Closing Bell: Sensex, Nifty close in the green, Nifty Bank, metals top drag##Closing Bell: Sensex, Nifty close in the green, Nifty Bank, metals top drag
Equity indices closed in the green with the Sensex jumping over 51 points to end at 38,336.76, or higher by 0.13 percent. The Nifty 50 settled at 11,582.30, up by over 11 points or by 0.10 percent. Capital goods, FMCG, IT, and pharma stocks surged, while metal, bank, financial services and auto stocks dipped. Reliance Industries surged over a percent helping the indexes, but HDFC twins dragged. Nifty Bank ended nearly a percent lower as private finacial bank and NBFC stocks nosedive. Kotak Bank and HDFC Bank together contribute over 50 percent to Nifty Bank's fall. Midcaps ended with 0.2 percent losses. Tata Motors shares slipped after reports of US imposing 25 percent levy on cars from Europe, while Reliance crossed market capitalisation of Rs 8 lakh crore for the first time.
Wadia group company shares see sharp surge##Wadia group company shares see sharp surge
Shares of the Wadia Group companies rose sharply on Thursday. National Peroxide shares traded at Rs 4432.05, jumping 4.91 percent or by Rs 207.20 on the BSE at 3.22 pm. Shares of Bombay Burmah Trading Corp soared 20 percent to trade at Rs 2009.80, rising by Rs 334.95. Wadia textile company, Bombay Dyeing & Manufacturing Co's shares also surged nearly 5 percent to trade at Rs 272.35.
NBCC shares dip nearly 3.5% after govt seeks to divest stake##NBCC shares dip nearly 3.5% after govt seeks to divest stake
Shares of NBCC (India) Ltd declined by 3.43 percent to Rs 71.70 on the NSE at 3.03 pm, after reports that the government seeks bids from bankers to sell stake in NBCC, HUDCO via offer for sale.
Meanwhile, equity indices traded in the green led by gains in L&T, NTPC, Reliance, TCS, HUL among others. The Sensex was trading at 38,316.61, higher by 30.86 points, or 0.08 percent, while the Nifty 50 was at 11,577.30, up by just 6.40 points, or 0.06 percent.
Shares of Tata Motors declined by 4.18 percent to Rs 257.80. The automaker was the top drag on the BSE index, along with Vedanta which lost 2.08 percent. Other laggards were Tata Steel, Bajaj Auto, SBI, Kotak Bank, HDFC twins, IndusInd Bank, Coal India, Yes Bank among others.
JB Chemicals hits 6-month high as board to mull buyback August 31##JB Chemicals hits 6-month high as board to mull buyback August 31
Shares of JB Chemicals and Pharmaceuticals rose over 11 percent to a six-month high of Rs 337.90 after the company said its board will meet on Aug 31 to mull buyback of shares. So far today, nearly 1 million shares of the company have changed hands on the NSE, much higher than its six-month daily average of 73,798 shares. At 14.30 pm, shares of the company were 7.1 percent higher at Rs 326.15 . (Cogencis)
Oil marketing firms drop on strong overnight crude prices##Oil marketing firms drop on strong overnight crude prices
Shares of oil marketing cos Indian Oil Corp. (IOC) Ltd, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) fell as much as between 3 percent and 3.7 percent. Oil prices rose 3 percent on Wednesday, with Brent crude futures hitting a three-week high, after US government data showed a larger-than-expected draw in crude inventories and as Washington’s sanctions on Iran signaled tightening supplies. However, international oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China. BPCL fell up to 3 percent to Rs 357.55, its lowest since July 15, 2016. Shares of HPCL were down 36.3 percent this year, as of last close. (Reuters)
Shares of IOC were trading at Rs 153.05, down by 2.95 percent on the NSE at 1.50 pm. HPCL was lower by 2.85 percent to Rs 259.25, while BPCL declined 2.87 percent to Rs 358.15.
