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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Selling life insurance has never been easy, but getting investors to buy their stocks is becoming all too easy for life insurers. A booming business and a growing market share have led to big gains for the three listed life insurance companies in India

Shares of HDFC Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd has surged 33.59% and 37.37%, respectively, so far this year. Even ICICI Prudential Life Insurance Co. Ltd hasn’t fared badly, with returns of 19.14%, although its growth in the past two quarters has been wanting. In comparison, the Nifty Financial Services index has risen about 4.27% in 2019.

There are several factors that seem to have worked for life insurance companies. But, Nomura Financial Advisory and Securities (India) Pvt. Ltd highlighted the main reason.

“Private insurers (excluding ICICI Prudential Life) continue to deliver robust growth in spite of volatile markets; this, coupled with increasing protection share in the business mix, justifies the re-rating in the last four months, in our view," it said in a note to clients.

In the first four months of FY20, private sector insurers saw 23% new business growth in retail, in terms of annualized premium equivalent, even as the overall industry growth was 15%, primarily due to Life Insurance Corporation of India’s (LIC’s) 5.5% growth.

This growth was led by non-participatory and annuity products.

Aggressive marketing of term plans in the past two years has helped HDFC Life and even its peer's corner market share from the country’s largest life insurer, LIC.

“Shrinking profitability of the linked business has made it a mere revenue driver, edging players to move towards non-linked products (protection, annuities and return-guarantee) for profitability," said Jefferies India Pvt. Ltd in a note.

The growth in retail insurance sales of non-participatory products has made the portfolio of life insurers more stable and increased margins.

Life insurance stocks are likely to continue to enjoy investor attention over the next few quarters, too, though analysts warned that the profitability metrics may have peaked for some firms.

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Domestic net interest margin contracted 10bps sequentially and 29bps YoY to 2.85 percent in the quarter ended June 2019

Indian Bank shares rallied 6.7 percent intraday on August 6 after lower provisions and other income lifted June quarter profitability 75 percent year-on-year, but slippages remain elevated on a sequential basis.

The stock has fallen nearly 50 percent in the last one year, but August 6 gain was in addition to the 3.5 percent upside seen in the previous session. It was quoting at Rs 199.75, up to Rs 9.85, or 5.19 percent, on the BSE at 1049 hours.

Profit in the June quarter increased sharply by 74.6 percent year-on-year to Rs 365.4 crore, but net interest income fell 1.2 percent YoY to Rs 1,785.4 crore due to higher cost of funds and elevated slippages in Q1.

Slippages for June quarter stood at Rs 1,077 crore, rising 7.2 percent sequentially, though declined more than 22 percent year-on-year. Annualised slippage ratio jumped to 2.34 percent in Q1 against 2.14 percent in the previous quarter.

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The best part about the Godrej Consumer Products Ltd (GCPL) stock is also the worst part. The stock has fallen a substantial 38% from its annual closing high on 31 August 2018, underperforming the Nifty 200 index

Clearly, investors seem to be baking in a good portion of the pessimism into the share price. At the current market price of  603.55, the stock trades at 37 times FY20’s estimated earnings, relatively cheaper than some of its other peers in the consumer staples industry.

In that sense, the good news is that the downside for the GCPL stock could well be limited hereon. But, the not-so-good part is that analysts see fewer triggers going ahead, for the trend in the share price to reverse.

What’s more, the company’s June quarter results, announced on Thursday, were hardly anything to be excited about. Net profit without one-off items came in at  291 crores, falling short of Bloomberg’s consensus estimate of  315 crores. While the stock closed higher on Thursday, it’s worth noting that it was trading at a new 52-week low of 590.20 on the previous day.

GCPL’s net comparable consolidated revenues rose by just 2% year-on-year. In the domestic business, volume growth came in at 5%, on a high base in the year-ago quarter. The sustainability of volume growth remains to be seen, said an analyst who did not want to be named. As such, volume growth was in line with Street expectations.

The domestic household insecticides segment continued to be a pain point, declining by 4% in the June quarter, over the same period last year. A higher base effect and extended summer season weighed on this segment’s performance. Plus, there is competition from the unorganized sector to deal with. GCPL’s natural neem incense sticks would have partially helped mitigate the impact of products from the unorganized market. The company has now scaled up its neem incense sticks to six states as of July 2019. Further, the general slowdown in the industry took a toll on the hair colour business, which remained soft with flat year-on-year growth.

Revenue growth in the international business was nothing to write home about, with constant currency sales growth at 9%, which is just about satisfactory.

As such, for sentiments to improve, a sustained recovery in consumption demand is necessary. In general, hopes of a better consumption environment are running low at the moment given the economic slowdown.

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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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Indian shares ended higher on Wednesday, boosted by public sector banks and metal stocks, but recorded their worst month this year in July as the results season that began earlier this month failed to cheer investors

The broader NSE Nifty closed up 0.29% at 11,118, while the benchmark BSE Sensex ended 0.22% higher at 37,481.12.

For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low.

Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday.

India's top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter.

Zee Entertainment Enterprises topped the Nifty losers list, falling 5.1% and dragging the Nifty media index by 2.9%.

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The Nifty Midcap index itself fell 18 percent and around 45 stocks included in the index corrected in the range of 30-90 percent in the last 18 months.

