Buy Bank of Baroda, target Rs 132

We expect stock to resolve higher and head towards our earmarked target of Rs 132 levels in the coming month.

The share price of Bank of Baroda has bounced back after finding support from 61.8 percent retracement of recent up move seen from October low to November highs (Rs 91 - Rs 118) indicating resumption of uptrend, thereby offering a fresh entry opportunity, with a favourable risk-reward set up

Past two months price action has been enclosed inside the upward sloping channel formed adjoining subsequent lows of October and December of Rs 91 – Rs 102 and projected from Rs 115, suggesting positive bias. Meanwhile, the immediate support is placed around |109 as it is 50 percent retracement of current up move (Rs 102 – Rs 117), placed at Rs 109 levels

Among oscillators, the weekly MACD indicator logged a bullish crossover and now inching upward, thus supporting the positive bias

We expect stock to resolve higher and head towards our earmarked target of Rs 132 levels in the coming month as it is confluence of:

- 61.8 percent retracement of the last major decline Rs 156 – Rs 91, placed at Rs 131

- 200 days SMA is placed around Rs 128

- Bearish gap (Rs 135 – Rs 126) recorded on September 18

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Buy Abbott India, target Rs 8,450

We expect the stock to resume fresh up move and test levels of Rs 8450 levels in the medium term, says Dharmesh Shah of ICICI Securities.

Abbott India is in secular uptrend as it continues to form higher peak and higher trough in the monthly chart and is seen trading in a rising channel highlighting sustained buying demand at elevated levels. The last three month corrections has seen the stock testing the lower band of the channel thus providing fresh entry opportunity to ride the next up move in the stock.

The share price of Abbott India has registered a breakout above multiyear highs around Rs 6170 levels during middle of previous year. The stock post the breakout has rallied and hit an all time high of Rs 8820 during September 2018. The last three months sideways corrective consolidation has helped the stock work off the overbought condition developed after the previous sharp rally. The stock is currently placed at the major support area of Rs 6900-7100 being the confluence of:

- The lower band of the rising channel placed since CY’17

- 50 percent retracement of the previous up move Rs 5430-Rs 8820 placed at Rs 7130 levels.

The stock has already taken four months to retraced just 50 percent of the previous five months up move (Rs 5430 to Rs 8820). A slower retracement suggests corrective nature of current decline and positive price structure

We expect the stock to resume fresh up move and test levels of Rs 8450 levels in the medium term as it is the 80 percent retracement of the entire previous decline (Rs 8820-6900) placed around Rs 8450 levels.

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D-Street Buzz: Nifty IT outperforms led by Tech Mahindra; Sun TV up 2%, midcaps gain

The breadth of the market favoured the advances with 1115 stocks advancing and 548 declining while 397 remained unchanged.

The Indian benchmark indices continued to trade in the green in this afternoon session with the Nifty50 adding 74 points, trading at 10,803 while the Sensex gained 252 points and was trading at 35,901.

Nifty Energy continued to rise, up 1.5 percent led by Reliance Industries which jumped 2.5 percent followed by GAIL India and ONGC.

IT stocks were also buzzing with gains from Infosys, Tata Elxsi, TCS, Tech Mahindra, Wipro and Oracle Financial Services.

Selective media stocks were also up led by EROS International Media, Sun TV Network and Network18 among others.

From the metal space, the top gainers were Hindustan Copper, Hindalco Industries, NALCO, JSW Steel and Hindustan Zinc.

From the midcap space, the top gainers were Ajanta Pharma, Indraprastha Gas, Mindtree, NBCC, PFC, PAGE Industries, Ramco Cements, REC, Tata Power and United Breweries among others.

The top gainers from NSE include Reliance Industries, Tech Mahindra, Infosys, GAIL India and IndusInd Bank while the top losers included BPCL, Bharti Airtel, Coal India, Bajaj Auto and Dr Reddy's Labs.

The most active stocks were Indiabulls Housing Finance, Reliance Industries, TCS, Infosys and Axis Bank.

Commercial Engineers & Body Builders, Proseed India and SPL Industries have hit new 52-week high on NSE in this afternoon session.

30 stocks have hit new 52-week low including names like Mcnally Bharat Engineering, Ortel Communications, and Raj Rayon Industries among others.

