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06:52 pm : Flashes: Coal & Power Ministe: Expect Committee On UMPP To Submit Final Report By FY-end
06:51 pm : Flashes: Coal & Power Ministe: Will Make Sure Planned 5 UMPPs Get Timely Approvals
06:51 pm : Flashes: Coal & Power Ministe: All New UMPPs Will Get Handholding From The Govt
06:50 pm : Flashes: Coal & Power Ministe: Have Plans For UMPPs In Bihar & Jharkhand
06:50 pm : Flashes: Coal & Power Ministe: Will See Gradual Phase-out Of Exemptions
06:46 pm : Flashes: PM Said Any Positive Suggestion On Land Acqn Will Be Acted Upon
06:46 pm : Flashes: MoS Finance: Road Projects Can Be Jump-started Immediately With EPC
06:45 pm : Flashes: MoS Finance: Looking At Differential Voting Rights For PSU Bank Boards
06:45 pm : Flashes: MoS Finance: Looking At Innovative Instruments For Reinvigorating PSU Bank Boards
06:44 pm : Flashes: MoS Finance: Bank Bureau Will Be An Autonomous Body & Select Bank Chiefs
06:43 pm : Flashes: MoS Finance: Trying To Pass Constitutional Amendment To GST In This Session
06:43 pm : Flashes: MoS Finance: Can See Movement In Many Stalled Projects
06:42 pm : Flashes: MoS Finance:Govt Infra Investments Will Improve Rail Network
06:41 pm : Flashes: MoS Finance:Will Start Allocating Gross Budgetary Support Of Rs 70,000 Cr Immediately
06:40 pm : Flashes: Rs 70,000 Cr Divestment Target For FY16 Is Ambitious: :Divestment Secy
02:27 pm : Interpretations: 10% TDS introduced for PF withdrawal before 5 years
02:14 pm : Interpretations: Buyback tax up from 22.66% to 23.07% for unlisted companies
02:11 pm : Interpretations: Specific mutual fund service tax exemption withdrawn

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seacal | 27 min 49 sec

seacal | 28 min 27 sec

ashmaxim | 56 min 58 sec

ashmaxim | 58 min 43 sec

k.v.renga | 1 hr 11 min 15 sec

Source:--Business Standard:--- The Cummins India stock saw a 16% spurt since the start of the month on strong June quarter results, led by good show both in the domestic and exports segments. It was one of the few companies in the industrial sector to have posted good numbers. Post the good show, the company has increased its annual sales guidance on the back of higher genset demand due to power deficit in Africa region, higher outsourcing from India and some pre-buying in Nigeria due to increase in import duties. While overall revenues posted a strong 26% year-on-year growth, it was exports that stole the show. Exports which form 40% of sales grew a strong 36% year-on-year. Even on a sequential basis, higher sales in the low and medium horse power (LHP & MHP) gensets helped post growth of 20-46% in the respective segments. While share of the LHP sales grew from 28% in FY15 to 35% in the June quarter that of the MHPs grew from 20% to 28%. While overall sales over the FY15-17 period is expected to post a 20% annual growth, exports in the same period will grow faster at 26%, according Credit Suisse. Cummins India: Gains factored in Domestic business too has seen robust growth of 17% year-on-year. The company gained on back of business improvement as well as market share gains. In the domestic power generation business growth rates (31-65%) were the strongest across the genset range boosted by price cuts. However, while the company gained share, margins at 16.6%, down 60 basis points were weak. This was both on account of lower prices as well as adverse product mix. The company sold more of low horse power gensets which fetch lower margins. The company expects to get back part of the margins through cost cuts, lower raw material costs and localisation initiatives. While the June quarter numbers were strong, given the stock run up and valuations of 31 times FY17 earnings, the prospects for further price uptick is limited. Further, analysts at Kotak say the external environment will get challenging for the powergen business given improving power supply situation, solar-led battery sets and higher competition. About half of the analysts tracking the stock have a buy with a consensus target price of Rs 1,093. Given the current price of Rs 1,103, investors should look at a more reasonable entry point into the stock.

k.v.renga | 1 hr 22 min 15 sec

Source:BusinessLine:--- CHENNAI, AUGUST 28: Shares of Hyderabad-based Aurobindo Pharma remained active on the bourses on Friday, after the company on Thursday said it has received approval from the US regulator to market generic Entecavir tablets. Target price ₹1,120 Foreign brokerage firm Citi has maintained a ‘buy’ call on Aurobindo Pharma with a target price of ₹1,120 a share. The stock, after touching a high of ₹780, closed at ₹756.40 on the NSE, against the previous day’s close of ₹745.35. Of the 36.66 lakh shares traded on the NSE, 46.3 per cent (16.98 lakh shares) were presented for delivery. Citi expects the generic Entecavir ($285-million market) to be a potentially chunky and sustainable product for Aurobindo. “It is only the third generic company (after Teva and Par) to get approval for this product and we do not see too many additional competitors in the near future. This should keep price erosion and profitability at attractive levels,” Citi said. Citi says revenues could ramp up meaningfully over the next few years and maintains Aurobindo Pharma as their top pick. USFDA nod The company has received final approval from the US Food and Drug Administration to manufacture and market Entecavir tablets in strengths of 0.5 mg and 1mg. Domestic broking firm Religare expects the US business to grow at a 20 per cent CAGR over FY15-18 led by a rising share of complex generics in the product mix (to the current 30 per cent from 8 per cent in 2010); a huge ANDA pipeline (176 pending ANDAs); strong growth in injectables/controlled substances; and OTC penetration through the Natrol acquisition. Aurobindo Pharma’s consolidated net profit rose 7 per cent at ₹432 crore in the first quarter ended June 30, compared with ₹404 crore in the corresponding quarter of the previous year. Revenue increased 5 per cent at ₹3,320 crore, compared with ₹3,162 crore in the year-ago period. With the USFDA expected to hasten the approval process (90 per cent of approvals by September 2017) for other products too, companies such as Aurobindo will stand to benefit the most, said ICICI Securities, which maintained a ‘buy’ rating with a price target of ₹860. The company in July had rewarded its shareholders with a 1:1 bonus issue.

