The company’s board of directors also stated that they will commence a search for a replacement

After four sessions of gains, shares of rating agency ICRA fell as much as 5 percent on August 30 session, a day after the company announced the immediate termination of its Managing Director and Group CEO.

The board of rating agency ICRA, an affiliate of Moody's, on August 29, terminated the services of its managing director and CEO Naresh Takkar, following the appearance of his name in the IL&FS case.

In the release filed with the exchanges, the company’s board of directors also stated that they will commence a search for a replacement. No reason was mentioned for the termination of Takkar’s employment.

The release also stated that Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a new CEO has been appointed.

According to reports, Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog SEBI.

Takkar's forced to leave in July was seen as an unprecedented step, a first in the industry, which occurred at a time when the rating agencies were under a cloud following the IL&FS debacle.

The infra lender was enjoying top ratings right till the time of its first default in late August last year.

Earlier in May, there were reports that the ICRA brass was being probed for influencing the 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.

Takkar had been at the helm of ICRA for long and was also recently appointed by the Reserve Bank as a member of its committee on the development of housing finance securitisation market, which is chaired by Bain & Co's Harsh Vardhan.

Shares of ICRA traded 2.21 percent down at Rs 2,738 on BSE around 1020 hours.

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The construction of this project is to be completed in 36 months 

Shares of PNC Infratech advanced 4 percent intraday on August 30 after the company bagged an order worth Rs 1,062 crore.

The company has been declared the lowest bidder for NHAI’s project of construction of 31.7 km long four-lane bypass connecting NH-56 and terminating near Behta Village Road under NHDP Phase-VII on EPC mode for a quoted price of Rs 1062 crore, as per BSE filing.

The construction of this project is to be completed in 36 months.

The share touched its 52-week high Rs 214.85 and 52-week low Rs 122.70 on 19 August 2019 and 01 October 2018, respectively.

Currently, it is trading 16.2 percent below its 52-week high and 46.74 percent above its 52-week low. The share price rose 40 percent in the last 6 months.

PNC Infratech was quoting at Rs 180.30, up to Rs 3.55, or 2.01 percent

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GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST)

The share price of HDFC Bank rose more than 1 percent intraday on August 30 as the company plans to sell its entire stake in software company Goods & Services Tax Network.

The company has agreed to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories, as per a company release.

The bank’s promoter Housing Development Finance Corporation (HDFC) is also a shareholder in GSTN.

GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST).

HDFC Bank was quoting at Rs 2,253.50, up to Rs 25.90, or 1.16 percent on the BSE.

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HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger

Shares of Gruh Finance jumped nearly 8 percent in early trade on August 30 after media reports suggested that HDFC is planning to sell 9.2 percent stake in Gruh Finance

The Economic Times, quoting sources, reported that "HDFC will raise Rs 1,678 crore by selling 9.2 percent in Gruh Finance and the sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on August 30."

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company has sold over 10 percent in Gruh Finance.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.

shares of Gruh were quoting at Rs 262.30, up 5.11 percent while HDFC was up 0.43 percent at Rs 2,137.60 on BSE.

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The closing of the transaction is subject to customary approvals and conditions

Shares of Adani Green Energy added more than 10 percent in the early trade on August 30 after the company said it is going to acquire 205 MW operating solar assets of Essel Green Energy.

The company in its press release said that it has signed a securities purchase agreement for the acquisition of 205 MW operating solar assets of Essel Green Energy (EGEPL) and Essel Infraprojects (EIL).

All the assets have long term power purchase agreements (PPAs) with various state electricity distribution companies.

The closing of the transaction is subject to customary approvals and conditions.

The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore.

"This is our first brownfield acquisition of operating assets. It expands our footprint in states where we already have a presence, and with our strong operational expertise, will deliver significant value for our shareholders, said Jayant Parimal, CEO of Adani Green Energy.

Adani Green Energy Limited was quoting at Rs 46.95, up to Rs 3.60, or 8.30 percent on the BSE.

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Power Grid Corp. of India Ltd’s investors shrugged off the adverse tariff ruling on the renewable energy transmission corridor resulting in a gain of 1.8% in the stock from 9 August when the order was issued by the Central Electricity Regulatory Commission

 

The order limits the liability of power distribution companies to the extent of their usage of the green energy corridor, according to JM Financial Institutional Securities Ltd.

Theoretically, the latest order crimps Power Grid’s realizations as it will have to bear the complete project cost from the date of commissioning, irrespective of the utilization levels. The tariff order pertains to the 8,900 megawatts transmission system with an estimated cost of 7,041 crores. Of this, around 2,520 crores have been approved under the regulated tariff mechanism to Power Grid.

