Stocks which have moved the most with respect to volumes are YES Bank, Vodafone Idea, GRUH Finance, Tata Motors, Bank of Baroda, SAIL, Vedanta, JSPL, Adani Power, SBI, Tata Steel, DLF and PNB among others

Indian stock market is trading flat with Sensex shedding 45 points at 37,023 marks while the Nifty is down 15 points and is trading at 10,932 level.

The S&P BSE Metal index is up a percent led by Hindalco Industries, Tata Steel, Jindal Steel & Power, NALCO, Hindustan Zinc, JSW Steel and Vedanta.

Nifty FMCG added half a percent, the top gainers include United Spirits, Tata Global Beverage, ITC, Jubilant Foodworks, Colgate Palmolive, Dabur India and Emami.

IT stocks are trading on a negative note led by Tech Mahindra, Mindtree, HCL Tech, Infosys, Birlasoft and Tata Elxsi.

From the media space, the top losers are DEN Networks, Sun Tv Network, Dish TV, UFO Moviez and PVR.

India VIX is up 0.37 percent and is trading at 16.49.

The top Nifty50 gainers include Hindalco, Vedanta, Tata Steel, GAIL India and JSW Steel while the top losers are Indiabulls Housing Finance, YES Bank, Bharti Infratel, Tech Mahindra and HCL Tech.

The top gainers from the BSE include CreditAccess Grameen, Adani Green Energy, Bombay Burmah, NLC India, Delta Corp, NALCO, Hindalco Industries, Jubilant Life, CESC and Adani Enterprises among others.

The most active stocks are YES Bank, Indiabulls Housing Finance, Reliance Industries, HDFC and State Bank of India.

Among the Nifty50 names, 20 stocks advanced while 30 declined.

98 stocks hit new 52- week low on BSE including Godrej Industries among others while Bata India, Petronet LNG and HDFC AMC hit a 52-week high.

Stocks which have moved the most with respect to volumes are YES Bank, Vodafone Idea, GRUH Finance, Tata Motors, Bank of Baroda, SAIL, Vedanta, JSPL, Adani Power, SBI, Tata Steel, DLF and PNB among others.

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The share touched its 52-week high Rs 280.05 and 52-week low Rs 150 on 21 November 2018 and 08 August 2019, respectively

The shares price of Premier Explosives surged 8.5 percent intraday on August 30 after the company received a license from the chief controller of explosives.

The company has received the license from the chief controller of explosives, Nagpur to manufacture solid propellant at its factory situated at Katepally, near Hyderabad, the company said in a BSE release.

This new license will enable the company to manufacture solid propellants of larger size at our greenfield project.

Premier Explosives was quoting at Rs 172.70, up to Rs 9.45, or 5.79 percent on the BSE.

The share touched its 52-week high Rs 280.05 and its 52-week low Rs 150 on 21 November 2018 and 08 August 2019, respectively.

Currently, it is trading 38.33 percent below its 52-week high and 15.13 percent above its 52-week low.

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The Index maintenance sub-committee of NSE indices decided to include Nestle India in the Nifty as a part of its periodic review

Shares of Indiabulls Housing Finance cracked almost 8 percent, while those of Nestle India climbed 3 percent on the NSE on August 29.

The food and beverage giant is to replace Indiabulls Housing Finance on the Nifty50 index from September 27, the NSE said in its circulars on August 28.

The index maintenance sub-committee of NSE indices decided to include Nestle India in the Nifty 50 as a part of its periodic review.

Nestle has increased investor wealth nearly 23-fold over the last 10 years, while Indiabulls Housing Finance has lost 64 percent in the last year.

Shares of Indiabulls Housing Finance were trading 5.72 percent down at Rs 431.10 at 1045 IST, while those of Nestle India was 1.63 percent up at Rs 12,721.70 on the NSE.

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Shares of private sector lender RBL Bank Ltd covered some losses in early trade on Thursday after buying at lower levels. At present, the stock is trading at 324.20, up more than 3% on the NSE

The stock took a beating on Wednesday, following speculation of insider trading. However, the bank later clarified that market transactions of shares by employees was a "routine activity". In a statement to the exchanges, RBL Bank said market transactions by employees was a routine activity with regular exercise of ESOPs (employee stock ownership plans) and sale of equity shares thereafter.

According to some analysts, while one is seeing investor interest in the stock at these levels, shares of the bank are unlikely to regain their lost charm in a hurry. It should be noted that the RBL Bank stock hit a 52-week high of 716.40 on the NSE in May this year. But its fall from glory was swift with the stock tanking to a 52-week low of 286.10 on 28 August.

