According to Anand Mahindra, the chairman of business conglomerate Mahindra Group, Reliance Industries Chairman Mukesh Ambani is a visionary and even more ambitious than his father Dhirubhai. Ambani is among the Indians who have been named by TIME magazine in its prestigious list of the 100 most influential people in the world. Mahindra said the scale of Ambani's Reliance Jio mobile-data network, which has already connected over 280 million people in India with low-cost 4G, is "impressive by any standard".
Market research firm Nielsen India expects FMCG sector in India to grow in the range of 11-12% in 2019 as against the growth rate of 13.8% in 2018. Further, the volume growth is expected to grow around 8.5-9.5%, lower than the 11% growth rate in 2018. Rural consumption will be one of the key drivers of FMCG growth story.
Income Tax officials and the Election Commission's static surveillance team on Tuesday carried out a joint search at the house of DMK Lok Sabha candidate K. Kanimozhi in Tamil Nadu's Thoothukodi on Tuesday. Kanimozhi, a Rajya Sabha member, is contesting against the BJP's state unit chief Tamilisai Soundararajan in the Thootukodi Lok Sabha constituency.
The momentum in banking stocks has helped the Nifty touch a new high, given the 36 per cent weight these stocks have on the NSE’s benchmark index. HDFC Bank, ICICI Bank, SBI, and IndusInd Bank have gained 10-21% since the NSE Nifty hit its recent low in February 2019. Out of the top 10 stocks that pushed the index to a new high, seven are from the banking space and these have contributed 40% of the index’s last 1,000-point gain.
Benchmark index BSE Sensex closed at 39,276, up 370 points, or 0.95% on Tuesday. It hit a record high of 39,364 during the session. Nifty scaled the 11,800 level for the first time, surpassing its previous high of 11,761. Nifty closed at 11,787. The rally was largely driven by the positive trade data, IMD forecast for a near normal monsoon and sustained FII inflows. The country’s exports rose to a five-month high of 11% in March to $332 billion.
Balrampur Chini Mills has approved buyback of over 84.38 lakh fully paid up equity shares of FV Re 1 each representing up to 3.69% of the total number of equity shares. The buyback is fixed at a price of Rs 175 per equity share (29% premium over CMP of Rs 129) for an aggregate amount of up to Rs 147.67 crore via tender offer. The record date is fixed as April 18, 2019. 15% of the offer size will be reserved for retail shareholders (holding value less than Rs 2 lakh). However, acceptance ratio is expected to be very low.
Indian benchmark indices opened higher on Tuesday following positive trade data and IMD monsoon forecast. The Sensex riose over 200 points and Nifty 50 was trading above 11,700. Stock-specific action will be in focus as investors will look out for the March-quarter earnings of individual stocks. Vedanta, Coal India, ICICI Bank, Bharti Infratel, and IOC gained the most on Nifty, while Infosys, Tata Steel, Tata Motors, HUL, and HDFC Bank fell the most on the index.
According to the market consensus, the Nifty can offer gains of 7.2% in a year, among the highest in global markets. However, the stocks that are expected to offer returns of over 10% have been underperformers over the past six months. These include ONGC, Hindalco, Mahindra & Mahindra, Larsen & Toubro (L&T), and Zee Entertainment. Besides, stocks including Reliance Industries, UltraTech Cements, Kotak Mahindra Bank, and Bajaj Finserv, which have largely driven the current rally, seem to have reached full potential. ONGC has the highest likely upside of 28% in the next 12 months.
Benchmark indices started the week on a positive note driven by banks, auto, metals and select technology stocks. Nagaraj Shetti, Senior Technical & Derivative Analyst, HDFC Securities said the underlying short term trend of Nifty continues to be positive. Nifty closed at 11,690.35 on April 15. According to the Pivot charts, the key support level is placed at 11,657.47, followed by 11,624.63. If the index starts moving upward, key resistance levels to watch out are 11,713.87 and 11,737.43. Maximum Call open interest of 26.29 lakh contracts was seen at the 12,000 strike price. This was followed by 11,800 strike price.
Sudip Bandyopadhyay, Group Chairman at Inditrade Capital said he expects the Indian markets will attract a lot more liquidity in the coming days. For next 15-20 days, corporate results will continue to drive the markets and post that, the election result, he said. That will be a period of extreme volatility. But overall, Indian markets will attract a lot more liquidity and will move up over the next six to nine months, he said.
Speaking to CNBC TV18, Stock analyst Ashwani Gujral recommended "REC is a buy with a stop of Rs 150 target of Rs 165. Bank of Baroda is a buy with a stop of Rs 127 target of Rs 140. IndiGo is a buy with a stop of Rs 1,430 target of Rs 1,500. JSPL is a buy with a stop of Rs 176 target of Rs 190 and Adani Ports is a buy with a stop of Rs 380 target of Rs 395."
Anand Rathi has a hold call on Fine Organic Industries with a 1-year target price of Rs 1,250. The current market price of Fine Organic Industries is Rs 1,295.80. Fine Organics is one of the top-five globally in plastic additives, and sixth in food additives. The company is doubling its capacity from 69,300 tonnes to 131,300. It is operating at nearly 85% capacity currently.
Manav Chopra Head Research- Equity, Indiabulls Ventures, expects the auto sector to show relative outperformance in the coming few weeks. His top picks include M&M, Escorts and Maruti which can give a return of 10-15%. ITC and HUL can see a short-term rally of 5-8%. The Bank Nifty is likely to rally towards 30,650-30,950 levels and he expects SBI, Axis Bank and Canara Bank to see an upside of 8-10% from the current levels. Any decisive close above the immediate resistance level of 11, 700 that could trigger a rally towards 11,850-12,250, Manav said.
Former Niti Aayog vice chairman Arvind Panagariya has said the Modi government has achieved 'major successes' in social sector programmes like Ayushmaan Bharat, PM-Kisan and rural electrification. Besides, this government has made an 'unprecedented progress' in tackling corruption, he added. Talking about infrastructure sector, he said the government has managed to greatly accelerate results in sectors like roads, railways, waterways, civil aviation and digitisation.
Reacting to a French media report that Anil Ambani's firm received a tax waiver from France within months after the Rafale deal announcement by the Modi government, the Ministry of Defence (MoD) on Saturday said there is no connection between the reported tax waiver issue and the fighter jet deal. In its reaction, Reliance Communications rejected any wrongdoing and said the tax dispute was settled under legal framework which is available for all companies operating in France.