Shares of InterGlobe Aviation Ltd are not very far from their lifetime highs of 1,716 seen on 28 May. Besides the airline’s stock, at 1,656.25 currently, is nearly 6% above the levels seen before the troubles between its two promoters intensified in July

InterGlobe runs IndiGo, India’s largest airline by market share. Clearly, investor worries about the turbulence at the top appear to have subsided, at least for now.

In fact, Tuesday’s annual general meeting concluded on a good note. “The consensus between promoters on ‘related party transaction’ policy and board composition is sentiment-positive," wrote Ansuman Deb of ICICI Securities Ltd in a report on Thursday. Shareholders have approved the alteration of the company’s Articles of Association to increase the board size to 10 from six earlier.

IndiGo’s operational performance has remained unaffected by the promoter squabbles so far. This is evident from the impressive June quarter numbers. One bright spot has been the better-than-expected yields (a measure of pricing) improvement of 12.7%.

Having said that, June quarter financial performance cannot be expected to be replicated in the September quarter, as the latter is traditionally leaner. The airline has done its bit to lower expectations.

During its June quarter earnings conference call, Ronojoy Dutta, chief executive officer of IndiGo, said, “We are witnessing some lower fares in the 0-15 day booking window and expect this to add some pressure to our unit revenues in the second quarter."

Nonetheless, crude oil prices have behaved and that is comforting for the sector in general. “The fall in aviation turbine fuel prices in the first 2 months of Q2FY20 will help offset weaker (versus Q1FY20) yields," said analysts at SBICAP Securities Ltd in a report on 22 August. “This will help reduce cost and improve RASK-CASK spread." RASK and CASK are revenue and cost unit measurements for airlines.

During the call, Dutta added, “I want to remind our shareholders that in the second quarter last year, we registered a negative 16% PBT margin. We will, of course, do better than that this year but how much better is still an open question." PBT is short for a profit before tax.

Going ahead, incremental benefits from the grounding of Jet Airways (India) Ltd could well be limited. IndiGo has been a key beneficiary of Jet Airways’ downfall. It flew 17% more domestic passengers in July compared to last year. The airline’s domestic market share stood at an envious 47.8%.

The sharp appreciation in IndiGo’s shares over the past year, suggests investors have taken this into cognizance. However, meaningful appreciation hereon could well be limited given the lean September quarter unless, of course, the airline surprises dramatically. Investors should watch the traction from the international market in future.

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United Spirits with stop loss at Rs 605 with targets at Rs 623 and Rs 627 and HDFC Bank with stop loss below Rs 2197 for targets of Rs 2272 and Rs 2286

The volatile market ended lower for the second consecutive session amid the expiry of futures and options contracts on August 29, which was dragged by banking and financial services and auto stocks.

The BSE Sensex was down 382.91 points at 37,068.93, while the Nifty fell below its psychological 11,000 levels down 97.80 points at 10,948.30 and formed a bearish candle on daily charts.

Volatility was remained high today, especially in F&O counters, due to unwinding and rollover of the positions, while the broader indices remained under pressure with the Nifty Midcap index losing 0.4 percent and Smallcap index shedding 0.9 percent.

The market closed in the red for the third consecutive series, with the Nifty losing 2.7 percent in August series amid consistent FII outflows, slowdown worries and fears of a global recession.

According to the pivot charts, the key support level is placed at 10,906.77, followed by 10,865.23. If the index starts moving upward, key resistance levels to watch out for are 11,005.47 and 11,062.63.

The Nifty Bank index closed at 27,305.20, down 1.8 percent on August 29. The important pivot level, which will act as crucial support for the index, is placed at 27,123.7, followed by 26,942.2. On the upside, key resistance levels are placed at 27,602.9 and 27,900.6.

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Industry watchers say the move is positive for the sector and will benefit sugarcane producers

Most sugar stocks opened August 29 session with healthy gains, a day after Union Cabinet approved export subsidy for exporting 60 lakh metric tonne of sugar.

Giving a big relief to the sugar industry, the Cabinet on August 28 gave its nod to a Rs 6,268 crore subsidy for export of 6 million tonnes of sugar during the 2019-20 marketing year starting October. The move is aimed at liquidating surplus domestic stock and help mills in clearing huge sugarcane arrears to farmers.

