Mumbai: Shares rose on Friday and were headed for a fifth session of gains in six, buoyed by a jump in Tata Steel on strong quarterly production numbers, while investors waited for a meeting of the GST Council later in the day. Analysts expect the council, chaired by finance minister Arun Jaitley, to make adjustments to the tax structure for certain payers. Frequent changes in tax rates after the launch of GST have heightened business uncertainty, because of which many firms are failing to register for the new system.
“Markets have corrected a lot recently. Whenever we see good amount of selling coming in, traders usually jump to make short-term gains,” Saurabh Jain, assistant vice-president of research at SMC Global Securities said. Here are the latest updates from the markets:
■ 3.33pm: BSE Sensex closed higher by 222.19 points, or 0.70%, at 31,814.22, while the Nifty 50 rose 91 points, or 0.92%, to close at 9,979.70.
■ 2.50pm: BSE Sensex gained 172.75 points, or 0.55%, at 31,764.78, while the Nifty 50 rose 74 points, or 0.75%, to 9,962.70.
■ 2.47pm: The pan-European STOXX 600 fell 0.2%, Germany’s DAX was up 0.06% and UK’s FTSE rose 0.12%.
■ 2.45pm: Jubilant FoodWorks Ltd was trading 3.71% higher at Rs1,536.95 after Morgan Stanley upgraded the stock rating to “overweight” from “underweight” and hiked its price target to Rs1,780 from Rs900.
The promoters of HT Media Ltd, which publishes Mint, and Jubilant FoodWorks, which runs Domino’s, are closely related. There are, however, no promoter cross-holdings.
■ 2.40pm: Tata Steel, NTPC, Sun Pharma and SBI were top gainers on BSE with gains to the tune of 4.13%, 3.10%, 2.73% and 1.97%. Meanwhile, Hero MotoCorp and HDFC lost 1.28% and 0.90%, respectively.
■ 2.10pm: BSE Sensex rose 167.94 points, or 0.53%, at 31,759.97, while the Nifty 50 gained 70.70 points, or 0.71%, to 9,959.40.
■ 2.07pm: Granules India said the US FDA issued an establishment inspection report for its Granules OmniChem facility in Vizag, Andhra Pradesh. Shares of Granules India rose 4.10% to Rs119.25.
■ 2.05pm: Crompton Greaves Consumer Electricals Ltd in a BSE filing said it has submitted a bid on 20 September as expression of interest for acquisition of Kenstar business. The company’s shares were up 3.01% to Rs222.20.
■ 2.00pm: Mahindra and Mahindra Financial Services Ltd said its board of directors has approved raising funds by issuing equity shares or convertible securities for an amount not exceeding Rs2,250 crore. The company’s shares rose 1.14% to Rs421 on BSE.
■ 12.42pm: BSE Sensex rose 182.14 points, or 0.58%, at 31,774.17, while the Nifty 50 gained 74.40 points, or 0.75%, to 9,963.10.
■ 12.40pm: Tata Steel was among the top gainers on the NSE index, rising as much as 4.6%, after the steelmaker said its provisional production and sales in India rose 11% and 19.5%, respectively, in the second quarter.
■ 12.35pm: The initial public offering (IPO) of MAS Financial Services Ltd was subscribed 41% on Friday, the first day of the shares sale. As of 12.15pm, the IPO received bids for 2,910,656 shares against the total issue size of 7,124,910, according to data available with NSE. The IPO will close on 10 October.
■ 12.30pm: The Godrej Agrovet Ltd’s initial public offering (IPO) was subscribed 4.42 times on Friday, the last day of the share sale. As of 12pm, the IPO received bids for 79,688,192 shares against the total issue size of 18,027,464, according to data available with NSE.
■ 11.42am: BSE Sensex jumped 212.31 points, or 0.67%, at 31,804.34, while the Nifty 50 gained 76.20 points, or 0.77%, to 9,964.90
■ 11.40am: The BSE metal index gained most and was up 2.52% led by Tata Steel, which was up 3.82%. SAIL 3.14%, Hindalco 2.93% and Jindal Steel 2.74%.
■ 11.35am: Tata Motors said Jaguar and Land Rover sales rose 6.6% in September compared to last year. The company also said it will launch of the 2018 model of Range Rover Sport in October.
■ 11.03am: BSE Sensex rose 204.16 points, or 0.65%, at 31,796.65, while the Nifty 50 gained 70.70 points, or 0.71%, to 9,959.40.
■ 11.00am: The government may cut its stakes in state-run banks to 52%, Sanjeev Sanyal, principal economic adviser at the finance ministry, said at a World Economic Forum event in New Delhi. The Nifty PSU Bank rose 1.82%.
■ 10.58am: Tech Mahindra Ltd has filed three cases against Reliance Communications Ltd (RCom) and two of its subsidiaries—Reliance Telecom Ltd and Reliance Big TV Ltd—in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code. Shares of RCom were trading at Rs17.5, up 1.27%.
■ 10.34am: BSE Sensex was trading higher by 179.45 points, or 0.57%, at 31,771.48, while the Nifty 50 gained 69.35 points, or 0.70%, to 9,958.05.
■ 10.30am: The initial public offering (IPO) of MAS Financial Services Ltd will open for subscription on Friday. The Gujarat-based firm plans to raise Rs2,275 crore through the share sale with a price band of Rs456-459 per share.
■ 10.25am: The initial public offering (IPO) of Godrej Agrovet Ltd, the agri-business unit of Godrej Industries Ltd, was subscribed 2.37 times on Thursday, the second day of the share sale
■ 10.13am: BSE Sensex rose 191.57 points, or 0.61%, at 31,783.60, while the Nifty 50 gained 66.70 points, or 0.67%, to 9,955.40
■ 10.10am: BASF India Ltd rose 10% to Rs 1622.90 after Emkay initiated coverage on the stock with a ‘Buy’ and price target of Rs 2,212
■ 10.05am: Shilpa Medicare Ltd rose 7% to Rs 623.40 after Motilal Oswal maintained ‘Buy’ on the stock with price target of Rs 805.
■ 9.25am: BSE Sensex opened higher by 145.51 points, or 0.46%, at 31,737.54, while the Nifty 50 rose 45.80 points, or 0.46%, to 9,934.50.
■ 9.20am: Shoppers Stop Ltd rose 8% to Rs574.25, while Future Consumer Ltd gained 3%, Future Enterprises Ltd 2.5%, Future Retail Ltd 4.2%. Kishore Biyani-led Future Retail Ltd Thursday announced the Rs655 crore acquisition of HyperCity Retail India Ltd owned by K Raheja Corp. Future Retail owns Big Bazaar, Easyday, Nilgiris and Heritage stores and online furniture store Fabfurnish.com, while HyperCity Retail, a subsidiary of Shoppers Stop Ltd, operates HyperCity large format stores.
■ 9.15am: The rupee opened at 65.20 a dollar. At 9.15am, the home currency was trading at 65.22 against the dollar, down 0.12% from its Thursday’s close of 65.14
■ 9.13am: The 10-year bond yield was at 6.731%, compared to its previous close of 6.729%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading lower ahead of US jobs data. Philippines peso was down 0.23%, Malaysian ringgit 0.18%, Indonesian rupiah 0.15%, Singapore dollar 0.12%, Thai Baht 0.12%, Taiwan dollar 0.07%. However, China renminbi was up 0.12%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.943, down 0.02% from its previous close of 93.961.
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