To evacuate renewable energy from power plants that are being built in different states, the Centre approved a plan to construct a suitable transmission system, termed as a green energy corridor.

On the positive side, power discoms will not be unfairly charged for the capacities they are not utilizing. This is important against the backdrop of the general slowdown in renewable energy capacity additions.

The regulator balanced the order by allowing Power Grid to delay new transmission capacities to match the renewable energy installations, said analysts at JM Financial. “Hence, we do not find any material impact on Power Grid. The approved capital expenditure will take another 18-24 months to come up and Power Grid will plan capex to match generation and thus ensure no impact to its financials," they said in a note.

Despite this, the episode is a cautionary tale for investors tracking the company’s growth trajectory.

As capital expenditure moderated from recent highs stoking growth concerns, Power Grid cited green energy corridors as a growth avenue. Given the government’s renewable energy capacity addition targets, the opportunity still exists but is not shaping up as expected, as the latest order illustrates.

Similar to NTPC Ltd, Power Grid is allowed to earn a fixed return on equity invested for the projects built under the regulated tariff mechanism. Hence, capacity additions are crucial for growth momentum.

The firm expects to capitalize projects worth ₹20,000-25,000 crore in FY20. This is notably lower than the additions in FY16-FY18. According to Jefferies India Pvt. Ltd, the projects in hand provide enough visibility for ₹18,000-20,000 crore annual capitalization for the next two-three years. Beyond that, Power Grid will be “hit by private sector aggression in a stable to declining transmission projects’ market pie", warn analysts at Jefferies India.

Power Grid is trying to explore intra-state transmission capex and railways electrification but has had limited success till now. Perhaps the undemanding valuations and healthy dividend pay-outs are limiting the downside for the stock, which trades at 1.5% FY21 estimated book value and offers a 5% dividend yield.

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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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Analysts believe the government's move was the need of the hour and will help build an efficient and competitive market, while it may reduce coal imports as well

Shares of Coal India opened lower but quickly climbed over 2 percent on the BSE on August 29, a day after the Union Cabinet approved 100 percent foreign direct investment (FDI) under the automatic route in coal mining and also in the creation of associated infrastructure

Analysts believe the FDI push was much needed and will help build an efficient and competitive market while bringing down coal imports as well.

"The move would attract international players to create an efficient and competitive market and also help in reducing coal imports," the brokerage Sharekhan said.

However, the move was slightly negative for Coal India in the long term, the brokerage said.

"Coal India would continue to supply the majority of coal requirements of India with its target to produce 1 billion tonnes of coal by FY25 (from 607 million tonnes in FY19) but the likely entry of new players may impact coal realisations in the long term," it added.

As the development of coal mines will take time, there is no major near-term risk for the state-run miner.

"The initiative is a welcome move but we are still some time away from merchant coal mining, given the overarching presence of Coal India, shortage of rakes, time taken for land acquisition and various approvals from local, state and central governments. 

We do not see any near-term risks to Coal India because of this decision," brokerage Emkay Global Financial Services said.

The brokerage has a buy recommendation on the stock, with a 12-month target price of Rs 296.

The scrip opened at Rs 182.90 against the previous close of Rs 185.20 and touched the intraday high and low of Rs 189.15 and 182, respectively.

The stock was trading Rs 2.30, or 1.24 percent, higher at Rs 187.50.

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Shares of Britannia Industries Ltd have surged as much as 13% in the past five trading sessions. This comes at a time when the Nifty FMCG index has risen by about 1.5%

  

To begin with, the stock had corrected sharply after the company’s disappointing June quarter performance and rather tepid management commentary. On 21 August, the stock had closed at a 52-week low.

Analysts said this is only a recovery in the stock from its lows and that the short-term outlook continues to remain muted, given the demand slowdown. Domestic volume growth had dropped to an eight-quarter low of 3% in the June quarter.

Having said that, Britannia’s investors may well have other worries. “The pessimism in Britannia’s stock really began around the time when it disclosed that an additional part of its treasury surplus had been lent to promoter-group companies as inter-corporate deposits (ICDs carry 10% p.a. interest)," said analysts from JM Financial Institutional Securities Ltd in a report on 26 August.

According to Britannia, its ICDs have dropped to under ₹500 crore from about  690 crores at the end of March.

JM Financial points out, “Given several debt-related issues that surfaced amongst Indian corporates in the recent past, such an issue remains a sore point in a company with an otherwise solid business opportunity."

And, as pointed out earlier, it’s not like Britannia has impressed on the financial performance front. The June quarter results don’t inspire confidence. Consolidated revenues increased by 6% over the same period last year, the weakest in the past many quarters.

“Given the slowdown in its core category and Britannia’s recent entry into new categories, earnings trajectory will remain weak," said analysts at Jefferies India Pvt. Ltd after the company’s June quarter results.

