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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Beverage major Coca-Cola has entered India's niche but potentially high-volume non-alcoholic malt drinks market in a big way with its global brand Barbican

The company, which launched a pilot project six months back, focuses on the youth. "We introduced Barbican, non-alcoholic malt-based beverages, in select Indian markets," a senior company official told IANS. 

As part of the pilot, Barbican is imported and available at around 3,000 select outlets across metropolitan cities.

The recent foray is part of Coca-Cola's plan to introduce more healthier options in the F&B segment in India.

The launch became possible after Coca-Cola acquired 50 per cent stake in Middle East-based Aujan Industries' beverages division. 

At present, the company offers a range of beverages, including Coca-Cola, Diet Coke, Thums Up, Fanta, Limca and Sprite.

Anheuser-Busch InBev, Heineken and Kingfisher have already entered this market segment to target the vast untapped market of non-alcohol drinkers in India.

A non-alcoholic malt drink is a high energy beverage, brewed in the same fashion as beer or ale.

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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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The 2.0-litre diesel engine (320d) produces an output of 190bhp and a maximum torque of 400Nm, accelerating the car from 0-100kph in 6.8 seconds

The 3 Series is one of BMW India’s best-selling cars, and the seventh-generation model launched this week is armed with tech gadgetry like smartphone entry, auto-reverse and an in-car assistant that learns drivers’ routine and driving style.

But what truly defines the 3 Series is not gadgetry; it’s the design and driving dynamics.

First, the design: The new 3 Series is marginally bigger than its predecessor. The bodywork has precisely drawn lines. At the front, the large BMW kidney grille—thankfully, it’s not as huge or as disproportionate as in the X7 or the new 7 Series—and the headlights leading off it are dominant themes. It has a longer wheelbase and shorter overhangs compared to the sixth-generation model. The rear has a sporty look thanks to the distinctive spoiler, slim L-shaped taillights with LED, and two large tailpipes. The company says optimised aerodynamics have reduced the car’s drag coefficient to 0.23 (the lower the drag coefficient, the more streamlined a vehicle is).

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The Enforcement Directorate charge sheet against IL&FS and the cabal which ran it gives the full scope and extent of the malfeasance and all-pervasive rot. Pertinently, it refers to the closed user group individually and by name and provides details on their conduct 

The conclusion is that it was pretty much a circus with Ravi Parthasarthy as the ringmaster or even King as the rest of the crew played courtiers.

In what used to be a virtual command performance more or less every day, the courtiers used to play to the gallery and try and please the Emperor. The ED applying PMLA has indicted each and every member of the claque for contravention of the Money Laundering Act. 

The scathing denouement of the modus operandi states The accused named in connivance and collusion with each other, indulged in initially locating and identifying dubious companies which claimed to have been engaged in infrastructure development and later issuing fictitious purchase orders for non-existent works. The forte of such companies lays only in providing accommodation entries in the form of bogus billing including bogus share capital and advancing unsecured loans to the beneficiary in lieu of commission or kickbacks. 

The via media was the use of bogus entities being awarded bogus contracts and thereafter invoices were raised by those companies, layering was done through accounts and cash was taken and handed back. 

This was a common thread in the work orders issued to these bogus companies, as nearly all the work orders were issued to either resettle the shopkeepers or for road repairs or possibly road widening and the accused collectively siphoned off Rs 7,400 crore.

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Shares of Mahanagar Gas rallied nearly 12 percent intraday on August 20 after a foreign promoter offloaded its entire stake in the company

British Gas sold 98 lakh shares in the natural gas distribution company through block deals on the National Stock Exchange.

BG Asia Pacific Holdings Pte Limited, a wholly=owned subsidiary of Shell, held 10 percent stake (representing 98,77,780 shares) in the company, as per June shareholding pattern available on exchanges.

The stocks traded with volumes of 3,75,145 shares, compared to its five-day average of 72,457 shares on the NSE and on the BSE, it traded volumes of 52,56,774 shares, compared to its five-day average of 12,33,989 shares.

In April this year, BG Asia had reduced its stake in Mahanagar Gas from 32.5 percent to 24 percent. State-owned entity GAIL India, the Indian promoter, held 32.50 percent stake in the company.