The breadth of the market favoured the advances with 1115 stocks advancing and 548 declining while 397 remained unchanged. On the BSE, 1443 stocks advanced, 842 declined and 151 remained unchanged.

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Edelweiss prefers Hindalco among non-ferrous players, stock shines 2%

Edelweiss expects alumina price to stay near the current level of $400 per tonne till Alunorte resumes operations.

Hindalco Industries shares gained 2.4 percent intraday Thursday after Edelweiss Securities said it continued to prefer the stock among non-ferrous players in view of expected volatility in LME aluminium and alumina prices.

Despite LME aluminium prices slipping below $1,900 per tonne, the research house sees good support from sustained cost pressure and low inventories. While there are risks on growth and trade tensions, it perceives a possibility of aluminium reversing its course.

LME aluminium slipped below $1,900 per tonne for the first time in the past 16 months, trading closest (compared to other base metals) to the marginal cost of production.

Average global cost of production is still at $1,800 per tonne led by alumina and thermal coal cost. In August 2017 when LME aluminium was at similar level, alumina cost was 25 percent lower compared to the current level.

Edelweiss expects alumina price to stay near the current level of $400 per tonne till Alunorte resumes operations.

China became net alumina exporter for the first time in CY18; however, the research believes this is unsustainable as global prices are again at a discount to China's domestic prices.

Record low LME and SHFE inventory is likely to support aluminium prices further, according to the research house.

In China, players dependent on domestic alumina and grid power posted losses for the fourth consecutive month. Current level of SHFE aluminium is the highest in past seven years at which players are clocking loss at the EBITDA level owing to cost pressure.

Edelweiss believes this will spur capacity cuts.

The research house said CY19 aluminium demand growth is pegged at 2.5-3.5 percent YoY. "However, weak Chinese demand in second half of 2018 and further uncertainties expected in CY19 remain a cause of concern."

Driven by expected deficit of around 2 million tonne (around 3 percent of overall demand), Edelweiss sees limited downside for LME aluminium prices. "If costs dip post Alunorte resuming full production and/or thermal coal prices receding, LME aluminium prices could come under pressure."

At 12:45 hours IST, the stock was quoting at Rs 221.60, up Rs 3.25, or 1.49 percent on the BSE.

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Gold prices to trade higher today: Angel Commodities

According to Angel Commodities,yesterday the markets were closed on account of Christmas. On Monday, spot gold prices rose by 1.0 percent to trade at $1268.5 per tonne.

Yesterday the markets were closed on account of Christmas. On Monday, spot gold prices

 rose by 1.0 percent to trade at $1268.5 per tonne. Slowdown in the global growth and 

downfall in the stock market drove the investors to seek safety in the yellow metal.

 Concerns over prolonged shutdown of the U.S. government coupled with slowdown in 

the global growth have raised concerns amongst the inve stors. Trump stated that the 

partial closure of the US federal government will continue until his demand for funds

 to build a wall at US - Mexico border are met. Expectations of further rate hikes by FED 

weighed on the Dollar which provided further support to the precious metal.

We expect gold prices to trade higher today on account of political tension in US and 

Economic slowdown. However, stringer dollar might restrict the gains. On the MCX, gold

 prices are expected to trade sideways today, international markets are trading higher by 0.

 32 percent at $ 127 5.8 5 per ounce.

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TCS, Infosys shares gain over 1% as IT hiring grows for 8th successive month

CLSA said the commentary of IT companies is positive on improving demand environment in BFS & telecom segments.

The Nifty Information Technology index gained around 100 points in morning on Monday after global brokerage house CLSA said Indian IT hiring grew for the 8th successive month. TCS gained 1.7 percent and Infosys 1.2 percent whereas HCL Technologies declined 1.5 percent in morning.

IT hiring increased by 8 percent in November 2018.

The research house said IT outperformed the 50-share NSE Nifty index after 2 months and outperformed on a-12 month basis too.

In last one year, the Nifty IT was the biggest gainer among all indices, rising 23.5 percent while Nifty50 advanced 2.5 percent.

The rally in IT stocks attributed to strong US economy, recovery in earnings, overall rupee depreciation (more than 9 percent fall against US dollar to trade around 70), improvement in BFSI segment etc.

CLSA said the commentary of IT companies is positive on improving demand environment in BFS & telecom segments.