After hitting a lifetime high in January 2018, the broader markets continued to underperform frontline indices. In fact, the Nifty Midcap index traded at a big discount to Nifty50 on back of sharp correction in several key stocks.

Asset quality concerns, LTCG tax imposition, liquidity crisis, consumption slowdown, debt defaults, global trade war, and crude volatility etc., have hit several stocks, which corrected sharply in the past.

The Nifty Midcap index fell 18 percent and around 45 stocks included in the index corrected in the range of 30-90 percent in the last 18 months.

"The midcap indices (Nifty 100Midcap and BSE100 Midcap) are now trading at a discount of 15 percent to the Nifty 50 (compared to historical lows of 30-40 percent discount)." JM Financial said.

"The correction followed the downward revisions to the earnings for FY19 (28 percent lower than estimated) on account of high expectations, higher share PSU financials/ stressed groups and cyclicals (industrials/ discretionary in the midcap indices being at 27.5 percent versus 12.7 percent in Nifty 50)," they added.

But, as most analysts say, the NBFC crisis is near the end and with most of the negative priced in, there is hope building. This sentiment could be renewed by the Union Budget and expected rate cuts by India's and other global central banks. Hence, the sharp rally could be seen in midcaps rather than large-caps in the coming quarters, experts said.

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हल्दी वायदा (अक्टूबर) की कीमतों में नरमी का रुझान बरकरार रहने की संभावना है।

इसकी कीमतों में 6,400 रुपये तक गिरावट हो सकती है। हाजिर बाजारों में सेंटीमेंट कमजोर है और स्टॉकिस्टों द्वारा मध्य और खराब वेराइटी की हल्दी की खरीदारी नही किये जाने के कारण हल्दी की कीमतों में प्रतिदिन गिरावट हो रही है। अभी तक हल्दी उत्पादन क्षेत्रों में मॉनसून अच्छा रहा है, जिससे हल्दी की उत्पादकता में बढ़ोतरी होने की संभावना है। शुरूआती आँकड़ों से पता चलता है कि इस वर्ष हल्दी का उत्पादन लगभग 75 से 80 लाख बैग होने का अनुमान है। वर्तमान समय में हल्दी का स्टॉक लगभग 28 लाख बैग है, जो वर्ष के अंत तक 5 से 7 लाख बैग तक बच सकता है। इस कारण आगामी वर्ष में हल्दी की कुल उपलब्धता लगभग 85 लाख बैग हो सकती है।

जीरा वायदा (अक्टूबर) की कीमतों में 18,500 रुपये तक नरमी रहने की संभावना है। बेहतर आवक के मुकाबले कमजोर माँग के कारण देश के प्रमुख हाजिर बाजारों में जीरे की कीमतों में गिरावट हो रही है। गुजरात के ऊंझा में जीरे की कीमतों में 15-25 रुपये प्रति 20 किलो ग्राम की गिरावट हुई है, जबकि राजस्थान में 100-150 रुपये प्रति क्विंटल की गिरावट हुई है। गुजरात के बाजारों में आवक 2,000 बैग से बढ़ कर 8,000 बैग हो गयी है।

2018-19 में कम उत्पादन अनुमान और अधिक माँग के कारण इलायची की कीमतें 17 महीने के उच्च स्तर पर पहुँच गयी हैं, लेकिन कीमतों में अभी भी बढ़ोतरी की संभावना है और कीमतें 1,450 रुपये के स्तर पर पहुँच सकती है। इडुक्की के नीलामी केन्द्र पर इलायची की कीमतें 2,000 रुपये प्रति क्विंटल के स्तर को पार कर गयी हैं। कारोबारियों को कुल उत्पादन में 60% से अधिक की गिरावट होने का अनुमान है।

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US energy companies cut two oil rigs last week, bringing the total count to 860, energy services firm Baker Hughes said on Friday.

Oil prices rose on Monday as US drilling for new production stalled and as the market eyed tighter conditions once Washington's sanctions against Iran's crude exports kick in from November.

US West Texas Intermediate (WTI) crude futures were at $67.96 per barrel at 0150 GMT, up 21 cents, or 0.3 percent, from their last settlement.

Brent crude futures climbed 30 cents, or 0.4 percent, to $77.13 a barrel.

US energy companies cut two oil rigs last week, bringing the total count to 860, energy services firm Baker Hughes said on Friday.

The US rig count has stagnated since May, after staging a recovery since 2016, which followed a steep slump the previous year amid plummeting crude prices.

Outside the United States, new US sanctions against Iran's crude exports from November were helping push up prices.

Energy consultancy FGE said several major Iran customers like India, Japan and South Korea were already cutting back on Iran crude.

"Governments can talk tough. They can say they are going to stand up to Trump and/or push for waivers. But generally the companies we speak to ... say they won't risk it," FGE said.

"US financial penalties and the loss of shipping insurance scares everyone," it said in a note to clients.

With US rig activity stalling and Iran sanctions looming, the oil market outlook is tightening.

"Investors have largely turned positive again ... likely welcoming the return of backwardation," said Edward Bell, commodity analyst at Emirates NBD bank.

