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Infosys lost 3 percent to Rs 896 despite announcement of buyback of up to Rs 13,000 crore.
12:05 pm Big deal: Share prices of Essar Group's
listed companies Essar Shipping and Essar Securities rallied up to 18
percent intraday, after the completion of deal between Essar Oil and
Russian oil major Rosneft.
"The controlling shareholders of Essar
Oil — Essar Energy Holdings and Oil Bidco (Mauritius) - announced the
successful conclusion of the sale of 98.26 percent stake of Essar Oil,"
Essar Energy said in its filing.
Rosneft (through its subsidiary,
Petrol Complex Pte. Ltd) has acquired 49.13 percent stake, and
Trafigura-UCP consortium (through Kesani Enterprises Company Limited)
acquired an equal stake in Essar Oil.
Retail shareholders continues to hold the remaining 1.74 percent stake.
The
deal includes Essar Oil's 20 MTPA (million tonne per annum) Vadinar
Refinery, its pan-India network of over 3,500 retail outlets, as well as
the associated refinery infrastructure.
The transaction perimeter
also includes the Vadinar Port (capacity of 58 million tonnes) and the
Vadinar power plant (a 1,010 MW state-of-the art, multi-fuel unit that
supplies both power and steam to the Vadinar refinery).
11:48 am Patent: Suven Life Sciences shares rose over 4 percent intraday on receiving a product patent in Japan.
"....announced
the grant of a product patent from Japan corresponding to the new
chemical entities (NCEs) for the treatment of disorders associated with
Neurodegenerative diseases," the Hyderabad-based biopharmaceutical
company said in its filing.
These patents are valid through 2034.
"The
granted claims of the patents include the class of selective 5-HT4
compounds and are being developed as therapeutic agents and are useful
in the treatment of cognitive impairment associated with
neurodegenerative disorders like Alzheimer’s disease, Attention
deficient hyperactivity disorder (ADHD), huntington’s disease, parkinson
and schizophrenia," it said.
11:34 am Buzzing: Blue Star shares gained nearly 5 percent intraday on bagging MEP orders of over Rs 500 crore in India.
"...
won prestigious mechanical, electrical and plumbing (MEP) orders of
over Rs 500 crore for Sands Infinit, SmartCity Kochi; My Home Divija,
Hitec City, Hyderabad; Tower A, Ritz-Carlton, Mumbai; and others," the
air conditioning and commercial refrigeration major said in its filing.
Sands
Infrabuild, Kochi awarded a prestigious Rs 145 crore MEP order for
Sands Infinit, a 4.2 million square feet IT park project in Kochi Smart
City, to the company.
Blue Star booked a Rs 160 crore MEP order
from My Home Group, towards the upcoming My Home Divija, a
platinum-rated green building project in Hitec City, the IT hub of
Hyderabad.
Oasis Realty gave a MEP order for Rs 157 crore towards a
mixed-use project Tower A, Ritz-Carlton in Mumbai, a 62-storey building
with The Ritz-Carlton Hotel occupying the first 30 floors, and luxury
residences managed by The Ritz-Carlton on the remaining over 30 floors,
Blue Star said.
11:20 am Market Check: Equity
benchmarks erased early gains, with the Nifty trading below 9,850 level,
dragged by index heavyweights HDFC, HDFC Bank, Infosys and Reliance
Industries.
The 30-share BSE Sensex was down 13.74 points at 31,510.94 and the 50-share NSE Nifty rose 4.80 points to 9,842.20.
The
gap between advances and declines narrowed as about 1,186 shares
advanced against 1,010 declining shares against 2:1 in early trade on
BSE.
10:50 am Essar-Rosneft deal: A consortium
led by Russian oil major Rosneft will announce today completion of a USD
12.9 billion deal to acquire Indian private refiner Essar Oil,
strengthening ties between the world's largest oil producer and the
fastest growing fuel consumer.
Rosneft will get a 49 percent stake
in Essar and the two investors, European trader Trafigura and a Russian
fund UCP, will hold another 49 percent in equal parts. The purchase is
the biggest foreign acquisition ever in India and Russia's largest
outbound deal.
10:25 am Market Outlook: Most
global investors are worried about India valuations, especially after
issues like North Korea tension, uncertainty over White House etc.