Industry watchers say the move is positive for the sector and will benefit sugarcane producers.

“The cabinet announcement for export subsidy support for sugar stocks comes as a breather for the stagnant sugar industry. We hope the benefits percolate down to farmers in the form of pending payments. However, much needs to be done to revive the industry," said Ajay Kakra, Leader - food and agriculture, PwC India.

Around 0925 hours, shares of Dharani Sugars & Chemicals (up 9.24 percent), Mawana Sugars (up 4.92 percent), Shree Renuka Sugars (up 4.57 percent) and Sakthi Sugars (up 4.05 percent) were trading with strong gains on BSE.

Shares of Uttam Sugar Mills (up 3.77 percent), Bajaj Hindusthan Sugar(up 3.69 percent), Balrampur Chini (up 3.32 percent), Magadh Sugar (up 3.03 percent), Avadh Sugar (up 3.03 percent), Dhampur Sugar Mills (up 2.14 percent), Dalmia Bharat Sugar (up 2.75 per cent), Dhampur Sugar Mills (up 2.44 percent) and Ugar Sugar Works (up 1.44 percent) also climbed higher.

Equity benchmarks Sensex and Nifty were in the negative territory in the light of weak Asian cues as worries over the US-China trade war and looming recession kept investors away from equities.

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Drugmaker Strides Pharma Science Ltd on Tuesday said its US-based subsidiary has acquired the soft gel capsule manufacturing facility of Micelle BioPharma in Florida for $500,000 (Rs 3.6 crore)

"The US Food and Drug Administration (USFDA) approved facility will make soft gel capsule (SGC) suite for formulations with containment needs," said the city-based company in a statement here.

The company said it would invest $1 million (Rs 7.2 crore) to build capabilities and add more dosage formats.

The buyout will make the company have 8 formulation sites worldwide, catering to both regulated and emerging markets.

The Florida plant in the US will augment the installed capacity here and be an alternative site to support the company's growth plans.

"The US plant will meet the enhanced capacity needs for soft gels and offer an alternate site to our Bengaluru plant," said the statement.

The company's plant on the southern outskirts of Bengaluru has an annual SGC capacity of 2 billion.

The company has two production sites in Bengaluru and one each in Puducherry and Chennai in India, while the overseas facilities are located in Singapore, Milan, Nairobi and Florida.

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The top Nifty50 gainers include Tata Motors, Tech Mahindra, HCL Tech, Britannia Industries and Infosys while the top losers are YES Bank, ONGC, JSW Steel, Indiabulls Housing Finance and Tata Steel

Benchmark indices have slipped into the red with Sensex down 82 points at 37,558 marks while the Nifty shed 23 points and is trading at 11,082 level.

Metal stocks are under pressure with the index down over a percent dragged by SAIL and JSW Steel down over 2 percent each followed by Tata Steel, Jindal Steel & Power, Hindalco Industries and NALCO.

Bank Nifty shed half a percent, the top losers being RBL Bank which is down over 4 percent followed by YES Bank, IDFC First Bank, HDFC Bank, Bank of Baroda and Kotak Mahindra Bank.

However, Nifty Media added a percent led by Hathway Cable and DEN Networks which jumped 4-6 percent each followed by Network18, Jagran Prakashan, UFO Moviez and TV18 Broadcast.

IT stocks are also buzzing led by Infosys, Tata Elxsi and Tech Mahindra.

India VIX is down 1.19 percent and is trading at 15.82.

Gautam Shah of JM Financial told CNBC-TV18 that the market has gone through a lot of pain in the last few weeks and 12 percent decline from all-time highs is not a big fall.

He believes this is the most unsynchronised bear market so far.

"Nifty appeared very oversold at 10,600 levels and bearish momentum has been arrested for the time being," he said.

The top Nifty50 gainers include Tata Motors, Tech Mahindra, HCL Tech, Britannia Industries and Infosys while the top losers are YES Bank, ONGC, JSW Steel, Indiabulls Housing Finance and Tata Steel.

The most active stocks are YES Bank, Indiabulls Housing Finance, Tata Motors, HDFC Bank and IndusInd Bank.

Among the Nifty50 names, 19 stocks advanced while 31 declined.

112 stocks hit new 52- week low on BSE including Cox & Kings, Reliance Naval and Unitech among others. Stocks to hit 52-week high are Tata Global Beverages, Apollo Hospitals, MCX India, NIIT Tech, Nestle India and Bata India among others.

