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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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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Media reports suggested that the company, along with Reliance Jio and Bharti Airtel, may not bid for 5G spectrum

Shares of Vodafone Idea tumbled 6 percent intraday on August 28. The scrip has been trading in the red from the past two sessions.

Shares of the telecom major have been performing poorly since it came into existence after the merger of Vodafone India and Idea Cellular in 2018. Year-to-date, the stock had lost about 77 percent of its market value on the BSE.

As per the quarterly revenue data from the Telecom Regulatory Authority of India (Trai) compiled by SBICAP Securities, the company posted a sequential decline in revenues in June quarter, while competitors Bharti Airtel and Reliance Jio Infocomm reported notable expansions, daily Mint reported.

Based on adjusted gross revenues, including receipts from long-distance services, Vodafone Idea’s market share dropped from 32.1 percent in the quarter ended March 2019 to 27.8 percent in the last quarter. Two years ago, the combined market share of Vodafone India and Idea Cellular stood at 42.5 percent, the report added.

As per a report by brokerage Kotak Institutional Equities, Vodafone Idea’s debt and deferred spectrum repayment schedules, basis the company’s FY2019 annual report, suggests a need for another round of equity infusion as early as 2Q/3QFY21E unless there is a quick and steep recovery in ARPU or fibre sale closes and fetches upwards of Rs 10,000 crore or some of the debt due for repayment is refinanced or capex credit increases by a sum materially higher than the Rs 6,000 crore.

Meanwhile, media reports suggested that the company, along with Reliance Jio and Bharti Airtel, may not bid for 5G spectrum, citing high cost and limited availability of the airwaves.

shares of Vodafone Idea traded 3.40 percent down at Rs 5.12 on BSE.

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Indian equity markets opened higher for the second day on Tuesday after measures announced by the government last week to boost economic growth

The benchmark Sensex opened at 37,658.48 from its Monday's close of 37,494.12.

At 9.29 a.m., it traded 142.22 points higher at 37,636.34 while the Nifty was 56.70 points up at 11,114.55. 

The Nifty PSU Bank index gained nearly 3 per cent in early trade.

Tata Motors and State Bank of Indian were the top gainers among the Nifty50 stocks.

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Sudarshan Sukhani of s2analytics.com recommends buying Tata Consultancy Services with stop loss at Rs 2245 and target of Rs 2350 and Balkrishna Industries with stop loss at Rs 735 and target of Rs 770

The market rallied sharply and posted the biggest single-day gain in last three months on August 26, driven by a rally across sectors except for metals. The measures to boost the economy and possible trade talks between US-China lifted sentiment.

The BSE Sensex surged 792.96 points or 2.16 percent to 37,494.12 while the Nifty50 rose 228.50 points or 2.11 percent to close above psychological 11,000 levels, at 11,057.90 and formed bearish candle on daily charts.

The market breadth remained in favour of bulls as more than two shares advanced for every share declining on the NSE. The Nifty Midcap index was up 1.6 percent and Smallcap index gained 2.3 percent.

According to the pivot charts, key support level is placed at 10,852.77, followed by 10,647.73. If the index starts moving upward, key resistance levels to watch out for are 11,166.57 and 11,275.33.

Nifty Bank closed at 27,951.35, up 992.70 points on August 26. The important pivot level, which will act as crucial support for the index, is placed at 27,208.66, followed by 26,466.03. On the upside, key resistance levels are placed at 28,344.56 and 28,737.83.

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A South African high court judge on Friday refused Zambia's state mining company ZCCM leave to appeal a previous ruling halting the sale of Vedanta Resources' majority-owned Konkola Copper Mines (KCM) pending arbitration

Vedanta 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 ZCCM and the rest by Vedanta.

Zambia had accused KCM of breaching the terms of its licence, which Mumbai-listed Vedanta denies.

In July, a South African judge said wind-up proceedings must be immediately withdrawn until a final decision is made following arbitration. Zambia appealed and said it was proceeding with the liquidation.

Judge Leicester Adams said his main reasons for refusing leave to appeal were that ZCCM had raised nothing new and that leave would only be granted when a judge believed it could succeed.

The South African high court is recognised as a court in the context of the International Arbitration Act.