Notwithstanding the recent share price appreciation, the Britannia stock is still down by about 12% so far in FY20. In comparison, the Nifty FMCG index has shed 5%.

Still, Britannia’s valuations at about 50 times estimated earnings for FY20 are not exactly cheap. Unless demand revives meaningfully, the scope for expansion in valuations appears capped

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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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Nestle's revenues have grown 22 percent and net profit increased by 73 percent

Shares of Nestle India, the food and beverages company well-known in the Indian market for its Maggi brand of instant noodles, jumped nearly 23-fold in the last 10 years due to its consistent performance and market share in key products.

Despite a six-month ban on Maggi in 2015 for high monosodium glutamate (MSG) and lead content, Nestle India regained strength and rallied 149 percent from lows of Rs 5,011 per share hit in March 2016.

Over the last two years, from CY2016 to CY2018, Nestle's revenues have grown 22 percent and net profit has jumped 73 percent.

In 2015, Nestle's profit and topline declined 52 percent and 17 percent year-on-year (YoY), respectively following the Maggi ban. Albeit on a low base, the company's profit has grown a whopping 185 percent on a 38 percent rise in revenue from 2015 to 2018. Nestle follows the January-December financial year.

In the recent quarter ended June 2019, its profit and revenue grew around 11 percent each compared to the same period last year while the bottom line and topline growth in the first half of current year was 10 percent each YoY.

"Nestle has delivered 10 straight quarters of volume and mix-led growth on the back of consistent innovation and renovation, though environment continued to be challenging with headwinds in commodity prices and softer demand conditions," Suresh Narayanan, Chairman and Managing Director said.

The consistent performance has helped Nestle India grab a spot on the Nifty 50, the benchmark index of National Stock Exchange, with effect from September 27.

After a stupendous rally and addition into the Nifty 50, the question is whether it still deserves investor attention? Analysts Moneycontrol spoke to are optimistic about the company's growth prospects.

"Going forward, we expect Nestle's revenues to remain buoyant owing to the continued focus on innovating and renovating its brands, new launches in nutrition segment and emphasis on expanding penetration through expansion in the distribution cycle," Vineeta Sharma, Head of Research, Narnolia Financial Advisors said.

The change in product mix and judicious pricing is expected to cushion the declining margin in the wake of higher input prices.

"We continue to maintain a positive view of Nestle. After inclusion in Nifty, liquidity too will drive the stock price as the weight of consumer staples will increase from 8.5 percent to around 10 percent. Our 12-month target for the company is Rs 13,742," she added.

Prashanth Tape, AVP Research at Mehta Equities also said overall outlook remains optimistic on Nestle's growth despite a slowdown across various sectors in the economy.

He feels fast-moving consumer goods (FMCG) companies have emerged as a safe haven for investors and stay a safe bet in slowdown season, with steady and stable growth in revenues and profits.

"With respect to including Nestle into Nifty index we shoulder it as a better low volatility counter which can be considered upon fulfilling the eligibility criteria for inclusion of stocks in Nifty indices as per NSE revision Methodology," he said.

He is positive on Nestle's long-term growth prospects and advises investors to add at current levels for long term portfolio because he believes Nestle would continue to strengthen its presence by increasing market share, expanding distribution reach in the rural and urban areas, premiumizing and launching innovative products, steady capacity addition, and improved product mix.

On the technical front also, Romesh Tiwari, Head of Research, CapitalAim said the stock is moving from strength to strength and with this momentum, it is likely to touch 12,950 levels.

"I will advise traders to continue to hold on this stock with a stop-loss of 11,964 but no new buying at this stage. Investors should wait for the 11,500 level to buy in Nestle for the short term," he added.

Initially, in August, Nestle said it would soon commence construction of its newest, and ninth factory in India, at Sanand, Gujarat

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A breakout on either side of the band will give a clear indication of the further trend

The Nifty witnessed a V-shaped reversal rally but the gains were capped at 11,150 levels on August 28. On the lower side, as per the change of polarity principle, the short-term moving average -- 20-day EMA -- for the index is currently working as a key reversal point.

Last hour buying on August 28 pushed the price above its important physiological mark of 11,000, which has squeezed the body of the candle with a slightly longer wick on its lower side.

The level of 11,150 is further supported by the Fibonacci ratio on the daily interval for the benchmark index. Currently, the Nifty pack is trading between its 50 (11,200) and 100-EMA (10,800) band on the weekly timeline.

On the Options front, maximum Put open interest (OI) is placed at 11,000 strike. The maximum change in Call OI is seen at 11,100, followed by 11,200 strikes.

