Sensex Today: Sensex ends 83 points up, Nifty at 11,118; Hero MotoCorp up nearly 5% post result

Sensex Today: S&P Sensex started today's trade at 37,257.55 points against the last closing of 37,397 and broader index Nifty50 started the day at 11,034.05 level, against the last close of 11,085.
 

Asian stocks traded lower amid dampened expectations for a resolution to the US-China trade war. SGX Nifty trades down 44 pts at 11,053.50. US stocks declined after Trump criticised China’s handling of key trade talks between the two countries.

 

Brent Crude surged to $65/bbl on account of geo-political tensions between US-Iran. 

Shares of Coffee Day Enterprises shed another 20 % lower circuit to hit 52-week low for the second staight day by th eopening session Wednesday, after Coffee Day Enterprise MD and Chairman VG Siddhartha's was found dead in the Netravati River. His body was recovered by fishermen from near the Hoige Bazaar in Mangaluru on Wednesday morning.

 Listed companies that are due to post their June Quarterly earnings report today are namely Eicher Motors, Indian Oil Corporation, UPL, Ashok Leyland, Apollo Tyres, NR Agarwal Industries, Star Cement, Symphony, Zee Media Corporation, Allahabad Bank, Future Supply Chain Solutions, JBF Industries, SKM Egg Products, Tanla Solutions, Trent, Digicontent, Uttam Value Steels, MAS Financial Services, Gandhi Special Tubes, Tamilnadu PetroProducts, Shyam Century Ferrous, Maithan Alloys, BF Investment, Indian Energy Exchange, Ajanta Pharma, Kabra Extrusion Technik, Vardhman Special Steels, Indiabulls Ventures, Carborundum Universal, Container Corporation of India, Genus Paper & Boards, Heritage Foods, Blue Dart Express, Motilal Oswal Financial Services, Mahindra Holidays & Resorts India, Creditaccess Grameen, LG Balakrishnan & Bros, Sanwaria Consumer, HCL Infosystems, IndiaMart InterMesh, Sequent Scientific, Expleo Solutions, BF Utilities, Munjal Showa, Nelcast, Future Retail, Petronet LNG, CARE Ratings, Zydus Wellness, Tata Global Beverages, Hester Biosciences, Jagran Prakashan

 

Indian currency--Rupee opens weaker at 68.90 against the dollar on Wednesday as compared to yesterday's close of 68.86 per dollar.

RITES announced today that," the Board of Directors of the Company at its meeting held on July 30, 2019 has approved the appointment of Shri Parmod Narang as the Chief Financial Officer (CFO) of the Company w.e.f. August, 01 2019 based on the recommendations of the Nomination and Remuneration Committee. Shri Parmod Narang is appointed in place of Shri Ajay Kumar Gaur (Director Finance) and CFO who is superannuating on 315‘ July, 2019," the filing added.

 

"The ratings have been put on watch with negative implication (revised from watch with developing implication) as the aforesaid development may have a negative impact on the operations of CDEL, the extent of which cannot be ascertained as yet, given the nascent stage of developments. Further, as the aforementioned development may have a critical bearing on the group’s operations and credit profile, ICRA will continue to monitor further developments and will finalize the rating action once more clarity emerges on the same." ICRA ratings wrote.
 

The share price of the country's third-largest private lender Axis Bank fell in the early trade on Wednesday despite decent earning figures as the bank failed to meet market estimates due to higher provisioning and slippages.

The stock created a gap-down chart pattern in the early trade on Wednesday and fell 1.77% on the opening bell to Rs 694. the stock later slipped 6.92% to the day's low of Rs 657.65 on BSE. Axis Bank stock has fallen over 7 % in the last 3 straight days and currently trades lower than 5, 20, 50, 100 and 200-day moving average.

NTPC Ltd. announced today that Shri Sudhir Arya, the Chief Financial Officer of the Public Sector Undertaking has been released from the services of the Company upon pre-mature retirement.

Reserve Bank has released a report suggesting relaxation in end-use stipulations under ECB Framework for Corporates and NBFCs, quoting, "Based on the feedback from stakeholders and with a view to further liberalise the ECB framework, it has been decided, in consultation with the Government of India, to relax the end-use restrictions relating to external commercial borrowings for Working Capital requirements, General Corporate purposes and Repayment of rupee loans. Accordingly, eligible borrowers will now be allowed to raise following ECBs from recognised lenders, except foreign branches/ overseas subsidiaries of Indian banks."

SpiceJet, India's budget airline ahs announced today that, "the Board of Directors of the Company will be held on Friday, the 9 th day of August, 2019, inter-alia, to consider and approve the unaudited standalone and consolidated financial results of the Company for the first quarter ended June 30, 2019." 