But
it does not mean that investors lost interest in India, Nischal
Maheshwari, Head-Institutional Equities, Edelweiss Securities said in an
interview to CNBC-TV18, ahead of Edelweiss India Conference in
Singapore and Hong Kong.
June quarter was weaker than expected but Edelweiss has not cut its earnings forecast significantly, he said.
June quarter earnings growth was flat against Edelweiss' forecast of 6 percent growth.
But
he expects second half of FY18 to be better because of good monsoon and
more government reforms. Earnings will be backended, he feels.
"We are still looking at 17 percent earnings growth in FY18," Maheshwari said.
10:05 am Market Check: Equity benchmarks as well as broader markets continued to gain in morning trade, backed by banks, metals, FMCG and oil stocks.
The 30-share BSE Sensex was up 105.88 points at 31,630.56 and the 50-share NSE Nifty rose 45.45 points to 9,882.85.
About two shares advanced for every share falling on the BSE.
ICICI
Bank, ONGC, Tata Steel, Coal India, ITC, TCS and Axis Bank rallied up
to 2 percent while Reliance Industries and HDFC gained 0.4 percent.
Infosys
remained under pressure, down 2.5 percent after CLSA maintained
underperform call on the stock. The research house sees significant
senior level departures over next six months till new CEO is found and
also sees downside risks to guidance for FY18/19.
9:55 am USFDA nod: Aurobindo
Pharma shares rallied as much as 1.6 percent in morning trade on
tentative approval from USFDA for Dolutegravir, Lamivudine &
Tenofovir Disoproxil Fumarate tablets.
".... received tentative
approval from the US Food and Drug Administration under the US
President's emergency plan for AIDs relief for new drug application for
Dolutegravir, Lamivudine & Tenofovir Disoproxil Fumarate tablets,"
the healthcare firm said in its filing.
This product is used for
treatment of HIV-1 infection along as a complete regimen in adults and
pediatric patients weighing 40 kg and greater.
The reference
listed drugs of the approved combination product are ViiV Healthcare's
Tivicay (Dolutegravir) and Epivir (Lamivudine) and Gilead Science's
Viread (Tenofovir Disoproxil Fumarate).
Aurobindo said the company
and ViiV Healthcare signed a licensing agreement in 2014 that allows it
to supply Dolutegravir 50mg in 92 licensed countries, following
completion of required local regulatory approval processes.
The triple combination product is expected to be launched in sub-Saharan Africa in Q3FY18.
9:40 am FII View: "While
investors have been willing to forgive downgrades to consensus EPS in
India in the past, we highlight that the scale of the downgrades appears
to be getting larger," Sakthi Siva of Credit Suisse said.
With 53
companies in India having reported, current year consensus EPS has been
downgraded by 5.3 percent since June 30, she added.
Credit Suisse reiterated underweight call on India.
While
India is the only market in the Expensive 4 to outperform in 2017 so
far, the research house reiterated underweight call as implied return on
equity rises to 18.5 percent versus current return on equity of 13.1
percent, Siva said.
9:25 am Buzzing: Shares of Laurus Labs rose 3.5 percent in morning trade on the back of completion of USFDA inspection.
The
company has completed the US Food and Drug Administration (USFDA)
inspection of its API facilities in Units 1 and 3 at Parawada,
Visakhapatnam, Andhra Pradesh with two observation which are only
procedural in nature.
This is a regular surveillance audit by USFDA, and no data integrity issues were observed in the inspection.
9:15 am Market Check: The market bounced back with moderate gains amid volatility on Monday after Friday's sell-off.
The
30-share BSE Sensex was up 7.61 points at 31,532.29 and the 50-share
NSE Nifty rose 12.75 points to 9,850.15. About two shares advanced for
every share falling on the BSE.
Hindalco, Vedanta, Tata Steel,
ICICI Bank, Tech Mahindra, Eicher Motors, BPCL, UltraTech Cement,
Aurobindo Pharma and HCL Technologies gained up to 2 percent while TCS,
Bharti Infratel and HDFC Bank were losers.
Infosys lost 3 percent to Rs 896 despite announcement of buyback of up to Rs 13,000 crore.
Reliance Capital gained 2 percent while Jet Airways fell 1 percent.
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