The cut got steeper after the bank’s management recently indicated that its asset quality could be under pressure in the coming quarters. In the June quarter, RBL Bank reported a 41% jump in net profit against the year-ago, aided by a healthy 48% growth in core income. Although its gross bad loan ratio for the June quarter was steady, slippages increased. What also soured investors’ sentiment towards the stock was the lender’s exposure to Coffee Day Enterprise, whose founder V.G. Siddhartha recently passed away.

Meanwhile, post-June-quarter earnings, a slew of brokerages expressed concerns on the bank's exposure to a few stressed corporate accounts. Worried over higher slippages and consequent provisions, some of them reduced their earnings estimates for fiscal years 2020 and 2021.

In a report published on 27 August, brokerage house Emkay Global Financial Services Ltd said that expected the stock to remain under pressure until the bank recognized its corporate stress pool, and resumed its otherwise high return on assets trajectory.

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

  

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

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

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

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

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

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

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

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

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

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The share price down 31 percent in last 1 year

Shares of Sun Pharmaceutical Industries rose 4 percent on August 29, a day after reports of the Securities and Exchange Board of India (SEBI) clearing the company of charges of irregularities emerged.

A preliminary probe by the market regulator found no merit in allegations of violation of securities laws, levelled by a whistleblower, against the pharmaceutical major, Business Standard quoted two persons as saying.

SEBI had sought answers to alleged diversion of Rs 42,000 crore through the company’s key distributor and subsidiary, Aditya Medisales and the pharma major’s 2004 fundraising through foreign currency convertible bonds, the report said.

Sun Pharmaceutical Industries was quoting at Rs 422.80, up to Rs 10.05, or 2.43 percent, on the BSE.

The share touched its 52-week high of Rs 678.80 on September 6, 2018, and a 52-week low of Rs 350.40 on May 13, 2019.

It is trading 37.61 percent below its 52-week high and 20.86 percent above its 52-week low.

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The share touched its 52-week high Rs 3,302.55 and 52-week low Rs 1,651.80 on 31 August 2018 and 07 August 2019, respectively

Shares of Piramal Enterprises slipped more than 3 percent intraday on August 29 after the company deferred the issue of non-convertible debentures (NCDs).

The administrative committee has decided to defer the issue of privately placed NCDs aggregating up to Rs 3,000 crore (including an option to retain over-subscription of up to Rs 2,500 crore), to a future date, the company said in a release.

Piramal Enterprises was quoting at Rs 1,855.00, down Rs 40.35, or 2.13 percent on the BSE.

The share touched its 52-week high Rs 3,302.55 and its 52-week low Rs 1,651.80 on 31 August 2018 and 07 August 2019, respectively.

Currently, it is trading 43.18 percent below its 52-week high and 13.61 percent above its 52-week low.

The share price declined 39 percent in the last year.

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The board approved raising of funds by way of issuance of equity shares or such other eligible security for an aggregate amount not exceeding Rs 1,000 crore

Shares of Lakshmi Vilas Bank were locked at 5 percent lower circuit on August 29 after the managing director and chief executive officer of the company resigned.

Parthasarathi Mukherjee, managing director & chief executive officer of the bank has submitted his resignation, owing to personal reasons. The letter was placed before the board in the meeting held on August 28 and the board has accepted the same, as per company release.

There were pending sell orders of 6,303 shares, with no buyers available.

The company board in its meeting approved the increase in the authorized share capital of the bank from Rs 500 crore to Rs 650 crore.

The board also approved raising of funds by way of issuance of equity shares or such other eligible security for an aggregate amount not exceeding Rs1,000 crore and raising of funds by way of issuance of bonds, NCDs for an aggregate amount not exceeding Rs 500 crore.

The bank has also approved the notice of the ensuing 92nd annual general meeting of the Bank to be held on September 27, 2019, and the same will be issued to the shareholders of the Bank.

Lakshmi Vilas Bank was quoting at Rs 38.75, down Rs 2 on the BSE.

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The story at Wipro Ltd in recent years has been a series of false starts

 

Even as revenue growth for its larger peers, Tata Consultancy Services Ltd (TCS) and Infosys Ltd, accelerated, Wipro lagged. But one metric where the company is scoring is cash conversion

The proportion of Ebitda (earnings before interest, tax, depreciation and amortization) that converted into operating cash flow stood at 98% in the fiscal year 2019, the highest among large IT companies. Wipro maintains this lead with cash flows to Ebitda staying at 95% in the 12 months ended June 2019, showed analysis by Nomura Financial Advisory and Securities (India) Pvt. Ltd.

