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Sensex, Nifty end in the red; Reliance Communications rises 9.24% on debt recast plan

BT Online     October 31, 2017

The Sensex and Nifty closed lower in lacklustre trade on Tuesday. While the BSE Sensex was down 53.04 points or 0.16 percent to 33,213 level, the Nifty fell 28.35 points to 10,335 points. IDFC and Shriram Group stocks were in focus after the merger between the two was called off yesterday. We look at key developments, which affected the market today.

4:25 pm: IDBI Bank reports September-quarter net loss at Rs 198 crore against net profit of Rs 55.52 crore year ago.

4:13 pm: One-time income boosts IndiGo's operator InterGlobe Aviation net profit by over 294% to Rs 551 crore for September quarter. 

Also read: Axis Bank stock rises up to 9% on likely fund infusion from Bain Capital

3:41 pm: Axis Bank top gainer on the 30-stock Sensex, rises 8 percent. Other top gainers were ONGC (2.38 percent), Bharti Airtel (0.98 percent) and Hero MotoCorp (0.63 percent).

3:40 pm: 180 stocks hit their 52-week highs on the BSE. Most active security by value on the NSE was Axis Bank with shares worth Rs 2,04,525 lakh traded today. Tata Steel (Rs 96,411 lakh) and Cyient (Rs 66,080 lakh) came second and third, respectively. Reliance Communications (11.10 crore),  GMR Infra (8.63 crore)  and Suzlon (8.26 crore) were the top stocks in terms of volumes of trade on the NSE.

3:36 pm: SBI Life Insurance reported a 6 per cent rise in net profit to Rs 225.47 crore for the second quarter. This is the maiden quarterly earnings by the company after it got listed early this month. SBI Life had posted a profit of Rs 212.76 crore in the July-September quarter of the last fiscal.

3:31 pm: The Bharti Airtel stock closed 1.29 percent or 6.35 points higher at 499.15 level ahead of its Q2 earnings to be announced today.

3:06 pm: Dabur India reported a 1.2% rise in consolidated net profit at Rs 362.67 crore for the second quarter ended September 30, 2017. The company had posted a consolidated net profit of Rs 358.35 crore in the same period last fiscal.

3:03 pm: The rupee is likely to fall to around 66 per US dollar by the year-end due to rising current account deficit and muted FPI equity inflows amid rich valuations in domestic stock markets, says a Bank of America Merrill Lynch (BofAML) report.

3:01 pm: Market regulator Sebi has sought clarifications from merchant bankers of 10 firms, including Lemon Tree Hotels and CMS Info Systems, regarding their proposed initial public offers. Together, these companies are estimated to raise more than Rs 6,000 crore, according to merchant banking sources.

2:14 pm: Hindustan Petroleum Corp Ltd (HPCL) is likely to buy Mangalore Refinery and Petrochemicals (MRPL) in a share-swap deal to become country's second-largest oil refiner. The merger is likely to take place after ONGC completes acquisition of HPCL in an all-cash deal by December or January, officials said. MRPL is a subsidiary of ONGC. At present, ONGC owns 71.63% in MRPL while HPCL has 16.96%.

12:54 pm: Dr Reddy's Laboratories (DRL) has logged a marginal decline of 1.13 per cent in consolidated net profit to Rs 305.4 crore for the second quarter ended September 30, 2017. The drug major had posted a net profit of Rs 308.9 crore in July-September a year ago, DRL said in a filing. DRL's total revenue during the quarter under review stood at Rs 3,559.8 crore, down 1.56 per cent, as against Rs 3,616.3 crore a year ago.

11:30 am: The Reliance Communications stock was trading over 8 percent higher at Rs 17 per share after the Anil Ambani-led firm on Monday presented a fresh plan to recast its Rs 45,000 crore debt to lenders that includes converting Rs 7,000 crore of debt into equity by banks and handing over majority stake to them.

10:53 am: The BSE Sensex was down 63 points or 0.19 percent to 33, 203 level. The Nifty too fell 30 points to 10,332 points.

10:39 am: Private sector lender Axis Bank rose 5 percent  or 24 points at 508 level on the BSE. The bank is in advanced talks with Bain Capital to invest between Rs 4,800-6,400 crore, in what could be one of the largest private equity investments in the Indian banking sector, according to a media report. The stock fell post October 17 after the lender reported percentage of gross non-performing assets rising to 5.90 percent in Q2  from 5.03 percent in the sequential quarter ended June 30, 2017.

10:30 am: The FIIs were net sellers of stocks worth Rs 186.04 crore while the DIIs were net buyers of stocks worth Rs 139.68 crore in Monday's trade.

10:20 am: HDFC Standard Life Insurance has fixed its IPO price band at Rs 275-290 per equity share. The private insurer's Initial Public Offer will open on November 7 and close on November 9. The company will raise Rs 8,700 crore. 

Also read: IDFC, Shriram call off merger after disagreement on share swap ratio

9:53 am: The Bharti Airtel stock was trading 0.53 percent lower at 490.20 level on the BSE ahead of its Q2 earnings today.

9:45 am: The  Shriram City Union Finance stock was trading higher a day after the merger with IDFC Group was called off. At 9:48 am, the stock was trading 3.72 percent or 81.30 points higher at 2267 level on the BSE. The IDFC stock was trading 2.84 percent higher at 63.45 level after opening in the red.

9:40 am: Mahindra and Mahindra's (M&M) subsidiary Mahindra Logistics initial public offer (IPO) opens today. On Monday, the firm raised a little over Rs 247 crore from anchor investors. The company's IPO committee has finalised allocation of 57,62,203 equity shares to 15 anchor investors at Rs 429 apiece, also the upper price band for the offer, Mahindra Logistics said. At this price, the total amount works out to be Rs 247.2 crore.

9:28 am: Steel giant Tata Steel's stock was trading 1 percent higher at 726 level on the BSE. The firm swung into black by registering a consolidated net profit of Rs 1,017.78 crore in the quarter to September, helped by volume growth, higher sales and improved performance across verticals. The company had incurred a consolidated net loss of Rs 49.38 crore in the July-September quarter a year ago.

9:20 am: Analysts said market seems to be getting ready for some sort of a dip.

9:00 am: Country's largest telco Bharti Airtel will announce its Q2 earnings today. Bharti Airtel closed 1.59 percent higher at 492.80 level on the BSE yesterday. Dabur, Dr Reddy's, IndiGo, and JSW Steel  will also announce their quarterly results. 

8:55 am: In Asia, markets are trading in red tracking overnight losses seen in US markets. Adding to the weakness was the Chinese Manufacturing PMI which missed estimates. Samsung's 3Q profit almost tripled.

European markets closed on a mixed note reacting to latest quarterly numbers from Bankia, Glencore etc. Markets will wait for the Bank of England meeting on Thursday

US markets closed lower on reports that corporate tax cut could be gradual. Two day FOMC meeting to start today.

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