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Sify Editors @ 1:30 PM
Global cues and hopes of healthy Q2 buoy equity indices
Global cues, along with healthy buying in banking stocks and expectations of positive quarterly results, buoyed the key Indian equity indices during the mid-afternoon trade session on Tuesday.
According to market observers, healthy buying was witnessed in banking, oil and gas and metal stocks.
At 1.30 p.m., the 30-scrip Sensitive Index (Sensex), traded 80.60 points or 0.25 per cent higher.
The wider Nifty 50 of the National Stock Exchange (NSE) gained 23.15 points or 0.23 per cent at 10,208 points.
The Sensex of the BSE, which opened at 32,619.26 points, traded at 32,587.32 points, higher by 80.60 points or 0.25 per cent from Monday's close at 32,506.72 points.
The Sensex touched a high of 32,670.37 points and a low of 32,534.21 points during the intra-day trade so far.
"The BSE Sensex and the broader NSE's Nifty 50 maintained their upward movement during the mid-afternoon session after the two key indices rose during the morning hours," Dhruv Desai, Director and Chief Operating Officer of Tradebulls
Sify Editors @ 12:10 PM
Ramco Systems up 15% after company bags multi-million dollar payroll order
It's a steep climb up north for shares of midcap information technology stock Ramco Systems on Tuesday, with investors lining up at the counter, following an announcement from the company about a multi-million dollar order win.
Ramco Systems Limited, which is among the leading enterprise software companies focusing on enterprise cloud platform, products and services, announced this morning that it has bagged a Multi-million dollar Payroll Transformation order from one of the FTSE 100 constituent and British Multinational Banking & Financial Services company. Ramco will enable the BFSI major in consolidating its multi-country Payroll on a unified platform and provide Managed Payroll Services for its associates spread across 14 countries.
Recently, Ramco Systems was rewarded the ‘Highly recommended Payroll Software Supplier of 2017’ by Global Payroll Association.
Ramco's global payroll platform will help the multi-national BFSI major derive benefits of a unified payroll processing system which will effectively and efficiently handle operations of more than 8500 employees across Asia covering Vietnam, Brunei, Bangladesh, Sri Lanka & Nepal, and the Middle East covering Iraq, Bahrain, Oman, Qatar, Saudi Arabia, Egypt, Lebanon, Jordan and UAE in Phase 1.
The scope of the contract includes providing payroll, taxes, time & attendance, leave management, loans and reimbursements and self service.
The share price of Ramco Systems Limited soared to Rs 428.90 (up 15.2%) on BSE soon after the announcement was made by the company this morning.
On BSE, the Ramco Systems counter has already clocked a volume of more than 68,000 shares so far in the session, nearly 30 times the average daily volume of about 2300 shares. On the National Stock Exchange, the counter has clocked a volume of nearly 6.45 lakh shares so far in the session.
Last year, after hitting a 52-week high of Rs 495.45 on October 26, the stock saw some weak spells and eventually declined to a low of Rs 285 by mid December.
Ramco Systems posted consolidated net loss of Rs 3 crore in the April - June 2017 quarter, as compared to net profit of Rs 8.02 crore in the corresponding quarter a year earlier. Net sales were down by about 3.4% in the quarter to Rs 110.34 crore, from the year-ago quarter.
Sify Editors @ 11:30 AM
Sensex, Nifty gain; sentiment positive ahead of HDFC Bank, Infosys results
The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day.
Shares of HDFC Bank and Infosys gained 0.4 percent each. Earnings so far for the July-Sept quarter have proved to be solid, lifting indexes to record highs earlier this month.
Investors have been eagerly awaiting the last quarter's results after strong gains in share markets this year pushed valuations for the NSE index's price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8.
The results also come at a time when the economy has slowed to a more than three-year low due the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax.
"People are expecting earnings to match the valuations this quarter," said Jayant Manglik, president, Religare Securities.
"This will be a litmus test for financial stocks to see the final effect of demonetization."
The Nifty was up 0.35 percent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd.
The Sensex was 0.33 percent higher at 32,614.44.