Prataap Snacks soars on Avadh Snacks acquisition plan##Prataap Snacks soars on Avadh Snacks acquisition plan
Shares of Prataap Snacks Ltd surge as much as 17.7 percent to Rs 1,290, posting biggest intraday percent gain since its trading debut in October last year. The company on Wednesday said it would buy 76.88 percent stake in Gujarat-based Avadh Snacks Pvt. Ltd for Rs 1.48 billion ($21.12 million). Prataap Snacks is known for its Yellow Diamond brand which manufactures potato chips. Over 200,000 shares change hands, about 30 times its 30-day average of 6,867 shares. The stock is down 12.3 percent this year, as of last close. Shares traded at Rs 1,247.45, higher by 16.20 percent or by Rs 173.95 on the BSE at 1.08 pm. (Reuters)
GlaxoSmithKline Consumer shares jump over 8%##GlaxoSmithKline Consumer shares jump over 8%
Shares of GlaxoSmithKline Consumer Healthcare surged over 8 percent to hit lifetime high of Rs 7,700, after reports of many FMCG majors being in the fray to buy its nutrition business, including Horlicks. Shares traded at Rs 7,484, rising by 5.19 percent on the BSE at 1 pm. Intra-day, the scrip has touched a high of Rs 7,695. Meanwhile, benchmark indexes trade flat with the BSE was trading at 38,298, up by 13.06 points, or 0.03 percent, while the Nifty 50 was flat at 11,570.55, up by 0.35 points.
Shares of Globus Spirits surge 6.44 percent##Shares of Globus Spirits surge 6.44 percent
Shares of Globus Spirits surged 6.44 percent to Rs 155.30, adding Rs 9.40 in value to the stock on the BSE at 12.44 pm. It has traded in a range of Rs 159.35 and Rs 144.05, after opening at Rs 147.10. Speaking to CNBC-TV18, the company said it expects Bihar Distillery to resume operations soon and the facility will run by 75 percent by December 2018. The facility is expected to contribute a revenue of Rs 100 crore. Globus Spirits also said the margin improvement is due to price hike in Rajasthan. The state contributes 30 percent to the company's revenue. Don’t see any change in business due to elections in Rajasthan.
Mahanagar Gas slumps on promoter stake sale##Mahanagar Gas slumps on promoter stake sale
Shares of Mahanagar Gas Ltd slumped as much as 7.4 percent to Rs 835.55, lowest in a month over reports that the BG Asia Pacific, a unit of Shell India, sold part of its shares in Mahanagar Gas in block trades to raise up to Rs 11.7 billion ($166.93 million), according to an IFR report. Offer of 13.8 million secondary shares, or 14 percent of total outstanding, at a floor price of Rs 851 which was below Tuesday’s close of Rs 902.2. Promoter BG Asia Pacific holds a 24 percent stake in Mahanagar Gas, according to Thomson Reuters data. More than 24 million shares traded, over 55 times their 30-day average of 436,364 shares. The stock is the top percent loser on the Nifty 500 index. (Reuters)
L&T shares jump over 2.5% after board approves buyback##L&T shares jump over 2.5% after board approves buyback
Shares of L&T rose 2.53 percent to trade at Rs 1,355.60 after the company's board approved buyback up to Rs 6 crore equity shares via tender offer. The maximum buyback price will be set at a maximum of Rs 1,500 per share.
Lakshmi Vilas Bank rises over 4% after stake sale report##Lakshmi Vilas Bank rises over 4% after stake sale report
Shares of Lakshmi Vilas Bank trade higher by 0.66 percent, rising to Rs 98.70 on the BSE at 12.10 pm. The private sector lender's share rose as much as 4.1 percent to Rs 102.25 over reports of talks to sell up to 51 percent stake to strategic investors as it aims to ring fence the balance sheet with capital. Earlier this month, the company got shareholders’ nod to raise capital. More than 1.2 million shares changed hands, 2.2 times their 30-day average of 529,890 shares.