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Indian shares were largely unchanged in volatile trading on Wednesday, in line with broader Asia, as worries about a global recession kept investors away from making fresh bets

The broader NSE Nifty was up 0.01% at 11,108.15 as of 0403 GMT, while the benchmark BSE Sensex was 0.01% lower at 37,637.63.

Regional markets across Asia eked out minor gains, as higher Wall Street futures provided some relief after an overnight U.S. selloff, though deeper worries about the global economy and trade kept a lid on sentiment.

Meanwhile, domestic investors awaited clarity on what steps the Indian government would take to revive an industry-wide slowdown.

"Markets have adequately discounted the positive triggers in the last three sessions and now await fresh cues," said Deepak Jasani, senior vice-president at HDFC Securities.

"Currently, we have a negative trigger from the U.S, there is no major panic, but domestic markets will wait for fresh major development rather than selling off sharply."

Indian markets have gained on the back of the government's move to scrap a recently announced tax surcharge on foreign and domestic equity investors, speed up capital infusion to state-run banks and on expectations of additional stimulus supported by a huge dividend from the Reserve Bank of India.

Shares of major automaker Tata Motors Ltd gained as much as 3.03%. China on Tuesday said it will ease restrictions on car purchases to help boost consumption.

IDBI Bank Ltd's shares plunged as much as 9.3%. Rating firm S&P Global on Tuesday placed the bank's rating on 'credit watch negative' for breaching its regulatory capital requirement.

The Nifty metals index fell 1.55%, with shares of Vedanta Ltd declining as much as 1.45%. On Tuesday, Zambia's High Court suspended hearings on the winding up of the miner's local business until the Court of Appeal rules on the lower court's refusal to let the matter go to arbitration.

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DSG Consumer Partners has closed its third venture capital fund at $65 million, said two people aware of the matter, requesting anonymity

Mint reported on March 31st that it had marked the first close of the fund, then planned at $50 million, at $30 million.

DSG had raised its first venture capital fund of $24 million in 2012 and followed it up with a $50 million fund in 2017. It is known for making early bets on hotel chain start-up Oyo Rooms, point-of-sale (POS) services provider MSwipe and Raw Pressery cold-pressed juices. The third fund will invest in seed and Series A rounds of $500,000 to $2 million and will invest a maximum of 15% of the fund in any one company

In addition to the third fund, DSG is also raising its second add on fund- a fund dedicated to backing the best companies from its own portfolio, as they raise Series B rounds and beyond. Along with the third fund’s close, it has also marked the first close of its add-on fund at $35 million.

The Economic Times first reported the development.

DSG’s founder and managing director Deepak Shahdadpuri did not immediately respond to a mail seeking comment.

Funds such as DSG, focused on the consumer segment, have been raising money at an increasing pace, driven by the rise in new disruptive brands that are riding the Indian consumption growth story.

Mint reported on 21 May that at least three consumer-focused firms, DSG, A91 Partners and Fireside Ventures are raising funds. While A91, started by three former senior executives at Sequoia Capital, closed its $350 million funds in June, Fireside Ventures is currently raising a $100 million second fund.

These investors are betting on new fast-growing consumer brands that are tapping into rising disposable incomes and the country’s large population of millennials. India’s affluent consumers and households, which earn between 5 lakh and 20 lakh per annum, have contributed to 43% of the 110 lakh crore in annual consumption in the country in 2018, according to a February 2019 report by the Boston Consulting Group (BCG) along with the Retailers Association of India.

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The lender is looking to buy out assets worth around Rs 6,000 crore from the fund-starved non-banking finance companies this quarter

Shares of Bank of Baroda climbed over 4 percent on BSE on August 27, a day after the public lender said it's capital raising committee has approved raising up to Rs 2,150 crore in Tier-I, II bonds

"...capital raising committee of our bank has approved today i.e. on 26.08.2019, the issuance of Basel III compliant additional Tier I bonds for aggregate total issue size not exceeding Rs 1,650 crore, with a base issue size of Rs 500 crore and a greenshoe option to retain oversubscription up to Rs 1,150 crore," the bank said in a regulatory filing.