Sify Editors @ 11:00 AM
Realty stocks mostly higher as investors bet on hopes of demand growth
The realty space is seeing some brisk buying for the second successive session, with investors betting on hopes that top realty companies will see increased sales in coming quarters.
It is widely felt that the Real Estate Regulation Act and the implementation of Goods and Services Tax are contributing to the improved sentiment of investors with regard to the realty sector.
From the ten-stock Nifty Realty index, only Phoneix (down 0.6%) and Oberoi Realty (down marginally) are currently in negative territory. Unitech is flat, with reports that the Supreme Court has denied bail to Sanjay Chandra and held that he would have to prove his bona fides by depositing at least Rs 1000 crore, which could be used to refund home buyers.
It may be noted that a total of nearly 4700 home buyers are claiming a refund of Rs 1865 crore from Unitech in various projects undertaken by the real estate company.
Sobha, a stock strongly recommended by CLSA with a buy rating, tops the list of Nifty Realty gainers. At Rs 538, off the day's high of Rs 551.05, the stock is now up 4.7% from previous closing price. It had hit a record high of Rs 553.10 on Monday.
The stock's rise in recent sessions is due to stellar sales growth in the second quarter. The realtor said it sold projects worth Rs 593 crore in the quarter, the highest in the past ten quarters.
Godrej Properties is gaining about 4.3% at Rs 690, off a 52-week high of Rs 697.35 it had touched earlier in the session.
Prestige is up 4.3%, at Rs 290.85 not far off from the day's high of s 295.65 and a 52-week high of Rs 306. Brigade Enterprises is up 2.75%, HDIL is adding 2.5%, Indiabulls Real Estate is up 1.5% and DLF is advancing 1.3%.
The Nifty Realty index is up 1.8% and the BSE Realty index is up with a gain of 1.7%.
Among other stocks in the realty space, Prozone Intu Properties is up with a hefty gain of 14.4%. Delta Corp, PNC Infratech, Ajmera Realty, Anant Raj and Marathon Realty are up 2% - 3.5%. Brigade Enterprises is gaining about 1.7%. Puravankara is up with a marginal gain.
Kolte-Patil Developers, which hit a new 52-week high of Rs 271.25 earlier in the session, is currently down 2.2% at Rs 258. Sunteck Realty is also lower by more than 2%.
Sify Editors @ 10:30 AM
Indiabulls Housing Finance shares rise as Q2 profit surges
Indiabulls Housing Finance's shares rise as much as 2.1 pct to 1,365.50 rupees; stock among top pct gainers on NSE index.
Q2 profit jumps nearly 26 pct to 8.61 bln rupees ($132.43 million) while non-performing assets (NPAs) fell to lowest level in 20 qtrs; gross NPA at 0.78 pct, co said on Monday.
At least two brokerages raised their PT on stock after co's strong Sept-qtr results.
"Bullish management commentary backed up by 33 pct YoY AUM growth (and even better 43 pct YoY for pure home loans) suggests that IHFL is aggressively grabbing market share," Macquarie analysts said.
Assets under management and margin outcomes better than expectation, Nomura analysts wrote in a note.
Out of 13 analysts covering the stock, eight have rated it as 'buy' or higher while the rest have a 'hold' rating.
Sify Editors @ 9:40 AM
Hopes of healthy Q2 and positive Asian markets buoy equity indices
The key Indian equity indices inched higher during the early morning trade session on Tuesday, as positive Asian markets and expectations of healthy quarterly results buoyed investors' sentiments.
According to market observers, healthy buying was witnessed in oil and gas, metal and banking stocks.
The 30-scrip Sensitive Index (Sensex), traded higher by 45.03 points or 0.14 per cent.
The wider Nifty 50 of the National Stock Exchange (NSE) gained 13.50 points or 0.13 per cent at 10,198.35 points.
The Sensex of the BSE, which opened at 32,619.26 points, traded at 32,551.75 points, higher by 45.03 points or 0.14 per cent from Monday's close at 32,506.72 points.
The Sensex touched a high of 32,662.96 points and a low of 32,537.54 points during the intra-day trade so far.
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