It feels valuations are not cheap for TCS & Infosys which are trading above 3-year average PEs. TCS is the biggest gainer among IT stocks, rising 43 percent followed by Mindtree (up 41 percent), Tech Mahindra (41 percent), KPIT Technologies (30 percent), Infosys (24 percent) and HCL Technologies (7.6 percent).

HCL Technologies & Infosys offer the most value & TCS offers momentum among IT stocks, CLSA said.

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Tata Sponge Iron falls 2% after ICRA downgrades long term ratings

The rating for company's non-fund based limits reaffirmed at A1+ but removed from Watch with developing implications by ICRA.

Tata Sponge Iron shares slipped 2.4 percent intraday Monday after rating agency ICRA downgraded long term ratings of the company.

ICRA downgraded the long term ratings assigned to the fund based bank limits, and re-affirmed the short term rating assigned to the non-fund based bank facilities of the company.

ICRA downgraded company's fund based-cash credit rating to AA-/Stable from AA, which was earlier placed under Rating Watch with developing implications.

The rating for company's non-fund based limits reaffirmed at A1+ but removed from Watch with developing implications by ICRA.

In addition, the rating agency has downgraded and withdrawn rating for company's fund based - proposed term loan. "Large growth plans relative to current balance sheet size exposes company to business and financing risks," ICRA reasoned for downgrade rating.

At 11:59 hours IST, the stock was quoting at Rs 828.00, down Rs 5.60, or 0.67 percent on the BSE

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Decline in crude price could extend towards $44-42/$:

WTI Crude oil price saw the sharpest quarterly fall since 2014 during the quarter wherein it declined more than 33 percent in the period.

Crude oil was on an upward trend since the start of 2018 and was up about 30 percent from January to October, hitting a four-year high of $86/bbl on increasing fear of market tightness. But the last couple of months turned the tide for crude as prices came down crashing; touching lows of $58 for the Brent, after the US announced change of plans over Iran sanctions.

Prices witnessed a huge correction and continued to fall backed by sharp sell-offs in global equity markets, growing concerns regarding China-US trade tensions and a weaker emerging economies outlook raised worries on global economic and oil demand growth outlook. Huge build up in US crude inventories which have been rising for six consecutive weeks added more pressure.

Bears took control of the market on forecasts of non-OPEC supply growth for 2019 outpacing the expansion in world oil demand, leading to widening excess supply in the market. The main theme was global slowdown due to higher prices which could lead to recessionary situation.

OECD’s interim outlook revised down the outlook for global economic growth from 3.9 percent to 3.7 percent for both 2018 and 2019. The GDP growth in China is expected to remain at 6.5 percent in 2019, as the impact of trade tensions have, so far, been modest.

Meanwhile, IMF was slightly more pessimistic, taking its forecast for China’s growth down to 6.2 percent. Both organisations noted that global trade growth has slowed and that several developing countries have been severely impacted by a decline in the value of their currency.

Some support came in after OPEC clinched a deal with allied oil-producing nations including Russia at its headquarters in Vienna, and agreed to take 1.2 million barrels per day off the market for first six months of 2019. The 15-member OPEC cartel has agreed to reduce its output by 800,000 bpd, while Russia and the allied producers will contribute a 400,000 bpd reduction.

The deal is in line with expectations for the allies to throttle back output by 1 million to 1.4 million bpd. Russia will reduce production by 2 percent from October's output of 11.4 million bpd, equaling about 2,28,000-2,30,000 bpd. OPEC even agreed to exempt Iran, along with Venezuela and Libya. Nigeria, which was exempt under the previous deal, will participate in this round of cuts.

The economic situation of an increase in US interest rates and increasing risk aversion contributed to significant currency depreciation in many emerging markets. Emerging countries that henceforth resisted the re-introduction of subsidies or price controls are now intervening to relieve pressure on consumers. In India, for example, excise taxes were reduced recently to help households cope with rising prices.

The oil market in December has turned from being an oversupply market to being a balanced one after OPEC decision to cut output by 1.2 million barrels. Yet, the markets seem to be bit nervous as the demand for oil still remains lower. The output cut harbors opportunities - but also risks. This is because we might see a price divergence between the price of Brent and WTI and with it a widening of the spread between the two in the course of Q1 2019.