Wipro’s growth in operating cash flow and free cash flow exceeded Ebitda growth in 12 months to June. Free cash flow adjusts for capital expenditure as well, apart from cash operating expenses.

Importantly, this is not a recent phenomenon. Cash flow growth is far superior at the company even using three-year annual average growth rates. “Over the last three years, cash conversion has been stable for Infosys/TCS, deteriorated at HCL Technologies Ltd and improved for Wipro," analysts at Nomura India said in a note.

What explains the variation in performance is better receivables management. Comparatively, the receivables position increased at other large IT companies, with Infosys seeing material deterioration in recent quarters.

The variation in growth rates may be part of the reason. Constant currency revenue growth year-on-year remains in mid-single digits at Wipro, while its larger peers are growing in double digits. “Typically, a growth-focused company may give some leeway to customers on payment terms," said an analyst on condition of anonymity. Even so, as the analyst added, Wipro is doing a decent job in getting money quickly from customers.

Of course, all of this is but a silver lining on the dark cloud of poor growth. Most analysts remain sceptical about Wipro’s growth outlook. The September quarter revenue growth guidance indicates no major improvement. The pressure on legacy business is more pronounced at Wipro than at other large companies, showed analysis by HDFC Securities Institutional Research.

This is reflected in the valuation discount vis-à-vis other large peers. “TCS and Infosys trade at premium valuations due to revenue predictability and stable performance," Kotak Institutional Equities said in the June quarter results review note, referring to the valuation gap in IT stocks. For Wipro’s returns to pick up, revenue growth will have to inch up as well.

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The bank expects to raise capital from its majority shareholders--Life insurance corporation of India  and the government of India before September 30, 2019, to meet the shortfall

Shares of IDBI Bank plunged 10 percent intraday on August 28 after global rating agency S&P placed it on Credit Watch saying that it is uncertain whether the lender will be able to meet capital requirements.

The stock corrected more than 56 percent in the last year amid asset quality worries and weak earnings. It was quoting at Rs 26.75, down Rs 2.70, or 9.17 percent on the BSE at 1020 hours IST.

On August 27, S&P Global Ratings placed its 'BB' long-term and 'B' short-term foreign currency issuer credit ratings on IDBI Bank on Credit Watch with negative implications.

"We also placed our issue ratings on the bank's senior unsecured debt on CreditWatch with negative implications," the rating agency said.

S&P further said it placed the ratings on CreditWatch to reflect the uncertainty regarding IDBI's ability to meet its regulatory capital requirement over the next few months.

The bank expects to raise capital from its majority shareholders--Life insurance corporation of India (which owns 51 percent stake) and the government of India (46 percent stake) before September 30, 2019, to meet the shortfall.

"..but the quantum and timing of the capital infusion are uncertain, in our view," S&P said.

The bank reported a net loss of Rs 3,801 crore (widened from Rs 2,410 crore YoY) in the first quarter of fiscal 2019-20 due to high provisioning costs which eroded bank's capital below the regulatory minimum for a banking license.

"This is the second instance over the past two years that the bank has breached the regulatory minimum, and it was not in line with our expectation," the rating agency said.

Excluding the capital conservation buffer (CCB), Indian banks are required to hold a minimum 7 percent Tier-1 capital ratio and a 9 percent ratio of total capital to risk-weighted assets (CRAR). IDBI's Tier-1 capital ratio is 6.14 percent and CRAR is 8.14 percent as of June 30, 2019.

S&P believes the breach could be temporary because IDBI is in the process of raising capital from its majority shareholders. The bank would require participation from other shareholders because LIC's stake cannot extend 51 percent, according to local regulations, it said.

The agency further said raising capital from the market will be particularly challenging, given IDBI's weak valuations. It believes the bank is dependent on the Indian government and LIC for such capital to correct the breach.

S&P aims to resolve the CreditWatch in the next three months once it has clarity on the bank's plan and the timeline for shoring up its capital base, such that it maintains a sufficient buffer above the regulatory minimum.

The government announced the recapitalisation of Rs 70,000 crore for PSU banks.

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Public sector banks Punjab National Bank (PNB) and Allahabad Bank on Tuesday launched retail loan products that are linked to the Reserve Bank of India’s (RBI) repo rate. Linking of loans with the repo rate will make them cheaper

Under the Punjab National Bank’s PNB Advantage scheme, effective from 27 August, the interest rate will be 0.25% less than the existing rates based on MCLR (marginal cost of funds-based lending rate).

