Closing Bell: Sensex ends on a sluggish note, Nifty ends below 9600; TCS, L&T down 2%
15:30 market close: the benchmarks ended the session with a negative note, the Nifty close is less than 9600.
The Sensex fell 80.18 points 31,075.73, while the Nifty fell by 44.30 points 9573.85. The width of the market has been close since 1379 shares advanced against a decrease of 1268 shares, while 177 shares remained unchanged.
Tata Consultancy Services (TCS), Larsen & Toubro, Indian Oil and BPCl lost most of both indexes, while Reliance, Aurobindo Pharma and Cipla gained the most.
Midcaps, however, ended up in the green zone with infrastructure shares, while the rest ended in red.
15:25 buzz: ICICIdirect starts coverage with a recommendation to buy Prabhat dairy and expects the population to reach Rs 140, as it is a powerful player betting by adding value in the dairy industry. The stock rose 4.5 percent intraday.
The research firm believes that to improve capacity utilization levels and initiatives to expand distribution and supply network, Prabhat is ready to take off with its gears in place.
It is expected that the company’s adjusted income and PAT will grow at a compound annual rate of 14.3 percent and 45.1 percent, respectively, at 17-19 years, with an operating margin of 10 percent during the year 19.
With the end of the investment phase and greater capacity utilization in all categories, visibility gains and better performance rates provide comfort, he believes.
Established in 1998, Prabhat Dairy has gone from being a company specialized in dairy products to an emerging brand in the dairy industry. It sells its products as ingredients products or co-manufactured products to institutional clients, which currently make up 70 percent of its sales; And retail consumer brands (Prabhat, Prabhat Magic Milk, Prabhat Flava, VolUp), which comprise the remaining sales.
15:10 Checking benchmark indices reduced losses in the final hour of trading, with the Sensex down 70.86 points to 31 085.05 and the Nifty down 37.20 points 9 580.95.
2:50 p.m. Life Swaraj Motors: Swaraj Motors shares rose to new record at Rs 2401.90, almost 5 percent intraday after ICICIdirect updated the stock to buy on the outstanding balance and strong earnings growth.
“The tractor engine manufacturer has a superlative balance sheet with zero debt, a cycle of negative working capital and robust performance rates. The average return on capital invested, return on capital and return on investment during the year 17-19 Is expected to be 36 percent, 28 percent, 206 percent, respectively, “the research said.
He believes that agricultural lending exceptions recently explained by key agricultural states will certainly contribute to the growth of the tractor, but it is not the best solution to deal with agricultural distress. By incorporating the same and positive moment of the monsoon, the brokerage house has improved its estimates and multiple valuation.
14:30 Drug Launch: Major Pharma Lupine has announced the release of its USP bupropion hydrochloride extended-release tablets, 150 mg and 300 mg administered by the United States Food and Drug Administration.
Bupropion is the generic equivalent of AB Valeant Pharmaceuticals North America, Wellbutrin XL tables.
The drug is indicated for the treatment of major depressive disorder and the prevention of seasonal affective disorder in adults. Had sales of USD 758 million, according to IMS rug may 2017.
14:15 Checking benchmark indices were low, with skilled trading below 9600 points.
The Sensex fell 80.19 points 31,075.72, while the Nifty fell by 38.85 points 9579.30. The width of the market has been close since 1364 stocks advanced against a decline of 1204 shares, while stocks of 156 remained unchanged.