Tuesday, 23 May 2017


Major rice stock, LT Foods, Kohinoor Foods and KRNL were losing grounds on the bourses during Tuesday’s pre-lunch hours. They have been witnessing downward movement in the Wednesday’s trading session.

LT foods is trading at Rs 77.45 per share and is down by Rs 4.35 per share or 5.3%, Kohinoor Foods is trading at Rs 81.10 per share, down by Rs 4.10 per share or 4.8% and KRBL is trading at Rs 417.50 per share and is down by Rs 11.45 per share or 2.79% on the NSE.

The impact of GST on agricultural sector is foreseen to be positive. The agricultural sector is the largest contributing sector the overall Indian GDP. It covers around 16% of Indian GDP. The implementation of GST would have an impact on many sections of the society.

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Bharat Heavy Electricals Limited (BHEL), has commenced its operations at its 1,980-super critical thermal power plant in Uttar Pradesh, reported a leading business channel on Tuesday.

Meanwhile, BHEL was trading at Rs 157.50, down by over Rs 4.25 or 2.63% as at 12.00, on Monday, on the BSE. The stock had hit an intraday low of Rs 154.85.

On the NSE, traded volume of the shares of the company is 30,87,434. Traded value of the company is Rs 4,846.65 lakh and the free float market capitalisation is Rs 14,612.05 crore.

Bharat Heavy Electricals Limited (BHEL) is an engineering and manufacturing company. The Company is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors, such as power, transmission, industry, transportation, renewable energy, oil and gas, and defence.

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Housing and Urban Development Corporation (HUDCO), the government-owned corporation, was losing strength on the bourses in Tuesday's trading session. The stock is down by 3.4% or Rs 2.4 per share at Rs 67.80 per share on the NSE.

The stock was listed on both the exchanges, NSE and BSE on May 19 at a listing price of Rs 73.45 per share at a premium of 22.41%. The stock has slipped nearly 7.5% since its listing price of Rs 73.45 per share.

The IPO had received the huge response from the investors. In line with the street expectations, the HUDCO IPO had received more subscriptions on Day 3 of the subscription. The IPO had issue size of 20,40,58,747 shares.

The company in its filing to the exchanges said that the board has recommended a final dividend to the shareholders for the year 2016-17, subject to the approval of the shareholders in the AGM.

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Sun Pharmaceuticals Industries Ltd on Tuesday declined around 8% in the morning session after its overseas arm Taro Pharmaceuticals Industries Ltd reported weak earnings in the March quarter, reported a national news portal.

Taro Pharmaceutical Industries (Taro) reported a 27.82% fall in net profit to $83 million. It also posted a 25.9% decrease in net sales to $196.40 million in the quarter ended March 2017. The drop in net sales was on account of increased competition and the challenging pricing environment, reported a national news portal.

Sun Pharmaceuticals is down by 5.4% at Rs 605 per share at 12:38 hours IST on BSE. It witnessed a spurt in the volume by more than 3.51 times. It hit a high of Rs 631 and a low of Rs 589.20 so far during the day.

Sun Pharmaceutical Industries Limited is a pharmaceuticals company. The company's business segments include US business, Indian branded generics business, emerging markets, global consumer healthcare business and active pharmaceutical ingredients (API).

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Shares of Adani Group companies including Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power and Adani Transmission were down by 6.5% during Tuesday’s trading session.

Adani Enterprises is down by 6.5%, Adani Ports is down by 2.9%, Adani Power is down by 3.9% and Adani Transmission is down by 4% in Tuesday’s trading session at 1150 hours.

The CERC has recently granted full compensation to Adani Power for the rise in the cost of electricity generation at its 4620-MW thermal power plant at Mundra, Gujarat due to increased domestic levies on imported coal, reported the leading national business daily.

Adani Enterprises on Monday has held its final call on investment in the Australian coal project as the state government of the Queensland is yet to ink a royalty agreement for the mine, reported a leading news agency.

Adani ports, on Saturday, informed that meeting of the company's board of directors will be held on May 24, 2017, to consider raising of funds by issue of equity shares/ convertible bonds through QIP/ GDR/ ADR/ FCCBs, as per BSE filing.

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Brigade Enterprises Ltd on Monday posted a consolidated net profit of Rs 82.35 crores for the quarter ended March 31, 2017, as against Rs 30.08 crores for the same quarter in the previous year, as per BSE filing.

The board of directors at its meeting held on May 22, 2017, recommended a final dividend of Rs. 2.50 per equity share (including a special dividend of Rs. 0.50 per equity share) of Rs.10 each, subject to the approval of shareholders, as per BSE filing.

Meanwhile, Brigade Enterprises is down by 0.9% at Rs 244.45 per share at 12:21 hours IST on BSE. It hit a high of Rs 260 and a low of Rs 240 so far during the day.

Brigade Enterprises Limited is a property development company. It focuses on residential, offices, retail and hospitality projects.

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Uday Kotak, promoter and managing director of Kotak Mahindra Bank has sold 1.80 crores of the bank shares in the open market enabling him to reduce his stake in the PSU to below 30%. Earlier the Reserve Bank of India had directed to do so.

Uday Kotak by selling the shares earned Rs 1687 crore, the BSE website showed. The sale has enabled to reduce his stake in the bank from 30.74% to 29.79% on Friday. On Monday morning, the trade was executed and the trade happened near Friday’s closing price of Rs 937.40 per share.

Earlier in the month, through a qualified institutional placement (QIP) had raised Rs 5803.20 crore by selling 6.2 crores to institutional investors. This selling had allowed Kotak to reduce his stake from 32.08% to 30.74%.

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