The 1.2mmb/d fails to convince the market that the oversupply is under control. The most important factor will be the compliance for all countries and how Iranian sanction waivers pan out in the next 6 months. For US producers, it provides a lot of clarity for US independent upstream producers going into budgeting season for 2019. The announcement provides a baseline of support of oil between $50 and $55. That's a decent level for US independents.

Inventory levels at Cushing area in the US could rise due to pipeline constraints which prevent oil supply being produced from reaching the main market. Should this happen, the price of WTI is set to underperform Brent. However, eventually this could be reversed if new pipelines resolve the congestion in the Cushing and Permian Basin areas towards Q4 2019.

Brent's calender spread flipped into contango after trading into backwardation for months due to a deep price correction and oil price sell-off, which was concentrated in the front months, in addition to signs of higher oil supply from major oil producers and concerns about oil demand growth. The spread between the Brent and WTI benchmarks widened Q3, to $10.16 a barrel on a continuing increase in US crude oil inventories and supported higher levels of US crude exports.

Click here to know more about Crude Oil Prices

Higher US crude oil production and refinery maintenance season in the US added pressure to WTI prices. On the other hand, Brent prices were supported by concerns over potential global oil supply shortages and rising geopolitical tensions.

To sum it up, the process of rebalancing has started following the OPEC cuts and we believe that rebalancing is now well and truly underway. WTI Crude oil price saw the sharpest quarterly fall since 2014 during the quarter wherein it declined more than 33 percent in the period.

The medium-term bias still continues to remain negative as long as below $54-55 range and the current decline could extend towards $44-42 levels. Amidst all the uncertainties surrounding the crude oil market, a decisive move above/below the $55-42 range could lead to extended price action in that direction.

Our expectations are largely on back of consistently lower OPEC supplies during past few months while demand continues to remain weak.

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Stocks in the news: HFCL, Unichem Labs, Tata Sponge, Petronet LNG, Power Grid, PVR, GE Power India

Tata Sponge Iron | Petronet LNG | Power Grid Corporation of India | GE Power India | InterGlobe Aviation and Hatsun Agro Product are stocks which are in the news today.

Here are stocks that are in the news today:

Himachal Futuristic Communications: Company has received two contracts totalling Rs 148 crore from L&T to execute the telecommunication systems projects for the Mauritius Metro Express Project and for the Dhaka Metro Mass Rapid Transit System.

Fortis Healthcare: The market regulator has ordered Singh brothers and others to repay Rs 403 crore with interest within 3 months.

Reliance Industries: Company completed acquisition of 5.56 percent strategic stake in Vakt Holdings Limited, UK.

EPC Industrie: Board approved change in the name of the company from EPC Industrié Limited to Mahindra EPC Irrigation Limited.

Unichem Laboratories: Company has received ANDA approval from USFDA for Pramipexole Dihydrochloride tablets, which are indicated for the treatment of Parkinson's disease.

Piramal Enterprises: ICRA enhanced its credit rating AA (Stable) limit from Rs 11,100 crore to Rs 14,100 crore for non-convertible debentures instruments.

Adani Enterprises: Company incorporated a wholly owned subsidiary (WOS) namely, Adani Water Limited.

Strides Pharma Science: India Life Sciences Fund III advised by ICP-III Investment Advisors has partnered with Strides and the said transaction has achieved closure on December 20, 2018.

Hinduja Global Solutions: HGS AxisPoint Health LLC, USA, a step down subsidiary of the company has entered into definitive agreements for sale of several US Nurse Advice Line service contracts to Infomedia Group, Inc, USA, (doing business as 'Carenet Healthcare Services').

Taneja Aerospace & Aviation: V Vijay has resigned from the post of Chief Financial Officer of the company.

Tata Sponge Iron: ICRA downgraded the long term ratings assigned to the fund based bank limits, and re-affirmed the short term rating assigned to the non-fund based bank facilities of the company.

Petronet LNG: At the request of IOCL, BPCL, GAIL and GSPC, the sale and purchase agreement with RasGas of Qatar (LNG Supplier) for supply of an additional 1 MMTPA of LNG for onward sale to these companies has been re-structured by having direct arrangement between the LNG supplier and the Indian entities w.e.f. January 2019 wherein Petronet will now continue to provide the storage, receiving and regasification services for the above mentioned contract but will not be the buyer of LNG.

