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Thursday, 15 February 2018

PC Jeweller says co does not use letters of credit in business transactions | Trade Nivesh Investment

PC Jeweller Ltd today clarify that it has make timely disclosures of all events, information etc. that have a bearing on the operation/performance of the company, which includes price sensitive information etc.
“The company is not having any such information, which requires disclosure as aforesaid. We are not aware of the reason of sudden decrease in price of equity shares of the company today," the company said in the BSE filing.
Further, the company said in the filing, “However, we would like to assure our investors, shareholders, etc., that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans."
It said it does not use letters of credit or letters of undertaking while carrying out its business operations.
The company clarified that it does not use the instruments of LUT/LoC etc. in its business transactions. The company does not have any international transactions in diamonds, it procures all its diamonds from local markets on cash basis only, it added. 
Today, shares of PC Jeweller ended at Rs356.4, down by Rs20 or 5.31% from its previous closing of Rs376.4 on the BSE. The scrip opened at Rs379.4 and touched a high and low of Rs380 and Rs303, respectively.

Wednesday, 14 February 2018

Markets set to open gap up | Trade Nivesh Investment.

SGX Nifty indicating a positive opening for the Indian markets.

Indian markets are expected to trade with a positive bias in today’s session taking cues from global markets.
Traders would also keep an eye out on the WPI inflation numbers and Balance of trade figure for the month of Jan which would be released later in the day. 
Global markets
Major Asian markets are trading in the green, at present Shanghai Composite is trading 0.45% higher while Hang Sang is trading up 1.30%. Nikkei is trading up 1.38%.
US Markets: Wall Street witnessed a sharp recovery in yesterday’s session after initially trading lower.
The Dow jumped 1% to 24,893.49, the NASDAQ rose 1.9% to 7,143.62 and the S&P 500 surged up 1.3% to close at 2,698.63.
The rally in the markets was mainly led by the shares of Facebook and Apple.
European markets closed in the green yesterday with FTSE up 0.64%, CAX was up 1.08% and DAX closed 1.16% higher.
In Monday’s session FII’s sold 728 crores stock in the cash market whereas DII’s sold 152 crores worth of stock.
In the derivative market, FII’s bought 1039 crores of index futures and bought 1733 crores worth of Index options.
In the stock futures segment, FII’s bought 98 crores worth of stock futures and bought 57 crores stock options.

Nifty Highest Open Interest:

Call: 11100 / Put: 10500

Bank Nifty Highest Open interest: (15th Feb 2018 Expiry)
Call: 26000 / Put: 25000


PNB spots Rs 11,300 cr fraud at Mumbai branch; stock dips 10% | Trade Nivesh Investment

Punjab National Bank Wednesday said the bank has detected fraud transactions totaling over Rs 11,300 crore at its Mumbai branch. This led to the share price tanking 9.8 percent.
The fraudulent transaction amount is close to 1/3rd of its total market capitalisation of Rs 36,000 crore, or 2.55 percent of total loan book of Rs 4.5 lakh crore (as of December 2017). It is also 8 times of bank's FY17 net profit of Rs 1,324 crore.
With the sharp fall, investors lost Rs 3,844 crore of wealth on single day.
"The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad," the third largest public sector lender said in its BSE filing.
It further said in the bank, these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions.
The quantum of transactions is USD 1,771.69 million (approximately).
"The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking," PNB said.
Sources told PTI that the CBI has received two complaints from PNB against billionaire jewellery designer Nirav Modi and a jewellery company about fraudulent transactions.
Modi is already facing a CBI probe on a complaint from the Punjab National Bank, sources said.
Meanwhile, the bank, on February 6, reported lower than expected earnings for December quarter but asset quality improved sequentially.
Profit growth of 11 percent at Rs 230.11 crore and net interest income growth of 7 percent at Rs 3,989 crore year-on-year were below CNBC-TV18 poll of Rs 558.1 crore and Rs 4,122.9 crore, respectively.
The bank showed a good improvement on asset quality front as gross non-performing assets were lower at 12.11 percent compared to 13.31 percent in previous quarter. Net NPAs were also lower at 7.55 percent from 8.44 percent on sequential basis.
But provisions for bad loans remained at elevated levels, surging 80 percent quarter-on-quarter and 74 percent year-on-year to Rs 4,466.7 crore in Q3.
Provision coverage ratio at 60.78 percent in Q3 improved from 59.20 percent in previous quarter.
The stock rallied nearly 7 percent in last one year while PSU Bank gained 3 percent and Nifty Bank rallied 27 percent.
(1 US dollar - 64.15)

Tuesday, 13 February 2018

Top stocks in focus today: Bank stocks, Britannia, Idea Cellular, NBCC, Fortis Healthcare

