 912.1 crore in the second quarter ended September as the company faces pricing pressure in US generics market.

The company had reported net profit of Rs 2235 crore in the same period of previous year.

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Equity Benchmarks Opened Mildly Lower On Wednesday

Equity benchmarks opened mildly lower on Wednesday, tracking subdued global cues following correction in metals and crude oil prices.

The 30-share BSE Sensex was down 41.86 points at 32,900.01 and the 50-share NSE Nifty fell 16.70 points to 10,169.90.

Sun Pharma, Lupin, Vedanta, Hindalco, NALCO, Bajaj Finance, Bharti Infratel and GAIL were early losers while HPCL, BPCL, TCS, Ambuja Cements and Dr Reddy's Labs were early gainers.

Rain Industries, HEG, Graphite India, Goa Carbon and Phillips Carbon plunged 5 percent.

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Tuesday, 14 November 2017

Equity Benchmarks Opened Flat On Tuesday After Sharp Correction Seen

Equity benchmarks opened flat on Tuesday after sharp correction seen in previous session. Investors focussed on corporate earnings.

The 30-share BSE Sensex was down 14.55 points at 33,019.01 and the 50-share NSE Nifty fell 3 points to 10,222.

Coal India, Vedanta, BPCL, L&T and Bharti Infrtel were early losers.

Sun Pharma, HCL Technologies, Bharti Airtel, M&M, Lupin, Yes Bank, Kotak Mahindra Bank and Eicher Motors were early gainers.

PTC India Financial, Dhanlaxmi Bank, United Bank, Jindal Poly and TNPL fell 1-8 percent after weak earnings. Repco Home, Satin Creditcare, KEI Industries and NMDC were under pressure.

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M&M Rides On Strong Outlook For Farm Equipment And Reasonable Valuation

India’s largest tractor and utility vehicle manufacturer Mahindra and Mahindra has posted a very good set of numbers for the second quarter ended September 2017.

The company reported the highest ever quarterly net revenues and profit after tax, highest ever quarterly EBIT in the farm equipment segment as well as the auto segment.

Strong leadership in FES, revival riding on rural growth, a slew of new launches and reasonable valuations make it a stock worth accumulating for long-term investors.

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Monday, 13 November 2017

The Indian Rupee Slipped In The Early Trade On Monday

The Indian rupee slipped in the early trade on Monday. It has opened lower by 21 paise at 65.37 per dollar versus 65.16 Friday.

Pramit Brahmbhatt of Veracity said, "We have a neutral stance on the USD-INR, however the bias would remain positive for the rupee."

"We expect the spot USD-INR pair to continue to trade in a range of 64.80-65.20," he added.

The dollar received a lift against its major peers as US yields spiked and as the pound stumbled, although the main investor focus was still on a planned US tax overhaul.

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Benchmark Indices Began The Week On A Flat Note

Benchmark indices began the week on a flat note, with the Nifty trading around 10,300- levels.

The Sensex was up 36.87 points at 33351.43, while the Nifty was up 0.50 points at 10322.30. The market breadth was positive as 712 shares advanced against a decline of 305 shares, while 53 shares were unchanged.

Axis Bank and M&M were the top gainers, while L&T and Coal India were the top losers on both indices.

Among big stocks, L&T lost over 3 percent as investors reacted to the lower order book guidance, while Axis Bank gains after higher than expected fund raising plan announced on Friday.

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Friday, 10 November 2017

Equity Benchmarks Opened Mildly Lower On Last Day Of The Week Friday

Equity benchmarks opened mildly lower on last day of the week Friday, with the Nifty falling below 10,300 level. Investors focussed on GST meet outcome and SBI earnings later today.

The 30-share BSE Sensex was down 67.70 points at 33,183.23 and the 50-share NSE Nifty fell 24.80 points to 10,284.20.

Aurobindo Pharma, Jindal Steel, SBI and HUL were mildly higher. Tata Motors, M&M, BPCL, Bosch, Motherson Sumi, Axis Bank and Hero MotoCorp were early losers.

Just Dial was up 11% as media report indicated that Google is in talks with the Mumbai-based service engine to acquire its business.

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Just Dial Shares Spike 20% As Google Shows Interest To Acquire Company

Just Dial's share price rallied 20 percent intraday Friday after a media report indicated that US internet giant Google may acquire the company.

"Google, a subsidiary of parent Alphabet, has been talking to Just Dial for an acquisition for some time. Both the companies entered into exclusive talks about two months ago,” Business Standard said quoting an investment banker familiar with the discussions.

