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Market News @Capitalstars: Sensex consolidates after 9-day gains; hotels stocks extend rally


Vedanta, Tata Steel, Wipro, TCS, Yes Bank, Bharti Airtel, Adani Ports, Eicher Motors, UltraTech Cement and GAIL were early gainers.


10:55 am Should Gold be a part of your portfolio?: Akash Jain, Vice President - Equity Research, Ajcon Global said gold is better as a short to medium-term investment, as long-term returns on the yellow metal are often as low as 10 percent per annum. We would suggest investors not to make too heavy or long-term investments in gold.

Allotting 5 percent to 10 percent of your investment portfolio to gold ETFs is a wise idea. This will also help keep your portfolio robust and the returns stable.

Always keep an eye on the gold price trends before you start transacting. Just like with stocks, you may want to buy gold ETFs at low prices and sell them as prices go up. It would be advisable to use gold ETFs as safe assets and hedge investment rather than as a daily profit-trading tool.

10:42 am Market Update: The market continued to be in a tight range of 30 points on the Nifty after rallying for previous nine consecutive sessions, as investors look for corporate earnings to get further market direction.

The 30-share BSE Sensex was up 26.55 points at 34,421.61 and the 50-share NSE Nifty rose 8 points to 10,556.70.

Hotels stocks extended previous day's rally. Taj GVK, Lemon Tree Hotels, Royal Orchid, Oriental Hotels, Indian Hotels Company etc gained up to 17 percent.



10:30 am Resolution Plan for Electrosteel Steels: Electrosteel Steels said the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Vedanta to acquire the company pursuant to Corporate Insolvency Resolution Process implemented as per provisions of Insolvency and Bankruptcy Code.

As per the resolution plan, a wholly-owned subsidiary of Vendata, will subscribe for the share capital of the company for an aggregate amount of Rs 1,805 crore and provide additional funds aggregating of Rs 3,515 crore by way of debt.

Upon implementation of the resolution plan, Vedanta will hold approximately 90 percent of the paid up share capital of the company. The remaining 10 percent of the company's share capital will be held by the company's existing shareholders and the financial creditors who receive shares in exchange for the debt owed to them.

The funds received by the company as debt and equity will be used to fully settle the debts owed to the existing financial creditors of the company, by payment of Rs 5,320 crore.

10:20 am Is Gold really a safe bet?: Ashwani Kumar Harit, Commodity Research Analyst at Share India said in global turmoil situation especially when geopolitical tension is going on, gold becomes hot destination for investment than the equity market because investors pull out their money from the stock market due to negative flows and rush to pour their money into the yellow metal that can sustain in such negative situations.

Whenever such situations arise, bullion becomes the safe haven investments due to its negative correlation with the equity markets and as a hedge against inflation.

Presently gold have already been benefitted from the US-China trade war and along with that prices are also getting support to push on the higher side from the ongoing escalation of tension between US-Syria.

10:15 am Rupee Trade: The rupee weakened by another 14 paise, nearing a fresh seven-month low of 65.78, against the US dollar at the interbank forex market today on fresh demand for the greenback from importers and banks.

It recovered a bit to trade 7 paise down at 65.71 against the US dollar now.

Dealers attributed the rupee's persistent fall to increased demand for the US currency from importers and foreign fund outflows.

Yesterday, the rupee had lost 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions.

Concerns over oil prices, a global trade war threat, and the widening current account deficit have also weighed on the domestic unit.

10:05 am Earnings Date: Bajaj Auto informed exchanges that the board of directors will meet on May 18 to consider the audited financial results for the year ended 31 March 2018 and recommendation of dividend on equity shares, if any, for the said year.

9:55 am Buzzing: Simmonds Marshall share price rallied 10 percent after ICICI Research said the company has a capital efficient business model where it realises around 3x asset turnover, realises around 12-13 percent EBITDA margins and has a working capital cycle of around 130 days.

Consequent return ratios are in excess of 15 percent. SML also realises healthy cash flows, with present CFO yield at around 8 percent. It has controlled leverage with FY17 debt: equity at 0.6x, the research house said.