Meanwhile, the bank is looking to buy out assets worth around Rs 6,000 crore from the fund-starved non-banking finance companies this quarter, PTI reported on August 26, quoting a senior bank official.

The lender had already bought around Rs 3,500 crore loans from NBFCs in the June quarter, while for the year March 2019, it had purchased assets worth around Rs 10,000 crore from NBFCs/housing finance companies.

The bank is in discussions will NBFCs/HFCs such as PNB Housing Finance, Indiabulls Consumer Finance, IIFFL, Annapoorna MFI among others for this, the report further said.

In the budget, the government had said it would provide a one-time six months' partial credit guarantee to public sector banks for the first loss of up to 10 percent on their purchases of high-rated pooled NBFC assets, amounting to Rs 1 trillion.

The lender is also targeting to disburse Rs 1,000 crore under the Reserve Bank's recently introduced co-origination model between banks and non-banking financial companies, this quarter and has already lent Rs 50 crore to Srei Finance and Edelweiss Financial.

The bank is also in talks with 10 more NBFCs and micro-finance companies, including Cholamandalam, Indiabulls Housing, Adani Capital, IIFL Finance, Hero Housing, and Centrum Housing, among others for this

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The bottom-out effect along with the government's growth-inducing measures were the prime reasons for the Indian equity markets stellar rise on Monday

Experts have said that key indices had bottomed-out last week as investors waited for the government's measures to shore up growth. The steps were announced after market hours on Friday. 

In stock parlance, the bottom-out effect appears when any scrip or index touches the lowest possible point with respect to various market conditions and time periods. 

"Equity markets had bottomed-out on a near-term basis last Friday. Today's rise has come as a result of that trend," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 

"If further steps are taken to usher in growth then the bottom-out effect will last from immediate to medium term period."

Last Friday, Finance Minister Nirmala Sitharaman gave a major economic boost to diverse sectors such as NBFCs, auto, housing, MSMEs, equity markets and banking via a slew of measures on tax surcharge, GST refunds, easier loans and demand generation.

"Multi RSI (relative strength index) divergence, record FPI futures short position and the subsequent reversal candle indicates that a swing low and bottom is in place," Edelweiss Professional Investor Research Chief Market Strategist Sahil Kapoor told IANS.

"The market rose on positive breadth with the corresponding decline in yields and stoppage of rupee depreciation. This indicates that a break above 200DMA (day moving average) for Nifty is likely to take it from 11,400 to 11,600 range."

On Monday, Indian markets advanced sharply on the back of Finance Minister Sitharaman's measures to combat slowdown and improve foreign investor confidence.

Both the Sensex and Nifty surged over 2 per cent as investors rejoiced over what many analysts are dubbing as Sitharaman's "mini-budget". The single biggest push came via the roll-back of the much-criticized tax surcharge on Foreign Portfolio Investors (FPIs).

The BSE Sensex jumped 792.96 points, or 2.16 per cent, to close on Monday at 37,494.12, while the Nifty gained 228.50 points, or 2.11 per cent, to 11,057.85.

The financial sector and public sectors banks (PSBs) led the charge on Monday. The Nifty Financial Service index closed 4 per cent higher, followed by the Nifty PSB index that was up 3.58 per cent. The Nifty Realty index surged by 3.74 per cent.

"The initial set of actions, though small, has enhanced market sentiment and confidence," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

The market will trade in a positive bias awaiting further developments regarding additional government measures and US-China trade talks, he added.

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This is in continuation to the order received for stage III and IV (2x500 MW and 2x500 MW) in September last year

The share price of Larsen & Toubro added nearly 2 percent intraday on August 23 after the company won an order from NTPC.

The power business of Larsen and Toubro (L&T) has bagged engineering, procurement and construction (EPC) order from NTPC to set up flue gas desulphurisation (FGD) system at Vindhyachal super thermal power station, Stage-I to II (6x210 MW Ft 2x500 MW), in Madhya Pradesh, as per company release.

This is in continuation to the order received for stage III and IV (2x500 MW and 2x500 MW) in September last year.

With this, L&T will be implementing FGD systems for 12 units constituting 4,260 MW at NTPC's Vindhyachal power plant which will have the maximum number of FGD systems at one location in India.

Installation of FGD systems in existing and upcoming thermal power plants has been made mandatory by the Ministry of Environment, Forest and Climate Change (MoEFCC) Government of India, to curtail SO2 emissions.