"There are no reasonable prospects of another court coming to different conclusions, be they on aspects of facts or law, to the ones reached by me. The appeal does not, in my judgement, have a reasonable prospect of success," the judge said in his ruling.

Vedanta said it remained committed to engaging with the Zambian government to find an amicable solution.

No-one from the Zambian government could immediately be reached for comment.

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Dr Lal PathLabs Ltd, Thyrocare Technologies Ltd and Metropolis Healthcare Ltd have had a busy June quarter, clocking double-digit revenue growth

All three expect to keep up the growth momentum, benefiting from easing competition and network expansions.

Price hikes and an increase in volumes improved revenue growth at Thyrocare. Lal PathLabs’ growth accelerated, thanks largely to its capacity expansion and market reach.

Competition for the big three has contracted considerably. Lal PathLabs says competition has stabilized in the last two years. This should be able to sustain growth.

In fact, Thyrocare expects to keep up the growth momentum for the rest of the fiscal year. “Management spoke of a sharper focus on its b2b (business to business) business, with greater incentives and more revenue per franchisee as it focuses on eliminating layers of middlemen and channelising the benefits of rationalised prices to end-consumers," Prabhudas Lilladher Pvt. Ltd. said in a note.

Formalization and economies of scale are helping companies in the regulated (or formal) sector, says Lal PathLabs. “Management highlighted that the diagnostic sector will continue to grow in double digits due to the need for deeper penetration and the shift from the non-regulated to the formal sector," Edelweiss Securities Ltd said in a note on Lal PathLabs. The company’s push to expand beyond the National Capital Region is expected to be the key growth driver.

Similarly, Metropolis is expanding its service network. “We expect Metropolis’ consolidated revenues to grow at 17% CAGR over FY2019-22E driven primarily by 20% growth in individual patient (business to consumer or b2c) revenues," Kotak Institutional Equities said in a note

The commentary should please investors in an otherwise gloomy corporate earnings season, while the stocks mirror the optimism. Lal PathLabs and Thyrocare are trading at about 28 and 21 times FY21 earnings estimates, respectively, while Metropolis’ price-earnings ratio is at 30 times FY21 earnings estimates.

Thyrocare’s great dependence on the B2B segment, which restricts consumer interface, is seen to be a severe handicap. However, with competition easing and the company tightening its grip on the B2B segment, some see scope for a reduction in the valuation discount.

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It has touched a 52-week low of Rs 49

Shares of Mangalore Refinery and Petrochemicals (MRPL) declined 3 percent intraday on August 20 after the company closed its Phase-III process units of the refinery due to intensified monsoon.

It has touched its 52-week low of Rs 49.

The company in its press release said that the refinery has been affected by a minor landslide as an aftermath of the intensified monsoon in Dakshina Kannada District, hence as a precautionary measure, we have structured shutdown of the Phase-III process units of the refinery to access the condition of the facilities in the vicinity and for immediate stabilisation.

Mangalore Refinery and Petrochemicals were quoting at Rs 49.25, down Rs 1.50, or 2.96 percent on the BSE.

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The company said it plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings

Shares of CG Power and Industrial Solutions were locked at 20 percent lower circuit intraday on August 20 after the company recognised irregularities in its financial statements. unauthorised transactions

The scrip has hit a new 52-week low of Rs 14.75.

The company in a regulatory filing on August 19 said that an internal probe has uncovered some irregularities in the financial statements of the company.

"While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company," the BSE filing said.

An independent legal firm appointed by the board of directors to probe financial wrongdoings pointed out certain misrepresentation in financial statements of the company and unauthorized financial transactions.

The company plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings and will take requisite legal actions to protect its interest.

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Halol is a crucial facility for Sun Pharma as it contributes around 15 percent of total US sales

Shares of Sun Pharmaceutical Industries rallied 4.7 percent intraday on August 19 after the US health regulator classified the company's Halol plant as 'No Action Indicated'.

No Action Indicated means no objectionable conditions or practices were found during the inspection (or the significance of the documented objectionable conditions found does not justify further action).

The Halol unit was inspected by the US Food and Drug Administration during June 3-11, 2019 and the regulator issued four observations.

Halol is a crucial facility for Sun Pharma as it contributes around 15 percent of total US sales.