“It may take some more time before the discussions are finalised,” the report added.

The report said, "While Google has been adding local listings to its database organically, acquiring Just Dial will provide it with a database of 20 million pan-Indian listings."

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Thursday, 9 November 2017

Muthoot Finance Has Recorded 53.1 Percent Jump In Its Q2 Net Profit

Shares of Muthoot Finance added 4.5 percent in morning on the back of strong Q2 numbers.

Muthoot Finance has recorded 53.1 percent jump in its Q2 net profit at Rs 454.1 crore versus Rs 296.7 crore in the same quarter last fiscal.

The net interest income of the company rose 51.5 percent at Rs 1149.6 crore versus Rs 788 crore.

As on September 30, 2017 the company's loan assets stood at Rs 27608 crore as against Rs 27852 crore at June 30, 2017.

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Nifty Midcap Rallied 0.9 Percent On Strong Market Breadth

Equity benchmarks opened sharply higher after correction seen in previous two consecutive sessions, backed by positive global cues and a bit of short covering in beaten down stocks.

The 30-share BSE Sensex was up 155.34 points at 33,374.15 and the 50-share NSE Nifty gained 48.30 points at 10,351.50.

Reliance Industries, Tata Motors, ICICI Bank, IOC, HUL, SBI, Vedanta, HPCL, Axis Bank, Sun Pharma, Bharti Airtel and Tata Steel gained 1-2 percent while Coal India, IndusInd Bank, Eicher Motors and Infosys were under pressure.

Nifty Midcap rallied 0.9 percent on strong market breadth. About five shares advanced for every share falling on the BSE.

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Wednesday, 8 November 2017

India's Axis Bank Will Hold A Board Meeting On Friday

India's Axis Bank will hold a board meeting on Friday to consider raising funds through a sale of shares or equity-linked securities, it said on Tuesday.

Any fundraising approved by its board would be put to shareholders for a vote, India's seventh-biggest lender by assets said in a stock exchange filing.

Reports in the Indian media have said the bank was looking to raise as much as USD 1 billion from a group of investors after an increase in bad loans. The reports have named U.S. buyout group Bain Capital, Singapore state investor GIC and Canada Pension Plan Investment Board among potential investors.

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Equity Benchmarks Opened Mildly Higher Amid Consolidation After Sharp Fall

Equity benchmarks opened mildly higher amid consolidation after sharp fall seen in previous session. Investors will closely watch crude oil price movement and corporate earnings.

The 30-share BSE Sensex was up 33.45 points at 33,404.21 and the 50-share NSE Nifty gained 11.90 points at 10,362.10.

The broader markets gained 0.2 percent. About 818 shares advanced against 358 declining shares on the BSE.

Cipla surged 3 percent post better-than-expected earnings.

Lupin was up 1.6 percent on short covering as company said it would try to resolve warning letter early.

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Tuesday, 7 November 2017

Nifty Midcap And Smallcap Indices Extended Losses In Morning

Nifty Midcap and Smallcap indices extended losses in morning, falling 1.4 percent each.

Just Dial, Adani Power, Union Bank, Bank of India, Bata India, IOC, HPCL, DLF, IDBI Bank, IRB Infrastructure, Canara Bank, L&T, Finance, Wockhardt, JSW Energy, Tata Global, HDIL and Reliance Infrastructure were down 2-6 percent.

Cement makers increased cement prices in Mumbai, reports CNBC-TV18 quoting Cogencis.

In Mumbai, India Cements raised November cement prices by 7-8 percent; ACC & Ambuja Cement by 4 percent; JK Lakshmi Cement by 2 percent; and Dalmia Bharat by 7-8 percent.


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Equity Benchmarks Opened Higher On Tuesday With The Sensex Hitting

Equity benchmarks opened higher on Tuesday, with the Sensex hitting fresh record high, tracking positive global cues.

The 30-share BSE Sensex was up 112.99 points at 33,844.18 and the 50-share NSE Nifty rose 31.40 points to 10,483.20.

About three shares advanced for every share falling on the BSE.

ONGC gained 2 percent on higher crude oil prices. Brent crude oil futures climbed USD 64 per barrel.

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Monday, 6 November 2017

The Indian Rupee Slipped In Early Trade Today

The Indian rupee slipped in early trade today. It has opened lower by 10 paise at 64.65 per dollar versus 64.55 Friday.