"This could be a good opportunity to accumulate the stock as valuations are attractive in the context of 6 percent free cash flow yield and 10 percent FY19-22 earnings CAGR," said Jefferies, which expects margins to expand to Rs 9/scm in FY20-22 from Rs 8.20/scm in FY19.

The brokerage has maintained buy call on the stock.

Mahanagar Gas reported 33 percent year-on-year growth in June quarter net profit at Rs 170.24 crore and its revenue grew 23 percent to Rs 831.2 crore compared to year-ago.

While reiterating buy call on the stock after earnings, Prabhudas Lilladher said strong Q1 was led by margin expansion, but high base effect and 12 percent decline in CNG volumes to state buses due to scrappage of old buses impacted volume.

The brokerage maintained its earnings estimate for FY20/21E. "MGL remains a play on increased gas penetration from rising vehicle and PNG penetration. We continue to like MGL's business given their dominating share in the growing markets of Mumbai and suburbs," it said.

For Q1, CNG and PNG volumes were at 270mscm (up 2 percent YoY) and 73mscm (up 7 percent YoY), respectively. High base effect (CNG and PNG growth of 12.6 percent and 10.1 percent) also dimmed Q1 volume traction.

"Going forward, CNG volume is likely to remain healthy on the back addition of new three-wheelers along with geographical expansion to Raigad and Karjat. Also, the government's push for PNG's domestic connections will support volumes," Prabhudas Lilladher said.

The stock was quoting at Rs 848.90, up to Rs 61.90, or 7.87 percent amid high volumes on the BSE at 1013 hours IST.

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Shares of Apollo Hospitals Enterprise Ltd have gained 10% since it announced its June quarter results on 13 August. With the performance reassuring investors on asset optimization and profit metrics, the stock hit a new 52-week high of 1,4687 on Friday

Losses the company’s new ventures, housed under Apollo Health and Lifestyle Ltd, reduced significantly. And, higher revenues at its pharmacy and hospitals improved operating earnings by 27%. Consolidated profit margins rose to 11.4% year-on-year, taking it to the highest levels in recent quarters.

However, the quarter saw a moderation in inpatient growth compared to the year-ago period. “Inpatient volume growth moderated in the quarter to 5.9% for the healthcare business and pricing/mix was the key driver of the 15% (revenue) growth," said Jefferies India Pvt. Ltd in a note.

Even so, the profitability gap between new and established hospitals remains enormous and has scope for improvement. Additionally, per-store metrics of relatively new pharmacy stores have room to improve.

“Two of Apollo Hospitals Enterprise’s businesses are yet to fuel return on capital employed (RoCE), as new hospitals with about 2,100 crores in capital employed are running at 63% occupancy; Apollo Health and Lifestyle, with about 600 crores in capital employed, is clocking about 35% utilization," said analysts at Edelweiss Securities Ltd in a note.

Comparatively, its peer Narayana Hrudayalaya Ltd, which trades at a lower valuation, has better margins at the consolidated level. Narayana Hrudayalaya turned its focus on asset-optimization and improving profit metrics.

Another peer, Fortis Healthcare Ltd, is beginning to see the benefits of management change. It aims to improve profitability through better utilization and cost optimization.

All three companies are not strictly comparable though, given their presence in a range of services from pharmacy to diagnostics to hospitals. But for the financial performance-focused investor, the peers seem to be offering a compelling recovery narrative.

“While we expect an improvement in margins, going forward, we believe that competitive risks are still high and that valuations leave no room for upside," said Jefferies India in a note to clients.

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Slamming Price Waterhouse & Co's recent allegations of violation of the Companies Act 2013 by Reliance Capital, the company on Thursday said that the audit firm's recent letter to the Ministry of Corporate Affairs was invalid

The company board met earlier in the day to review the matters arising out of the letter filed by PwC with the Ministry of Corporate Affairs (MCA), under Section 143(12) of the Companies Act, 2013.

A company statement said the Board took note of the views of the other joint auditors, who have been auditors of the company for the last three financial years and continue as the sole Statutory Auditors of the Company, confirming that there are no violations as alleged by PWC

"The Board also noted that PwC had duly audited the accounts for the financial year 2017-2018, as also a limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns," it said.

Reliance Capital's board also took note of the views of legal experts who independently carried out an in-depth examination of the matter and the issues raised by PwC, as per the company and the independent legal opinion from reputed law firm confirmed that there was no violation.