Escorts: Joint venture company Optunia Power Infrastructure Private Limited has presently been funded by joint contribution of Rs 60 crore to the equity share capital of the JVC by both the JV Partners i.e. Tadano Limited, Japan and Escorts Limited in the ratio of 51 percent and 49 percent respectively. The JVC shall manufacture rough terrain cranes and truck mounted cranes.

State Trading Corporation of India: Rooma Nagrath is appointed as Chief Financial Officer of the company.

IL&FS Engineering and Construction Company: Rail Vikas Nigam Limited terminated contract with the company for construction of seven stations including related works from Sub - CBD-1 to Titumir in New Garia- Airport Metro Corridor of Kolkata Metro Railway.

Power Grid Corporation of India and REC: Power Grid acquired Jawaharpur Firozabad Transmission Limited (JFTL), the project SPV to establish transmission system for evacuation of power from 2 x 660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad along with associated Transmission Lines, on build, own, operate and maintain (BOOM) basis from REC Transmission Projects Company Limited.

GE Power India: Consortium of GE Power India Limited, GE Hydro France, GE Renewable Malaysia Sdn. Bhd. and Sinohydro Corporation (M) Sdn Bhd has been awarded the order for the Main Electrical and Mechanical Works for the 1285MW Baleh Hydroelectric Project in Sarawak, Malaysia by SEB Power Sdn. Bhd, for a total value of approximately MYR 595 million and $159 million. The value of the order for the company is approximately $98.4 million exclusive of taxes (i.e. approximately Rs 689 crore).

Lumax Auto Technologies: Company considered and approved a Scheme of Merger between the company and Lumax DK Auto Industries Limited (LDK), its wholly owned subsidiary.

Coffee Day Enterprises: Company has incorporated a wholly-owned subsidiary, Coffee Day Kabini Resorts Limited.

Essel Propack: Company has paid interest to non-convertible debenture (NCD) issued by the company amount to Rs 50 crore.

Axis Bank: Rajiv Anand, Executive Director - Retail Banking, has taken over as the Executive Director - Wholesale Banking of the bank.

Avenue Supermarts: Company has issued commercial paper of Rs 50 crore.

InterGlobe Aviation: Company has signed a codeshare and mutual cooperation agreement with Turkish Airlines.

SBI: The bank approved allotment of subordinated, unsecured Basel III compliant additional Tier I Bonds worth Rs 2,045 crore.

Gammon India: The Bombay High Court has disposed off a winding up order filed by SBI against the company.

Amtek Auto: Sebi imposes Rs 15 lakh fine for failing to meet bond redemption deadline.

Inox Leisure: Company has commenced the commercial operations of a Multiplex Cinema Theatre taken on Lease basis, in Kolkata. Inox is now present in 67 cities with 134 Multiplexes, 546 screens and a total seating capacity of 1,31,310 seats across India.

Info Edge: Company has invested, through its wholly-owned subsidiary, about Rs 28 crore in Nopaperforms Solutions Pvt. Ltd. The aggregate shareholding of the company, post this investment, in the said entity would be 48.1 percent on fully converted & diluted basis.

Hatsun Agro Product: CRISIL has upgraded long term loan rating from A/Stable to A+/Stable and reaffirmed short term loan rating as A1 for the bank loan facilities of Rs 1,180 crore.

PVR: Board approved issue of equity shares to qualified institutional placement for an aggregate amount not exceeding Rs 750 crore.

Balaji Amines: India Ratings & Research Private Limited has upgraded company's Long-Term lssuer Rating to`AA-'from`A+'.The outlook is stable.

Rajath Finance: Board approved the proposal for sale of the office premises of the company, situated at 208-2015, Star Plaza, Phulchhab Chowk, Rajkot.

FCS Software Solutions: Company has increased its stake in four subsidiaries upto 100 percent to make them its wholly owned subsidiaries.

Vardhman Industries: Board fixed January 3, 2019 as the record date to suspend trading of the equity shares of the company to later delist the company in accordance with the resolution plan.

Hinduja Ventures: Investment Committee of the company accorded its approval to make an aggregate investment of Rs 3.5 crore by subscribing to 2,29,209 equity shares of HLFL offered to the company on rights basis at a price of Rs 153 per share.

Bulk Deals on December 21

NSE

AU Small Finance Bank: The Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index bought 15,69,292 shares of the company at Rs 637.08 per share.

