Sharp pullback in Bank Nifty helps market turn positive
- IndusInd Bank: +1.27%
- HDFC Bank: +0.75%
- ICICI Bank: -0.18%
- SBI: -0.48%
- Bandhan Bank: -0.63%
- PNB: -0.66%
- Kotak Mahindra Bank: -0.96%
- Axis Bank: -1.27%
HDFC twins, Reliance Industries, Bharti Airtel top Nifty50 movers
HDFC, HDFC Bank, Reliance Industries, Bharti Airtel, ITC and Asian Paints were among the biggest movers for the 50-scrip index. On the other hand, selling pressure in stocks such as Infosys, Kotak Mahindra Bank, Axis Bank and TCS kept the upside in check.
If Nifty sustains 17,200, it can move towards 17,450-17,500 levels: Gaurav Garg of CapitalVia
“Research suggests that if the Nifty50 index sustains above the 17,200 mark, we could expect the market to gain momentum, leading to an upside projection till 17,450-17,500 levels,” said Gaurav Garg, Head of Research at CapitalVia Global Research.
Buy IEX, ABFRL: Mitessh Thakkar
Here are two trading calls from Mitessh Thakkar of earningwaves.com:
- Buy IEX for a target of Rs 610 with a stop loss at Rs 564
- Buy ABFRL for a target of Rs 229 with a stop loss at Rs 210
Not expecting big listing gain from Vijaya Diagnostic: Yash Gupta of Angel Broking
Yash Gupta, Equity Research Analyst at Angel Broking, said Vijaya Diagnostic’s IPO was priced at a price-to-earnings ratio of 64.3 times, and an EV-to-EBITDA ratio of 30 times at the upper price band based on FY2021 numbers — in line with the listed peer group. All bidders in the retail investor category may get the allotment, he said.
“We are not expecting any big listing gain from Vijaya Diagnostic Centre as we believe that all the short-term positives have been priced in the IPO price,” he added.
Speaking on Ami Organics, he said the IPO was priced at a P/E ratio of 35.6 times and an EV/EBITDA ratio of 25.7 times at the upper price band based on FY2021 numbers. That, he said, was on the higher side compared to the listed peer group. “We suggest short-term investors to book profit on the listing day if they receive the allotment,” he added.
Both companies are likely to finalise the allotment of shares on September 8. Vijaya Diagnostic and Ami Organics shares will be listed on stock exchanges BSE and NSE on September 14.
Vijaya Diagnostic Centre Limited expect to get a listing on 14th September 2021 and allotment will be received by the investors in a couple of days. As overall IPO got subscribed 4.54 times and the retail portion got subscribed by 1.09 times, so it is expected that
Infosys, ICICI Bank, Axis Bank biggest drags on Sensex
Infosys, ICICI Bank, Axis Bank, Kotak Mahindra Bank, TCS and SBI were among the biggest drags on the 30-scrip index. On the other hand, gains in Reliance Industries, Bharti Airtel and ITC kept the losses in the index in check.
Significant pricing power to come in telecom sector: Nippon India AIF’s Varun Goel
A significant pricing power is expected to come in the telecom sector, Varun Goel of Nippon India AIF told CNBC-TV18. A revival is expected in the services sector, which has been badly impacted by the second wave of the pandemic, he said.
Residential sector to perform well going ahead: Nippon India AIF’s Varun Goel
The residential real estate sector is expected to do well going forward, Varun Goel of Nippon India AIF told CNBC-TV18. Building material, wires and housing finance companies are expected to do well, he added.
He also said the affordability ratio is not at 27-28 percent, and the home loan cost at 6.7-6.8 percent.
CNBC-TV18 Exclusive | HUL hikes detergent, soaps prices by 3.5-14%, say sources
FMCG giant Hindustan Unilever Limited (HUL)’s shares were in focus after sources said the company hiked the prices of detergents and soaps by 3.5-14 percent. HUL reduces the grammage of small packs of soaps and detergents, they said.
