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News Mid-Session

 
Capital goods stocks gain
11-Jun-18   12:34 Hrs IST

Key benchmark indices hovered near day's high led by sustained buying demand in index pivotals RIL, ITC and SBI. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 169.58 points or 0.48% at 35,613.25. The Nifty 50 index was up 59.05 points or 0.55% at 10,826.70. Capital goods stocks edged higher.

Trading for the week began on upbeat note as the key benchmark indices drifted higher in early trade. Stocks extended early gains and hit fresh intraday high in morning trade. Stocks held firm in mid-morning trade on sustained buying demand in index pivotals.

The S&P BSE Mid-Cap index was up 0.5%. The S&P BSE Small-Cap index was up 0.94%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1579 shares rose and 834 shares fell. A total of 124 shares were unchanged.

Index heavyweight Reliance Industries (RIL) rose 1.02% to Rs 993.40. Reliance Brands, a subsidiary of the company, has purchased 100% stake in Rhea Retail (Rhea) for all cash consideration of Rs 203.46 crore. Rhea is in the business of selling of products in India for expectant mothers and in general merchandise for children. The announcement was made after market hours on Friday, 8 June 2018.

Rhea being in the retailing industry as Reliance Brands, the acquisition would result in significant synergies. Rhea was incorporated on 9 April 2007. The turnover of Rhea was Rs 200 crore in FY 2017-18, FY 2016-17 was Rs 200 crore and Rs 175 crore in FY 2015-16.

Capital goods stocks edged higher. Bharat Heavy Electricals (Bhel) (up 1.1%), BEML (up 0.74%), Bharat Electronics (up 1.18%), Punj Lloyd (up 0.6%), Siemens (up 1.86%) and ABB India (up 0.47%) rose. Thermax (down 0.76%) fell.

L&T rose 0.31% after the company said that its construction arm L&T Construction has won orders worth Rs 2210 crore across two business segments. The Water & Effluent Treatment Business secured orders worth Rs 2044 crore and Heavy Civil Infrastructure Business secured orders worth Rs 166 crore. The announcement was made during market hours today, 11 June 2018.

Sagar Cements rose 4.26% after the company reported healthy production and sales figures in May 2018. Sagar Cements said its production jumped 15.39% to 184,278 MTs, while sales rose 17.52% to 181,224 MTs in May 2018 over May 2017. On a consolidated basis, production rose 18.35% to 245,454 MTs, while sales grew 19.19% at 243,024 MTs in May 2018 over May 2017. The announcement was made on Saturday, 9 June 2018.

Overseas, Asian stocks were trading on a mixed note, with limited fallout from a tumultuous G-7 meeting. Australia's markets are shut for a holiday. US stocks closed higher on Friday, 8 June 2018 as investors brushed aside tensions between the US and major allies.

Investors are closely watching series of global cues this week. US President Donald Trump and North Korean leader Kim Jong Un will meet for an historic summit in Singapore tomorrow, 12 June 2018. On the same day, UK Prime Minister Theresa May faces votes that could derail her Brexit policy.

The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision on Thursday, 14 June 2018 and briefing with President Mario Draghi. Bank of Japan June monetary policy decision and news conference will follow on Friday, 15 June 2018.

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