"For surety market to develop in India and keeping in mind best practices observed in other markets, a robust legislation requiring surety bonds and other non-fund based guarantees would be a necessary condition," said the report on which the IRDAI has invited comments from stakeholders by November 9.
“At the current price of Rs340, the tender of shares in open offer can fetch a profit of Rs 60 per share on 50% of positions. The break-even price for the residual shares will be Rs 280,” said a note by ICICI Direct.
The price band for the issue is fixed at Rs 32-33 per share, and the issue closed on Thursday. The offer from the unit of Equitas Holdings will comprise a fresh issue of shares worth Rs 280 crore, and an offer for sale of 7,20,00,000 shares by the parent company.
The Dow Jones Industrial Average rose 27.24 points, or 0.10%, at the open to 28,633.55. The S&P 500 opened higher by 9.85 points, or 0.28%, at 3,493.66, while the Nasdaq Composite gained 60.78 points, or 0.52%, to 11,732.34 at the opening bell.
Analysts said cement makers may show volume growth in the seasonally weak quarter on pent up demand after the phase-wise opening up of the economy, with some estimates pegging industry-wide growth at 3 per cent YoY and 33 per cent sequentially. Prices
Net sales dropped 30.01 per cent to Rs 595.77 crore as against Rs 851.23 crore in the corresponding quarter of the preceding fiscal. The company posted a "resilient performance amidst challenging market conditions on account of the pandemic-induced shutdowns," CTIL said in a post-earnings statement.
The company had reported a net profit of Rs 405.37 crore in the same quarter a year ago. An ET Now poll had projected the company to report a net profit of Rs 498 crore. Its consolidated revenue from operations grew 12.1 per cent to Rs 3,419.11 crore from 3,048.84 crore reported a year ago.
Nifty opened with a gap up on Monday, but failed to surpass the 11,900 level and remained consolidative in a range of 70 points for most part of the day. It formed a Doji candle with a long lower shadow on the daily scale, which indicated that declines are being bought into, but multiple hurdles were intact at higher levels.
The stock markets have had a stellar run over the last two weeks but analysts now expect some fatigue to creep in and advise approaching Street with caution while staying stock specific. "Overall, we suggest traders to continue to approach the market with a cautious approach. Sector rotation is very much visible in the markets and the coming days are likely to stay highly sector and stock specific," said Milan Vaishnav, Consulting Technical Analyst and founder of Gemstone Equity Research & Advisory Services.
Here are the top gainers in the real estate sector
Price as on 19 Oct, 2020 02:53 PM, Click on company names for their live prices.
The company's focus on e-commerce also earned appreciation, but a rerating on the stock looks unlikely in the near future, after the chain of retail stores warned of supply-side challenges in the non-FMCG segment ahead of the festive season.
Here are the top losers in the tourism and hospitality sector
Price as on 19 Oct, 2020 02:06 PM, Click on company names for their live prices.
Forex Center: This is how the major currencies are faring against each other
Hatsun Agro board approves bonus share issue in the ratio on 1:3
Price as on 19 Oct, 2020 01:37 PM, Click on company names for their live prices.
Edelweiss Asset Management raises Rs 6,600 crore in ESOF III
Asset Management has raised Rs 6,600 crore in its alternative investment fund - ESOF III, the largest funds raised in 2020 in the Indian Private Credit space, amidst subdued economic climate. Fund has received commitments from marquee foreign institutional investors- Ontario Teachers’ Pension Plan Board (OTPP), Florida’s State Board of Administration, Swedish Pension Fund - AP4 and a European Insurance Investor, said a press note by Edelweiss Asset Management.
Zydus Cadila gets tentative USFDA nod for generic drug
Drug firm Zydus Cadila on Monday said it has received tentative approval from the US health regulator to market Tofacitinib extended-release tablets, used to treat ulcerative colitis, in the American market. The company has received tentative approval from the US Food and Drug Administration (USFDA) for the product which is the generic version of Pfizer's Xeljanz XR tablets, Zydus Cadila said in a statement.
These stocks hit 52-week highs
Price as on 19 Oct, 2020 01:07 PM, Click on company names for their live prices.
HDFC Life, Britannia gain ahead of Q2 earnings announcement
Price as on 19 Oct, 2020 12:56 PM, Click on company names for their live prices.
Jet Airways hits upper circuit after CoC approves resolution plan
Shares of Jet Airways (India) hit upper circuit on Monday after the airlines’ committee of creditors (CoC) on Saturday approved the resolution plan submitted by the consortium of UK’s Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan under the insolvency resolution process.
NCLT approves resolution plan for Asian Colour: Agencies
Top gainers & losers from the tourism & hospitality space
Price as on 19 Oct, 2020 12:27 PM, Click on company names for their live prices.
Shares of HDFC Bank on Monday rose by 3 per cent after the company reported a 16 per cent rise in its consolidated net profit for the second quarter ended on September 30, 2020. The stock gained 2.48 per cent to Rs 1,228.80 on the BSE. On the NSE, it rose by 2.97 per cent to Rs 1,235. HDFC Bank on Saturday reported a 16 per cent rise in its consolidated net profit to Rs 7,703 crore for the second quarter ended on September 30, 2020.
These stocks defy market trend, fall up to 5%
Price as on 19 Oct, 2020 11:41 AM, Click on company names for their live prices.