"The Board noted the independent legal opinion from reputed law firm confirming that there was no violation attracting Section 143(12) of the Companies Act, and which concluded that the PwC letter is devoid of any rationale or basis and is invalid," the statement said.

Further, the board observed that the alleged basis relied upon by PwC for reporting under Section 143(12) is itself "grossly inadequate, and does not even point to a single specific instance of alleged fraud".

As per the statement, PwC had chosen not to attend the audit committee meeting on June 12, 2019, despite being invited to do so and abruptly resigned at the unearthly hour of 4.32 a.m. on June 11, 2019.

"After resigning and ceasing to be the auditor of the company, PwC filed its letter with MCA later the same day; and PwC did not even share a copy of its letter with the company or even with the Board's independent audit committee, despite repeated requests by the company." 

The Board reaffirmed to take all appropriate steps to safeguard the interests of all stakeholders.

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The top gainers from NSE include Zee Entertainment, YES Bank, Cipla, Hindustan Unilever and IndusInd Bank while the top losers are Indiabulls Housing Finance, Tata Steel, Mahindra & Mahindra, Tata Motors and BPCL

Following a 35bps rate by the Reserve Bank of India and after trading on a flat to a positive note, the Indian stock market has once again slipped into the red with Nifty down 40 points to 10,908 while the Sensex shed 111 points to 36,869.

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

Auto stocks have slipped further into the red. The top losers are Tata Motors, Mahindra & Mahindra, Ashok Leyland, Bharat Forge, Bosch, Motherson Sumi Systems, Eicher Motors and Tata Motors DVR.

From the metal space, the top losers are Tata Steel, JPSL, JSW Steel, NALCO, SAIL and Vedanta.

Selective oil & gas stocks are trading in negative territory. The top losers are BPCL, HPCL, Indian Oil Corporation and Reliance Industries.

However, Nifty Media is the outperforming sector, up over 2 percent led by Zee Entertainment which spiked over 7 percent followed by TV Today Network, INOX Leisure, Eros International, Sun TV, Network18 and PVR.

India VIX is up 1.61 percent and is trading at 16.38.

The top gainers from NSE include Zee Entertainment, YES Bank, Cipla, Hindustan Unilever and IndusInd Bank while the top losers are Indiabulls Housing Finance, Tata Steel, Mahindra & Mahindra, Tata Motors and BPCL.

The most active stocks are Indiabulls Housing Finance, YES Bank, Reliance Industries, HDFC Bank and Titan Company.

253 stocks have hit a 52-week low on BSE including Indiabulls Housing, RBL Bank, JSPL, Vodafone Idea, Tata Steel, Motherson Sumi Systems, Tata Motors, GE T&D, ITC and GAIL India among others.

908 stocks advanced and 835 declined while 344 remained unchanged on the NSE. On the BSE, 1178 stocks advanced, 1201 declined and 143 remained unchanged.

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Indian shares sank to a fresh five-month low, led by losses in metals and public sector bank stocks, following a global sell-off as investor fears were piqued by the escalating Sino-U.S. trade war in the broader Asian markets

The Chinese yuan broke below the psychological 7-per-dollar threshold after U.S. President Donald Trump abruptly decided on Thursday to slap 10% tariffs on the remaining $300 billion in Chinese imports. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7%.

The rupee hit its weakest level since Mid-May at 70.49 rupees per dollar.

Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors' tax concerns, returned to being bearish due to the escalating trade war.

The broader Nifty was down 1.62% at 10,819.55 as of 0447 GMT, while the benchmark BSE Sensex was 1.55% lower at 36,537.09.

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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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Automobile major Maruti Suzuki India on Thursday reported a decline of 33.5 per cent in its total sales, including exports for July

According to Maruti Suzuki India, a total of 109,264 units were sold last month, compared to the off-take of 164,369 units recorded during the corresponding period of the previous financial year.

The company's domestic sales (domestic and OEMs) decreased by 35.1 per cent on a year-on-year basis to 100,006 units in July.

Although the total domestic passenger vehicle sales were lower by 36.7 per cent to 96,478 units on a YoY basis, the company's sales of light commercial vehicles in the country inched up 0.5 per cent to 1,732 units.