The company raised the price of Wheel powder by 3.5 percent for one kg and 500 gm packs, and that of the easy wash variant of Surf Excel to Rs 114 per kg from Rs 100, sources said.
They also said the price of:
- Rin was hiked to Rs 82 per kg from Rs 77, and to Rs 40 per 500 gm from Rs 37
- Lux soap was hiked by 8-12 percent
- Lifebuoy soap hiked by 8 percent, and grammage reduced for small packs
HUL did not respond to CNBC-TV18’s query on the price hikes.
HUL shares were up 0.37 percent at Rs 2,789.70 apiece on BSE, outperforming the benchmark Sensex index, which was down 0.22 percent amid volatile trade. The HUL stock had risen as much as 1 percent earlier in the day.
Birlasoft in global, strategic partnership with Freshworks Inc; shares rise
Birlasoft shares rose after the IT company announced a global, strategic partnership with US-based Freshworks Inc. On BSE, the Birlasoft stock rose as much as 1.6 percent to Rs 415.7 apiece.
Birlasoft said in a regulatory filing that it would partner with Freshworks to provide businesses with products to delight their customers and employees. “Freshworks takes a fresh approach to building and delivering software for customer relationship and IT service management that is affordable, quick to implement, and designed for the end-user,” it said.
Price hikes of around 2-3% will not affect retail sales: Trade body FADA’s Vinkesh Gulati
August was a good month but aided by a low base last year, Vinkesh Gulati, President of the Federation of Automobile Dealers Associations (FADA), told CNBC-TV18. Gulati said he is hoping to see growth in the current month as well. Overall sales have improved, but challenges exist in some categories, he said.
Speaking on the ongoing shortage of semiconductors in the industry, he said the situation continues to play spoilsport in the passenger vehicles segment. The industry is seeing waiting periods of 2-4 months due to the chip issue. As of now, the price hikes of around 2-3 percent will not affect retail sales, he added.
He said sales of passenger vehicles and tractors are better compared with pre-pandemic levels, but the two-wheeler segment is lagging compared to 2019 levels. He said it is not clear how festive retail sales will play out going forward.
Trade body FADA reported pan-India vehicle sales data. Total sales rose 14.4 percent to 13.84 lakh on a year-on-year basis. Passenger vehicle sales rose 38.71 percent, commercial vehicle sales 97.9 percent and two-wheeler sales 6.6 percent. Tractor sales rose 5.5 percent to 71,737 units.
CNBC-TV18 Exclusive | Government looking at September 15 as deadline for Air India bids: Sources
The government is looking at a September 15 deadline for Air India bids, sources told CNBC-TV18. The Centre will decide on the reserve price for the Air India sale after receiving the financial bids.
Buy Voltas, sell SBI, Reliance Industries: Rahul Mohindar
Here are two trading calls from Rahul Mohindar of viratechindia.com:
- Sell Reliance Industries for a target of Rs 2,370 with a stop loss at Rs 2,455
- Sell SBI for a target of Rs 415 with a stop loss at Rs 432
- Buy Voltas for a target of Rs 1,200 with a stop loss at Rs 1,120
L&T Construction bags Rs 1,000-2,500 crore order for water effluent treatment business
L&T shares rose as much as 0.5 percent to Rs 1,703.95 apiece on BSE, coming within Rs 14 of their 52-week high in mid-morning deals. The S&P BSE Sensex index was down 0.29 percent, having erased all of its initial gains.
Signs of maturity in Indian retail investor community: Nilesh Shah
Corporate profits have been rising, and fuelling the move in the market, Nilesh Shah of Kotak Mahindra AMC told CNBC-TV18. He said he is seeing signs of maturity in the Indian retail investor community.
Time to book profit in stocks: Nilesh Shah
This is the time to book profit in equities, Nilesh Shah of Kotak Mahindra AMC told CNBC-TV18. “Not very surprised” by the upmove in the Indian market, Shah said there are not too many pockets of value and one needs to scout for growth stocks. Realty is on the cusp of a big upcycle, he said.