Larsen & Toubro was quoting at Rs 1,287.30, up Rs 0.30, or 0.02 percent on the BSE

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Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants

Finance Minister Nirmala Sitharaman on August 23 unveiled a slew of measure to boost growth, increase liquidity, and revive consumer and investor sentiment in the Indian economy.

The announcement couldn’t have come at a better time as the Indian businesses have reported a muted earnings in June quarter. Coupled with a trade war that could lead to the global recession and corporate governance issues, it has dented sentiment.

Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants.

The surprise was the recapitalisation of banks that was not expected at this point in time. "We rather expected sector-specific measures, which would have been related to automotive, consumer space or so. PSBs like SBI, BOB and PNB may see some incremental improvement in their net-interest margins," said Mustafa Nadeem, CEO at Epic Research.

The Rs 70,000 crore recap of PSU banks announced in the Budget is being advanced, although the timeline is not disclosed. The nudge to PSU banks to link home, SME and vehicle loans to repo could help credit growth, but dampen margins unless banks cut deposit rates.

Banking names are trading mixed with Nifty Bank trading flat to negative. Bank of Baroda, Punjab National Bank, RBL Bank and State Bank of India have gained. The top losers include IndusInd Bank, YES Bank and Federal Bank.

The PSU Bank index jumped close to 2 percent led by gains from Central Bank of India, Bank of India, Bank of Baroda, Indian Bank, Oriental Bank of Commerce and Union Bank of India.

Technical Analyst Mitessh Thakkar of mitesshthakkar.com has a sell recommendation on Kotak Mahindra Bank with a stop loss of Rs 1,511 for a target of Rs 1,450.

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Telecom major Vodafone Idea on Thursday announced the launch of "TurboNet" 4G services in select cities of Uttar Pradesh West, Rajasthan and Rest of Bengal (excluding Kolkata) circles where it has successfully integrated the network

The company, in a statement, said that TurboNet would feature a "state of the art 4G LTE network with dual spectrum power offering higher capacity and coverage".

The launch of TurboNet 4G follows the consolidation of its radio network integration and the deployment of new-age technologies such as Dynamic Spectrum Re-farming (DSR), Spectrum Re-farming, M-MIMO, L900, TDD and Small Cells to further boost network capacity and coverage across large parts of the country, it said.

The company further said it would roll out TurboNet 4G across the country in a phased manner over the next few months.

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The Zambian government is determined to "urgently secure" an investor for Konkola Copper Mines (KCM) once the court processes over the disputed liquidation of the mine are concluded, the mines minister said on Thursday

Vedanta Resources has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by Zambia's state mining company ZCCM-IH and the rest by Vedanta.

"I would like to categorically state that, much as the Konkola Copper Mines matter is in court, government is willing to listen to any progressive talks that will facilitate an amicable exit of the investor," Minister of Mines and Minerals Development Richard Musukwa said in a statement.

"Government is determined, once the court processes are concluded to urgently secure a credible investor in an open and transparent manner."

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The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Committee of Creditors of Jet Airways to file an affidavit stating whether it is ready to cooperate with the Dutch bankruptcy administrator which is also pursuing insolvency proceedings against the airline.

The appellate tribunal has directed the CoC to file the affidavit within a week's time.

The debt-ridden Jet Airways is facing insolvency proceedings in The Netherlands too. It was declared bankrupt thereafter it had failed to pay two European creditors. The Dutch court subsequently appointed a bankruptcy administrator.

The three-judge bench headed by NCLAT Chairman S.J. Mukhopadhaya will next hear the matter on September 4.

Jet Airways on April 17 announced a temporary suspension of all flight services as it failed to secure interim funding from lenders to maintain even bare minimum operations.

Currently, Jet is under the insolvency process, under which a committee of creditors has invited expressions of interest (EoI) from potential bidders.

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The lender held 12.79 percent stake in CG Power and Industrial Solutions as of June 2019

Shares of Yes Bank fell over 5 percent intraday on August 21, hitting their fresh 52-week low of Rs 67.55, following worries over the valuation of stake in Gautam Thapar's CG Power, which has been hit by allegations of financial irregularities

The lender held 12.79 percent stake in CG Power and Industrial Solutions of June 2019.

