STOCK MARKET - Bajaj Finance hits new high on robust June quarter numbers

STOCK MARKET - Bajaj Finance hit a new high of Rs 1,578, up 4% on BSE in intra-day trade, after the company reported a better than expected 42% year on year (YoY) jump in its standalone net profit at Rs 602 crore for the quarter ended June 2017 (Q1FY18). The company had profit of Rs 424 crore in the same quarter year ago.

The calculated net interest income (revenue from operations minus finance cost) grew 48% to Rs 2,072 crore against Rs 1,397 crore in the corresponding quarter of previous fiscal.

Analysts on an average had expected profit of Rs 557 crore on net interest income of Rs 1,782 crore.

The company’s assets under management (AUM) as on Q1FY18 was up 39% to Rs 68,883 crore from Rs 49,608 crore in Q1FY17.

Gross non-performing assets (NPA) as a percentage of gross advances stood at 1.7% in June quarter against 1.68% in March quarter. Net NPA stood at 0.53% against 0.44% in previous quarter. Gross NPA and Net NPA as of June 2016, was at 1.47% and 0.41% respectively.

At 12:31 pm; the stock was up 3.5% at Rs 1,566 against 0.62% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled A combined 1.34 million shares changed hands on the BSE and NSE so far.

STOCK MARKET- Top technical calls from Prabhudas Lilladher

STOCKMARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

BATA INDIA - BUY    
CMP: Rs 569.20      
TARGET: Rs 600      
STOP LOSS: Rs 545

The stock has made a higher bottom formation like pattern in the daily chart and with the reversal of trend in RSI, the stock looks attractive for an up move to scale further new heights. The volume participation has been a decent one and with favourable indicators supporting, we recommend a buy in this stock for an upside target of 600 keeping a stop loss of 545.
 
SHRIRAM CITY UNION FINANCE - BUY    
CMP: Rs 2,309.80      
TARGET: Rs 2,600  
STOP LOSS: Rs 2,150

The stock has made a decent correction from the peak of 2,620 to around 2,200 levels and has bottomed out there and now is showing a trend reversal with a positive bullish candle pattern. The RSI indicator has reversed its trend signaling a buy and recovered from the oversold zone and with good volume activity going on, we recommend a buy in this stock for an upside target of 2,600 keeping a stop loss of 2,150.

OIL INDIA - BUY    
CMP: Rs 277.65      
TARGET: Rs 310      
STOP LOSS: Rs 258

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MCX partners with Thomson Reuters to launch co-branded commodity indices

STOCK MARKET - Multi Commodity Exchange of India (MCX) on Tuesday announced that it has joined hands with Thomson Reuters to launch co-branded commodity indices in India. The move follows signals from the Securities and Exchange Board of India (Sebi) to open up commodity markets.

While Sebi has already allowed trading in commodity option, it had long been deliberating allowing allowing trading in indices. This is because unlike equity indices, commodity indices are not directly useful for hedging in general but are used more for assets allocation.

According to sources, once MCX is ready with the first set of new indices, prepared using more scientific methods, existing indices for metals, agri-products and other commodities are likely to be phased out.

Sources close to the development said, "In the first phase, MCX proposes to have around 5-6 Indices -- a few product-based Indices, a few single-commodity ones and a composite index. The exchange is trying to be ready for dissemination by September 2017."

Once index trading is permitted, Sebi is expected to look at allowing commodity-specific exchange traded funds (ETFs) similar to gold ETFs and portfolio management services (PMS). These were banned a few years ago when the Forward Markets Commission (FMC) was regulating commodity derivatives.

A commodity broking industry veteran said that they had recently met Sebi officials and proposed to allow PMS in commodities, as now the market is under a strong and powerful regulator.

Sebi has also allowed category-3 alternative investment funds or hedge funds in commodity derivatives, and has moved to integrate businesses of commodity broking and share broking, which means that all businesses can be transacted under single entity, allowing fungibility of capital and clients' margins.

LIC reduces 2.14% stake in Tata Global Beverages, sells 1.35 crore shares

STOCK MARKET - Life Insurance Corporation (LIC) has reduced its stake in Tata Global Beverages by 2.14 per cent, selling 1.35 crore shares in the market.

The public sector insurer, which had 9.85 per cent stake earlier, brought down its shareholding in the company to 7.70 per cent by selling shares between July 20, 2016, and July 4, 2017, Tata Global Beverages (TGBL) said in a filing to BSE.

TGBL's tea brand includes Tata Tea, Tetley, Good Earth Teas, Vitax, teapigs and JEMCA.

It is the world's second-largest manufacturer and distributor of tea with significant brand presence in over 40 countries across Asia, Europe, North America, the Middle East, Africa and Australia.

In coffee segment, it has brands as Eight O'Clock and Grand. The Tata group firm also operates a coffee chain with Starbucks in India in a 50:50 joint venture.

Shares of TGBL were trading at Rs 175 apiece, down 1.02 per cent, on BSE.