The automobile major's exports declined by 9.4 per cent in July to 9,258 units from 10,219 units which were shipped out during the corresponding month of the last fiscal.

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Tech Mahindra Ltd’s shares had underperformed the market after its revenue growth fell sharply in the March quarter. Profit margins narrowed at a higher-than-expected pace as well, raising concerns about its earnings. The June quarter results, released after market hours on Tuesday, provide no major reason to alter the stock’s trajectory

Dollar revenues grew just 1.9% year-on-year and fell 1.6% compared to the March quarter. “In the current quarter, the company faces seasonality, however, even after factoring the seasonality, Tech Mahindra’s revenues were below our expectation," ICICI Direct Research said in a note. 

Worse still, the fall in profitability was far higher than Street expectations. Ebit (earnings before interest and tax) margins contracted 1.5 percentage points from a year ago. 

As a consequence, operating earnings (Ebit) in dollar terms dropped 9% from a year ago. Sequentially, they are down as much as 26%. “Margins are way below estimates leaving room for earnings-per-share cuts," an analyst said in a note to his clients. 

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The company received a warning letter from USFDA relating to Puducherry facility.

Strides Pharma Science shares fell 6.6 percent intraday on July 2 after the US health regulator classified the company's Puducherry facility as Official Action Indicated (OAI).

The company informed exchanges that it has received a warning letter from USFDA relating to Puducherry facility.

Puducherry site currently produces 6 ANDAs that will not be affected by the current development, it said, adding 10 ANDAs pending approval from the site will get deferred till the site is reclassified.

Strides further said it is committed to the highest standards of quality and compliance and will work collaboratively with the FDA to resolve all issues addressed in the warning letter.

The stock was quoting at Rs 396.50, down Rs 15.40, or 3.74 percent on the BSE at 1141 hours IST.  

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He said the current correction will provide a good entry point for quality names that were too expensive until now.

While it is difficult to predict exactly if this is the bottom or there is more to it, what these corrections have done, is to remove a lot of froth in valuation in several companies, Harendra Kumar, Managing Director, Institutional Equities, Elara Capital, told Moneycontrol in an interview.

Q: What is your view on market correction triggered by worries over liquidity crunch in the debt market. Has the market reached a bottom yet?

The situation in debt market is due to specific reasons and as such the rub-off would have been limited to financials and rate sensitives at best. Having said that, elevated valuations were a concern for sometime now.

While it is difficult to predict exactly if this is the bottom or there is more to it, what these corrections have done, is to remove a lot of froth in valuation in several comp

We believe this will provide a good entry pointfor quality names that were too expensive until now.

Q: Do you plan to rework your Sensex or Nifty targets given the fresh negative cues?

Back in June last year, we had given a calendar year-end target of 10,900 for Nifty and we do not plan to rework on this at this time as it balances the positives and negatives at play.

If you look at the markets, while the global macro environment continues to remain challenging amidst a) continuing trade war concerns, b) protectionist rhetoric from US (threatening to withdraw from WTO), c) elevated crude prices and d) declining economic growth outlook in Japan, France, Brazil and South Africa, cushion for the markets could come from improving earnings outlook (4.0 percent upgrade in FY20 earnings), and sharply improved GDP (8.2 percent Q1FY19) with robust contributions from agriculture (5.3 percent Q1FY19) and manufacturing (13.5 percent Q1FY19).

Q: Brent crude futures rallied sharply to move close to 4-year highs. Do you think it can inch closer to $90/barrel?

The current elevation in oil prices is a reflection of global concern around budget constraints in OPEC leading to uncertainties in production and impact of sanctions on Iran and its effect on supply.

Internally, we are working with an assumption that crude will not breach $90/barrel level.

We also believe weakness in emerging market currencies, impact of the last rally in oil prices, impact of sanctions on Iran and rising trade uncertainties are all potential risks to oil demand-growth, providing price cushion.

Q: What is your view on the debt crisis in India. Is there a risk the market tightness & risk aversion could continue to spill over into equity market?

The current situation is a result of a unique combination of an unexpected default in short term paper by a key player coming at a time when companies need liquidity for advance tax payments, the result of which has given rise to increase in yield expectations.

As such, we expect the situation to improve a bit over the next month. In terms of spill over into equity markets. Obviously NBFCs will be affected by this, but beyond that, we don't expect further spill over effects. Impact on rate sensitive sectors like auto will be temporary.