Shares of CG Power and Industrial Solutions remained on the course of free fall, plunging as much as 20 percent, to hit their fresh all-time low of Rs 11.80 on BSE on August 21.

As per media reports, the Ministry of Corporate Affairs (MCA) has ordered an inspection into the affairs of the company after reports of financial wrongdoings came into the light.

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The Sensex and Nifty on Wednesday traded on a flat note awaiting a stimulus package from the Union government

The Sensex opened slightly lower at 37,298.73 from its Tuesday's close of 37,328.01.

The Sensex traded 59.02 points higher at 37,387.03 while the Nifty was up 13.75 points at 11,030.75.

Yes, Bank was trading 3.09 per cent lower during the early trade after the latest worry originating from a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution.

Yes, Bank holds 12.8 per cent stake in CG Power, which hit the lower circuit for the second straight day on Wednesday.

Besides, the rupee continues to trade with weakness against the US dollar. The rupee closed at over six-month low against the US dollar at 71.71 on Tuesday.

Foreign Institutional Investors bought stocks worth Rs 373.23 crore on Tuesday while Domestic Institutional Investors purchased scrips worth Rs 296.41 crore.

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Eleven years ago, college students Sagar Daryani and Binod Homagai invested Rs 30,000 to start in Jadavpur a small venture selling an Indianised version of the Tibetan delight, momos

With 274 kiosks, small and medium-size outlets and big eating joints spread over 13 Indian cities that employ 2,200 people, their projected turnover by the current fiscal end would be around Rs 200 crore.

Daryani and Homagai now plan to come up with fully automated machines to prepare their delicacy, which would tumble out of conveyor belts beyond Indian shores.

That, in short, is the fascinating tale of the humble past, present growth and likely technology-driven future of the quick-service restaurant chain Wow! Momo.

Headquartered at Jadavpur, where it all started in 2008 with a kitchen, two cooks and a table, Wow Momo Foods Private Limited today fully owns and operates 271 outlets. The rest three in Kerala are franchises.

"We were both greenhorns in business, though Sagar's father had a shop. We were the final year B.Com students. Before the results were out, we had launched our business. We thought it was worth taking the risk. If it doesn't work, we'd go for jobs," 34-year-old Homagai, the company's Chief Operating Officer, told IANS.

"I'm a Nepali, we make momos at home. So we thought of this food because we could see the culture of momos developing in Kolkata," he added.

The first store opened in Gachhtala area of Tollygunge in Spencer's Retail hypermarket, where the momos were supplied from the base kitchen in Jadavpur.

Sales touched Rs 2,000 a day. While Homagai managed the store, with two part-time chefs, Daryani stood outside, distributing leaflets, talking to the customers, giving them free samples.

"We ran an offer every 15 days -- buy three, get one free. The offer boosted the sales by 45 to 50 per cent, thereby covering the salaries of the two chefs," he said.

Impressed with their success, the hypermarket chain gave them another store. And very soon they got the third one in the swanky South City Mall, "which made us a brand".

"The part-time cooks now became full-time. And we also started hiring front end staff," he said.

From then on, there was no looking back. They were opening a store every month, and the speed accelerated as time went by. In 2011, Daryani and Homagai decided to expand beyond Kolkata, by setting up a store in Bengaluru.

Till 2015, they had 44 stores and the only bank loan was of Rs 25 lakh. But that year, they roped in IAN, world's leading horizontal seed-stage platform, to invest Rs 10 crore. "With that money, we started building a good management team."

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Himachal Futuristic Communications Ltd (HFCL) on Tuesday said it has bagged Rs 2,467 crore order, its largest purchase order so far, for a turnkey project from public sector telecom service provider BSNL

"The project has an additional operations and maintenance (O&M) component of Rs 862 crore to be realised over a period of 10 years from the commissioning of the project," the company said.

The combined value of the project, therefore, stands at Rs 3,329 crore. The project is to be completed within 18 months.

Investors reacted positively to the new order with the HFCL stock surging 5.31 per cent to Rs 19.85 on the BSE on Tuesday even as the market closed in the red.

Funded by the Department of Telecom (DoT), the turnkey project entails design, development, deployment and maintenance of converged nationwide IP/MPLS backbone with 219 X Access Networks and Integrated IMS based communication solutions under Network for Spectrum (NFS) programme of the Central government.

