CNBC-TV18 Market Highlights: Sensex up 292 points, Nifty above 11,400; auto, metal stocks lead gains

Closing Bell: Sensex, Nifty end higher led by auto, metal stocks##Closing Bell: Sensex, Nifty end higher led by auto, metal stocks

- Indian shares ended higher on Tuesday led by gains in banking, auto and metal stocks on US-China trade deal optimism. 

- The Sensex ended 292 points higher at 38,506, while the broader Nifty50 index added 87 points to end the day at 11,428. 

- All sectoral indices, except the Nifty IT, ended in green for the day. The auto index rose the most, up 2.2 percent, followed by the Nifty Metal index, which rose 1.6 percent. 

- Eicher Motors, Vedanta, Zee, ONGC, and Hero MotoCorp were the top gainers on the Nifty50, while Bharti Airtel, Infosys, Bharti Infratel, Tata Motors, and JSW Steel led the losses.

Out of 570 IPOs in last 5 year, only 5 have delivered over 100% gains on the day of listing##Out of 570 IPOs in last 5 year, only 5 have delivered over 100% gains on the day of listing

Initial Public Offerings (IPOs) in 2019 have fared very well despite all the economic crisis cry and volatile equity markets. In fact, before IRCTC, there are 5 stellar examples of IPOs that have risen over 100 percent on the day of listing. In fact, out of 570 IPOs in the last 5 years, only 5 saw such gains. These 5 IPOs are IRCTC, Atron Paper, Avenue Supermarts, Salasar Techno Engineering and Fineotex Chemicals. Out of these 5, only Avenue Supermarts continues to be the ‘quality’ stock which has escalated 186.28 percent since its listing day. READ MORE

Max Life’s Mihir Vora: IT will continue to be a long-term story##Max Life’s Mihir Vora: IT will continue to be a long-term story

The way the economy is going, it looks like a lot of response in the market will be based on policy decisions, said Mihir Vora, director chief chief investment officer at Max Life Insurance in an interview with CNBC-TV18. “The good thing is that there is a clear realisation by the RBI [Reserve Bank of India], by the government that there is something that needs to be done. Therefore, we have the RBI which has been dovish for a couple of quarters and the government did the big bang corporate tax cuts. If this persists there will be more policy responses and that will sustain the market sentiment in the medium-term,” he added. READ MORE

TV18 Broadcast Q2 net jumps 15%##TV18 Broadcast Q2 net jumps 15%

TV18 Broadcast reported a 15 percent jump in its consolidated net profit for the second quarter ended September 30, 2019, at Rs 46 crore. Net profit in the same quarter of last year stood at Rs 40 crore and at Rs 23 crore in the first quarter of current financial year. The company said its total income for the given quarter stood at Rs 1,151 crore as against Rs 1,201 crore for the same period of last year and Rs 1,231 crore in the first quarter of current fiscal. READ MORE
 

Afternoon Session: Market extends gains, Nifty holds 11,400##Afternoon Session: Market extends gains, Nifty holds 11,400

Benchmark indices BSE Sensex and NSE’s Nifty50 extended gains in the afternoon session, with the Sensex rising over 300 points and the Nifty trading above 11,400. Positive trades in global markets over easing US-China trade tensions amid Q2 earnings boosted Indian shares.
At 1.16 PM, the Sensex was trading 205.87 points, or 0.54 percent, higher at 38,420.34, and the Nifty was up 62.70 points, or 0.55 percent, at 11,403.85. The midcap and smallcap indices traded little changed
Among the sectoral indices, auto advanced most at nearly 2 percent followed by FMCG and Media, which rose over 1 percent. Metal and PSU Bank fell about 1 percent.
Hero MotoCorp, Maruti, M&M, Zee Entertainment and HUL were among the top gainers on the key indices, whereas Tata Motors, Bharti Airtel, Yes Bank, Infosys and JSW Steel were among the major losers