Q: What's the call on NBFCs now as stocks are still under pressure?

We believe that NBFCs with more reliance on short term funds will continue to feel the pain – this includes all HFCs, but expect AFCs to be better than HFCs as they have more long-term financing component.

A recent analysis suggest growth and collections for commercial vehicle financers remain healthy which will provide support, in my view.

Q: What would you buy in this market decline and what is your preferred list in terms of sectors and stocks?

We conducted an analysis of key fundamental factors that work during varying market cycles and found that companies that are high quality (high ROCE/ROE), lower on leverage (Median or lower), low beta tend to outperform in times of market correction.

I believe in the current environment investors will be seeking the safety of high quality and high earnings visibility companies and expect quality and growth to continue to outperform.Extending our preference of high quality and growth to sectors, we prefer IT at this point. We have reduced Consumer staples to equal weight in our model portfolio due to elevated valuations. Given continuing business challenges (FDA), our approach to pharma is selective.

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Shabbir Kayyumi of Narnolia Financial Advisors maintained cautious view in this sharply lower trending market till some consolidation starts.

Market witnessed sell-off in the last hour of trade on last Friday and closed below 200-day moving average and closed six-month low. Crude oil woes and depreciation in Indian currency weighed on market sentiment.

Majority of the stocks closed in negative and almost near low of the week because of back to back negative macro factors. Trading volume too has spiked lately suggesting sharp unwinding of margin trading positions.

India VIX is trading at highest level of the week around 19.73 and gained almost 10 percent in last week along with fall of prices implies higher volatility in market with bearish bias. Interestingly India VIX is making higher high almost from last 6 weeks, and it is having resistance around 20 mark which was reversal point earlier too.

Nifty has closed below all short-term moving averages, 5-DMA (10,742), 20-DMA (11,151) and 50-DMA (11,321) and 200-DMA (10,780) suggesting strong bear grip on the market. But strong upward sloping trend line on weekly time frame and previous swing lows and highs around 10,100-9,950 levels are likely to provide support to prices.

On the other side, 200-DMA now will act as resistance to the market; also importantly, 200-DMA is in the middle of the price gap of 10,821-10,754 that occurred on October 4. Only positive for the market is that it has gotten so away from important averages that some corrective bounce may happen anytime.

We maintain cautious view in this sharply down trending market till some consolidation starts.

Bank Nifty

Selling pressure was witnessed in banking sector previous week and Bank Nifty traded lower and made a low of 24,250 and closed around 24,443 levels. We expect bearish to rangebound movement for coming sessions in a range of 24,800-23,700.

Here is the list of five stocks which could give 6-19 percent return in short term:

SBI: Buy | Buy Around: Rs 254 | Target: Rs 302 | Stop Loss: Rs 231 | Upside: 19%

Stock find support near its key support area of Rs 250-254 levels, near its previous swing bottom from where reversal can be expected in the coming sessions.

Positive crossover in MACD giving cues to take long position in the scrip. Buying momentum of acceleration will take place above Rs 270 levels where 200 DMA is seen. Buy SBI at Rs 254 with stop loss of Rs 231 and for the target of Rs 302 levels.

Sun Pharma: Buy | Buy Around: Rs 585 | Target: Rs 652.5 | Stop Loss: Rs 550| Upside: 11.5%

After hitting the peak of Rs 679, stock slipped near the low of Rs 591 from where chances of developing of demand is higher and it has been trading in a rangebound zone of Rs 620 and Rs 590 mark.

As of now, point of polarity is giving cues to accumulate this stock at lower levels. The RSI and other indicator also have been hovering near their oversold zone and currently it has indicated a steep rise.

As long as it sustains above Rs 550, possibility of moving to Rs 652.5 is higher.

Torrent Power: Buy | Buy Around: Rs 233| Target: Rs 258.50 | Stop Loss: Rs 210| Upside: 11%

Prices of stock has seen a sharp rebound after hitting a low of Rs 211 where its key support is seen. The emergence of Inverted Head and Shoulder on the lower time frame of chart is giving the possibility of pullback at higher side in coming sessions.

Moreover, positive RSI on daily supports bullish bias in the stock. Strong support is seen near Rs 211-212 levels. Buy above Rs 233 with stop loss of Rs 210 and targets of Rs 258.5 levels.

