Fuel-price cut: Goldman, Citigroup downgrade oil retailers IOC, BPCL, HPCL

Goldman Sachs Group Inc. and Citigroup Global Markets Inc. downgraded the stocks of India’s state-run fuel retailers after the government on Thursday asked them to subsidize retail fuel prices.

Citigroup downgraded Bharat Petroleum Corp Ltd., Hindustan Petroleum Corp Ltd. and Indian Oil Corp Ltd. to sell, while Goldman Sachs lowered the first two companies to sell, after the government cut the excise tax on gasoline and diesel by 1.5 rupees (2 cents) a liter and asked state-run oil marketing companies to absorb another 1 rupee/liter on the sale of these fuels.

The announcement came just before the market closed on Thursday, driving refiners’ stocks down. The S&P BSE Energy Index tumbled 6.7 percent, the most since August 2015, while each of the three state-run refiners closed more than 10 percent lower.

The imposition of price controls is an “unequivocal negative” that underscores “high political risk” associated with state-owned enterprises, Citigroup’s analyst Saurabh Handa wrote in a note.

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IL&FS crisis: India's busted Macquarie clone must go under the knife

When even a 24-year-old Indian entrepreneur has no difficulty raising $1 billion in a day from global investors, it’s easy to forget that it wasn’t always like this.

Only two decades ago, a storied Mumbai financier could get away with raising $25 million of debt for a client, giving it just about half of that money five years later, and making the company service the full amount thereafter.

But what goes around, comes around. The institution that made a business of exploiting India’s desperation for funds, particularly for long-gestation infrastructure projects, is now seeking to protect its assets from unpaid creditors trying to push it into bankruptcy.

Infrastructure Leasing & Financial Services Ltd. had 30 years to spawn an Indian clone of Macquarie Group: a powerhouse of finance, investments, asset ownership and risk management. Instead, Ravi Parthasarathy, the founder who stepped down recently as chairman, went on to build an unwieldy, debt-fueled empire that has now crumbled. Shareholders will have to move in to rescue IL&FS in their meeting on Saturday.

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Jubilant Foodworks surges over 6% on strong Q1 results

Jubilant Foodworks gained as much as 6.6% to Rs 1,242 on BSE after the company beat street expectations to report a 25% rise in net profit for the quarter ending June 2017.

The company posted net profit of Rs 23.84 crore as compared to Rs 18.99 crore in the corresponding period of the previous year.

Revenue from operations for the firm witnessed a rise of 11.5% to Rs 679 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 79.6 crore. The operating margin was reported at 11.7% for Q1.

It also allotted 5,500 equity shares under the Domino's Employee Stock Option Plan 2007 at a premium as per respective grants and also 27,420 equity shares under JFL employees stock options.

The company informed the bourses that its Chief Financial Officer (CFO) and President Sachin Sharma, has resigned from the firm.

At 1:59 pm, the scrip was up 5.7% at Rs 1,228.65 on BSE as against 0.2% rise in BSE Sensex. The stock touched an intra-day high and intra-day low of Rs 1,242 and Rs 1,161.

In July so far, the stock has outperformed the benchmark indices, up 29.75% against a 3.8% rise in S&P BSE Sensex.

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Cigarettes firms slip on cess hike speculations; ITC down 3%

STOCK MARKET NEWS - Shares of cigarettes companies such as ITC, Godfrey Phillips and VST Industries slipped up to nearly 3% on Monday following the news buzz that the GST Council may consider hiking the compensation cess on cigarettes if prices come down post the implementation of the Goods and Services Tax (GST).

The GST Council will meet later today to take stock of the implementation of the new indirect tax regime.  

Reacting to the buzz, ITC hit an intraday low of Rs 327, down 2.9% on the BSE in an otherwise strong market. The stock was the leading loser on Sensex.

Godfrey Phillips and VST Industries also slipped 1.8% and 1.3%, respectively on the BSE.

The government had recently notified that the cigarettes will be exempted of additional excise duty under the GST regime. The move triggered a sharp spurt in the stocks of cigarette firms with ITC crossing the Rs 4 lakh crore market capitalisation earlier in July. However, speculations are abuzz that instead of an additional excise duty, the government may increase the cess on the demerit good.

Under GST, cigarettes have been put under the highest tax slab of 28% along with an additional 5% cess and another cess based on varying length of the cigarettes.

