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Sensex gains 400 pts, Nifty above 11,450 FMCG stocks underperform

India March 15(IM): Prestige Estates Projects shares gained more than 4 percent after Deutsche Bank initiated coverage with a buy call on the stock, citing attractive valuations.

The Indian rupee extended the gains after a flat start on Friday morning on the back foreign fund inflows and strong domestic market. It is trading at day's high around 69.05 per US dollar.

Foreign research house maintained buy call on the stock with a target at Rs 2,100 per share.

It feels that moderation in volume growth is visible in Q4 and expect company to report volume growth of 7.5% YoY in Q4. It forecast sales/EBITDA / PAT growth of 11/15/16 percent for Q4.

Sources told CNBC-TV18 that HCC is close to securitising receivables related to arbitration claims.

A PE player is likely to buy out HCC's arbitration exposure for Rs 1,800 crore, sources said.

HCC’s arbitration exposure stood at around Rs 3,800 crore. Its gross debt was at Rs 3,490 crore as of December 2018, which was down by Rs 235 crore in nine-month period of FY19.

While asking above PE deal, HCC told CNBC-TV18 that the company does not comment on market speculation.

A2Z Infra Engineering said as per books and accounts, outstanding of Edelweiss as on March 2018 was Rs 177.69 crore (including interest) and the same is settled for a total settlement consideration of Rs 41 crore.

The company had availed financial assistance as term loan from ICICI Bank and ICICI Bank has assigned all the rights, title and interests in the financial assistance granted by it to the company, in favour of Edelweiss Asset Reconstruction Company Limited (the 'Lender'), acting in its capacity as trustee of EARC Trust SC 217 vide Assignment Agreement executed in favour of EARC on June 29, 2016.

Banking and financials services have been a key driver of the current rally, which lifted benchmark indices Sensex and Nifty to fresh six-month high. Key reasons behind this spike are hope of stable government at Centre and consistent FII inflow.

Bank Nifty rallied 10 percent in March against more than 5 percent gains in Nifty50.

Index constituents Punjab National Bank, Bank Of Baroda, IndusInd Bank, IDFC First Bank, ICICI Bank, RBL Bank and SBI rallied 10-20 percent during current month. Kotak Mahindra Bank, Federal Bank, HDFC Bank, Yes Bank and Axis Bank gained 5-9 percent.

Inderjeet Bhatia of Macquarie told CNBC-TV18, "Market is starting to price in continuity in government post elections in May 2019, and hence a strong comeback in foreign flows. Growth should pick up in FY20 as liquidity conditions ease."

"Upgrade private banks and energy to positive outlook and downgrade IT and metals to neutral. Top large cap picks include IndusInd Bank, Yes Bank, ITC, ONGC, L&T. Midcap picks include Phoenix Mills, Minda Ind, Apollo Hospitals, Crompton Consumer, NCC, ACC, Ujjivan, Berger Paints and Jubilant Foodworks, he added.

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