Apollo Hospitals: Buy | Buy Around: Rs 1,057 | Target: Rs 1,126 | Stop Loss: Rs 1,024| Upside: 6%

The stock has witnessed a decent correction recently from the peak of Rs 1,234 and recently scrip took support from its upward sloping line which gives buying opportunity.

RSI too bottomed out near its oversold zone and has indicated a reversal to maintain a positive bias. It has the potential to rise further in the coming days.

Stochastic is also looking firm lending support to price action. Inverted H&S of hourly chart breakout is expected above Rs 1,075 from where the momentum of buying will increase.

With the chart looking attractive and decent volume participation witnessed, we recommend a buy on dip around Rs 1,057 in this stock for an upside target of Rs 1,126, keep a stop loss of Rs 1,024.

Nestle India: Buy | Buy Around: Rs 9400 | Target: Rs 10,000 | Stop Loss: Rs 9,198 | Upside 6%

Scrip gave sharp decline towards Rs 9,113 after giving high of Rs 11,705 levels. Principal of polarity suggest support at lower levels from where buying momentum can be expected.

Daily time frame is taking support from its 200 DMA. Further upsurge is expected to come once when it will give decisively close above 9,700 levels.

Moreover, Bullish crossover in MACD suggests positivity in the counter. We suggest buying Nestle India around Rs 9,400 with stop loss of Rs 9,198 and for the target of Rs 10,000.

Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors. The views and investment tips expressed by investment experts on Moneycontrol are their own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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The contract terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore.

Shares of Gravita India touched 52-week low of Rs 69.50, slips 9 percent intraday Monday as order worth Rs 300 crore has been terminated.

The order for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore from Kyen Resources Pte., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore, company said in release.

Till date the company has supplied approximately 3,800 MT of material to Kyen Resources and company has planned to divert the remaining supply of 14,200 MT to some other customers.

The management of the company is of the view that termination of above contract will not have any material impact on the financials of the company as the company is already having an order book of approximately Rs 260 crore in hand for lead, aluminium and plastic products.

At 10:56 hrs Gravita India was quoting at Rs 71.25, down Rs 5.40, or 7.05 percent on the BSE.

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India's cotton production in 2018/19 is likely to fall 4.7 percent from the previous season to 34.8 million bales, as scant rainfall and an attack of pink bollworms are expected to squeeze crop yields, the head of a leading trade body told Reuters.

The drop in output could limit exports from the world's biggest producer of the fibre amid rising demand from top consumer China and in turn support global prices, which are hovering near their lowest level in more than nine months hit last week.

"In Gujarat, we are expecting a big drop in production due to dry weather," said Atul Ganatra, president of the Cotton Association of India.

Gujarat, the country's top cotton producing state, received 28 percent lower rainfall than normal in the June-September monsoon season, according to the India Metrological Department.

The western state's fibre output is estimated to drop 14.3 percent from a year earlier to 9 million bales in the new marketing season that started on Oct. 1, he said.

In Maharashtra, the country's second-biggest cotton producer, output is expected to ease to 8.1 million bales from 8.3 million bales due to an attack of the pink bollworm pest, Ganatra said.

Indian farmers have adopted genetically-modified seeds known as Bt cotton that are resistant to bollworms, but it has not stopped the infestations.

Pink bollworms consume the fibre and seeds inside a cotton plant's boll, or fruit, and yields fall.

Gujarat and Maharashtra account for more than half of the country's total cotton production.

"Due to less production exports are likely to reduce and import is likely to increase," he said.

Pakistan, China, Bangladesh and Vietnam are key buyers of Indian cotton.

In 2017/18, India exported 6.9 million bales of cotton.

Demand for Indian cotton is robust this year from China as a trade war is prompting the world's top consumer to avoid imports from the United States.

(1 Indian bale = 170 kg)

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It has touched an intraday high of Rs 279.90 and an intraday low of Rs 266.

Shares of Hindustan Zinc declined 5.4 percent intraday Monday as foreign research house JP Morgan has initiated neutral rating with potential upside of 3 percent.

Research house has kept a target of Rs 290 per share.

It has touched an intraday high of Rs 279.90 and an intraday low of Rs 266.