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RIL hits fresh 52-week high, crosses Rs 5 lakh crore milestone

STOCK MARKET NEWS - Reliance Industries hit its fresh 52-week high on Monday, crossing the Rs 5 lakh crore market-capitalisation for the first time in its trading history.

At 12:20 pm, the market-cap of the company stood at 5,05,970 crore.

The stock toppled Tata Consultancy Service (TCS) in terms of market-cap, gaining as much as 1.8% on the BSE. It has surged over 11% so far in July, and over 41% year-to-date.

Meanwhile, with market-cap of Rs 4,59,630 crore, TCS was trading 0.17% down at Rs 2,402 in the noon trade.

The oil-to-telecom conglomerate is slated to announce its earnings for the April-June quarter (Q1) on Thursday and hold its AGM the day after. Analysts expect the focus, both in terms of the June quarter numbers and the AGM, would be on the company’s telecom business Reliance Jio. CLICK HERE FOR THE FULL REPORT

Brokerage Motilal Oswal Securities believes RIL may report a decline in its gross refining margin (GRM) in the June quarter.

"RIL is expected to report a decline in its GRM in the quarter, led by narrowing light-heavy differential and inventory loss of ~USD1/bbl. While we expect subdued profitability in the refining segment, petchem profitability is likely to increase YoY/QoQ, led by improved deltas and increase in petchem volumes," said Motilal Oswal Securities in a June quarter preview report.

GRM is the difference between raw crude price and total value of petroleum products produced by the refinery.

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STOCK MARKET NEWS - Nifty IT falls post TCS, Infosys results; sector to underperform

STOCK MARKET NEWS - Information technology (IT) sector was in focus on Friday, with the NiftyIT index falling over 1% after two of its biggest constituents, Infosys and TCS, announced their Q1FY18 results.

So far in 2017, the index has underperformed the market by gaining 2% against 18% rise in the benchmark index amid concerns of rupee appreciation, wage hikes and visa related issues.

The Nifty IT index extended losses, ending over 1% lower for teh day as compared to 0.05% fall in BSE Sensex.

While Infosys beat street expectations to gain as much as 3%, TCS was the top loser on the frontline indices on a below-estimate Q1 performance.

Shares of the second largest IT major, Infosys touched Rs 1,000-mark for the first time since May 30, 2017 after the company reported a 1.4% growth in profit to Rs 3,483 crore and revenue rise of 1.8% to Rs 17,078 crore, on the back of improved operation controls. The stock has rallied over 5% in July so far.

TCS, on the other hand, fell as much as 2.2% after it saw its first quarter profit drop 5.8% to Rs 5,950 crore due to currency fluctuations and wage hikes as the banking and financial services and retail businesses slowed. The scrip gained around 2% in July so far after a over 7% fall in June.

Going ahead, anlaysts expect the stocks to under-perform. ICICI Securities, for instance, has downgraded TCS to hold post the Q1FY18 numbers.

"Our earnings estimates for FY18/FY19 were already lower than consensus by 3-4% but we trim our estimates modestly further by 1.9% and 1.5% for FY18 and FY19, respectively. Target price moves from Rs 2,411 to Rs 2,375. Downgrade to HOLD," the brokerage said in a post result note.

STOCK MARKET NEWS - Newly listed companies slip; AU Small Finance tanks 20% from intraday high

STOCK MARKET NEWS - Shares of newly listed companies AU Small Finance, Central Depository Services (India), Housing & Urban Development Corporation (HUDCO) and Shankara Building Products tanked up to 22% from their intra-day high levels on Friday on profit booking.

AU Small Finance Bank, CDSL and HUDCO hit their respective highs since listing in early morning trade on the National Stock Exchange (NSE).

CDSL zoomed over 200%, Shankara Building Products and AU Small Finance Bank advanced by more than 100%, while HUDCO surged 71% against their respective initial public offer (IPO) prices.

CDSL is locked in lower circuit of 10% at Rs 400, falling 18% from its intra-day high of Rs 486 on NSE. The stock surged 226% against its IPO price of Rs 149 per share.

AU Small Finance too more than doubled against its issue price of Rs 358. The stock dipped 19% to Rs 561 in intra-day trade, falling 22% from its early morning high of Rs 726.

STOCK MARKET NEWS - Religare Enterprises locked in 10% upper circuit on heavy volume

STOCK MARKET NEWS - Religare Enterprises is locked in upper circuit of 10% at Rs 118.70 on BSE on back of heavy volume in otherwise subdued market.

The trading volume on the counter more than doubled with 2.02 million shares changing hands on NSE and BSE combined. An average 1.11 million shares were traded daily in past two weeks.