Berger Paints to acquire 95.5% stake in STPL at an enterprise valuation of Rs 167.5 crores##Berger Paints to acquire 95.5% stake in STPL at an enterprise valuation of Rs 167.5 crores

ONGC signs MoU with EXXON-Mobil##ONGC signs MoU with EXXON-Mobil for study in PEL offshore blocks and open acreage areas

Oil and Natural Gas Corporation (ONGC) Limited has signed a Memorandum of Understanding (MoU) with US petroleum giant EXXON-Mobil on 14 October 2019. This MoU will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other Petroleum Exploration Licence (PEL) blocks of ONGC in east and west coast and open acreages for joint bidding.

The MoU was signed on the side-lines of IHS-CERA Week at Delhi by ONGC Director (Exploration) R K Srivastava and EXXON-Mobil CEO, South Asia William P Davis in the presence of Minister of Petroleum & Natural Gas and Steel, Dharmendra Pradhan.

 
The work under the MoU will be carried out in three phases. Talking about the MoU, Vice President Asia Pacific EXXON-Mobil Michael Deal said, “We welcome the opportunity to work with ONGC and apply our collective expertise to be an even bigger part of India’s bright energy future”.
 
ONGC CMD Shashi Shanker said, “This meaningful partnership with EXXON-Mobil will be a step towards unlocking value in ONGC PEL offshore blocks, study open acreage areas and enable us to get closer to meeting country’s energy aspirations”.

IOC will stop jet fuel supply to Air India##IOC will stop jet fuel supply to Air India

Indian Oil Corporation says it will resort to stopping jet fuel supply to Air India starting October 18 as the airline failed to comply with Rs 100 crores/month payment agreed earlier. The total dues including Rs 450 crores interest stand at Rs 2,700 crores.

At 12:15 pm, the stock price was trading 1.55 percent higher to Rs 147 per share on the NSE. In Intraday, the shares rose 2.48 percent at Rs 148.35.

Nifty Sectoral Indices Update: Nifty Auto soars, up 1.9%##Nifty Sectoral Indices Update: Nifty Auto soars, up 1.9%

BSE Heatmap: 24 out of 30 BSE stocks are in green##BSE Heatmap: 24 out of 30 BSE stocks are in green

JSW Energy's stock price rises 7% after CoC approves resolution plan##JSW Energy's stock price rises 7% after CoC approves resolution plan

The stock price of JSW Energy rallied 7 percent intraday on Tuesday after the Committee of Creditors approved the resolution plan for Ind-Barath Energy Utkal. 

At 11:48 am, JSW Energy's shares traded 5.69 percent higher to Rs 63.15 per share on the NSE. Intraday, the stock rallied 7.11 percent at Rs 64.

The resolution plan submitted for Ind-Barath (Utkal) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016, has been approved by the Committee of Creditors on October 14, 2019, the company said in its press filing on BSE.

Ind-Barath owns a 700 MW under-construction thermal power plant located in Odisha. The closure of the transaction shall be subject to the receipt of necessary regulatory approvals including from the National Company Law Tribunal.

Adani Transmission's shares jump 13% over transmission service acquisition##Adani Transmission's shares jump 13% over transmission service acquisition

The share price of Adani Transmission jumped 13 percent intraday on Tuesday after the company acquired a transmission service provider in Gujarat. 

At 11:37 am, the stock price was trading 8.47 percent higher to Rs 244 per share on the BSE. Intraday, the shares surged 13.51 percent at Rs 255.35.

The company in its BSE regulatory filing said, " With this acquisition, the cumulative transmission network of the company will reach more than 14,000 ckt km of  transmission line and more than 23,000 MVA transformation capacity, out of which more than 11,000 ckt km and more than 18,000 MVA are under steady-state operation."

The win also takes the Company closer to its target of setting up 20,000 ckt km of transmission lines by 2022. The project will bolster the pan-India presence of the company while supporting the sustainable development of renewable energy infrastructure development in the country, the filing added.