Market Live: Indices trade lower, Nifty below 11,600; Bajaj Finance, L&T top losers


HDFC Shares Gain after CLSA Raises Target

Housing Development Finance Corporation shares gained a percent intraday after CLSA raised price target of its top pick.

"We maintain buy call and raised price target to Rs 2,730 from Rs 2,500, implying 20.7 percent potential upside after analysing Annual Report of the company," CLSA said, adding the company is capitalising on affordable housing opportunity.

It is well placed to play housing demand & is among top picks, the brokerage said.

NTPC Gains after CLSA Retains Buy

NTPC shares gained more than a percent intraday after global brokerage CLSA retained its buy call with a target price at Rs 157, implying 22 percent upside on potential SJVN merger.

"SJVN acquisition if happens is value-accretive M&A & better energy mix with renewables," the research firm said, adding acquisition would help NTPC triple its hydro capacity & double the share of renewables.

SJVN could double hydro capacity with its pipeline of 2.7 GW of regulated hydro assets, said CLSA which like NTPC's merger & acquisition (M&A) strategy that is focused on acquiring operating regulated assets

Mahindra & Mahindra to Announce Q1 Earnings Next Month

M&M said its Board of Directors is scheduled meeting on August 7, to consider and approve the unaudited standalone financial results for the first quarter ended June 30, 2019.


Power Finance Corporation's 6.3 crore shares (representing 2.4 percent of total equity) worth Rs 794 crore exchanges hands in two block deals on NSE at an average price of Rs 125 per share, reports CNBC-TV18.

Monsoon Update

Met Department told CNBC-TV18 that cumulative monsoon deficit as of July 11 is at 12 percent and there is an agriculture shortfall in Andhra Pradesh.

"UP, Bengal & Northeast will witness strong rain through next week. We are not revising rain forecast, continue to expect monsoon with 96 percent (+/-4%) long term average," the department said.

Indian Acrylics' Expansion

The company said it is now in process of adding two more yarn spinning plants with 10,000 spindles and 20,000 spindles capacity respectively. The building work has been completed for 10,000 spindles and in this plant company has already set up 6500 spindles during current year. The work to complete the remaining 3500 spindles is in progress and it is scheduled to achieve commercial production by Sept 2019.

Market Erases Opening Gains:

Benchmark indices erased opening gains amid volatility. The BSE Sensex was down 39.18 points at 38,783.93 and the Nifty50 fell 14.70 points to 11,568.20.

Just In

Thales, a global leader in digital security, and Tata Communications are working together to develop a secure global IoT connectivity solution.

Tata Communications MOVE mobility and IoT platform and Thales’s T-Sure warranted digital identity offering is set to unlock the value in data generated by connected devices such as cars and trucks, while maintaining the integrity and security of IoT data, Tata Comm said in its BSE filing.

Himachal Futuristic Communication gains 2%

Himachal Futuristic Communication shares gained 2 percent intraday after its subsidiary bagged order from Bharat Electronics.

"Subsidiary HTL has received a purchase order worth Rs 198.82 crore from state-owned company Bharat Electronics," the fibre optic cable manufacturing company said in its BSE filing.

The order is for supply of various types of optical fibre cables.

Petronet LNG gains after Kotak Institutional Equities reiterated its buy call and raised price target to Rs 300 from Rs 270 per share and it expects volume trajectory to improve in the near term.

GAIL's discussions with Tamil Nadu raised optimism on connectivity to Bengaluru, the brokerage said, adding it is preferring company among the utilities to play the theme on lower yields.

Crude Update

Oil prices rose as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Brent crude futures were up 0.6 percent, at $66.89 per barrel. The international benchmark settled down 0.7 percent on Thursday after hitting its highest since May 30 at $67.52 a barrel.

US West Texas Intermediate (WTI) crude futures were up 0.6 percent, at $60.54 a barrel. The US benchmark closed 0.38% lower on Thursday after marking its highest since May 23 at $60.94. Source: Reuters.

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