The stock of financial services company has rebound 29% from its record low of Rs 92 touched on Wednesday, July 12, 2017 in intra-day trade.

In past three months, it tanked 54% to Rs 102 from Rs 220, as compared to 8% rise in the S&P BSE Sensex till July 11.

Religare Enterprises said that the company is not aware of any information/reason which could explain the decline in the share price of the company.

“We would state that Religare Capital Markets, which operates the institutional equities business, has scaled back its business in light of market realities and strategic priorities of the Group,” the company said in a clarification of news report that, Religare Enterprises closing down its institutional equity operations.

Meanwhile, the credit rating agencies have intensified scrutiny of Religare Enterprises following recent disclosures. While one of these agencies has downgraded an instrument of its lending arm, others are reviewing various instruments and bank debt of the group they have rated, in the light of latest developments, the Business Standard reported

Stock Market News: Top trading ideas from Prabhudas Lilladher

STOCK MARKET NEWS - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

PRICOL - BUY  
CMP: Rs 90.45    
TARGET:  Rs 100    
STOP LOSS: Rs 82

The stock has been in a range bound band for quite some time moving between 78 and 84.50 levels and now it has produced a tremendous spurt to give a breakout above the upper band of the range with very high volume. The RSI indicator has given a steep rise and the stock looks potentially strong for further upward move. We recommend a buy in this stock for an upside target of 100 keeping a stop loss of 82.

BAJAJ FINANCE SERVICES - BUY  
CMP: Rs 4,364    
TARGET: Rs 4,750    
STOP LOSS: Rs 4,100

The stock has come out of the consolidation phase at around 4100 levels and has created a bullish candle pattern in the daily chart. With the RSI indicator bouncing back after a positive trend reversal is indicating further potential to scale new upside targets. We anticipate the stock to move towards its previous peak level of 4750. We recommend buy for an upside target of 4750 keeping a stop loss of 4100.
 
ICICI BANK - BUY  
CMP: Rs 297.40      
TARGET: Rs 320    
STOP LOSS: Rs 284

The stock has been consolidating for quite some time between the range of 285 and 296 and now it has given a spurt to signal a breakout with decent volume participation. The RSI indicator has given a positive trend reversal signaling a buy and we anticipate the stock to scale further new heights till 320 levels. We recommend a buy in this stock for an upside target of 320 keeping a stop loss of 284.

MARKET NEWS

STOCK MARKET NEWS: CDSL, HUDCO, AU Small Finance soar up to 42% in three days

STOCK MARKET NEWS - Shares of Housing and Urban Development Corporation Limited (HUDCO), AU Small Finance Bank and Central Depository Services (India) or CDSL continued their upward journey with gaining up to 42% in past three trading sessions.

HUDCO surged 10% to Rs 98.75, its fresh high since listing in May, on back of three-fold jump in trading volumes. The stock of housing finance company rallied 41% in past three trading sessions from Rs 69.55 on Monday, July 10, 2017.

The BSE announced that HUDCO will be added to BSE 500 index with effect from July 19, 2017, the exchange said in a notice.

CDSL is locked in upper circuit of 10% at Rs 444 on the National Stock Exchange (NSE) with no sellers were seen on the counter. The stock soared 25% in past three trading sessions, zoomed almost 200% against its initial public offer (IPO) price of Rs 149 per share. The company was listed on the NSE on June 30, 2017.

AU Small Finance Bank too surged 11% to Rs 696, its new high since listing on Monday, July 10, 2017. The stock rallied 29% in past three trading sessions, up 94% over the IPO price of Rs 358 per share.

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HPCL rallies over 10% in two days after merger announcement with ONGC

STOCK MARKET NEWS - Hindustan Petroleum Corporation Limited (HPCL) rallied 6% to Rs 382 in intra-day trade, extending its Wednesday’s 5% gain on the BSE, after the media report suggested that the merger of the company with Oil and Natural Gas Corporation (ONGC) is likely to take place soon.

At 12:43 pm; the stock was trading 5% higher at Rs 376, against 0.66% rise in the S&P BSE Sensex. It is quoting close to its record high of Rs 390 (adjusted to 1:2 bonus shares) on February 14, 2017 in intra-day trade. ONGC, on the other hand, was down 2% to Rs 160, erases its entire previous day’s gain.

“The Cabinet is likely to consider this month sale of government's 51% stake in HPCL) to ONGC for over Rs 26,000 crore,” the PTI report suggests.