Reliance Nippon Life Asset Management, which successfully concluded its initial public offer last week, will make its stock market debut today.

The company's IPO was oversubscribed 81.54 times during October 25-27, data available with the NSE showed.

The Rs 1,540-crore offering saw healthy demand in all three investor categories.


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Equity Benchmarks Opened The Week Mildly Lower On Monday

Equity benchmarks opened the week mildly lower on Monday, tracking weakness in Asian peers. The broader markets outperformed benchmarks, with Midcap and Smallcap rising 0.2 percent each on positive breadth.

The 30-share BSE Sensex was down 39.69 points at 33,645.87 and the 50-share NSE Nifty fell 17.50 points to 10,435.

About 730 shares advanced against 525 declining shares on the BSE.

Bharti Airtel, Reliance Industries, HPCL and Dr Reddy's Labs were early losers while M&M, Indiabulls Housing, Bharti Infratel and ONGC were gainers.




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Friday, 3 November 2017

Shares Of Lupin Gained 1 Percent In Morning On The Back Of Launch

Shares of Lupin gained 1 percent in morning on the back of launch of Doxycycline tablets in the US market.

The company has launched Doxycycline Hyclate tablets USP, 75 mg and 150 mg in the US market after receiving approval from United States Food and Drug Administration.

Lupin’s Doxycycline Hyclate Tablets USP, 75 mg and 150 mg are the AB rated generic equivalent of Aqua Pharmaceuticals, LLC’s Acticlate Tablets, 75 mg and 150 mg.

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Equity Benchmarks Opened At Fresh Record High On Last Day Of The Week

Equity benchmarks opened at fresh record high on last day of the week, backed by banks, metals and telecom stocks.

The 30-share BSE Sensex was up 88.97 points at 33,662.19 and the 50-share NSE Nifty rose 26.20 points to 10,450.

About 915 shares advanced against 290 declining shares on the BSE. Nifty Bank was up 115 points.

Hindalco rallied 2 percent after strong Novelis numbers. Vedanta gained a percent post earnings.

Axis Bank, Yes Bank, SBI, Aurobindo Pharma and Lupin were early gainers.

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Thursday, 2 November 2017

Tata Motors Share Price Fell 1 Percent After Jaguar Land Rover's US

Tata Motors share price fell 1 percent after Jaguar Land Rover's US sales declined 4.4 percent year-on-year to 8,368 units in October.

JLR had sold 8,751 units in same month last year.

Jaguar sales dropped 10.2 percent to 2,891 units from 3,219 units and Land Rover sales were down 1 percent at 5,477 units from 5,532 units on year-on-year basis.

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Equity Benchmarks Opened Flat On Thursday After The Federal Reserve

Equity benchmarks opened flat on Thursday after the Federal Reserve kept interest rate unchanged in policy meeting.

The 30-share BSE Sensex was down 8.11 points at 33,592.16 and the 50-share NSE Nifty fell 6.10 points to 10,434.40.

Aurobindo Pharma, Lupin, Sun Pharma, HCL Technologies, Bajaj Auto, Cipla, HPCL, BPCL and Yes Bank were early gainers. Axis Bank, SBI, NTPC, ONGC, HUL and Hindalco were early losers.

After earnings, Tech Mahindra was down 2 percent while Hexaware gained 4 percent.

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Wednesday, 1 November 2017

Nifty Extends Rally; Sensex Jumps 300 Pts As WB Ups India Ranking

The Nifty50, which has already rallied over 26 percent to touch a fresh record high, is on its way to surpassing Mount 11,000 in the year 2018, which translates into an upside of over 11 percent.

Goldman Sachs in a note last week remained overweight on India and raised the target for Nifty from 10,900 in September 2018 to 11,600 by December 2018, which translates into an upside of 11.6 percent from current levels.

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Equity Benchmarks As Well As Nifty Bank Started Off Wednesday's Trade

Equity benchmarks as well as Nifty Bank started off Wednesday's trade with record highs, backed by banks, metals and telecom stocks.

The rally was after the World Bank said India's rank on 'ease of doing business' scale has risen from 130th to 100th this year, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.

The 30-share BSE Sensex was up 209.28 points or 0.63 percent at 33,422.41 and the 50-share NSE Nifty rose 61.20 points or 0.59 percent to 10,396.50.

About 950 shares advanced against 202 declining shares on the BSE.

SBI, Bharti Airtel, Axis Bank, Yes Bank, Vedanta, Tata Steel and JSW Steel were early gainers.

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