Fiem Industries: Morgan Stanley France SAS purchased 1,08,022 shares of the company at Rs 560 per share while Blackrock India Equities (Mauritius) sold 1,31,471 shares at Rs 560.05 per share.

GSS Infotech: Profin Commodities Private Limited bought 1,00,000 shares of the company at Rs 134.22 per share.

VA Tech Wabag: Norges Bank on Account of the Government Pension Fund Global purchased 9,00,000 shares of the company at Rs 270.1 per share while Goldman Sachs India Fund sold 8,67,665 shares at Rs 270.1 per share.

BSE

HealthCare Global Enterprises: The Pabrai Investment Fund II LP sold 9,23,000 shares of the company at Rs 198.05 per share and The Pabrai Investment Fund IV LP sold 12,08,400 shares at Rs 198.05 per share while Sundaram BNP Paribas Mutual Fund bought 10,91,191 shares at Rs 198.05 per share.

Arshiya Limited: MSD India Fund sold 26,91,369 shares of the company at Rs 21.36 per share.

(For more bulk deals, click here)

Analyst or Board Meet/Briefings

Hinduja Global Solutions: Company has arranged a Conference call on December 26 to discuss the sale of Nurse Advice Line service contracts of HGS AxisPoint Health LLC, USA to Infomedia Group Inc, USA / Carenet Health Services.

Meera Industries: Extra-ordinary general meeting to be held on January 16, 2019.

Selan Exploration Technology: Board meeting is being convened on December 27 to consider interim Dividend for the financial year 2018-19 and buyback of the equity shares of the company.

HBL Power Systems: Board meeting is scheduled on February 11 to consider the unaudited financial results(standalone) for the quarter ending on December 31, 2018.

Piramal Enterprises: Board meeting will be held on December 27 to consider the issue or secured non-convertible debentures on private placement basis.

IIFL Holdings: Company's officials will be meeting Creador India on December 26 and Fidelity Management & Research Company on January 4, 2019.

Mahindra Logistics: Company's officials will be meeting Nikko Asset Management and Reliance Life Insurance on December 24, and Elara Capital on January 4, 2019.

Mphasis: Board meeting is being scheduled on January 24 to consider the audited financial results of Mphasis Limited and the Group for the quarter ending December 2018.

Colgate-Palmolive (India): Board meeting will be held on January 24 to consider the unaudited financial results of the company for the quarter ending December 2018.

Greaves Cotton: Company's officials will be meeting Renaissance Investment Managers and UBS Securities India Pvt Ltd on December 26.

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Lupin gains 2% on partnership with AbbVie for novel oncology drug

Under the terms of the agreement, AbbVie will pay Lupin an upfront payment of $30 million for an exclusive license to the program.

Lupin shares gained 2 percent in morning on Monday after the company signed partnership agreement with AbbVie for making novel oncology drug.

"AbbVie has licensed Lupin's MALT1 (Mucosa-Associated Lymphoid Tissue Lymphoma Translocation Protein 1) inhibitor program," the pharma major said in its filing.

Through this partnership, AbbVie gains exclusive global rights to develop and commercialise Lupin's MALT1 inhibitors.

MALT-1 is a protein involved in T-cell and B-cell lymphocyte activation. "AbbVie intends to pursue development across a range of hematological cancers, many with limited current treatment options," Lupin said.

Under the terms of the agreement, AbbVie will pay Lupin an upfront payment of $30 million for an exclusive license to the program.

Upon successful completion of regulatory, development and commercial milestones, Lupin is eligible to receive total milestone payments of up to $947 million. Additionally, the company will be entitled to receive a double-digit royalty on the sales of the product and will retain commercial rights to the program in India.

Commenting on the partnership announcement, Raj Kamboj, President of Lupin's Novel Drug Discovery and Development (NDDD) said this is a first-in-class drug discovery program delivered exclusively by Lupin right from concept generation through the various stages of drug discovery and development.

At 09:57 hours IST, the stock was quoting at Rs 865.55, up Rs 8.20, or 0.96 percent on the BSE.

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HFCL gains 4% on orders win worth Rs 148 crore

The company has been awarded two overseas contracts worth Rs 148 crore by L&T to set up Telecommunication Systems for Mauritius Metro Express & Dhaka Metro Mass Rapid Transit System Projects.

Shares of Himachal Futuristic Communications (HFCL) gained 4.5 percent in the early trade on Monday after company received an order worth Rs 148 crore from Larsen & Toubro (L&T).