Shares of banks will be in focus after the Reserve Bank of India (RBI) late Monday brought out new rules for recognition of stressed assets by commercial banks and revoked all old rules.
Britannia plans to launch ~50 new products under it's existing as well as new categories by March 2020, as per media sources.
Idea Cellular raises Rs3,250cr through preferential allotment to promoters.
Bank of Baroda to exit South Africa amid probe over Gupta ties.
Mangalam Cement to set up an 11 MW waste heat recovery plant at Rajasthan.
Indoco Remedies’ Goa plant gets 8 observations under form 483 from USFDA.
CG Powerto sell Hungary business (excluding switchgear business) for 38 million euros. 
IOL Chemicals and Pharma starts production of anti-diabetes drug Metformin
Precision Camshafts receives multiple orders worth Rs275cr.
JSW Steel commences mining operations in Tunga with a capacity of 0.3 MTPA.
Vascon Engineers approved raising of funds up to Rs100cr.
Fortis Healthcare signs agreement to buy entire assets of RHT Health Trust
Apollo Tyres to acquire up to 40% in KT Telematic Solutions Private Limited for Rs9cr.
NBCC to seek shareholder approval for a stock split from Rs2 to Re 1.
Oriental Bank of Commerce approved preferential allotment to GoI worth Rs3,571cr.
Punjab & Sind Bank approved preferential allotment worth Rs785cr to GoI and Rs1,215cr via FPO/Rights/QIP etc.

Monday, 12 February 2018

Nifty reclaims 10,500, as global equities bounce back | Trade Nivesh investment

Markets opened gap up and witnessed a sideways consolidation through the day before witnessing further buying interest in the final hour of trade, helping Nifty close above the physiological level of 10,500. All the major indices managed to record nearly 1% gains with the Nifty Midcap Index being the star performer, gaining 1.36%. HDFC, HDFC Bank, and Reliance were the major contributors to the index in today’s trade. Market breadth ended in the favor of advance with the advance-decline ratio closing at 4:1x.
Nifty February futures witnessed a surge in open interest to the tune of ~14.96 lakh shares, while Bank Nifty Futures witnessed a marginal surge in open interest to the tune of 12,000 shares, mainly long positions. 
Tracking the Nifty options, 10500PE and 10400PE saw an addition in open interest to the tune of ~5.4 lakh shares and ~4.3 lakh shares, respectively, indicating fresh short positions, while at the money call options witnessed a marginal decline in open interest.

India VIX index closed 7% lower ending at 17.88.

Sunday, 11 February 2018

A positive opening likely after a strong rebound in US markets | Trade Nivesh Investment

SGX Nifty indicate a positive opening for the Indian markets.
Markets are expected to trade range bound in today’s session with a positive bias.
Bank of India, Gail, Indian Bank and NHPC are some of the large-cap companies set to announce their Q3 results today.
Global markets
Major Asian markets are trading in the green, at present Shanghai Composite is trading 0.2 % higher, while Hang Sang is trading up 0.32%. Nikkei is shut in today’s trade.
US Markets: Wall Street witnessed heavy volatility in Friday’s session ending the session firmly in the green.
The Dow surged up 1.4% to 24,190.90, Nasdaq jumped 1.4% to 6,874.49 and the S&P 500 shot up 1.5% to 2,619.55.
The positive spike was mainly due to bargain hunting after the indices had reached a two month low due to steep corrections in the previous session.
European markets closed in the red on Friday with FTSE down 1.1%, CAX was down 1.42% and DAX closed 1.26% lower.

Thursday, 8 February 2018

Closing Bell: Sensex gains 330 pts, Nifty fails to hold 10,600; pharma, cement stocks rally

Benchmark indices closed sharply higher, though were off day's highs.
The 30-share BSE Sensex was up 330.45 points or 0.97 percent at 34,413.16, and the 50-share NSE Nifty gained 100.20 points or 0.96 percent at 10,576.90.
About 2,158 shares advanced against 639 declining shares on the BSE.
Banking & financials, technology stocks and Reliance Industries led the market higher while cement and pharma stocks were strong in trade.
3.28 pm Buzzing: Page Industries shares gained 8 percent as profit increased 32.6 percent year-on-year to Rs 83.4 crore and revenue grew by 17.6 percent to Rs 621 crore in Q3FY18.
Operating profit jumped 30 percent to Rs 128.9 crore and margin expanded by 220 basis points to 21 percent compared to year-ago.
3:25 pm Earnings: Muthoot Finance shares rallied 7 percent as net profit in Q3 grew by 59.3 percent to Rs 463.6 crore from Rs 291.1 crore YoY.
Revenue from operations during the quarter rose by 15.9 percent to Rs 1,554 crore from Rs 1,341 crore YoY.
The company's board of directors approved dividend of Rs 10 per share.
West Coast Paper gained nearly 10 percent as profit in Q3 increased 14.8 percent YoY to Rs Rs 43 crore, but revenue declined 7 percent to Rs 408.6 crore and operating income fell 16.2 percent to Rs 73 crore with margin contraction of 190 basis points at 17.9 percent.
3:22 pm Recall of drug bottles: Dr Reddy's Laboratories has initiated voluntary recall of over 80,000 bottles of its drug Atorvastatin Calcium Tablets 10mg, 20mg and 40mg from the US market due to quality concerns.
Atorvastatin is a drug that blocks the production of cholesterol and reduces its level in the blood.
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