The next immediate support for the Nifty is placed at 10,800 levels, while resistance is observed at 11,200 levels. Now, a breakout on either side of the band will give a clear indication of the further trend.

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Nestle India with stop loss at Rs 12100 and target of Rs 13200 and Tata Consultancy Services with stop loss at Rs 2200 and target of Rs 2300

The market closed in the red after four straight sessions on August 28 due to profit booking and fears of a global recession. Banks, auto, metals and pharma stocks pulled the market down while IT outperformed, rising over a percent.

The BSE Sensex was down 189.43 points at 37,451.84 while the Nifty 50 fell 59.30 points to 11,046.10 ahead of the expiry of August futures & options contracts, forming a bearish candle on daily charts.

But, the expected decline is unlikely to damage the recent uptrend status of the Nifty, he said, adding important supports to be watched are around 10,900-10,850 levels, where one may expect a reliable upside bounce from the lows.

The broader markets were also caught in a bear trap with the Nifty Midcap index falling 1 percent and Smallcap index losing 0.65 percent.

According to the pivot charts, key support level is placed at 10,979.3, followed by 10,912.5. If the index starts moving upward, key resistance levels to watch out for are 11,121.3 and 11,196.5.

Nifty Bank closed at 27,804.30, down 1.14 percent on August 28. The important pivot level, which will act as crucial support for the index, is placed at 27,594.13, followed by 27,383.96. On the upside, key resistance levels are placed at 28,055.03 and 28,305.77.

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Vedanta Ltd on Tuesday said it has collaborated with government think-tank Niti Aayog to help improve the quality of life of the people of Kalahandi district of Odisha. NITI Aayog and Vedanta will work together to assist the district by reviewing and co-creating strategic action plans to improve lives of local communities through interventions in health and nutrition, education, financial inclusion, skill development and basic infrastructure related aspects as defined in aspirational districts mandate under the overall development policies of the state government, the company said in a statement.

"Vedanta Ltd signed a Statement of Intent (SoI) yesterday with NITI Aayog to help improve the quality of life of the citizens of Kalahandi district, Odisha, through their CSR fund as part of Aspirational Districts' initiative," the company said.

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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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The road project was worth Rs 350.01 crore. The appointed date for same was July 20, 2017, and the scheduled completion date was July 20, 2019

Shares of Dilip Buildcon rallied 2.7 percent intraday on August 28 after the company received Provisional Completion Certificate for the road project in Andhra Pradesh.

The stock gained nearly 14 percent in the last three days after falling more than 50 percent in the last year. It was quoting at Rs 382.85, up to Rs 5.90, or 1.57 percent on the BSE at 1000 hours.

The road project company informed exchanges that its project of rehabilitation and up-gradation of Eeppurupalem - Ongole section of NH-214A (new NH-216) to two-lane with a paved shoulder in Andhra Pradesh under NHDP -IV on EPC basis has been provisionally completed.

The Provisional Completion Certificate was issued by the authority on August 17. As on July 20, the project was declared fit for operation.

The road project was worth Rs 350.01 crore. The appointed date for same was July 20, 2017, and the scheduled completion date was July 20, 2019.

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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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Indian shares gained on Monday, led by a surge in financial stocks, as investors cheered the government's decision to withdraw a recent tax surcharge on foreign investors and speed up a $10 billion capital infusion into state-run banks

The broader NSE Nifty was up 0.7% at 10,908.05 as of 0354 GMT, while the benchmark BSE Sensex was 0.82% higher at 36,995.07.

On Friday, Finance Minister Nirmala Sitharaman outlined a raft of measures in an attempt to lift consumer sentiment and promised more actions soon to revive slowing economic growth.

"Friday's announcement is a turning point for the domestic market. It could have been better if the global factors were also accommodating," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The development with U.S.-China is an overhang."

Broader Asian shares slumped on Monday as deteriorating trade relations between the U.S. and China shook confidence in the world economy and sent investors steaming to the safe harbours.

India, Asia's third-biggest economy, is facing a slow growth that has dampened demand for everything from cars to cookies, and a poorly received budget proposal on higher taxes for foreign portfolio investors had contributed to a selloff in the markets.

The Nifty PSU bank index that tracks state-owned lenders rose as much as 6.47%, with a 3.8% rise in State Bank of India.

Shares of Yes Bank Ltd and Indiabulls Housing Finance Ltd were among the top gainers on the NSE Nifty, rising over 3% each.

The Nifty Auto index rose as much as 3.07% but gave up gains to trade 0.74% lower by 0415 GMT

The Indian rupee fell to 72.08 against the dollar, its lowest since Dec. 12, versus Friday's close of 71.655.

Shares of miners Vedanta Ltd and Tata Steel Ltd were among the top losers on the NSE index, down 3.5% and 3.2% respectively

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