Sensex rebounds 180 pts, Nifty opens above 7800; ITC surges 6%

Moneycontrol Bureau9.50 am Buzzing: Share prices of Ujaas Energy rose 16 percent intraday Monday on the back of strong fourth quarter numbers declared by the company.The company's Q4 net profit was up 76.9 percent at Rs 13.8 crore versus Rs 7.8 crore, in the same quarter last fiscal.The total income of the company has increased by 234 percent at Rs 167 crore versus Rs 50 crore.The EBITDA was up at Rs 30 crore versus Rs 15.9 crore, while EBITDA margin was down 1380 bps at 18 percent versus 31.8 percent.The company has approved the fund raising through FPO/ADR/GDR/QIP in its meeting held on May 21, 2016.9:35 am CLSA on GST: Mahesh Nandurkar of CLSA says biennial elections for the Rajya Sabha will conclude in July, i.e. before the next session of parliament.
According to him, despite reshuffle, parties explicitly opposed to the goods & services tax (GST) enabling bill still add up to more than one-third of the house strength. Thus, unless either the Congress, or the AIADMK or the Left parties decide to help the Government, the constitutional amendment bill enabling GST cannot pass.

He feels if this bill does not pass in the next session, GST implementation will get pushed out to April 2018 or later i.e. too close to the next general election for the BJP's comfort.

"We reiterate that even after the next biennial Rajya Sabha elections in 2018, the ruling coalition will hold only 34% of the RS seats and hence legislative progress will continue to be slow," Nandurkar says.

Also Read - Mkt in ponderous mood; Brexit, Fed Reserve to move EMs: Udayan Equity benchmarks rebounded sharply on Monday morning with the Sensex rising 180.90 points to 25482.80. The Nifty reclaimed 7800 level, up 64.25 points or 0.83 percent at 7813.95.ITC topped buying list on Sensex, up more than 6 percent after brokerages turned upbeat on the stock post quarterly earnings. Citi has upgraded the stock to buy from neutral and raised target price to Rs 390 from Rs 335.Tata Power gained 1.5 percent ahead of March quarter earnings. Adani Ports, ICICI Bank, HUL, SBI, Hindalco and Aurobindo Pharma were other early gainers while HDFC, Lupin, NTPC and GAIL were losers.The Indian rupee gained in the early trade today. It has opened higher by 14 paise at 67.30 per dollar against 67.44 Friday.Himanshu Arora of Religare said, "The USD-INR pair is likely to weaken further on concerns over P-notes and Fed rate hike.""The rupee may weaken towards 67.80/dollar. However, on the upside, 67/dollar may act as a strong resistance for the Indian rupee," he added.The US dollar hit its highest level against the yen in more than three weeks on expectations of a potential summer Federal Reserve interest rate hike, while the dollar was little changed against the euro after profit-taking.Most Asian markets were higher in trade today with the Shanghai and Hang Seng rising 0.3-0.5 percent while only the Japanese benchmark index Nikkei falling 1 percent. This was on the back of a slew of recent comments from the US Federal Reserve about a possible interest rate hike in June.The Dow Jones, in the US, failed to recover gains for the week after stocks fell amid renewed concerns of a rate hike sooner rather than later.