After the Cabinet nod, the government will move to appoint valuation and transaction advisers while ONGC too may decide to hire merchant bankers to arrive at the valuation of government shareholding, added report. CLICK HERE TO READ FULL REPORT.

Media reports today speculated that HPCL’s disinvestment may take place at a premium to current market price.

Analysts at SBICAP Securities believe HPCL’s marketing assets are undervalued, notwithstanding the expected competition. Further, an open offer is likely to be triggered to protect minority shareholders’ interests and prevent the risk of litigation. An event trigger, if any, is likely to accelerate value creation.

According to analysts, the expenditure of around Rs 26,400 crore to buy the government’s stake in HPCL is likely to exert further strain on ONGC’s balance sheet and constrain its ability to acquire more oil and gas assets overseas.

“ONGC’s strategy of acquiring only producing assets limits the scope of value creation; hence, the investment in HPCL’s assets is likely to be positive for ONGC’s shareholders. However, we see significant downside risks to crude prices, and ONGC is significantly levered to the same (every US$1/bbl increase/decrease in crude price results in 1.6% increase/decrease in ONGC’s EPS). Hence, we continue to prefer OMCs over upstream PSUs,” added report.

RIL up 9% in Nifty's 350-point July rally. SBI gains 5%, Tata Motors up 7%

STOCK MARKET NEWS - The Nifty50 index rallied over 350 points or nearly 4% in July so far with Reliance Industries contributing most in the gains.

RIL, which holds over 7% weightage in the benchmark index, contributed over 9% to the index so far in July. The stock surged as much as 9.5% to Rs 1,511 on NSE till Wednesday. By comparison, the Nifty50 advanced 3.8% or 361 points to 9,816 during the same period.

The index, continuing its record-breaking spree for the fourth straight session, hit its lifetime high of 9,885.15 in intraday trade today. At 11:00 am, the Nifty50 was trading at 9,881, up 65 points.

The other stocks that contributed in the Nifty rally include Bharti Infratel, ACC, Lupin, BPCL, IndusInd Bank and Tata Motors, which gained in the range of 6% to 12% so far in July.

Meanwhile, three stocks - Cipla, Axis Bank and Bajaj Auto - quoted in the negative during the same period.

STOCK MARKET NEWS: Sensex ends above 31,800, Nifty over 9,800 for first time ever; ONGC up 2%

STOCK MARKET NEWS - Benchmark indexes ended marginally higher but eked out to record closing highs on Wednesday with Nifty50 ending above the 9,800 mark for the first time ever led by oil & gas and energy stocks, which rose on the back of higher crude prices. Gains were however capped as investors remained on edge ahead of the June CPI data.

June CPI is expected to have cooled to a record low of 1.7%, according to a Reuters poll, easing further from May's 2.18%. A lower inflation for the month of June will intensify the pressure on RBI to cut rates in the next monetary policy review meet.

S&P BSE Sensex ended at new closing high of at 31,804, up 57 points for the day. Nifty50, on the other hand, also achieved new milestone, setting at new high of 9,816, up 30 points.

Broader market outperformed the benchmark indices with S&P BSE Midcap gaining over 1% and S&P BSE Smallcap up 0.6%.

Markets are also keeping an eye on corporate earnings including from TCS on Thursday and Infosys on Friday, kicking off the earnings season for the June quarter.

"Nifty traded range bound but finally settled with decent gains, thanks to buying in select index majors. It opened with an uptick and remained range bound thereafter, indicating caution ahead of the macroeconomic data viz. IIP and CPI inflation. However, there was no shortage of trading opportunities on stock specific front and participants remained busy till the end," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Adding: "Markets will react to the macroeconomic data in early trade tomorrow and then focus would return to the TCS's result. We reiterate our bullish view on markets and suggest maintaining buy on dips approach. Also, be selective now and prefer hedged positions."

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STOCK MARKET NEWS: Shankara Building Products hits new high on institutional investors buying

STOCK MARKET NEWS - Shankara Building Products (SBPL) moved higher by 9% to Rs 1,097, its highest level since listing on April 5, 2017 on BSE.

The stock zoomed 138% against its initial public offer (IPO) price of Rs 460 per share.

The company raised Rs 345 crore through public issue, subscribed 41.88 times. The portion for qualified institutional buyers (QIBs) was subscribed 51.62 times, while the high net worth individual quota was subscribed 90.68 times. The retail investors’ category was subscribed 15.35 times.