The company has been awarded two overseas contracts worth Rs 148 crore by L&T to set up Telecommunication Systems for Mauritius Metro Express & Dhaka Metro Mass Rapid Transit System Projects.

The Mauritius Metro Express Project is along a 26 km route that will connect Curepipe to Immigration Square in the capital Port Louis and will feature 19 stations.

The Dhaka Metro Mass Rapid Transit System Project is along a 20 km route and is an elevated metro rail system with 16 stations and a Maintenance Depot, connecting Uttara and Motijheel.

Mahendra Nahata, Managing Director of HFCL said "The company's experience from the three ongoing similar projects being executed by it for Alstom Services India Private Limited, L&T Railways Strategic Business Unit, and China Railway Signal & Communication for turnkey telecommunication systems on the Eastern and Western Dedicated Freight Corridors of Dedicated Freight Corridor Corporation of India Limited (DFCCIL) will certainly help the Company in executing the Mauritius Metro Express Project and the Dhaka Metro Project efficiently."

At 09:17 hrs Himachal Futuristic Communication was quoting at Rs 21.75, up Rs 0.90, or 4.32 percent.

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Unichem Laboratories rises 4% on USFDA approval for Parkinson drug

The company has received final ANDA approval for its Pramipexole Dihydrochloride tablets, 0.125 mg, 0.25 mg, 0.5 mg, 0.75 mg, 1 mg and 1.5 mg from the USFDA.

Share price of Unichem Laboratories added 4.7 percent in the early trade on Monday after company received ANDA approval from USFDA.

The company has received final ANDA approval for its Pramipexole Dihydrochloride tablets, 0.125 mg, 0.25 mg, 0.5 mg, 0.75 mg, 1 mg and 1.5 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Boehringer Ingelheim Pharmaceauticals Inc's Mirapex tablets.

Pramipexole Dihydrochloride tablets are indicated for the treatment of Parkinson's disease and for the treatment of moderate-to- severe primary restless legs syndrome (RLS).

At 09:18 hrs Unichem Laboratories was quoting at Rs 196.80, up Rs 4.70, or 2.45 percent on the BSE.

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D-Street Buzz: FMCG stocks gain led by Jubilant Food; PNB jumps 3%, Avenue Supermarts at new 52-week high

The breadth of the market favoured the advances with 1133 stocks advancing and 429 declining while 485 remained unchanged. On the BSE, 1239 stocks advanced, 462 declined and 90 remained unchanged.

The Indian benchmark indices were trading on a positive note in this Wednesday morning session with the Nifty50 up 36 points, trading at 10,945 while the Sensex added 89 points and is trading at 36,436.

FMCG stocks were buzzing led by Jubilant Foodworks which spiked 3 percent followed by Colgate Palmolive, ITC, GSK Consumer, Britannia Industries and Dabur India.

Nifty PSU bank was up 1.5 percent with gains from PNB which jumped 2.5 percent followed by State Bank of India, Vijaya Bank, Oriental Bank of Commerce, Bank of India and Bank of Baroda.

From the midcap space, the top gainers were Berger Paints, Apollo Tyres, Canara Bank, Cholamandalam Investment, DHFL, GMR Infra and M&M Financial Services among others.

IT stocks were however trading lower with loses from Infosys, Oracle Financial Services and Tech Mahindra.

The top gainer from NSE include Indiabulls Housing Finance, Asian Paints, Bajaj Finance, Bajaj Finserv and Bharti Infratel while the top losers included Zee Entertainment, Infosys, Vedanta, Tech Mahindra and HCL Tech.

The most active stocks were Indiabulls Housing Finance, Bajaj Finance, Maruti Suzuki, State Bank of India and YES Bank.

Bata India, Colgate Palmolive, Avenue Supermarts, GSS Infotech, Muthoot Finance and SPL Industries have hit new 52-week high on NSE in this morning session.

24 stocks have hit new 52-week low including names like Adhunik Metaliks, Entertainment Network, Gayatri Highways, Hindustan Composites, Orchid Pharma, Rolta India and SRS among others.

The breadth of the market favoured the advances with 1133 stocks advancing and 429 declining while 485 remained unchanged. On the BSE, 1239 stocks advanced, 462 declined and 90 remained unchanged.

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