Backwardation describes a market in which prices for immediate delivery are higher than those for later dispatch. It is considered a sign of tight conditions giving traders an incentive to sell oil immediately instead of storing it.

The Brent backwardation between October this year and mid-2019 is currently around $2.20 per barrel.

While Washington exerts pressure on other countries to fall into line and also cut imports from Iran, it is also urging other major producers to raise their output in order not to create too strong a price spike.

US Energy Secretary Rick Perry will meet counterparts from Saudi Arabia and Russia on Monday and Thursday, respectively, as the Trump administration seeks the world's biggest exporter and producer to keep output up.

One key question going forward is how demand develops amid the trade dispute between the United States and China, as well as general emerging market weakness.

Consultancy FGE warned that "trade wars, and especially rising interest rates, can spell trouble for the emerging markets that drive (oil) demand growth."

Despite this, FGE said the likelihood of significantly weaker oil prices was relatively low as the Organization of the Petroleum Exporting Countries (OPEC) would withhold output to prevent prices from plunging.

"We see $65 per barrel as a trigger for cuts," FGE said.

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वन97 कम्युनिकेशंस (One97 Communications) की सहायक कंपनी पेटीएम मनी (Paytm Money) ने म्यूचुअल फंड (Mutual Fund) के लिए ऐप्प पेश कर दी है।

खबर है कि कंपनी ने अगले 3-5 सालों में 2.5 करोड़ लोगों को म्यूचुअल फंड बेचने का लक्ष्य रखा है। पेटीएम मनी ने टीयर 2 और 3 शहरों के निवेशकों को लक्षित करने के लिए कुछ योजनाओं में न्यूनतम 100 रुपये की एसआईपी (SIP) रखी है।

गौरतलब है कि पेटीएम मनी ने म्यूचुअल फंडों के डायरेक्ट प्लान पेश करने के लिए 25 संपत्तियों प्रबंधन कंपनियों के साथ करार किया है। कंपनी का दावा है कि 8.50 लाख उपभोक्ता इसके प्लेटफॉर्म पर पंजीकरण करवा चुके हैं, जिनमें 65% लोग देश के प्रमुख 15 शहरों के अलावा दूसरे शहरों के हैं।

वन97 कम्युनिकेशंस ने भी पेटीएम मनी में चालू वित्त वर्ष की समाप्ति तक 1 करोड़ डॉलर के निवेश का ऐलान किया है। यह रकम तकनीक, उत्पादों के विकास, डिजाइन, इंजीनियरिंग और पूरे संचालन की स्थापना के लिए किया जायेगा। 

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buying CESC with stop loss at Rs 998 and target of Rs 1035, Kajaria Ceramics with stop loss at Rs 467 and target of Rs 482 and Wipro with stop loss at Rs 300 and target of Rs 320.

The Nifty which started on a positive note failed to hold on to momentum and breached its 5-day exponential moving average in September 3. The index closed below its crucial support placed at 11,600 and made a robust bear candle on daily charts which resembles a Bearish Belt Hold kind of pattern.

The Nifty index found support at 13-day exponential moving average (EMA) before closing the day at 11,582, down nearly 1 percent from the previous close of 11,680.

Traders are advised to tread with caution and use rallies to create short positions. The short-term trend will favor bears as long as Nifty trades below 11,760 levels suggest experts.

India VIX spiked up by 6.29 percent at 13.39 and a sudden jump in volatility is a cause of concern for immediate basis.

According to Pivot charts, the key support level is placed at 11,515.87, followed by 11,449.43. If the index starts moving upwards, key resistance levels to watch out are 11,700.27 and 11,818.23.

The Nifty Bank index closed at 27,819.5 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 27,663.54, followed by 27,507.57. On the upside, key resistance levels are placed at 28,089.33, followed by 28,359.17.

Here are the top stock trading ideas which can give good returns in the near term:

Vinay Rajani of HDFC Securities

Sell Escorts with target at Rs 777 and stop loss at Rs 880

Buy Engineers India with target at Rs 148 and stop loss at Rs 127

Buy Wipro with target at Rs 335 and stop loss at Rs 293

Rajesh Agarwal of AUM Capital

Buy CESC with stop loss at Rs 998 and target of Rs 1035

Buy Kajaria Ceramics with stop loss at Rs 467 and target of Rs 482

Buy Wipro with stop loss at Rs 300 and target of Rs 320

Buy JK Paper with stop loss at Rs 158 and target of Rs 172

Buy Gujarat Fluoro with stop loss at Rs 809 and target of Rs 860

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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This is the first large deal Wipro has signed after CEO Abidali Z. Neemuchwala took charge in 2016.

Shares of Wipro on Monday morning gained over 8 percent after it signed its largest deal worth USD 1.5 billion.

The stock touched an intraday high of Rs 328.00 and an intraday low of Rs 317.30.

The company signed a USD 1.5 billion-deal for ten years with Lincolnshire, Illinois-based Alight Solutions, a company that deals in technology-enabled health, wealth, HR and finance solutions. The company also completed acquisition of Alight HR Services India, which it had earlier bought for USD 117 million.

With this, Wipro has joined the league of larger rival Tata Consultancy Services which has been signing large deals. TCS has three large deals with a combined revenue potential of about USD 5 billion until December 2017.