“The new rates will vary from 8.25% to 8.35% for housing loan borrowers and 8.65% for car loan borrowers," PNB said in a statement.

PNB’s existing customers can also apply for new RLLR (repo linked lending rates) with minimal charges.

Allahabad Bank

Allahabad Bank has benchmarked its loans up to Rs75 lakh with the EBLR (external benchmark linked rate) with repo rate one of its constituents.

The bank has priced its home loans up to Rs75 lakh and mudra loans sanctioned with effect from 1 September 2019 with reference to EBLR.

".....the borrowers shall have the option for either marginal cost of funds based lending rates (MCLR) linked loan or EBLR linked loan at mutually acceptable terms," Allahabad Bank said.

In May this year, Allahabad Bank had reduced the MCLR for a one-year loan to 8.60% from 8.65 %.

So far, the Reserve Bank of India has cut its repo rate four times in 2019.

Several banks, including the State Bank of India, have linked their lending rates with the repo rate. The central bank is reportedly considering making such a linkage compulsory for all banks.

The repo rate is the rate at which the RBI lends money to other banks.

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Auto stocks have been witnessing traction after the Finance Minister Nirmala Sitharaman announced measures to boost the sector

Most auto stocks were trading with decent gains in morning trade on August 27, keeping their sectoral index in the green

The BSE auto index traded 1.61 percent higher at 16,048.24 around 1010 hours (IST) and looked on course to extend its gaining spree into the third consecutive session.

Among the total 16 components in the index, only one - Cummins India - was in the red at that time.

Ashok Leyland, Tata Motors, Mahindra & Mahindra, Hero MotoCorp and Maruti Suzuki gained significantly.

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India's Hindustan Petroleum Corp Ltd is seeking more gasoline after having purchased more than 120,000 tonnes of the fuel for September to early October delivery from the spot market to plug a supply gap, industry sources said on Tuesday

The state-owned refiner has been actively seeking gasoline from the spot market this year as Indian refiners undergo maintenance and up-gradation to produce cleaner fuels.

HPCL recently bought the cargoes for September to early October arrival at Visakhapatnam (Vizag) and Mundra from BP, Emirates National Oil Co and Trafigura, but the premiums were not immediately available.

This however could not be confirmed as the buyer and its sellers do not typically comment on their deals.

HPCL's latest tender is for 30,000 tonnes of gasoline scheduled for Oct. 5-8 arrival at Vizag and offers are to be submitted by Aug. 28.

It is not the only Indian refiner looking to import gasoline. Bharat Petroleum Corp Ltd and Indian Oil Corp have also been seeking the fuel.

This has pushed India's gasoline imports in July to the highest in at least 8 years, official data showed.

But India's gasoline exports were at a two-month high of 1.16 million tonnes in July, or about 16% below May's export volumes when they were at a two-year high, the data showed.

August data will be available next month.

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Global brokerage HSBC upgraded stock to buyShares of Bharat Heavy Electricals (BHEL) rallied 10 percent intraday on August 27 after it won orders worth Rs 2,500 crore

"Valued at around Rs 2,500 crore, the orders have been placed on BHEL by NTPC," the company said, adding the orders involve supply and installation of flue gas desulphurization (FGD) systems for 13 coal-based units at 2,600 MW Korba STPS Stage I, II & Ill in Chhattisgarh and 2,100 MW Ramagundam STPS Stage I & II in Telangana.

The stock was quoting at Rs 54.65, up to Rs 4.70, or 9.41 percent on the BSE at 1005 hours IST.

Global brokerage HSBC upgraded stock to buy. It sees near-term weakness in business fundamentals of state-owned power equipment maker BHEL, but it upgraded the stock to buy due to steep correction, and balance sheet strength and long-term growth potential.

However, the global brokerage house slashed price target to Rs 60 from Rs 62 per share after lowering earnings estimate by 1-5 percent on lowered order inflow expectations.

"Downside risks include a continued increase in receivables & lower margins," it said.

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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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The company will provide the response and corrective action plan within the 15 working days to address the USFDA observation

The share price of Unichem Laboratories declined more than 3 percent intraday on August 26 after the company received one observation from USFDA

The United States Food and Drug Administration (USFDA) conducted an inspection at the company's Ghaziabad formulation facility between August 19, 2019, to August 23, 2019.

The inspection was a routine GMP surveillance and at the end of the inspection, the facility received one observation which is not a repeat observation and is procedural in nature.

