Companies and Markets

Companies & Markets

Realty stocks take a hard knock on profit-taking

Realty stocks saw heavy profit-taking on Thursday after a surge of 13 to 36 per cent in the last three months.
The BSE Realty Index fell 4.34 per cent, led by a sharp fall in real estate heavyweights DLF (-8.11 per cent), Indiabulls Real Estate (-6.21 per cent), Sobha (-5.25 per cent) and Unitech (-4.55 per cent).
Sensex and Nifty, in contrast, fell only 0.5 per cent on Thursday though BSE Mid-cap and BSE Small-cap indices fell 1.41 per cent and 1.30 per cent, respectively.

Cognizant buys Brilliant Service

Cognizant on Thursday announced the acquisition of Brilliant Service Co Ltd, an intelligent products and solutions company, headquartered in Osaka, Japan, specialising in digital strategy, product design and engineering, the IoT and enterprise mobility.
The acquisition expands Cognizant’s digital transformation portfolio and capabilities to enable clients to build connected and collaborative businesses.

Sensex rises 148 pts to regain 29,000-mark in early trade

The benchmark BSE Sensex surged over 148 points to regain the 29,000-mark in early trade today as investors and domestic institutions widened bets, tracking rally in global markets.

The 30-share index spurted 148.46 points, or 0.51 per cent, to trade at 29,132.95.
The gauge had rallied by 241.17 points in the previous session on the back of robust GDP data for the December quarter and positive global cues.

All the sectoral indices, led by metal, auto, oil & gas and consumer durables, were trading in positive zone with gains of up to 1.33 per cent.

Avenue Supermart sets IPO price band at Rs 295-299

Supermarket chain D-Mart’s holding company Avenue Supermarts’ announced Rs 1,870 crore initial public offering, which opens on March 8 with a price band of Rs 295 to Rs 299 per equity share of face value of Rs 10 each. The issue closes on March 10.
Avenue Supermarts public offer is largest offer so far this year to hit the primary equity market surpassing BSE’s Rs 1,243 crore IPO.
Founded by ace investor Radhakishan S Damani, the firm opened its first retail store in Mumbai in 2002.

Economic slowdown from demonetisation wanes

Disruption but only in the short term
The latest data support the expectation that the economic disruption caused by demonetisation will be short term in nature. As liquidity conditions continue to normalise, the economy is expected to keep picking up.
If most of the old notes are deposited into the banking system, legitimising previously undeclared incomes and wealth, the benefits to the government related to higher future tax collection will accrue from measures aimed at leveraging the information obtained when notes were deposited.

A close look at the euphoria on D-Street

Key benchmark indices cleared important psychological hurdles or are close to doing so. The barometer 30-scrip S&P BSE Sensitive Index has crossed the 29,000 mark while NSE Nifty is within touching distance of the 9,000 mark trading at 8,955. Of course, we will see some intermediate correction in due course which is a very healthy sign.

Markets set for long rally

Driven by huge domestic liquidity, the bourses are set for a prolonged rally as foreign and domestic brokerages have raised their year-end target for the Sensex and Nifty.
Even after a recent sharp rally that lifted the BSE S&P Sensex by 9.5 per cent year-to-date and the BSE Midcap up by 12.5 per cent, many experts feel that there could be an upside for the market in the medium term.

Auto stocks see mixed reaction

While passenger vehicles cheered the February sales, the overall auto sector saw a mixed bag. Drop in sales for Eicher Motors, Ashok Leyland and low growth figures for Tata Motors was a drag on the index and dampened market sentiments. Reports saying higher commodity prices may hurt auto component and automobile manufacturers also added to negative sentiments.

Sensex recovers 230 pts post GDP numbers

The Sensex left its two days of losses behind by recovering 230 points in early session today, propped up by fresh buying triggered by positive GDP data for the December quarter amid favourable Asian cues.

The impact was such that even the broader NSE Nifty took back the 8,900-mark.

The 30-share index, which had lost 149.65 points in the previous two sessions, was trading higher by 229.56 points, or 0.80 per cent, at 28,972.88. All sectoral indices, led by realty, bank and metal, moved up, with gains of up to 1.29 per cent.

Logistics stocks soar on prospects of early GST rollout

Logistics and other select stocks rallied on Tuesday on news that the goods and services tax (GST) could be rolled out from July this year and a GST council meeting to speed up the process is scheduled for the weekend.
The rally in these stocks came on a day benchmark indices Sensex and Nifty closed in the red, down 0.2 per cent, ahead of US president Donald Trump’s address to the US Congress that would outline his spending and tax plans.