The unit was under USFDA warning letter since December 2015 and the same was lifted in 2018. The health regulator has issued an Establishment Inspection Report to plant in June last year.

The stock was quoting at Rs 430.85, up to Rs 16.10, or 3.88 percent on the BSE.

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India's largest lender, the State Bank of India, on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in the economy

"Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of Auto Dealers. We are actively engaged with all of them. 

"On a case to case basis, whichever dealer has faced any problem on account of excess inventories, we have been working out solutions for all of them," SBI's Managing Director, Retail & Digital Banking, P.K. Gupta said.

He also said the current slowdown would not create NPAs. 

The auto sector is the worst-hit sector in the current slowdown and apart from huge inventory build-up, the companies are resorting to production shutdowns to cope up with poor sales. 

"SBI is looking at extending the credit period for those auto dealers faced with inventory build-up due to poor demand. Our main focus is making available funds at cheaper cost for those retail customers keen on buying cars. We also fund the dealers when they buy cars from the manufacturer. However, for the aspect of the revival of demand, only the government can step in," Gupta said.

The bank has an exposure of Rs 11,500 crore to auto dealers.

Gupta said that at the moment, some automobile dealers are facing difficulty in repaying existing loans as per schedule. He was, however, hopeful that the festive season will boost auto sales.

"Our discussions with dealers' associations suggest that the festive season is going to start soon and then they will be able to clear most of the inventory and most of the accounts may not turn into NPAs. But it will all depend on what kind of demand revival takes place," he said.

The SBI on Sunday said in a statement that it conducted sessions with officials starting from the branch level to chalk out a roadmap for reviving credit. The rush for conducting these meetings is a result of a push from the Central government asking banks to come up with suggestions on the future of the industry.

It said the bank is trying to ensure availability of credit to car buyers, and low-interest rates and the current slowdown in the country's auto sector may not create non-performing assets for the banking sector. 

"I think it will be difficult to say at this point in time (whether there will be NPAs in the auto sector). We have seen some cases of dealers having an excess inventory, and we have been working out solutions for them," Gupta said.

Auto sales in July this year fell to a 20-year low, and at the current monthly average sales, total projected annual sales of passenger vehicles for 2019-20 may drop to yearly sales levels seen in 2014-15 and 2015-16.

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The Sensex gained 463.69 points to end at 37,581.91, while Nifty ended at 11,109.7, up 112.35 points last week

Indian markets ended on a positive note in the volatile week ended August 9 amid June quarter earnings, RBI monetary policy, and fresh concerns over Sino-US trade worries.

Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) reduced repo rates by another 35 basis points to 5.4 percent in the August Policy review while maintaining an accommodative stance. It now stands at the lowest level since April 2010.

The Sensex gained 463.69 points to end at 37,581.91, while Nifty ended at 11,109.7, up 112.35 points last week.

The S&P BSE Midcap index rose 1.26 percent, Smallcap Index added 1.10 percent and S&P BSE Largecap index was up 0.68 percent last week.

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Vedanta Resources said on Wednesday that the Lusaka High Court had refused its application to halt the Zambian government's winding up proceedings against its Konkola Copper Mines (KCM) business

Mumbai-listed Vedanta 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 and 80% owned by Vedanta.

Zambia, Africa's second-biggest copper producer, has accused KCM of breaching the terms of its licence, which Vedanta denies.

"Vedanta is reviewing the ruling and will then make a decision on its next steps," Vedanta said in a statement, adding that a hearing for the winding-up petition was set to take place on Aug. 27. Preliminary arguments will be heard on Aug. 13.

The dispute in Zambia, Africa's second-biggest copper producer, has intensified fears around resource nationalism in Africa.

Last month, South Africa's High Court ordered Zambia to halt the planned sale of KCM until a final decision is made in arbitration proceedings launched by Vedanta.

But Zambia's mines minister Richard Musukwa said foreign judgments were not enforceable in Zambia until they were registered in local courts.

He had said earlier in July that nine companies were expected to submit bids for KCM within weeks.

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Shares of Titan Co. Ltd have declined by almost 22% from their annual closing high seen on 28 June

The company released its pre-quarterly update for the three months ended June on 8 July, wherein it said that the quarter had witnessed a tough macroeconomic environment.