k.v.renga | 1 hr 28 min 31 sec

Source:BusinessLine:--- Sale to US-based BIF Holdings; will use funds to repay debt to parent firm HYDERABAD, AUGUST 28: Gammon Infrastructure Projects said on Friday that it is divesting nine project companies to BIF Holdings Pte Ltd. The deal will result in a cash inflow of ₹563 crore for Gammon. It may also realise additional cash inflows of up to ₹100 crore upon completion of certain milestones. Gammon has also decided to sell a 50 per cent stake in Vizag Seaport Pvt Ltd to Lastin Infrastructure Projects for ₹62.5 crore. After the deal, Gammon will own 23.76 per cent in Vizag Seaport. BIF Holdings is jointly owned by Brookfield Asset Management Inc and Core Infrastructure India Fund Pte Ltd. The nine project firms being sold are Aparna Infraenergy India Pvt Ltd, Sikkim Hydro Power Ventures, Pravara Renewable Energy, Kosi Bridge Infrastructure Company, Gorakhpur Infrastructure Company, Mumbai Nashik Expressway, and three road projects in Andhra Pradesh. The road projects are Andhra Expressway Ltd, Rajahmundry Expressway Ltd and Vijayawada Gudugolanu Road Project. Gammon Infrastructure is a subsidiary of Gammon India. The company, in a statement to the BSE, said that the consideration towards equity comprises around ₹192 crore and a waiver of advance of ₹285 crore. The special purpose vehicles (SPV) being taken over will repay the inter-corporate deposit of approximately ₹371 crore given by the parent to the SPVs. According to a Gammon Infrastructure press release, six of the project companies are operational, one is under expansion, and two are under development. Gammon Infra has said that the total project cost on completion of the asset basket is estimated to be ₹6,750 crore — ₹2,935 crore for six operational projects and ₹3,815 crore for the remaining three — of which ₹3,097 crore had been capitalised till March 31. Debt reduction The outstanding debt for these projects at the end of the last financial year was ₹1,718 crore and Gammon Infra’s net exposure in the asset basket was ₹415 crore. After the transaction, Gammon Infra’s consolidated debt will come down from ₹3,947 crore to ₹2,229 crore. The release quoted Anuj Ranjan, Managing Partner, Brookfield, as saying the transaction represented Brookfield’s first major investment in Indian infrastructure. Abhijit Rajan, Chairman and MD of the Gammon Group, said the deal represented the largest asset sale at one go in the infrastructure space.

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Best Of Budget 2015

budget impact

sector impact

Leather Products

14:33 pm

Govt reduces excise duty on leather footwear to 6%

Bata India 1074.80 -41.45
Relaxo Footwear 526.00 -13.65
Mirza Intl 107.75 3.60
Bhartiya Inter 498.95 -4.90



14:31 pm

Excise duty on cigarettes increased by 25% for sub-65 mm cigarettes

ITC 314.05 -2.85
Godfrey Phillip 561.00 -9.50
VST 1496.85 3.20
Kothari Product 213.00 -3.35


Transport & Logistics

14:01 pm

Service tax hike of 2.4% for non-economy class air travel

Container Corp 1431.90 -59.85
VRL Logistics 380.25 21.85
Allcargo 305.10 9.65
Jet Airways 337.60 -1.75


Computers - Software

13:57 pm

Fee for technical services rate reduced from 25% to 10%

TCS 2742.00 57.25
Infosys 1115.30 32.50
Wipro 544.35 -31.65
HCL Tech 952.20 39.10


Telecommunications - Service

13:56 pm

Govt reduces royalty rates

Bharti Airtel 362.50 15.20
Idea Cellular 153.95 2.10
Reliance Comm 57.45 2.95
Tata Comm 472.00 -8.70


Media & Entertainment

13:54 pm

Entertainment sector removed from service tax negative list

Zee Entertain 387.80 16.80
Sun TV Network 294.95 15.25
Dish TV India 103.85 -3.20
DB Corp 310.15 9.45


Auto - LCVs & HCVs

13:47 pm

Import duty on vehicles with capacity more than 10 seats increased to 40% from 10%

Tata Motors 316.00 7.75
Eicher Motors 19580.40 -533.45
Ashok Leyland 92.15 0.65
Force Motors 207.55 -10.90


Steel - Large

13:46 pm

Customs duty on bituminous coal reduced to 10% from 55%

JSW Steel 925.90 -6.20
Tata Steel 228.95 2.55
SAIL 52.05 1.40
Essar Steel 51.80 -5.30


Consumer Goods - Electronic

13:44 pm

Customs duty on LED, LCD panels made nil

Videocon Ind 143.00 0.80
Videocon Intl 84.25 -1.25
Mirc Electronic 14.15 -0.50
PG Electroplast 119.65 6.10


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Vinod Mason

Director | Transformers & Rectifiers