Brokerages upgarde Federal Bank post Q2 results
“Healthy fundamentals and lower valuation make us positive on the stock. Thus, we upgrade the stock from ‘Hold’ to ‘Buy’,” ICICI Securities said adding the bank reported a healthy operational performance led by stable business growth. Nirmal Bang Securities also upgraded Federal Bank to ‘Buy’ with a price target of Rs 63, citing strong operating performance, a better outlook and favourable valuation.
Here are the top 10 gainers from the NBFC space
Price as on 19 Oct, 2020 10:58 AM, Click on company names for their live prices.
Glenmark Pharma gets USFDA nod for generic drug
Glenmark Pharmaceuticals on Monday said it has received approval from the US health regulator to market Sirolimus tablets, an immunosuppressant, in the American market. The company's US-based subsidiary has received final approval from the US Food and Drug Administration (USFDA) for the product which is a generic version of PF Prism CV's Rapamune tablets, Glenmark Pharmaceuticals said in a statement.
Bank stocks and financials lead Sensex gainers
Axis Bank, HDFC Bank and Tata Steel can move higher: Manish Hathiramani, Deen Dayal Investments
Nifty has a good support at 11,650 and until we do not break that, we are in a positive territory. The resistance on the upside is at 12,050. If we are unable to move past either levels convincingly, we would be range bound and trading in this zone should be avoided. Stocks that look interesting for an up move include Axis Bank, HDFC Bank and Tata Steel.
Gold prices slip below Rs 50,500
Gold and silver prices were trading with cuts in Monday's session amid renewed vaccine hopes by year-end. Meanwhile, possibility of a US stimulus package before election day capped losses. Gold futures on were down 0.22 per cent or Rs 110 at Rs 50,437 per 10 grams. Silver futures fell 0.67 per cent or Rs 416 to Rs 61,260 per kg.
YES Bank, Voda Idea, TaMo among most active stocks on NSE
Price as on 19 Oct, 2020 09:21 AM, Click on company names for their live prices.
Nifty futures on the Singapore Exchange traded 66.5 points, or 0.56 per cent higher at 11,838.50, in signs that Dalal Street was headed for a positive start on Monday.
Tech View: Nifty shows signs of recovery
Nifty50 closed above the 11,750 level on Friday and showed initial signs of a recovery after Thursday’s selloff. Analysts said the occurrence of an ‘Inside Bar’ pattern on the daily chart a day after the formation of a long bearish candle was a sign of resilience.
Asian markets off to a positive start
Asian markets started higher on Monday, buoyed by hopes of a US fiscal package before the US elections and expectations of a coronavirus vaccine by the end of this year. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.26 per cent. Japan's Nikkei climbed 1 per cent while South Korea's KOSPI and Australian shares were up 0.7 per cent each.
Oil rises ahead of China GDP data
Oil prices edged up in early Asian trade on Monday ahead of China's economic growth data, which is expected to show recovery in the top oil importer. Brent crude for December inched up 4 cents to $42.97 a barrel and U.S. West Texas Intermediate crude was at $40.90 a barrel, up 2 cents, a day before the November contracts expire.
China GDP data today
Investors were awaiting China's third-quarter gross domestic product (GDP), monthly production and retail sales due later in the Asia morning, Reuters reported. "Chinese growth has bounced back well from its early Covid-19 losses and this data will be key to identify how the economy has progressed," Steven Dooley, chief strategist at Western Union Business Solutions told Reuters.
US stocks ended mixed on Friday
US stocks ended mixed on FridayUS stocks closed mixed as investors pored through the nation's monthly retail sales data. On Friday, the Dow Jones Industrial Average increased 112.11 points, or 0.39 per cent, to 28,606.31. The S&P 500 was up 0.47 points, or 0.01 per cent, to 3,483.81. The Nasdaq Composite Index decreased 42.32 points, or 0.36 per cent, to 11,671.56.
48-hour deadline to approve relief package
US House Speaker Nancy Pelosi said that White House and congressional lawmakers must reach an agreement in 48 hours if they want to pass a new COVID-19 relief package before the presidential election in November. "The 48 only relates to if we want to get it done before the election, which we do," Pelosi said in an interview with ABC News.
Q2 results today
HDFC Life Insurance Company, Britannia Industries, ACC L&T Technologies, Bank of Maharashtra, Rallis India and CSB Bank are slated to announce their financial results for the September quarter on Monday.
FIIs sell Rs 480 cr worth of stockS
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 479.59 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 429.81 crore, data suggests.
Rupee closes flat at 73.35 in restricted trade
The rupee on Friday settled almost flat at 73.35 against the US dollar in the absence of any fresh trigger. At the interbank forex market, the rupee opened at 73.41 against the greenback and moved in a narrow range during the day in lacklustre trade. The rupee closed at 73.35, higher by just 1 paisa from its previous close of 73.36.
Sensex, Nifty on Friday
Indian equities on Friday recovered from the massive losses suffered in the previous session, with banking, metal and IT counters leading the rally. The BSE Sensex closed 254.57 points or 0.64 per cent higher at 39,982.98. Intra-day, the 30-share benchmark swung over 426 points, touching the day's peak at 40,125.71 and the lowest level at 39,700. The NSE gauge Nifty settled 82.10 points or 0.70 per cent up at 11,762.45.
Good morning, dear reader! Here's something to kickstart your trading day