Given that, expectations from the June quarter results were not particularly high. On a stand-alone basis, Titan’s mainstay jewellery business, accounting for 81% of total revenues, clocked 13% growth, below the company’s internal expectations. A sharp surge in gold prices and a slowdown in consumption weighed on consumer demand in June.

However, the outlook for the September quarter, too, doesn’t appear to be great. In a post-results conference call, the management indicated that July has been almost as bad as the second half of June.

“We have started to see some early green shoots in last weekend of July and early August," it pointed out. Still, how demand conditions pan out remains to be seen.

The company is hopeful of demand revival in the second half of the current fiscal year, which includes the festive season, a time when sales are typically robust.

“To be sure, it is difficult to say whether demand will improve from festival season. It’s worth noting that many factors such as high gold prices, 2.5% increase in customs duty and weaker consumer sentiment have all come together this time," said Amish Aggarwal, head of research at Prabhudas Lilladher Pvt. Ltd.

Titan’s watch business revenues, accounting for 14% of the total, increased at a relatively faster pace of 20%.

The company said the watch revenue growth was partly aided by part execution of a large institutional order from Tata Consultancy Services Ltd.

However, given that the segment’s contribution to the overall scheme of things is small, it doesn’t move the needle as much.

Overall, Titan’s revenues increased 14% year-on-year to ₹4,940 crore, a tad below Bloomberg’s consensus estimates. Earnings before interest, tax, depreciation and amortization increased by 14% as well. Even as employee costs and other expenses increased at a faster pace, a decline in advertising expenses helped.

Analysts said the Titan stock is capturing a good share of the pessimism surrounding the demand environment.

Still, valuations are not exactly inexpensive. Currently, the Titan stock trade at almost 51 times estimated earnings for FY20. Lacklustre June quarter results and muted demand outlook could well keep meaningful appreciation at bay from a near- to medium-term perspective.

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Eight of the 10 most valued Indian companies suffered a combined erosion of Rs 89,535 crore in market valuation last week, with SBI emerging as the biggest drag. In the top-10 list, only Tata Consultancy Services (TCS) and HUL saw gains in their market capitalisation (m-cap) for the week ended Friday. Reliance Industries Ltd (RIL), HDFC Bank, HDFC, Infosys, ITC, Kotak Mahindra Bank, SBI and ICICI Bank closed the week with losses. The valuation of SBI tumbled Rs 30,388.3 crore to Rs 2,75,279.64 crore. RIL's m-cap plummeted Rs 18,952.5 crore to Rs 7,50,674.86 crore and that of HDFC Bank plunged Rs 16,774.8 crore to Rs 6,05,627.15 crore. The market valuation of HDFC tanked Rs 7,660.34 crore to Rs 3,66,471.19 crore and that of ITC declined Rs 6,995.81 crore to Rs 3,24,753.23 crore. Infosys' market cap eroded by Rs 5,111.1 crore to reach Rs 3,33,037.59 crore and that of ICICI Bank went lower by Rs 3,003.03 crore to Rs 2,65,122.36 crore.

The valuation of Kotak Mahindra Bank fell by Rs 649.22 crore to Rs 2,87,873.18 crore. In contrast, the m-cap of TCS zoomed Rs 36,491.94 crore to Rs 8,27,794.83 crore and that of Hindustan Unilever Limited (HUL) jumped by Rs 1,493.71 crore to Rs 3,76,145 crore. In the ranking of top-10 firms, TCS was at the number one ranking, followed by RIL, HDFC Bank, HUL, HDFC, Infosys, ITC, Kotak Mahindra Bank, SBI and ICICI Bank. Last week, the Sensex lost 764.57 points or 2.01 per cent.

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At a time when investors are edgy about fast-moving consumer goods’ (FMCG) outlook given the consumption slowdown, Marico Ltd’s June quarter results are comforting

The company, popular for its Parachute coconut hair oil brand, has clocked 6% domestic volume growth in the last quarter. Considering that volume growth in the base June 2018 quarter was relatively high at 12%, the current year’s performance doesn’t look that bad.

Marico’s volume performance in the June quarter was helped by good growth in Parachute rigid packs (blue bottles), which saw volume market share gain. That’s nothing to sneeze at especially when copra, a key raw material, is in a downcycle. On the other hand, Saffola edible oil’s performance continues to be an area of pain.

