Commentary Financial News

Torrent Power, one of the largest private utility companies in the country, has raised ₹3,500 crore through qualified institutional placement (QIP), the company said on Monday. This is the first equity raise by the company and also the first in the last three decades by Torrent Group.

Shriram Finance Ltd. 0.36 per cent to Rs 3113.25 in Monday's trade as of 12:34PM (IST). The stock hit a high price of Rs 3161.40 and low of Rs 3105.05 during the session.

LTIMindtree Ltd. traded 0.27 per cent in Monday's session at 12:03PM (IST). The stock opened at Rs 6395.00 and has touched an intraday high and low of Rs 6440.35 and Rs 6337.30, respectively, during the session so far. The stock quoted a 52-week high of Rs 6575.00 and a 52-week low of 4518.35. About 2,114 shares changed hands on the counter so far.

ACC Ltd. traded 0.41 per cent at Rs 2268.20 at 12:18PM (IST) on Monday, even as BSE benchmark Sensex 11.06 points to 81698.06. The scrip had closed at Rs 2258.85 in the previous session. The stock quoted a 52-week high price of Rs 2843.00 and 52-week low of Rs 1867.15, respectively. As per BSE data, total traded volume on the counter till 12:18PM (IST) stood at 4056 shares with a turnover of Rs 0.92 crore.

Bandhan Bank Ltd. traded 0.17 per cent in Monday's trade at 11:58AM (IST). Around 126,672 shares changed hands on the counter. The counter opened at Rs 177.00 and touched an intraday high and low of Rs 177.10 and Rs 175.80, respectively, in the session so far. The stock of Bandhan Bank Ltd. quoted a 52-week high of Rs 263.15 and a 52-week low of Rs 163.00.

«The broader markets on its part is way too expensive than historical numbers. One-and-a-half times deviation from the mean when you come to valuations on the small and midcap index whether it is 2007 levels or 2017, 18, 19 when you saw massive rally in the broader market. So, there is room for cautiousness to be exercised, not that I am very bearish on the market but I think some caution is warranted,» says Manish Sonthalia, Emkay Investment Managers. This market has made a very decent comeback. IT index at an all-time high. Bank Nifty marching towards an all-time high. Has that sharp correction or the sharp correction which hit us in October, November, do you think that is over? Manish Sonthalia: So, I am not in the camp who believe that the worst has been over, not that the markets will fall, but the markets can fall and this is based on whatever we are seeing at the ground level. Earnings slowdown, consumer leverage actually blowing off.

Tube Investments of India Ltd. traded 0.4 per cent at Rs 3697.55 at 11:48AM (IST) on Monday, even as BSE benchmark Sensex 54.87 points to 81763.99. The stock had settled at Rs 3682.55 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 4807.05 and Rs 3333.90, respectively.

Persistent Systems Ltd.(up 0.89 per cent), L&T Technology Services Ltd.(up 0.71 per cent), Coforge Ltd.(up 0.55 per cent) and MphasiS Ltd.(up 0.5 per cent) were among the top gainers.

Bharat Forge Ltd. traded at Rs 1366.95 on BSE at 10:41AM (IST) on Monday, 0.88 per cent from previous close. The stock quoted a 52-week low price of Rs 1063.40 and a high of Rs 1826.20.

Sundaram Brake(up 20.00%), AdityaBirlaMoney(up 19.97%), Kridhan Infra (up 19.86%), Rajdarshan Ind(up 18.96%), Indo Asia Fin(up 18.65%), Crown Tours(up 18.13%), Ventura Text(up 17.62%), Indo Us Bio-Tech(up 16.23%) and J. Taparia Proj(up 15.36%) were among the stocks that surged over 15%.

DLF Ltd. 1.41 per cent to Rs 868.75 at 10:51AM (IST) in Monday's trade. The counter has hit a high of Rs 873.45 and low of Rs 855.60 so far during the session. The stock had closed at Rs 856.60 in the previous session. The counter has had a total traded volume of 85294 shares so far with a value of Rs 7.36 crore on the NSE. It traded at a price-to-earnings multiple of 59.64 and a price-to-book ratio of 5.64.

On the BSE, Adeshwar Meditex(down 20.00 per cent), Mishtann Foods(down 19.96 per cent), Shivansh Finserve(down 15.00 per cent), AVI Products India (down 12.23 per cent) and Aztec Fluids & Machi(down 10.73 per cent) were among the stocks that plunged over 5 per cent during the session.

MRF Ltd.(up 1.49 per cent), Apollo Tyres Ltd.(up 1.24 per cent), Balkrishna Industries Ltd.(up 0.66 per cent), Exide Industries Ltd.(up 0.61 per cent) and Bharat Forge Ltd.(up 0.27 per cent) were among the top gainers.

Poonawalla Fincorp fell over 3% to Rs 342 in the morning on Monday after the company’s Chief Technology Officer, Dhiraj Saxena, resigned citing harassment by the company’s Chief Human Resources Officer (CHRO). Saxena’s resignation, effective on December 3, was officially submitted on September 6, according to a regulatory filing.

Bannari Amman Sugars Ltd.(up 2.63%), Magadh Sugar & Energy Ltd.(up 2.15%), DCM Shriram Industries Ltd.(up 1.40%), EID Parry(India)Ltd.(up 1.27%), Sakthi Sugars Ltd.(up 0.80%), Rana Sugars Ltd.(up 0.30%), Triveni Engineering & Industries Ltd.(up 0.25%), Ponni Sugars(Erode)Ltd.(up 0.07%) and KM Sugar Mills Ltd.(up 0.06%) stood among the top gainers.

Bank of Montreal on Thursday reported a fourth-quarter profit, but it wasn’t enough to meet analyst expectations as a larger-than-expected rise in provisions for credit losses took its toll.

Shares of MRF Ltd.(up 3.1 per cent), Bosch Ltd.(up 2.82 per cent), Samvardhana Motherson International Ltd.(up 2.79 per cent), Mahindra & Mahindra Ltd.(up 1.32 per cent) and Apollo Tyres Ltd.(up 1.13 per cent) ended the day as top gainers in the pack.

Equity benchmark Sensex ended the session up 809.53 points at 81765.86.

Vodafone Idea and Indus Towers will be in focus on Thursday after Indus Towers announced that it released a 3% pledge of shares by Vodafone Promoters to secure the payment obligation of Vodafone Idea. Earlier, the UK-based telecom operator Vodafone PLC announced to sell its remaining 3% stake in Indus Towers to repay debt in Vodafone Idea (Vi).

Indus Towers through a block deal and fully exiting the Indian tower company, which is now a Bharti Airtel subsidiary. “Vodafone Group Plc announces it has launched a placing of its remaining 79.2 million shares in Indus, and such shares, representing 3% of Indus' outstanding share capital through an accelerated book-build offering,” the British telco said in an official statement Wednesday.

Ashok Leyland Ltd. rose 1.01 per cent to Rs 234.20 in Wednesday's trade. It hit an intraday high of Rs 236.45 and low of Rs 232.20, respectively, during the day. The stock quoted a 52-week high price of Rs 264.70 and low of Rs 157.65.