The company will provide the response and corrective action plan within the next 15 working days to address the USFDA observation, it added.

Unichem Laboratories was quoting at Rs 170.15, down Rs 2.50, or 1.45 percent on the BSE.

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Auto stocks were trading mixed in morning trade on August 26, after the Finance Minister Nirmala Sitharaman on August 23 announced a slew of measures to improve investor sentiment and help auto, NBFC and PSB sectors

Around 0930 hours, the BSE Auto index was 0.28 percent up at 15,772 with shares of Ashok Leyland (up 5.73 percent), Mahindra & Mahindra (up 2.64 percent), Bosch (up 1.35 percent), Exide Industries (up 1.24 percent) and Eicher Motors (up 0.87 percent) among the top gainers.

However, Motherson Sumi Systems (down 1.38 percent), Hero MotoCorp (down 1.22 percent), Maruti Suzuki (down 0.60 percent), Bajaj Auto (down 0.57 percent) and TVS Motor (down 0.19 percent) were in the red in the index.

Giving respite to the auto sector, the Finance Minister on August 23 deferred the revision of one-time registration fees till June 2020, which, analysts say, may have a significant impact on short-term demand.

Besides, the rate of depreciation for all vehicles was raised by up to 30 percent for vehicles purchased up to March 2020, which is also expected to give a boost to the CV and PV players.

Global brokerage Macquarie believes the steps will have a small positive impact on the near-term demand and the steps to improve liquidity and lower auto loan rates will benefit all segments.

"Higher depreciation rate and replacement of old vehicles by the government departments will benefit CV and PV," said the brokerage.

However, the two-wheelers will be disappointed by the steps, the brokerage added.

The market benchmarks Sensex and Nifty were in the green however both the key indices pared gains due to weak global sentiment.

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The share touched its 52-week high Rs 206.54 and 52-week low Rs 101 on 24 August 2018 and 22 July 2019, respectively

Shares of Cupid gained 6.6 percent in the early trade on August 26 after the company won order worth Rs 4.95 crore. The company got an order worth Rs 4.95 crore from UNFPA to supply male condoms to Angola, as per a BSE release.

"We are excited to receive this valuable order," said Omprakash Garg, CMD, Cupid. Cupid was quoting at Rs 131.15, up to Rs 4.65, or 3.68 percent.

The share touched its 52-week high Rs 206.54 and 52-week low Rs 101 on 24 August 2018 and 22 July 2019, respectively.

Currently, it is trading 36.38 percent below its 52-week high and 30.1 percent above its 52-week low.

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Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company's upcoming annual general meeting (AGM) to increase the board size to 10 directors

InterGlobe Aviation promoter Rakesh Gangwal on Friday said the company’s board has approved a new policy on related-party transactions, amid an ongoing feud with co-promoter Rahul Bhatia over governance issues. The company is the parent of the country’s largest airline IndiGo. “While much work lies ahead, including mending some fences and the regulators completing their investigations on the governance issues raised with them, it is gratifying to see progress towards better governance,” Gangwal said in a statement.

Gangwal said the board has now approved a new related-party transaction policy and to also close an open issue if the Articles of Association are amended at the company’s upcoming annual general meeting (AGM) to increase the board size to 10 directors. “In light of this positive and important development, I will be supporting the proposed changes to the Articles,” he said.

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With JioFibre set to be launched on September 05, 2019, telecom players are revising their plans in a bid to maintain their share in the industry

With JioFibre set to be launched on September 05, 2019, telecom players are revising their plans in a bid to maintain their share in the industry and hence increase their revenue despite continually losing their subscribers to the Reliance juggernaut.

And it is not just telecom companies who are doing this, DTH service Tata Sky too made an announcement this week offering free additional months of usage to its subscribers. However, the offer will only be valid only for those who have the annual payment plans. Subscribers must note that the latest offer by DTH has only been made available in a few select cities whereas the extra validity is only valid on unlimited plans. Besides this, other cities too will get extra validity on fixed data plans.

Meanwhile, BSNL announced on Friday that the annual broadband plans which are set over Rs 399 will now bundle Amazon Prime membership which is worth Rs 999 for free, Telecom Talk reported. Previously, the State-run telco had offered Amazon Prime subscription for free with broadband plans priced over Rs 499, however now, the internet service provider has added the Rs 399 affordable broadband plan in the mix too.

However, the big players still remain Reliance Jio, Airtel and Vodafone-Idea. In view of the latest offers, companies have launched long term plans on broadband fibre.

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