“Our industry-leading partnership with Wipro will enhance our client experience by drawing on Wipro’s leading position in automation and innovation, while allowing Alight to invest in its health, wealth and cloud-based solutions to meet the needs of our clients,” said Chris Michalak, Chief Executive Officer, Alight Solutions.

Alight HR Services India, earlier known as Aon HR Services India, was set up in September 2016. It has about 9,000 employees and registered revenue of Rs 1,132 crore in 2017-18. It has centres in Gurugram, Noida, Mumbai and Chennai.

This deal will enable the digital transformation of Alight’s offerings across health, wealth, HR and finance solutions, and enhance the employee experience of Alight’s clients by leveraging Wipro’s industry-leading strengths in digital technologies, cognitive automation and data analytics.

This is also the first large deal Wipro has signed after CEO Abidali Z. Neemuchwala took charge in 2016.

“We are delighted to be chosen by Alight as their long-term strategic partner in their enterprise transformation journey to bring digital experiences and offerings to employees and employers globally," said Neemuchwala in a statement.

He added that Wipro would "leverage this expertise to digitalize and modernize Alight’s core across platforms, technologies and operations."

The deal could be seen as positive for the Bengaluru-based Wipro, which has lately been struggling with client specific issues that have had an impact on the bottomline. However, in the June-ended quarter, Wipro reported net profit of USD 307.55 million, up 2 percent from the same period the previous year. Revenue from IT services grew to USD 2 billion during the previous quarter, a rise of 5 percent year-on-year.

Wipro' last large deal win was the USD 1.1 billion outsourcing contract it won from Canadian logistics and utilities firm ATCO Ltd. in 2014. Even at the time, Wipro had bought the IT services business of the Canadian firm for USD 195 million.The stock has gained around 15 percent in the past one month, while in the past three days, it has risen around 7 percent. At 09:30 hrs Wipro was quoting at Rs 319.55, up Rs 17.90, or 5.93 percent, on the BSE.

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There is limited risk-reward for any fresh longs in the index from the current levels but traders should now focus on specific stocks and sectors.

The formation on the weekly as well as on the monthly charts looks bullish and indicates strong support at 11500-11450 for the intermediate trend.

As most of the oscillators are in the overbought zone, there are some signs of exhaustion, which hint at near-term consolidation.

The overall trend is likely to remain bullish as long as the above-mentioned support levels are held. The index has rallied over 1,000 points since June lows and with a minor correction, which indicates that there is strength in the current up-move.

There is limited risk-reward for any fresh longs in the index from the current levels but traders should now focus on specific stocks and sectors.

There is also an emergence of negative divergence pattern between Nifty and Nifty Bank.

The Bank index needs to close decisively above 28,350 levels for a range breakout and to resume its uptrend, which would provide momentum to the Nifty as well.

The current momentum in Nifty looks positive as the prices are trading above their short-term averages. One can expect the uptrend to continue as long as the 11500 supports are held.

The higher counts and pattern structure indicate that this rally is likely to continue on the upside and can go beyond 12,300 levels.

Here is a list of top three stocks which could give 6-14% returns in next 1 month:

Reliance Capital: Buy| LTP: Rs 469.85| Target: Rs 535| Stop Loss: Rs 445| Return 14%

The price formed a bullish Hammer candlestick at the support zone and has breached an internal falling trend line which confirms a trend reversal

Castrol India: Buy| LTP: Rs 158.95| Target: Rs 175| Stop Loss: Rs 153| Return 10%

There is an emergence of the positive divergence pattern in the RSI along with bullish reversal candlestick.

Dr Reddy's Laboratories: Buy| LTP: Rs 2,491| Target: Rs 2,650| Stop Loss: Rs 2,400| Return 6.3%

A bullish breakout on the monthly charts and momentum indicators have given a positive crossover.

Disclaimer: The author is CMT- Head of Research, Indiabulls Ventures Ltd. The views and investment tips expressed by investment experts on Moneycontrol are his 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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Maximum put open interest of 32.42 lakh contracts was seen at the 11,600 strike price. This will act as a crucial support level for September series.

The Nifty, after opening gap down traded in a large range of around 90 points throughout the Friday session, before and closing flat with a positive bias. The consolidation for last three consecutive sessions last week indicated that traders had turned cautious after a sharp run and ahead of Q1 GDP data due later that day.

The index made small bullish candle and formed 'Long Legged Doji' pattern on the daily charts. On the weekly charts, it formed 'Shooting Star' kind of pattern.

A typical long-legged Doji pattern is formed when the opening price is almost equal to the closing price but there was a lot of intraday movement on either side. A 'Shooting Star' pattern is formed when the index comes under selling pressure as traders start booking profits at higher levels.

This pattern is usually formed in an uptrend and is treated as a reversal pattern, but it would require confirmation before it can be concluded that the trend could reverse in the near future.

Friday’s battle between the bulls and bears comes after a few positive days earlier during the week.

"The Nifty50 appears to be chalking out a consolidation zone between 11,760–11,640 levels as it recoiled on Friday after testing critical supports placed on short term charts," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said post Friday’s price action favours bulls and hence, if the Nifty sustains above 11,640 levels, there is a fair chance of testing 11,760 in the next couple of sessions.