Hindustan Unilever, Maruti Suzuki, ACC, Power Grid hit new highs

STOCK MARKET - Five companies – Hindustan Unilever (HUL), Maruti Suzuki India, Adani Ports and Special Economic Zone (SEZ), ACC and Power Grid Corporation – from the Nifty50 index hit their respective all-time highs on the National Stock Exchange (NSE) in intra-day trade on Tuesday.

Other companies like Biocon, Birla Corporation, Dalima Bharat, Future Consumer, OCL India, Quess Corp and Tata Investment Corporation from the Nifty 500 and S&P BSE 500 indices hit their record highs too in today's trade.

HUL hit a new high of Rs 1,190, up 3% on BSE in intra-day, ahead of April-June quarter (Q1FY18) results today.

Analysts at Edelweiss Securities expect HUL to record a volume decline of around 1-2% year-on-year (YoY) on a base of 4% YoY (volumes grew 4% YoY in Q4FY17 on a base of 4% YoY) owing to impact in CSD (canteen-store-departments) sales (CSD offtake has been negligible over past 1 month – CSD contributes 5-6% of sales), destocking in wholesale channel owing to GST.

GST albeit will not impact the consumer demand but destocking by wholesalers is inevitable - share of wholesale lower for HUL and hence impact would be lower compared to many other staple companies.

HCL Info surges 17%; company clarifies on reports of tying up with Apple

STOCK MARKET - HCL Infosystems surged 17% to Rs 54.90 on the BSE on the back of heavy volumes after the company said that it is in various stages of discussion with multiple original equipment manufacturers (OEMS) for distribution arrangement of their products.

“As part of the overall strategy, the company keeps evaluating various strategies from time to time to create value for shareholders. In line with the same, the company had decided to move from Single brand to Multi brand distribution model in our Consumer Distribution business,” HCL Infosystems said in a regulatory filing after BSE sought clarification from the company on the news report stating Apple is likely to tie up with HCL Info for greater presence.

"As a result of the change in our strategy, we have been in various stages of discussion with multiple OEMS for distribution arrangement of their products," it added.

As and when any definitive agreement is signed by the company with any of the OEMs that result in material impact on the business, HCL Infosystems said.

The trading volumes on the counter jumped by more than 10-fold with a combined 22.05 million shares changed hands on the NSE and BSE till 01:50 pm.

Nifty outlook and few trading ideas by Chandan Taparia of MOSL

STOCK MARKET - Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:

NIFTY OUTLOOK

Nifty index continued its up move and made a new life time high of 9,928. However, it traded in a smaller trading range of 33 points but managed to give the highest daily close above 9,900 mark. Now, it has to continue to hold 9,900 zone to witness an up move towards 9,950-10,000 zones while on the downside supports are seen at 9,850 then 9,820 mark. Index has been making higher top – higher bottom formation and supports are gradually shifting higher which has a bullish implication for ongoing market trend.

Stocks:

DEWAN HOUSING FINANCE CORPORATION - BUY  
Last Close: Rs 456
Stop Loss: Rs 444
Target: Rs 480

DHFL has turned up after the consolidation of last two weeks with the rising trading volumes. RSI indicator is also suggesting a buy signal thus suggesting for an upside move towards 480 levels. Taken support at its rising trend line and holding well above the support of 430 and 444 for last several days.

ICICI BANK - BUY
Last Close: Rs 303
Stop Loss: Rs 297
Target: Rs 315

It has given the consolidation breakout and registered a highest daily close in last 2.5 years. It has given the consolidation breakout from 285 to 295 zones. Thus recommending to hold with the trailing stop loss of 297 for an upside target of 315.

JSW STEEL - BUY
Last Close: Rs 218
Stop Loss: Rs 212
Target: Rs 230

It has retested the breakout zone of 210 and holding the gains with emerging buying interest in the entire sector. Positive breakout with follow up buying suggests a fresh rally towards 230 mark.

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

TCS to shut Lucknow centre, says no job losses, staff to be relocated

India's largest IT services firm Tata Consultancy Services is shutting its Lucknow centre as part of the consolidation of its UP operations and has asked its over 1,000-odd employees to either shift to its centre in Noida, Indore or any other facility in the country

"We are consolidating our UP operations. There have neither been any job losses nor have we asked anyone to quit," said a TCS spokesperson.

TCS is also setting up a large BPO operation in Varanasi, Prime Minister Narendra Modi's constituency next year and some of these staff could  be absorbed in the centre.

The 10-year old facility in Gomti Nagar, does  internal process for TCS and has a small team that works on projects for  global clients.

TCS employees in Lucknow were briefed about the development  on Wednesday, following which they have petitioned UP chief minister Yogi Adityanath and Prime Minister Modi  for their intervention.

A  group calling themselves SaveTCSPlease has drafted a letter to these leaders claiming that around 2,000 employees, half of them women, would be affected by this shift by TCS.

The letter signed by "TCS Lucknow employees and their dependents" said that around 300-400 employees will be retained in the Lucknow premises and that most of the existing projects will be transferred to the upcoming premises in Indore. They have alleged that employees are being forced to transfer to other cities now.

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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.

MARKET NEWS RELATED UPDATES

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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