Here's a list of top 10 stocks that are buzzing in news today.
Open interest in the Bank Nifty sector was up by 9 lakh shares which was 55 percent till June. If any reversal comes, the following stocks are going to be affected.
ICICI Bank with an open interest up by 91 lakh shares at 17 percent the bank had the highest open interest buildup in entire banking space. Open interest outstanding is at 6.2 crore shares till June.
SBI: The bank has the highest open interest buildup in PSU banks. The delivery volume was at 1 crore shares against the 10-day average of 75 lakh shares.
Canara Bank: The open interest was up by 33.7 lakh shares or 40 percent. Delivery volumes were at 18.3 lakh shares versus 10-day average of 6.1 lakh shares. It has the second highest open interest buildup in PSU banks after SBI
Apollo Tyres had the maximum open interest build up. The company’s open interest increased by 31 lakh shares or 34 percent. Open interest is outstanding at 1.2 crore shares. Some short covering was seen over last 2 days.
Idea Cellular saw cash-based selling. The delivery volume was at 40.4 lakh shares versus 10-day average of 25 lakh shares.
There were 33 Nifty stocks that were trading below 200 daily moving average (DMA) which included Reliance Industries, HUL, HDFC and Ambuja cement.
Reliance Industries will hold its 41-st AGM today. It is expected to highlight some of its key business strategy for the coming fiscal. The company has embarked on USD 40 bn capex plan between FY14-18. It has already spent 70 percent of the capex programme. The compnay’s 4 downstream projects have potential to add 35-50 percent to its EBITDA and are expected to get commissioned in phases over next 12 months.
It is also likely to detail launch plans and blueprint to shareholders. It has already invested Rs 70,000 crore and invested 20 percent of the capital deployed in telecom. The company’s retail business has now turned profitable.
Tata Motors : The company’s may retail sales were down 2.1 percent year on year (YoY) . Jaguar sales fell 13 percent to 5,605 units, while Land Rover sales were flat YoY led by Defender, Discovery & Discovery Sport . Evoque sales declined 17 percent because of the slow ramp-up of sales in China.
Reliance Infra has completed its refinancing of project borrowings for Mumbai Metro. The company’s loan repayment of Rs 1,650 crore has been extended till 2037. The interest rate has been reduced to 11.75 percent from 13 percent per annum. Even the average maturity period of loans has been doubled to 14 years.
Mastek is in focus because the stock is going to be traded ex-Majesco from today. This listed Mastek entity will house the services business. Every shareholder of Mastek will get equal shares in Majesco. Majesco is Mastek’s insurance business. Street expectations of FY17e earnings per share (EPS) on the stock is Rs 20-21/share. Majesco will be listed on NSE/BSE about 45-50 days later.
Novartis India: The company said that it has not received any notice from Novartis AG on delisting. Stock had touched 52-week high yesterday but might see a downfall today. The company has a market cap of Rs 2,680 crore. The sales for last year was at Rs 873 crore and profit were at Rs 79 crore. Novartis AG says in a report that it will explore delisting of Indian unit. Novartis AG currently holds 75 percent stake in Novartis India.
GMR Infra: Aviation Min has directed Airport Economic Regulatory Authority (AERA) to adopt 'hybrid till' model with 30 percent cross subsidization. The 'Hybrid Till' model will be used for tariff determination of GHIAL.
GMR Infra was contesting decision of Andhra Pradesh High Court. Decision was to either use 'Single Till' or 'Hybrid Till' model. High Court had asked the ministry to take a decision. Expect to see some recovery in the airport's revenue and profitability.
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