With robust demand prospects and impressive expansion under way, ICICI Research expects sales, PAT to grow at a CAGR of 22.5 percent, 36.5 percent, respectively, in FY18-20E. "We ascribe a fair value of Rs 165-180 to SML, valuing it at 11x & 12x P/E on FY20E EPS of | 14.9. We assign a Buy rating to the stock."

Simmonds Marshall (SML) is the leading manufacturer of industrial fasteners (nuts, bolts, stud, etc) catering mainly to the automobile industry. It is among the market leaders in the nuts category, especially in the 2-W segment that accounts for around 50 percent of sales with one of the leading 2-W player as its key client, contributing around 25 percent of sales.

9:45 am Results Date: Maharashtra Scooters informed exchanges that a meeting of the board of directors will be held on May 16 to consider the audited financial results for the quarter and financial year ended March 31, 2018 and for recommendation of dividend, if any, on equity shares.

9:38 am Market Update: The market was off its opening highs, as investors look for corporate earnings due later in the day.

The Nifty Midcap outperformed frontliners, rising 0.3 percent on positive market breadth. About two shares advanced for every share falling on the BSE

Mindtree, HDFC Life and ACC were trading higher ahead of earnings later in the day.

The 30-share BSE Sensex was up 36.37 points at 34,431.43 and the Nifty gained 11.20 points at 10,559.90.

9:27 am Earnings: Tata Sponge said its Q4 net sales grew by 45.7 percent to Rs 243.5 crore, operating profit rose by 139 percent to Rs 61.6 crore, margins expanded to 25.3 percent (versus 13.95 percent) and profit increased 120 percent to Rs 46.7 crore compared to year-ago.

It also recommended a dividend of Rs 20 per share of Rs 10 each to the shareholders for the financial year ended March 31, 2018.

9:22 am Drug Approval: Glenmark Pharmaceuticals Inc, USA has received final approval from the United States Food & Drug Administration for Tacrolimus Ointment, 0.1 percent, the generic version of Protopic Ointment of Leo Pharma AS.

According to IQVIATM sales data for the 12 month period ending February 2018, the Protopic Ointment market2 achieved annual sales of approximately USD 109.0 million.

9:20 am Results Date: Bajaj Finserv said the board of directors will meet on May 17, 2018 to consider the audited financial results for the financial year ended March 31, 2018 and recommendation of dividend on equity shares, if any, for the said year.

9:18 am IRB Infra in focus: IRB Infrastructure said it has now received a copy of the closure report filed by the CBI before the Session Court Pune after conducting further investigation in the matter pertaining to the murder of the RTI activist in Maharashtra, India.

"The report once again clearly exonerates the Company officials from any involvement in the matter."

9:15 am Market Check: Benchmark indices opened higher on Wednesday, following positive lead from global stocks.

The 30-share BSE Sensex was up 105.17 points at 34,500.23 and the 50-share NSE Nifty rose 23.50 points to 10,572.20.

Vedanta, Tata Steel, Wipro, TCS, Yes Bank, Bharti Airtel, Adani Ports, Eicher Motors, UltraTech Cement and GAIL were early gainers.

Infosys, BPCL, Titan Company, HPCL and Coal India were under pressure.

Nifty Midcap was up 68 points. IRB Infrastructure, Tata Sponge, Fortis Healthcare, Jagran Prakashan, Dabur India, Indian Hume Pipe and VIP Industries gained up to 5 percent.

Mindtree and ACC gained ahead of earnings later in the day.

9:10 am Settlement in Pre-Opening: The Sensex was up 48.36 points at 34,443.42 and the Nifty gained 30.20 points at 10,578.90.

9:07 am Technical Recommendations: We spoke to SMC Global Securities and here’s what they have to recommend:

NOCIL: BUY| Target Rs260| Stop Loss Rs205| Return 15%

NRB Bearings Ltd: BUY| Target Rs188| Stop Loss Rs154| Return 13%

Supreme Industries Ltd: BUY| Target Rs1450| Stop Loss Rs1180| Return 13%

HAVE A NICE DAY!!!!!!

WWW.CAPITALSTARS.COM+917316690000


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