Unless the index closes below 11,628, bears will not able snatch the game away from bulls, he said. According to him, in case if 11,760 is decisively cleared, next target would be close to 11,950 kind of levels.

Hence, traders should focus on stock-specific opportunities with a stop below 11,640 on a closing basis, Mazhar advised.

India VIX increased 2.17 percent to 12.68 levels.

Here are the top 15 data points to help you spot profitable trades:

Key support and resistance level for Nifty

The Nifty closed at 11,680.50 on Friday. According to Pivot charts, the key support level is placed at 11,637.83, followed by 11,595.17. If the index starts moving upwards, key resistance levels to watch out are 11,725.43 and 11,770.37.

Nifty Bank

The Nifty Bank index closed at 28,061.75, down 41.50 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,949.37, followed by 27,836.93. On the upside, key resistance levels are placed at 28,165.77, followed by 28,269.73.

Call Options Data

Maximum call open interest (OI) of 27.43 lakh contracts was seen at the 11,800 strike price. This will act as a crucial resistance level for September series.

This was followed by the 12,000 strike price, which now holds 26.39 lakh contracts in open interest, and 11,700, which has accumulated 20.53 lakh contracts in open interest.

Call writing was seen at the strike price of 12,000, which added 5.02 lakh contracts, followed by 11,800 which added 4.91 lakh contracts and 11,700 which added 3.96 lakh contracts.

There was hardly any Call unwinding seen.

Put Options data

Maximum put open interest of 32.42 lakh contracts was seen at the 11,600 strike price. This will act as a crucial support level for September series.

This was followed by the 11,500 strike price, which now holds 31.76 lakh contracts in open interest, and the 11,400 strike price, which has now accumulated 29.87 lakh contracts in open interest.

Put writing was seen at the strike price of 11,600, which added 7.06 lakh contracts in open interest, followed by 11,500 which added 5.01 lakh contracts and 11,700 which added 3.62 lakh contracts.

There was hardly any Put unwinding seen.

FII & DII data

Foreign institutional investors (FIIs) sold shares worth Rs 212.81 crore while domestic institutional investors bought shares worth Rs 171.92 crore in the Indian equity market on Friday, as per provisional data available on the NSE.

Bulk Deals

Cerebra Integrated Technologies: Societe Generale bought 10,00,000 shares of the company at Rs 41.5 per share.

Vakrangee: DB International Asia bought 68,31,186 shares of the company at Rs 38.52 per share and Integrated Core Strategies (Asia) Pte Ltd purchased 63,92,960 shares at Rs 39 per share.

(For more bulk deals, click here)

Analyst or Board Meet/Briefings

TCS: Company's officials are participating in 25th CLSA Investors' Forum on September 10 & 11 in Hong Kong, J P Morgan India Investor Summit on September 19 in New Delhi, and meeting Wellington International Management on September 6 in Mumbai.

Tata Power Company: Company's management represented by Praveer Sinha, CEO and Managing Director and Ramesh Subramanyam, CFO are scheduled to meet several investors in one-on-one meetings between September 3 to September 5, 2018.

Sun Pharma: Annual General Meeting of the company to be held on September 26.

Mindtree: Company has organised its Investor and Analyst Meet, 2018 at Mumbai on September 3.

Trident: Company's officials are participating in Ashwamedh - Elara India Dialogue organised by Elara Capital on September 3.

KEC International: Company's officials are meeting Elara Securities India on September 4.

JMC Projects: Company's officials are participating in Ashwamedh - Elara India Dialogue organised by Elara Capital on September 3.

Lemon Tree Hotels: Company's management is scheduled to meet investors in New York and Boston, USA on September 4-5 at the Kotak International Conference, India Corporate Day.

GMR Infrastructure: Annual General Meeting of the company to be held on September 21.

Reliance Home Finance: The meeting of the board of directors of the company will be held on September 10 to consider unaudited financial results for the quarter ended June 2018.

Tourism Finance Corporation of India: The meeting of the board of directors of the company will be held on September 12 to consider unaudited financial results for the quarter ended June 2018.

Equitas Holdings: Company's officials are attending Invest India Conference during September 3-7 in London and New York.

Jyoti: Annual General Meeting of the company to be held on September 27.

TD Power Systems: Annual General Meeting of the company to be held on September 26.

Jubilant Life Sciences: Annual General Meeting of the company to be held on September 26.

Shalimar Paints: Annual General Meeting of the company to be held on September 26.

GTL Infrastructure: Annual General Meeting of the company to be held on September 27.

Atul Auto: Annual General Meeting of the company to be held on September 28.

Talwalkars Better Value Fitness: Annual General Meeting of the company to be held on September 27.

East India Securities: Annual General Meeting of the company to be held on September 28.

63 Moons Technologies: Annual General Meeting of the company to be held on September 27.

Duke Offshore: Annual General Meeting of the company to be held on September 27.

Jaihind Projects: Annual General Meeting of the company to be held on September 29.

Asian Granito: Annual General Meeting of the company to be held on September 18.

Nagarjuna Fertilizers and Chemicals: Annual General Meeting of the company to be held on September 29.

Southern Gas: Annual General Meeting of the company to be held on September 26.

Amrapali Fincap: Annual General Meeting of the company to be held on September 29.