The institutional investors led by mutual funds and foreign portfolio investors (FPIs) have increased their stake in company by nearly 11 percentage points in past three months.

According to shareholding pattern filed by the company, total institutional investors holding in SBPL increased by 10.96 percentage points to 23.71% in June quarter. They held 12.75% stake at the end of March quarter.

Mutual funds raised their holdings in the company to 12.24% from 5.06%, while FPIs to 7.27% (4.7%) and of alternate investments funds to 4.17% (1.58%), data shows.

However, individual shareholders reduced their stake in recent rally, with their holding in the company declined by 5.76 percentage points to 11.5% from 17.31% earlier.

At 1:05 pm; the stock was trading 7% higher at Rs 1,070 on BSE, as compared to a marginal 0.04% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.25 million shares changed hands on BSE and NSE so far.

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stock markets continue trading subdued in afternoon trade ahead of June CPI data

STOCK MARKET NEWS - Benchmark indices continued trading subdued but in green in the afternoon trade with Nifty above the 9,800-mark ahead of June CPI data, to be announce later in the day. Investors expected the inflation to be at record low, which will put pressure on RBI to cut rates in the coming monetary policy review meet.

Asian Markets were also trading mixed amind political controvery surrounding Donald Trump after  emails disclosed by President Donald Trump's eldest son cited Russian support for his father's 2016 election campaign. Street also watched out for US Fed Chair Janet Yellen's testimoney to get clues on timeline of further rate hikes by Fed.

At 2:12 pm, the S&P BSE Sensex was trading at 31,789, up 42 points while the broader Nifty50 was ruling at 9,809 up 23 points

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap index rose 0.4% each.

"The overall trend is still positive in the short term wherein 9,900 levels is an immediate target in the short term whereas above 10,000 levels in the medium term. On the lower side, 9,740 is an immediate support and below that 9,710. The momentum indicator MACD is well in the buy mode on the daily charts which is very supportive and bullish in the short term," said Anand Rathi Technicals in a note.

ONGC, HUL, Tata Motors and RIL contributed the most to BSE Sensex while TCS, Bajaj Auto, HDFC Bank and HeroMoto Corp shed the most on the index.

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Sensex flat, Nifty hovers around 9,800 in noon deals; ONGC, HUL top gainers

STOCK MARKET NEWS - Benchmark indices pared some morning gains to trade flat in the noon deals with Nifty trading hovering around 9,800 ahead of June CPI data, to be announce later in the day. Investors expected the inflation to be at record low, which will put pressure on RBI to cut rates in the coming monetary policy review meet.

Asian Markets were also trading mixed amind political controvery surrounding Donald Trump after  emails disclosed by President Donald Trump's eldest son cited Russian support for his father's 2016 election campaign. Street also watched out for US Fed Chair Janet Yellen's testimoney to get clues on timeline of further rate hikes by Fed.

At 11:40 am, the S&P BSE Sensex was trading at 31,768, up 21 points while the broader Nifty50 was ruling at 9,800 up 14 points

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap index rose 0.4% each.

"The overall trend is still positive in the short term wherein 9,900 levels is an immediate target in the short term whereas above 10,000 levels in the medium term. On the lower side, 9,740 is an immediate support and below that 9,710. The momentum indicator MACD is well in the buy mode on the daily charts which is very supportive and bullish in the short term," said Anand Rathi Technicals in a note.

ONGC, HUL, Tata Motors and RIL contributed the most to BSE Sensex while TCS, Bajaj Auto, HDFC Bank and HeroMoto Corp shed the most on the index.

Religare Enterprises extended yesterday's losses, down over 5% after ending in the 20% lower circuit on Tuesday amid speculation that lenders had sold some shares, pledged by the company’s promoters, in the open market. 

Indian IT to see margin contraction in Q1FY18 due to rupee appreciation

LATEST MARKET NEWS - The first quarter of a financial year is normally the most important one for the information technology (IT) sector; along with the second quarter, it gives the direction to the overall numbers for the concerned financial year. Given the moderate guidance for financial year 2017-18 (FY18) given by Infosys, other IT companies, and Nasscom, we believe that it will be a year of consolidation for the industry, with growth rates likely to be more or less in line with FY17 and a pick up expected by 2018.

Earlier, in its guidance for FY18, Nasscom expected the IT industry’s services exports to grow 7-8 per cent in the financial year and the domestic IT services revenue growth was pegged at 10-11 per cent.