Meanwhile, copra prices fell sharply by 25% year-on-year during the June quarter. This has helped the company benefit on the profit margin front. On a consolidated basis, Marico’s Ebitda (earnings before interest, taxes, depreciation and amortization) margin for the June quarter expanded 323 basis points year-on-year to 21.3%. This is despite a sharp increase in advertisement and sales promotion expenses.

“The company has not passed on lower copra prices through price cuts in this downcycle given much stronger brand franchise and relative competitive position versus local and regional brands in wake of liquidity crunch and wholesale channel disruption since GST," said Varun Lohchab of Jefferies India Pvt. Ltd in a report on 2 August.

Marico has told analysts that there might be an increase in copra prices in the second half of the fiscal year. As such, analysts don’t seem perturbed as of now and, in general, margins are broadly expected to improve in FY20. “We model Ebitda margin expansion in the financial year 2020 (+160 basis point year-on-year) driven by benign input cost environment said ICICI Securities Ltd.

At a time when demand woes are clouding sentiments for FMCG stocks, Marico appears to be enjoying a cushy spot. Currently, the stock trades at about 43 times FY20 estimated earnings, not as expensive as some of its peers.

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India's biggest automaker, Maruti Suzuki India Ltd, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy

The vehicle industry, accounting for nearly half of India's manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival.

Maruti Suzuki said in an email sent to Reuters it employed 18,845 temporary workers on average in the six months ended June 30, down 6% or 1,181 from the same period last year. The company also said job cuts had accelerated since April.

Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed.

It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce.

India's jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed.

Economists say government jobless figures are out of date and lack credibility.

Maruti Suzuki, majority-owned by Japan's Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze.

The automaker previously said it had cut production by 10.3% in the first six months of the year.

Maruti Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018.

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Mitesh Thakkar of mitesshthakkar.com recommends selling Maruti Suzuki with a stop loss of Rs 5520 and target of Rs 5380 and Shree Cements with a stop loss of Rs 20600 and target of Rs 19000

The BSE Sensex gained 83.88 points to 37,481.12 while the Nifty 50 strongly defended psychological 11,000-mark and rose 32.60 points to close at 11,118.

The broader markets also rebounded to close higher with the Nifty Midcap index rising 1.38 percent and Smallcap index gaining 0.4 percent.

In July, the BSE Sensex lost nearly 5 percent and the Nifty 50 shed 5.7 percent and formed a bearish candle on the monthly charts. It was the worst July for Nifty in the last 17 years.

According to the pivot charts, the key support level is placed at 11,029.83, followed by 10,941.67. If the index starts moving upward, the key resistance levels to watch for out are 11,175.73 and 11,233.47.

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The top gainers from NSE include Bharti Airtel, ICICI Bank, Larsen & Toubro, Indiabulls Housing Finance and Sun Pharma while the top losers are Bharti Infratel, Hero MotoCorp, Grasim Industries, YES Bank and Vedanta

Benchmark indices including the Nifty and Sensex are trading on a positive note with Sensex up 127 points at 37,814 while the Nifty50 added 32 points at 11,221.

Nifty Pharma is the outperforming sector, adding over a percent led by Aurobindo Pharma, Glenmark Pharma, Lupin, Sun Pharma, Divis Labs, Dr Reddy's Labs and Cadila Healthcare.

Brokerage firms maintained their rating on Dr Reddy’s Laboratories after the company reported a 45 percent year-on-year rise in net profit to Rs 662 crore for the June quarter.

From the IT space, the top gainers are Mindtree, Tata Consultancy Services, Infosys and HCL Tech.

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The Sensex is up 136.02 points or 0.36% at 37822.39, and the Nifty up 44.70 points or 0.40% at 11233.90. About 394 shares have advanced, 318 shares declined, and 27 shares are unchanged.

Strides Pharma, Shalby, Zee Entertainment, Tata Motors, ICICI Bank, UPL, JSW Steel Bajaj Finserv, Bharti Airtel, Adani Ports, L&T and Eicher Motors, are some of the major gainers on the indices in the early trade, while losers are Dr Reddy's Lab, Indiabulls Housing, SPARC and Sanofi India.

Among sectors, except IT all other indices are trading marginally higher led by auto, metal, pharma, infra and FMCG.

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