Tuesday, 22 November 2016

Sensex, Nifty marginally higher; HDFC, Reliance, Infosys support


Bliss GVS Pharma's Kenyan arm has won a three-year contract worth USD 111.40 million from Aon Kenya Insurance Brokers. "Bliss GVS Healthcare, the Kenyan step down subsidiary of the company has won a three-year contract worth USD 111.40 million from Aon Kenya Insurance Brokers Ltd for provision of medical healthcare services in Kenya," Bliss GVS Pharma said in a BSE filing. This contract covers outpatient services for over 3,04,060 members, it added. "Service payments will be received by the company from Aon, in advance, on a quarterly basis. Part payment for the first quarter has been received form the company," Bliss GVS Pharma said. Bliss GVS Healthcare runs chain of outpatient medical services clinics in Kenya.
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Sensex, Nifty sluggish; SBI down 2%

The market is sluggish with the Nifty hovering around 7950. The 50-share index is up 28.25 points or 0.4 percent at 7957.35 and the Sensex is up 56.65 points or 0.2 percent at 25821.79. About 1048 shares have advanced, 1346 shares declined, and 169 shares are unchanged. Auto stocks are rising with Bajaj Auto, Hero MotoCorp and Maruti leading the pack. HUL and Adani Ports are other gainers in the Sensex. Among losers are BHEL, SBI, L&T, GAIL and NTPC. The rupee slipped from its initial recovery, dropping 7 paise to Rs 68.23 in late morning deals following bouts of dollar demand from importers despite higher domestic equities.
 
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Nifty breaks 7950, Sensex flat; PSU Bank down 2%, BHEL sinks 3%


The Sensex was up 56.22 points at 25821.36 and the Nifty gained 29.30 points at 7958.40. About 1318 shares declined against 1038 advancing shares on the BSE. Oil prices rose to their highest level since October as the market priced in a potential output cut led by producer cartel OPEC, although analysts warned that a failure to agree a cut could lead to a ballooning supply overhang by early 2017. International Brent crude oil futures rose as high as USD 49.43 per barrel early today, their highest since October 31, and they were trading at USD 49.30 per barrel, up 0.82 percent, from their last settlement.

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Sensex, Nifty volatile; Cipla, Maruti, HUL top gainers


Post demonetisation India’s booming non-banking financial companies space took a major blow as repayments made to them were usually in cash. The first week of demonetisation saw no repayment at all but collection gradually picked post November 9, said Samit Ghosh, CEO and MD of Ujjivan . In an interview with CNBC-TV18 he said the compant has been disbursing loan from whatever repayments they are receiving post the cash ban. On the RBI’s decision to relax loan repayment for banks and NBFCs, as they will get an additional 60 days to for recognizing certain loans as substandard, Ghosh said that this a positive circular in terms of provisioning but it should not be misinterpreted as a two month repayment holiday.
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Sensex, Nifty, Midcap off day's high; L&T slips ahead of Q2 nos

Eric Vas, President of Motorcycle Business at Bajaj Auto, said that post demonetisation there has been a significant decline in the sales of 2-wheelers. It was 50 percent in rural India and 25 percent in urban areas. More importantly, decline in enquiries was down 80 percent across the country, he said. However, in the last four days, we have seen a revival in enquiries, and they have gone up by 30 percent, he added. Vas says it will be difficult to predict what will happen in the long-term, but the increase in enquires does indicate some liquidity is coming back into the market, he said. He stressed how most customers who buy two-wheelers do cash downpayments. He sees a decline of 25 percent this November in sales on a year-on-year basis. However, this currency ban won’t affect its launches, he said.
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Monday, 21 November 2016

Sensex extends losses, Nifty Bank tanks 600 pts; Tata Steel dips


 
Equity benchmarks extended losses in afternoon trade as investors continued to assess the impact of demonetisation on company's earnings and economy. Some brokerages started lowering earnings estimates as well as GDP forecast. The government’s demonetisation drive brings in big challenges to growth in FY17 and FY18, global investment banking firm Jefferies has said in a report. It has also reset Nifty target at 7500. The 30-share BSE Sensex was down 386.41 points or 1.48 percent at 25763.83 and the 50-share NSE Nifty fell 137.70 points or 1.71 percent to 7936.40. The BSE Midcap index shed 2.65 percent and Smallcap tanked 3 percent as six shares declined for every share rising on the exchange. Bank Nifty plunged 600 points as Bank of Baroda, PNB, Federal Bank, Canara Bank, Yes Bank, SBI and IndusInd Bank were down 5-8 percent. Tata Group stocks like Tata Steel and Tata Motors fell nearly 4 percent.
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Sun Pharma, Wockhardt in news on re-inspections, lawsuits


 
The inspection was largely positive in the large scheme of things because the Mohali unit was under an import alert since 2013 and wasn’t contributing financially to Sun Pharma or Ranbaxy. Meanwhile, sources also say that USFDA has begun re-inspection of the Halol unit. Wockhardt, Sun Pharma, Tara, Novartis and other pharma company Perrigo are also in focus on account of reports from the US that there are lawsuits filed by Unions representing the New York Police Department on price collusion of two dermatology products. The allegation is that they have raised prices by around 1000 percent in the last couple of years. Companies like Taro are facing an anti-trust probe by the US Justice Department, say sources.
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