However, on a long-term basis, the industry's growth potential can be around 10-11 per cent, given that Indian IT companies enjoy a market share of more than 50 per cent even after healthy growth over the past two decades, leaving enough room for the growth.

Further, even at the current stage, Indian IT's core competitive advantage in terms of manpower cost is still intact and hence the industry has all the levers to increase its market share in the future. However, like any other industry, Indian IT companies are going through a transition with a shift occurring towards new technologies like digital. However, we don’t see this to be a worrisome sign. Instead, it is an opportunity that companies with management skills and leadership quality will be able to cruise through.        

For Q1FY18, Indian IT companies are expected to exhibit diverse trends. Among the large-caps, Infosys, HCL Tech, and Tata Consultancy Services (TCS) are expected to post constant currency (CC) QoQ growth of 3-4 per cent. Infosys is likely to post results at the lower end of the growth band, while HCL Tech will post a CC QoQ growth at the higher end aided by its acquisitions. 

Markets continue trading near all-time highs; Nifty comfortably above 9,800

LATEST MARKET NEWS - Frontline indices extended gains to trade near all time highs in the noon trade on positive cues from the global markets.Gains were however capped as investors remianed cautious as they waited for Federal Reserve Chair Janet Yellen;s testimony for clues on when the central bank would tighten the US monetary policy.

Sensex rose as much as 131 points to hit the record high of 31,847, surpassing its previous milestone of 31768.39 hit yesterday while Nifty gained as much as 47 points to hit 9,818, surpassing the last high of 9,772 hit yesterday.

At 12:08 pm, the S&P BSE Sensex was trading at 31,844, up 128 points while the broader Nifty50 was ruling at 9,818 up 47 points

In the broader market, the S&P BSE Midcap was little changed while S&P BSE Smallcap index rose 0.4%.

"Low volumes were instrumental in yesterday’s rise. However, the vertical rise is instructive, and suggestive towards potential for similar such sharp moves. Meanwhile pull back below 9,720 sharply reduce the upside prospects," said Geojit Financial Services in a note.

Buzzing Stocks

Infosys, TCS, Tata Motors, M&M and HUL contributed the most on BSE Sensex while Cipla, Bharti Airtel, ONGC, ITC and Dr Reddy's shed the most on the index.

State Bank of India gained 1% after said its central board approved dilution of its stake in its life insurance arm through an initial public offer for which it has already secured the sectoral regulatory approval.

NSE asks BSE to explain surge in trading volumes

The National Stock Exchange (NSE) on Monday asked rival BSE to provide reasons for the spurt in trading volumes in its shares. BSE is exclusively listed on NSE.

A total of 663,361 BSE shares were traded on Friday, 13 times more than its previous four-day trading volumes.

"Significant increase in volume has been observed in BSE. The exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company," NSE wrote to BSE.

In its reply, the BSE said, "We would like to confirm that there is no such announcement or price sensitive information that is pending to be intimated or furnished by the company to the stock exchanges concerning the operations and performance of the company."

"We wish to reiterate and clarify that all information furnished by the company is in the public domain. We keep the stock exchanges duly informed of all the price sensitive information," it further added.

Interestingly, the query to BSE was sent on Monday, when NSE saw a three-hour trading halt due to a technical glitch. Many market players said BSE could benefit due to the fiasco at NSE as traders would spread their bets on both exchanges.

Shares of BSE on Monday gained 1.9 per cent to Rs 1,087. However, the trading volume was low at just 6,000 shares.

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After Sebi nod, ICEX to start live trading again by end of August

LATEST MARKET NEWS - Indian Commodity Exchange Limited (ICEX), the Reliance Capital-anchored national online derivatives exchange for commodities, has received the Securities and Exchange Board of India's (Sebi's) approval to re-commence live trading operations.

ICEX said in a media note that it has successfully complied with all Sebi-mandated norms prescribed for commodity exchanges. "With all requisite approvals in place, ICEX is poised to go live by end-August 2017," said Sanjit Prasad, MD and CEO of ICEX.

Last week, the exchange announced its merger with Ahmedabad-based National Multi-Commodity Exchange.

The exchange has already received Sebi's approval to launch its diamond futures contract, which is the first of its kind in the world.

The exchange has all the necessary infrastructure to handle deposits, grading and sealing, vaulting and deliveries of diamonds as part of its preparation to launch the diamond contracts.

Prior to its launch, ICEX will be stepping up enrolment and training of members, conducting mock trials, etc.