"We are proud to have been awarded this prestigious project. This advanced next-generation network would be very critical communication network for Indian Army," HFCL Managing Director Mahendra Nahata said.

He also said that the project shall add to the company's profitability and cash flows besides augmenting revenue growth.

"The O&M component, at the same time, shall contribute to the profitability of the Company over a fairly long term," Nahata added.

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Until Monday, Mahanagar Gas Ltd’s (MGL’s) shares had fallen about 25% from their highs in end-March. One of the key reasons was the overhang of a potential stake sale by Shell India, which owned a 10% stake in the Mumbai-based city gas distributor

While Shell India has eventually sold its entire stake, and that too at a slight discount to prevailing prices, the news had a rather dramatic effect on MGL’s shares. With the stake sale out of the way, the shares rose as much as 8% on Tuesday to 848.60.

Shell sold 9.88 million shares at a price of 780 per share, according to data from the stock exchanges.

“We do not foresee the exit of Shell to have any negative fundamental impact on MGL since they have been in the business for more than 20 years and it is more process-driven from hereon," analysts at Jefferies India Pvt. Ltd said in a note to clients.

The sharp underperformance of MGL shares since April also meant that valuations were relatively low at 12.6 times estimated FY20 earnings. This gave further impetus to the relief on Tuesday.

“Now that the technical overhang has lifted, MGL’s valuations could well be rerated and investors’ focus can shift to fundamentals," says Nitin Tiwari, vice-president at Antique Stock Broking Ltd.

He adds: “MGL’s strong Ebitda margin did not warrant a big discount on valuations compared to its peers such as Indraprastha Gas and Gujarat Gas. Even though MGL’s volume growth has been relatively slower than peers, on the profitability front, it has done far better than its peers." Ebitda stands for earnings before interest, tax, depreciation and amortization.

MGL’s volume growth of 3.3% in the recently concluded June quarter was lower than Street expectations. On the other hand, its Ebitda performance was robust. “MGL reported strong results in 1QFY20 driven by Ebitda margins at 10.1 per standard cubic meter (SCM) leading to a 9% beat on our street-high Ebitda estimate," said the analysts at Jefferies India in a report on 8 August.

To be sure, whether Ebitda margins sustain in the coming quarters remains to be seen. For now, MGL investors are celebrating the fact that key event risk is out of the way.

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The top Nifty50 gainers include Infosys, Wipro, TCS, Bharti Infratel and Maruti Suzuki while the top losers are YES Bank, Indiabulls Housing Finance, IndusInd Bank, UltraTech Cement and Britannia Industries.

Benchmark indices remained volatile with the Sensex shedding 89 points to 37,312 and the Nifty is lower by 39 points to 11,014.

Nifty PSU Bank is down over 2 percent dragged by Bank of Baroda, Bank of India, IDBI Bank, Union Bank of India, Punjab National Bank, State Bank of India and Canara Bank.

The midcap index shed a percent, the top losers being DHFL which is down over 6 percent followed by Century Textiles, Dish TV, Federal Bank, GMR Infra, M&M Financial Services, NBCC and SRF among others.

From the metal space, the top losers are Hindustan Zinc, NMDC, SAIL, Coal India, Jindal Steel & Power and Hindustan Copper.

However, Nifty IT is the outperforming sector after rupee remained weak against the US dollar. The top gainers are Infosys, Tata Consultancy Services, Wipro, Mindtree and HCL Tech.

Selective auto stocks are trading in the green led by Maruti Suzuki, Bajaj Auto, Motherson Sumi Systems, Tata Motors and Hero MotoCorp.

India VIX marginally up 0.72 percent and is trading at 16.87.

The top Nifty50 gainers include Infosys, Wipro, TCS, Bharti Infratel and Maruti Suzuki while the top losers are YES Bank, Indiabulls Housing Finance, IndusInd Bank, UltraTech Cement and Britannia Industries.

The most active stocks are YES Bank, Indiabulls Housing, Reliance Industries, ICICI Bank and Maruti Suzuki.

180 stocks have hit 52-week low on BSE including NCC, NBCC, SAIL, Britannia Industries, BHEL and Cummins India among others.

528 stocks advanced and 1151 declined while 428 remained unchanged on the NSE. On the BSE, 688 stocks advanced, 1267 declined and 125 remained unchanged.

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