Midcap IT’s outperformance vs largecap surprising: Nilesh Shah of Kotak Mahindra AMC
Nilesh Shah of Kotak Mahindra AMC told CNBC-TV18 that he is surprised by the outperformance of midcap IT companies compared with their largecap peers. He also said he continues to believe that IT companies will be beneficiaries in the post-Covid-19 era.
Rupee opens marginally lower at 73.13 against dollar
The rupee started the day at 73.13 against the greenback as against its previous close of 73.11. The rupee is down 0.05 percent on a year-to-date basis.
Gold price today: Yellow metal nearly unchanged near Rs 47,400 mark
Domestic gold prices were nearly unchanged on Tuesday with the near-month futures contract steady near the Rs 47,400 per 10 grams mark as the dollar rose, making the yellow metal less attractive for those holding other currencies. A record-breaking spree on Dalal Street also continued to hurt the safe-haven appeal of the yellow metal. Globally, gold prices firmed, propped up by a softer dollar and prospects of the Federal Reserve delaying a tapering in its pandemic-era bond purchases. Read here.
Buzzing | Panacea Biotec up 6% after announcing first batch of supply of a SputnikV component
The shares of Panacea Biotec rallied over 6 percent after the company and the Russian Direct Investment Fund (RDIF) announced supply of the first shipment out of 1 million doses of the second component (human adenovirus serotype 5) of the Russian Sputnik V coronavirus vaccine manufactured by Panacea Biotec for sale in India.
Auto retail sales rise 14.5% YoY to 13.84 lakh units in August: FADA
Total vehicle retail sales in August 2021 rose by 14.48 percent to 13,84,711 units as compared to 12,09,550 units sold in the same period last year, according to data released by the Federation of Automobile Dealers Associations (FADA). However, when compared to a regular pre-Covid month of August 2019, retails were still down by 14.75 percent. Retail sales of all categories of vehicles witnessed a rise on a year-on-year basis.
Two-wheeler in August rose 6.6 percent to 9,76,051 units from 9,15,126 lakh units, while passenger vehicle (PV) sales increased 38.71 percent to 2,53,363 units from 1,82,651 units, YoY. Read here.
Opening Bell | The Indian equity benchmark indices opened higher on Tuesday led by gains in FMCG and metal stocks amid mixed global cues. At 9:15 am, the Sensex opened 0.21 percent, or 121.78 points, higher at 58,418.69, while the Nifty50 index opened at 17,401.55, up 23.75 points, or 0.14 percent. Broader markets, smallcap and midcap indices also opened in the green. Among sectors, FMCG, media, metals and auto indices gained, while banks, realty and energy sectors are in the red.
Tuesday’s top brokerage calls: Asian Paints, ITC, Concor and more 09:01:57 IST
Jindal Steel & Power | The company’s August steel sales rose 6 percent MoM and 4 percent YoY at 7.1 lakh tonnes. Production increased 6 percent YoY at 6.6 lakh tonnes. Exports share rose to about 42 percent of total sales volume during August
Indian companies with exposure to pharma, agro-chemicals to benefit from China+1 theme, say experts
Stocks in the speciality chemical sector have been buzzing of late. One of the biggest gainers this calendar year is Balaji Amines, which is up nearly 340 percent, followed by Hikal which is up nearly 285 percent, then Gujarat Flouro, which is up 250 percent. Vinati Organics Navin Fluorine and SRF are up anywhere between 50 and 150 percent. There have been many new listings as well this year. Clean Science listed at 98 percent premium, Tatva Chintan listing was at 121 percent premium, while Chemplast Sanmar saw a flat listing. Read here.
Cryptocurrency prices on September 7: Bitcoin trades above $52,600; Solana rises 22% 08:27:05 IST
Yes Bank demands removal of directors, MD of Dish TV
Yes Bank has sent a special notice dated September 3, 2021, to Dish TV, demanding the removal of directors under Section 169 of the Companies Act, 2013. The bank has opposed fundraising of Rs 1,000 crore via rights issue.
Yes Bank currently holds a 25.63 percent stake in Dish TV.