Indices end flat on Friday, Nifty holds 10,550; TCS gains 7%

Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.

The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.

The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.

Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.

Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.

Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.

J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.

They were once seen as among India’s most promising growth stories. Now, however, the fate of ABG Shipyard, Alok Industries and Lanco Infratech is seen as near-certain but in the opposite direction. With huge debt, few takers for their assets and the whopping write-offs (‘haircuts’) that banks are likely to take on the loans given to these companies, industry experts believe liquidation of the trio are among the few options. All three have defaulted on their huge payment obligations.

The takeover battle for India’s Fortis Healthcare Ltd intensified after KKR-backed Radiant Life Care Private Ltd entered the fray on Thursday with an offer to buy more than a quarter of the cash-strapped company’s hospital business. In its non-binding offer, Radiant has proposed to make an investment and/or re-structure Fortis Healthcare, Fortis said in a statement.

UltraTech Cement has indicated it would increase its offer yet again for acquiring bankrupt Binani Cement if the Dalmia Bharat-led consortium matched its last offer. UltraTech Cement recently upped its offer to Rs 79.6 billion after a second round of revision, outbidding Dalmia Bharat’s offer by Rs 11 billion.

Mahindra CIE Automotive share price gained nearly 2 percent as revenue in January-March quarter grew by 32 percent to Rs 612 crore and profit increased 132 percent to Rs 38.56 crore compared to year-ago.

Lasa Supergenerics share price gained 5 percent after it has received WHO-GMP certificate for unit situated at Mahad, Maharashtra issued by The Commissioner, The Food and Drug Administration.

Kakatiya Cements surged 20 percent after the company restarted its operations at cement plant in Andhra Pradesh.

Glenmark Pharmaceuticals has received final approval from the US health regulator for a generic version of Temovate Topical Solution used to treat certain scalp and skin conditions.

Eveready Industries plunged 10 percent after fair trade regulator CCI imposed a total fine of Rs 215 crore on Eveready as well as Indo National, industry grouping AIDCM and their officials for cartelisation in pricing of zinc carbon dry cell batteries.

Cyient rallied as much as 9.4 percent in morning trade, a day after the company reported 16.2 percent year-on-year (YoY) rise in net profit at Rs 121.5 crore for the quarter ended on March 31, 2018, compared to the year-ago period. The Hyderabad-based company had posted a net profit of Rs 104.6 crore in the corresponding quarter a year ago, Cyient said in a statement. Its revenue increased 12.8 percent to Rs 1,061.8 crore in the said quarter against Rs 941 crore in the year-ago period.

Here are some picks from the week gone by.

Company: DLF Ltd. CMP: 210.55 Mastermind

Company: Alphageo India CMP: 780.00 Mastermind

Company: Hexaware Technologies CMP: 434.50 Mastermind

Company: Bharat Petroleum CMP: 371.00 Mastermind

Company: Grasim Industries CMP: 1103.40 Mastermind

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