Shakti Pumps (India): Annual General Meeting of the company to be held on September 27.

Just Dial: Annual General Meeting of the company to be held on September 28.

Dhanlaxmi Bank: Annual General Meeting of the company to be held on September 27.

Nagarjuna Oil Refinery: Annual General Meeting of the company to be held on September 29.

Share India Securities: Annual General Meeting of the company to be held on September 29.

Ajcon Global Services: Annual General Meeting of the company to be held on September 26.

SAIL: Annual General Meeting of the company to be held on September 20.

Parag Milk Foods: Annual General Meeting of the company to be held on September 19.

Triveni Engineering: Annual General Meeting of the company to be held on September 28.

Kalpataru Power Transmission: Company's officials are meeting Tata Asset Management on September 3.

Polyplex Corporation: Annual General Meeting of the company to be held on September 29.

PBA Infrastructure: Annual General Meeting of the company to be held on September 28.

Rollatainers: Annual General Meeting of the company to be held on September 28.

Confidence Petroleum: Annual General Meeting of the company to be held on September 28.

Mangalam Drugs: Annual General Meeting of the company to be held on September 25.

Ramky Infrastructure: Annual General Meeting of the company to be held on September 25.

Birla Precision Technologies: Annual General Meeting of the company to be held on September 27.

Eros International Media: Annual General Meeting of the company to be held on September 27.

Sequent Scientific: Annual General Meeting of the company to be held on September 27.

Premier Explosives: Annual General Meeting of the company to be held on September 27.

OCL Iron and Steel: Annual General Meeting of the company to be held on September 24.

Nagarjuna Oil Refinery: Annual General Meeting of the company to be held on September 29.

Oswal Agro Mills: Annual General Meeting of the company to be held on September 27.

Gujarat State Petronet: Annual General Meeting of the company to be held on September 28.

Pritish Nandy Communications: Annual General Meeting of the company to be held on September 24.

Ajmera Realty & Infra: Annual General Meeting of the company to be held on September 21.

Sarda Energy & Minerals: Company's officials are meeting several analysts and investors during August 31 and September 5.

Precision Camshafts: Company's officials are meeting with institutional investors/analyst in a non-deal road show on September 3 and 4 in Mumbai.

JK Paper: Company's officals are meeting several funds/investors on September 4.

Bajaj Electricals: Company will participate in the investor interaction/meet, organised by Emkay and Ambit, on September 4 in Mumbai.

NOCIL: Company's officials will be participating in a Non-Deal Roadshow (NDR) organised by IDFC Securities to meet investors on September 3.

HEG: Senior Management of the company will be participating at Elara India Dialogue 2018, organised by Elara Capital in Mumbai on September 4.

Stocks in news

August Sales

TVS Motor Company: Total sales up 8 percent at 3.43 lakh units versus 3.17 lakh units (YoY)

Escorts: Total tractor sales up 4.9 percent at 4,812 units versus 4,587 units (YoY)

Eicher Motors: Total VECV sales up 32.8 percent at 6,069 units versus 4,571 units (YoY)

Eicher Motors: Total Royal Enfield sales up 2 percent at 69,377 units versus 67,977 units (YoY)

Tata Motors: Total sales up 27 percent at 58,262 units versus 45,906 units (YoY)

M&M: Total Auto sales up 14 percent at 48,324 units versus 42,207 units (YoY)

Ashok Leyland: Total sales up 27 percent at 17,386 units versus 13,637 units (YoY)

Maruti Suzuki: Total sales down 3.4 percent at 1.58 lakh units versus 1.63 lakh units (YoY)

Atul Auto: Total sales up 10.12 percent at 4,430 units versus 4,023 units (YoY)

SML Isuzu: Total sales of 744 vehicles in August 2018 against 541 vehicles in August 2017.

Larsen & Toubro Infotech: L&T to sell 59 lakh shares (representing 3.41 percent of total paid up equity) of the company through offer for sale on September 3 and 4, with an option to additionally sell 46,27,288 equity shares representing 2.67 percent of paid up equity. Floor price of the offer will be Rs 1,700 per share.

Vedanta: KK Kaura has resigned from the post of Interim Chief Executive Officer of company.

Britannia Industries: LIC increased its stake in the company by 0.014 percent to 5.009 percent.

BHEL: CRISIL has revised company's outlook to Stable from Negative while affirmed the rating for bank facilities at AA+.

GIC Housing Finance: Q1 profit rises to Rs 49.45 crore versus Rs 46.18 crore; total income rises to Rs 292.9 crore versus Rs 274.6 crore (YoY).

Ramky Infrastructure: Company sold shareholding in NAM Expressway to Cube Highways Pte.Ltd., Singapore for Rs 140 crore. The sale proceeds will be used to reduce the debt of the company. Consequent to the sale, consolidated debt of the company will be reduced by about Rs 1,389 crore.

HCL Technologies: Sciencelogic and HCL Technologies partnered to bring Aiops to global enterprise customers.

Graphite India: Company's wholly owned subsidiary in Netherlands has signed an investment agreement for acquisition of upto 46 percent stake in General Graphene Corporation, an unlisted US company involved in development of Graphene for commercial applications, for $18.595 million.