This is a best-in-class mining company, but zinc markets are entering surplus and expect largely balanced market in 2019, and a surplus market in 2020, said JP Morgan.

The company has strong cash-rich balance sheet and expect elevated dividend payout.

Research house prefers parent Vedanta at current valuations.

The share touched its 52-week high Rs 339.55 and 52-week low Rs 261.15 on 26 February, 2018 and 24 July, 2018, respectively.

Currently, it is trading 19.38 percent below its 52-week high and 4.82 percent above its 52-week low.

At 10:48 hrs Hindustan Zinc was quoting at Rs 272, down Rs 9.40, or 3.34 percent on the BSE.

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Portfolio managers from Harding Loevner, Federated Investors, and Wells Fargo are among those who have been adding emerging markets stocks to their portfolios in the face of the imposition of import tariffs by President Trump and rising interest rates in the US

The steep decline in emerging market stocks since early this year are attracting some US fund managers who think they may find long-term bargains amid the sell-off.

Portfolio managers from Harding Loevner, Federated Investors, and Wells Fargo are among those who have been adding emerging markets stocks to their portfolios in the face of the imposition of import tariffs by President Trump and rising interest rates in the US

Emerging market asset prices have been hit hard this year. The MSCI index of emerging market stocks closed Friday at its lowest since May 2017 and it is down about 21 percent from January's high. An MSCI index of emerging market currencies is down 8 percent from its 2018 high, hit in March.

On Thursday, JPMorgan cut its rating on Chinese equities, the largest weight on the benchmark index, to neutral from overweight on expectations that a protracted trade war with the United States will hurt the Asian giant's economy next year.

Yet some US international and global fund managers say that emerging markets offer better deals than the US market, where stocks continue to hit record highs.

"We're finding opportunities because of the trade war," said Chris Mack, a portfolio manager of the Harding Loevner Global Equity fund.

US President Donald Trump has slapped tariffs on more than half of the $500 billion the US imports from China yearly, for which Beijing has retaliated.

Investor concern about the impact of the trade war has sent stocks in China and other emerging markets sharply lower this year.

Mack's fund has its highest weighting in emerging market stocks since 2006 and its lowest in the US since the same year in search of better values, he said.

The fund sold its position in Google's parent Alphabet Inc and bought South Korea's Samsung Electronics. Investors pay more than $25 for every $1 in earnings expected over the next 12 months at Alphabet, while they pay just over $6 at Samsung according to forward price-to-earnings estimates.

"You're getting the benefits of a company that is being boosted by a secular trend at a much cheaper price," Mack said.

Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management, said his firm recently upgraded its stance on emerging markets from negative to neutral. The reasoning behind the move included compelling valuations and the likelihood the trade tariffs will not hurt emerging market companies as much as the broad market expects.

"People are slow to come around to the realization that the US isn't going to close its borders to all emerging markets," he said, adding that Vietnamese companies could stand to benefit if the US and China continue to slap tariffs on each other's goods.

Overall, US global funds have nearly 7 percent of their portfolios in emerging market stocks, a 25 percent increase from 3 years ago, according to Lipper, a Refinitiv company.

Yet this year the $58.1 billion Vanguard FTSE Emerging Markets ETF is down almost 15 percent and posted about $2 billion in outflows since July, according to Lipper. It closed on Friday at its lowest since March 2017.

However, there are signs the tide could already be turning.

Investors pumped money into emerging market equities and debt at the fastest weekly rate since April, a Bank of America Merrill Lynch analysis of EPFR data showed on Friday.

"I've never seen sentiment (on emerging market equities) be so negative when fundamentals are actually pretty good," said Teresa Barger, co-founder and CEO at hedge fund Cartica Management.

"When you get a situation like this, what you usually see is the retail investors getting scared and exiting but institutional investors entering."

Barger is looking beyond China to India and Brazil, both of which may be less affected by the US trade tariffs, she said.

Yousef Abbasi, global market strategist at INTL FCStone in New York, also sees a silver lining for emerging market countries outside of China if the Washington-Beijing trade war intensifies, pointing to Brazil and Indonesia.

"I'd be very selective in where I look for my exposure in emerging markets," he said.

"Look for countries with a large US dollar reserve, direct trade partners with the US and that have (relatively) less exposure in terms of exports to China."

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