RBL Bank's board in its meeting held on date has accorded approval for raising equity capital of the Bank by an amount aggregating upto Rs 2000 crore (including premium) through Qualified Institutions Placement (QIP) subject to all approvals in this regard, out of the approval already accorded for raising Equity Capital aggregating upto Rs 4000.00 crore (including premium) through Qualified Institutional Placements (QIPs)/FPO /Rights Issue or in combination thereof.  

Apollo Micro Systems infomred to the exchange platforms today that Credit Rating Agency- ICRA Limited has revised its credit rating i.e. Long Term Rating to "[ICRA] BBB-"(pronounced ICRA triple B minus) from [ICRA] BBB (pronounced ICRA triple B) and the short term rating to "[ICRA] A3" (pronounced ICRA A three) from [ICRA A3+] (pronounced ICRA A three plus), to Rs 142 Crores Line of Credit of the Company.


ICRA stated on the outlook for Long Term Rating to 'Negative' from 'Stable' due to deterioration in working capital cycle owing to an increase in debtor days, high inventory holding, and lower creditors. The aforesaid ratings will be due for surveillance anytime before April 30, 2020.

Shares totaling to 31.15 lakh held by promoter Mangal industries(MIL), of the Target Company Amara Raja Batteries, representing 1.82% voting rights stake have been sold to RNGalla Family (RFPL). The notice issued quoted, "the food business undertaking of MIL including investments in Amara Raja Batteries were transferred to RFPL."

NTPC in a reply to clarification notice for media reports suggesting shutting down of 3 plants in Odisha, stated that,"Coal supplies from Mahanadi Coalfields Limited to Talcher Kaniha plant have been disrupted since 25.07.2019 consequent to Bharatpur mine over burden slide and the subsequent agitation."

"We had to shut down one unit of 500 MW on 27.07.2019 and two units of 500 MW each on 28.07.2019 due to non-availability of coal supply from MCL. The remaining three units of 500 MW each at Kaniha plant are being run with available coal stock and external Indian Railway rakes from other mines. We are in the process of ensuring faster movement of rakes so that coal availability can be ensured for making all units available for generation."

However the public sector company added, "It is pertinent to mention that NTPC on standalone and group basis has commercial capacity of 46525 MW and 54326 MW respectively. Thus considering the scale of the operations of the company, the bove mentioned news item has no material impact on the company." 

After the Board meet,  company has appointed Mr. S. V. Ranganath as the interim chairman, Mr. Nitin Bagmane as an interim chief operating officer.

The filing further added, "Constitution of an executive committee comprising Mr. S. V. Ranganath (Non-Executive lndependent Director), Mr. Nitin Bagmane (COO) and Mr. R. Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015.

"The Board will, in due course, prepare a detailed charter of authorities vested in the Executive Committee and approve the same. The Executive Committee will, inter alia, explore opportunities to deleverage the Coffee Day Group."

The Board has also appointed Cyril Amarchand Mangaldas as its legal counsel to advise it on the foregoing and related matters.

Quess Corp has informed exchange platform about acquisition of 49,000 equity shares, aggregating to 0.13% stake, through the open market on July 30, 2019 by Ajit Abraham Isaac, promoter of the group. After the acquisition, the total share holding by the promoter has increasd to 12.13% amounting to 177 lakh shares.

Shares of Quess Corp today has risen over 8% to Rs 434.40 on BSE , where it also trades as the top gainer.

Another listed company owned by VG Siddhartha, Sical Logistics share has taken a similar beating like the CCD stock and fell to 20% lower circuit on both the days (Tuesday and Wednesday). VG Siddhartha held 0.68% stake in Sical Logistics as of June quarter. On Wednesday, the stock price of Sical Logistics fell as much as 20% to a fresh 52-week low of Rs 58.25 on BSE. Similar to CCD share, Sical Logistics has no buyers bidding but only sellers with offers. It also tops the list of major losers on BSE platform.

Hero MotoCorp on Tuesday reported 38.28 per cent year-on-year growth in its net profit at Rs 1,257 crore for the first quarter ended June 30, 2019, led by a one-off exceptional gain of Rs 737.50 crore from the reversal of a national calamity contingent duty that the company paid for its Haridwar plant.

Today, the stock opened flat and soon slipped as much as 1.37 per cent to touch its 52-week low of Rs 2,228.25 apiece on the BSE. On Tuesday, Hero MotoCorp shares had fell 6 per cent to close at 2259.35 ahead of its first quarter earnings numbers which were announced after market-hour.

Bouncing back from early losses, Hero MotoCorp share price gained as much as 4.85 per cent to hit an intra-day high of Rs 2,369 apiece on the BSE. By the time of reporting, the scrip was quoting at Rs 2,350.80, up 4.05 per cent.