MOIL: Company increased prices of ferro grade ore by about 5 percent, retained prices of SMGR, Chemical Grade and Fines; cut prices by 10 percent of specific grade of material i.e. BGL523, DBL456 & DBL457. On sales of BGF534, existing discount of 5 percent during August, 2018 is increased to 10 percent for dispatches during September'2018.

JSW Steel: As per resolution plan submitted by the consortium of JSW Steel and AION Investments Private II Limited, company's shareholding in Monnet Ispat and Energy stood at 23.1 percent. Consortium members holding stood at 74.3 percent.

Godrej Consumer Products: Company through its subsidiary has divested its entire stake in Godrej Consumer Products (UK) Ltd for 34 million pound. Buyer is US-based PE firm JZ International.

Idea Cellular: Company submitted shareholding Pattern for the period ended August 31, 2018.

Idea Cellular: Name of the company changed from Idea Cellular to Vodafone Idea.

Religare Enterprises: Company submitted shareholding Pattern for the period ended August 27, 2018.

Mahindra Logistics: Company appointed Yogesh Patel as Chief Financial Officer and Key Managerial Personnel.

Satin Creditcare Network: CRISIL assigned A1 to company's proposed short term bank loan facility worth Rs 200 crore.

LT Foods: Company approved the proposed investment of up to Rs 140 crore by India Agri Business Fund II Limited in Nature Bio Foods Limited, a wholly owned subsidiary of the company, in one or more tranches.

Khadim India: Company has issued the Commercial Paper for an aggregate amount of Rs 30 crore.

Trident Texofab: Company has commenced commercial operation of embroidery and stitching unit at Surat from September 1.

Man Infraconstruction: Board has declared interim dividend of Rs 1.26 per share; record date fixed as September 14.

TVS Electronics: Company informed about resignation of Prakash Katama, Chief Executive Officer (Key Managerial Personnel) with effect from September 30, 2018.

Dharani Sugars: The company has submitted Resolution Plan to the Lenders on its proposal for restructuring its debts to match with the projected cash flows and the same is under discussion with the banks and institutions.

Orient Abrasives: After persistent efforts of the management, the issue with the workers/labourer have been settled and resolved amicably and that the operations of the company have resumed from August 31.

Essel Propack: Nikhil Dujari resigned as Chief Financial Officer. Company assigned function of CFO to Vinay Mokashi, Financial Controller

of the company for interim period.

Everest Industries: Company appointed Nikhil Dujari as Chief Financial Officer.

Advance Syntex: Board approves migration of the company from SME Platform to Main Board of BSE Limited.

Solara Active Pharma Sciences: Company completed acquisition of Strides Chemicals Private Limited from Strides Pharma Science and it becomes a wholly owned subsidiary of Solara Active Pharma Sciences.

Patel Integrated Logistics: India Ratings affirmed long term credit rating 'BBB' [outlook stable] for company's fund based borrowings, finance lease and term loan and 'A3+' [outlook stable] rating for its non fund based borrowings from the banks.

Pioneer Embroideries: Nawal Sharma resigned from the post of Chief Financial Officer and Key Managerial Personnel of the company.

Umang Dairies: Sh. C. Venugopal resigned as Chief Financial Officer of the company.

No stocks under ban period on NSE

Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For September 3, not a single stock is present in this list.

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The regulator had asked why ICICI Bank should be spared punitive action as it was seen as violating the Listing Obligations and Disclosure Requirements (LODR) regulations.

ICICI Bank has refuted market regulator SEBI's charge that it violated disclosure norms in the matter of loans granted to Videocon, by saying that it was unaware of any conflict of interest at that point in time. The bank sent its reply to SEBI last week, according to a report in Business Standard.

The regulator had asked why ICICI Bank should be spared punitive action as it was seen as violating the Listing Obligations and Disclosure Requirements (LODR) regulations. The lender allegedly did not flag potential conflict of interest arising in the case of its full-time directors.

In May, adjudication proceedings were launched against Chanda Kochhar, the bank’s managing director and chief executive officer, after it came to light that her husband had financial dealings with the Videocon group.

The publication reported that Kochhar has sought an extension to the lapsed deadline of August 24 to furnish a reply to the charges made against her in the show cause notice. The bank responded to SEBI, laying bare the process involved in the disbursal of a loan worth Rs 325 crore.

The bank, on its part, has shielded Kochhar, saying that a credit committee headed by KV Kamath, took the final call on sanction the loan to Videocon. Kochhar was a member of the 12-member committee. ICICI Bank is a part of the consortium of lenders from which Videocon managed to get loans to the tune of Rs 4,000 crore. ICICI has reportedly classified Rs 2,810 crore of its total exposure to Videocon, as a non-performing asset (NPA) in 2017.

In its defence, the lender said it acted swiftly after the crisis blew over. The bank’s board has initiated an independent inquiry to be supervised by former Supreme Court judge B N Srikrishna. Business Standardreported that the bank is reluctant for a settlement through the consent mechanism, as it is of the opinion that the Srikrishna panel will throw up findings contrary to SEBI’s perception of the matter.

