MARKET WRAP: Sell-off continues, Sensex tumbles 306 pts as financials drag

All that happened in markets today.

3:48 PM

Sectoral gainers and losers on the NSE

3:48 PM

Top losers and gainers on the S&P BSE Sensex

3:26 PM

HDFC Securities on RBL Bank

We have cut earnings estimates for FY20/21E by 25/19% to factor higher slippages and consequent provisions. A fund raise is still possible, and will be crucial for RBL to provide for the upcoming stress and maintain growth rates. We are factoring Rs 35bn (at Rs 500/sh), pushing up est. ABVs by 27/20% over FY20/21E. Guidance on stress, and concentration commentary are red flags that underpin our DOWNGRADE to NEUTRAL. We value RBL at 2x Jun-21E ABV (vs. 3x earlier). Our TP is Rs 512. 

2:58 PM

MARKET CHECK

2:51 PM

GSK Pharma Q1 results

-- Net profit up 35% at Rs 113.5 cr YoY

-- Revenue up 7.1% at Rs 788 cr YoY

-- Ebitda up 21.9% at Rs 165.3 cr YoY

-- Ebitda margin at 21% vs 18.4% YoY

2:34 PM

HIndustan Unilever dips over 3%

2:26 PM

Nifty PSU Bank index off day's lows

2:09 PM

Cox & Kings slips to new low, hits lower circuit for 19th straight day

In the past one month, the stock has tanked 73 per cent, as compared to a three per cent decline in the S&P BSE Sensex. Thus far in the calendar year, it has plunged 90 per cent from level of Rs 167, against a six per cent rise in the benchmark index. READ MORE

 

2:07 PM

Small-caps tumble: BSE Smallcap index hits lowest level since February 2017

Since the presentation of the Budget earlier this month, the S&P BSE Sensex and the Nifty50 have lost around five per cent each. In comparison, the S&P BSE Smallcap index has lost 8.5 per cent. The index hit an intra-day low of 13,089 points, its lowest level since February 1, 2017, on the BSE. From the recent high on April 14, 2019, the smallcap index has tanked 13 per cent, as against 10 per cent fall in the midcap and three per cent cut in the benchmark index. READ MORE

1:48 PM

Oriental Bank of Commerce Q1 results

-- Net profit at Rs 112.7 cr vs loss of Rs 393.2 cr YoY

-- Gross NPA at 12.56% vs 12.66% QoQ

-- Net NPA at 5.91% vs 5.93% QoQ

-- NII up 2.6% at Rs 1371.6 cr vs 1337.3 cr YoY
 

1:47 PM

Srikalahasthi Pipes surges 5% as PAT in June qtr zooms 93%

1:41 PM

MARKET CHECK | Top 5 gainers on BSE at this hour

INDIGO	1,520.90	+57.55	+3.93
KRBL	210.30	+9.35	+4.65
YESBANK	87.20	+3.95	+4.74
AVANTI	334.40	+20.65	+6.58
SPARC	162.90	+11.80	+7.81

1:34 PM

NEWS ALERT | CARE Ratings issues clarification on report by Grant Thornton on IL&FS Audit

1:30 PM

Nifty Pharma index rises 1% higher amid subdued trade

1:19 PM

Indiabulls Real cracks over 7%

1:09 PM

Heatmap: S&P BSE Sensex

12:56 PM

Edelweiss Securities on Dhanuka Agritech

With no change in guidance and our industry outlook, we maintain our estimates. We continue to value Dhanuka Agritech at 16x September 2020 P/E yielding TP of Rs 469. The stock, in our view, offers limited downside from the current valuation and given its strong return profile (ROCE amongst the highest) we envisage valuations to improve once growth improves. Hence, we maintain ‘BUY’.

12:53 PM

Reliance Securities on HDFC Bank

We believe the bank is well positioned to deliver healthy growth even in the current weak environment. Its strong capital position, improving operating efficiency and impeccable asset quality performance across cycles should continue to aid return ratios with RoA/RoE pegged at 1.9%/16% for FY21E. At CMP, the stock trades at multiple of 3.4x FY21E. Marginally tweaking our earnings estimates for FY20E/FY21E, we maintain our BUY recommendation on the stock with an SOTP-based Target Price of Rs2,650 (based on 3.7x FY21E adjusted PBV and the value of its subsidiaries, implying a FY21 P/ABV of 3.8x). 

12:50 PM

Ceramic Sector Note by Equirus Securities

The Indian ceramic industry (tiles + bath-ware) should see better growth once RERA-induced consolidation in the real estate industry stabilizes and demand recovers. Stricter E-way implementation should lead to increased compliance costs for unorganized players and reduce the organized-unorganized pricing differential, leading to gradual market share gains for larger branded players. Additionally, with industry focus now shifting to improving capacity utilization, increase in production costs for unorganized players (due to higher tax compliance, stretched WC cycles), pricing pressure should remain subdued; this should lead to stable avg. realizations in the near term, offering margin stability for Kajaria and Somany.

12:37 PM

Cement stocks trade under pressure

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
MEGHMANI ORGAN.	55.10	1.10	2.04	44942
UPL	639.35	-4.85	-0.75	36941
RALLIS INDIA	153.90	-0.65	-0.42	17199
P I INDS.	1059.55	-32.10	-2.94	2666
DHANUKA AGRITECH	379.25	-9.95	-2.56	743

12:26 PM

Brokerages remain upbeat on Reliance Industries' stock post Q1 results

Most brokerages remain upbeat on Reliance Industries Limited (RIL), after the company posted a 7 per cent jump in its net profit for the April – June quarter of financial year 2019 – 20 (Q1FY20) at Rs 10,104 crore. The company announced its numbers for the recently concluded quarter post market hours on Friday. Revenue came in 22.1 per cent higher than the Rs 1.41 trillion in the corresponding period a year ago. Gross refining margin (GRM) for the quarter came in at $8.10/barrel. READ MORE

12:14 PM

Nifty sectoral indices at this hour

12:04 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
ANDHRA BANK	21.85	21.70	-0.35	-1.58
APOLLO TYRES	174.60	172.70	-0.20	-0.11
ASAHI INDIA GLAS	200.35	199.45	-1.00	-0.50
AUROBINDO PHARMA	569.35	546.00	17.05	3.09
BAJAJ CONSUMER	292.65	289.15	-6.95	-2.32

12:03 PM

MARKET CHECK

11:52 AM

DHFL off day's high

11:42 AM

RBL Bank tanks 19% in two days on weak FY20 guidance

Shares of RBL Bank continued to reel under pressure, down 5 per cent, to Rs 470 in intra-day trade on Monday. The stock has fallen 19 per cent in the past two trading days after the bank, on Friday, said it expects some challenges on some of their exposures in the near term. The private sector bank's stock had recorded its sharpest single-day fall of 14 per cent on Friday since listing on the bourses on August 31, 2018. READ MORE

11:31 AM

Just Dial cracks 7% ahead of June quarter earnings

11:17 AM

Zee Entertainment rises 3%

11:06 AM

HDFC group shares fall on profit-booking; HDFC, HDFC Bank slip up to 4%

Shares of HDFC group companies on Monday came under pressure, falling by up to 6 per cent on the BSE in the early morning trade on profit-booking. Housing Development Finance Corporation (HDFC), HDFC Bank, HDFC Asset Management Company (AMC) and HDFC Life Insurance were down in the range of 2 per cent to 6 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.79 per cent at 38,034 level at 10:04 am. READ MORE

10:43 AM

Edelweiss Financial down over 4.5%