Chanda Kochhar had admitted that her husband Deepak Kochhar was involved in business dealings with the Videocon group, as a part of SEBI’s preliminary inquiry. She also acknowledged that Deepak Kochhar and Venugopal Dhoot co-founded NuPower Renewable. They are also the promoters of the wind energy firm. Notably, Videocon group is a major investor in NuPower.

Shares of NuPower held by Dhoot and Pacific Capital, a company that was owned by Deepak Kochhar’s father and sister-in-law, were sold to Supreme Energy in 2009. SEBI found that Dhoot’s interest in NuPower did not end there. It holds debentures worth Rs 64 crore in NuPower in the form of subscription through Supreme Energy.

A preliminary enquiry undertaken by SEBI concluded that there was conflict of interest in ICICI Bank’s dealings with Videocon. The regulator believes that by not acknowledging her husband’s dealings with Videocon, Chanda Kochhar was violating the provisions of the listing agreement. Kochhar is on leave of absence till the probe into her role in the case submits its findings.

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TCS showed a strong start in FY19 mainly led by a recovery in BFS and a strong performance by retail segment.

India's largest software services firm Tata Consultancy Services has outperformed by the most in last one year and has also been amongst the top three counters which have helped Nifty50 rally 20 percent.

The stock has rallied 69 percent from its 52-week low, touched in September 2017, driven by factors like consistency in earnings momentum, rising contribution from digital space and strong management outlook.

The entire IT sector had underperformed for a year-and-half before this rally started.

The Nifty IT index itself has surged over 48 percent in last one year against 1 percent gains in the earlier year. Another major reason for the upside is the sharp depreciation in Indian rupee that touched fresh record low of 70.50 to the dollar on Wednesday, falling more than 10 percent from 64 a dollar level traded a year back.

A year back, every IT company was facing challenges due to weakness in major verticals like BFSI (banking, financial, services and insurance) and retail where there was lack of visibility in the industry and continued pressure in the legacy portfolio, Niharika Ojha, IT Analyst, Narnolia Financial Advisors told Moneycontrol.

However, the management of TCS gradually gained the confidence of investors by boosting performance in the digital business and increasing spending in America in its major verticals during the last three quarters, she said.

On the margin front, TCS has maintained EBIT margin of 25 percent even when the industry was passing through a tough phase.

For TCS, the BFSI segment has shown a turnaround. TCV (total contract value) has increased to USD 4.9 billion which mainly came from BFS (USD 1.6 billion). Even the management capital allocation policy (buyback in July) is acting as the support to the current trend, Niharika feels.

TCS showed a strong start in FY19 mainly led by a recovery in BFS and a strong performance by retail segment.

In Q1FY19, the company posted better-than-expected results on the back of strong growth in digital business. The company reported revenue at Rs 34,270 crore registering QoQ growth of 6.8 percent and YoY growth of 15.8 percent, while bottomline registered 24 percent YoY growth & 6 percent QoQ growth at Rs 7,300 crore.

Revenue from digital engagements contributed 25 percent of the company's revenue. In Q1FY19, the company witnessed 44.8 percent YoY growth in digital business & 4.1 percent growth in BFSI vertical. It has signed the contracts worth of USD 4.9 billion in Q1FY19.

Margin managed to stand at 25 percent mainly resulted from operational efficiency and INR depreciation benefit. BFS segment (31 percent of total revenue) showed a recovery in Q1 with the growth of 8 percent QoQ on account of recovery in North America. TCV is way ahead of the peers like Infosys.

All experts agreed that after a strong start to the year, the performance in quarters ahead is expected to be maintained driven by its BFS segment, strong deal pipeline and digital push.

But they are mixed in their opinion on stock performance going ahead due to the sharp rally seen in last one year.

AK Prabhakar, Head of Research, IDBI Capital Markets & Securities said given the preference for large-caps he expects TCS to continue to do well in the near term.

"TCS has been reporting good results for the last few quarters. The 40 percent plus YoY growth in Digital solutions in the last two quarters and momentum in large deals makes us believe that it would report the best improvement in revenue growth in FY19 amongst IT large-caps. We also like the consistency in payout to shareholders, especially through share buyback," he reasoned.

Astha Jain, Senior Research Analyst, Hem Securities is also positive on the future outlook of the company and suggests one-year price target for the company anywhere between 10 percent and 20 percent above from current level.

She believes that company's deep domain expertise, contextual knowledge and strong solution capabilities built up over the last many years positions company well to cater growth opportunities present in the sector.

But Niharika Ojha said going forward, though she expects strong sales and PAT growth, but due to higher valuation she does not see any significant upside for the stock price. Currently, Narnolia has a Neutral rating on the stock with a target price of Rs 2,100.

Going forward with the recovery in BFS segment, robust deal pipeline and accelerating digital demand, she expects a strong revenue performance in FY19. "Even the management is optimistic of strong visibility in BFS and Retail in the medium term. We expect sales growth of 16.8 percent in FY19 with EBIT margin of 25 percent."

Sanjiv Bhasin, EVP-Markets & Corporate Affairs, India Infoline also feels IT stocks already run its course and he is not gung ho on the sector though the rupee has been depreciating.

TCS can see another 5-7 percent rally from here on and he can be a market performer but not outperformer from now.

To play on the rupee front, he likes to bet on pharma space rather than IT wherein valuations already stretched and overowned by fund houses.

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