MARKET WRAP: Indices gain for 3rd day; Sensex up 353 pts, reclaims 41,100

All that happened in markets today.

4:09 PM

MARKET COMMENT | Vinod Nair, HoR, Geojit Financial Services

Indian markets are mirroring the global markets and trading on a higher note powered by rate-sensitive stocks . With the overreaction on the budget being mostly done, the market’s focus will turn to how global events and Q3 results span out. Inflation being on the higher side there is no further room left for the central bank to tweak rates and is expected to follow an accommodative stance in the policy due tomorrow

3:44 PM

SECTOR WATCH | Top gainers and losers on the NSE

3:43 PM

MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex

3:41 PM

CLOSING BELL

The S&P BSE Sensex rallied 353 points or 0.87 per cent to end at 41,143 while NSE's Nifty ended at 12,089, up 110 points or 0.91 per cent. 

3:10 PM

Hero MotoCorp tanks 5%, Co to announce December quarter result on Thursday

Since October 23, when the company reported its September quarter results (Q2FY20), the stock has underperformed the market by falling 13 per cent on the BSE. In comparison, the S&P BSE Sensex was up 5 per cent, while the sector S&P BSE Auto index gained 1 per cent during the same period. READ MORE

2:55 PM

BROKERAGE RADAR | Edelweiss Securities on Godrej Properties

The company’s robust project pipeline, rapidly expanding project portfolio and tailwinds from RERA are key positives and will enable the stock to continue to trade at rich valuations. We maintain ‘BUY/SO’ with revised TP of Rs 1,268 per share (at par with NAV of Rs 1,268/share) as we roll forward valuations to June 2021E.

2:51 PM

MARKET CHECK | Sensex nears 41,100-mark

2:46 PM

NEWS ALERT | FCCB and QIP saw strong demand, says Bharti Airtel

2:45 PM

NEWS ALERT | Bharti Airtel says Infratel board extended long-stop date for Indus merger: CNBC TV18

2:35 PM

IRCTC, Avenue Supermarts, YES Bank: Trading strategies for buzzing stocks

Indian Railway Catering and Tourism Corporation (IRCTC): The counter has jumped over 50 per cent in just eight sessions. Although the continuous gap-up sessions indicate strong momentum, a jump of over 50 per cent normally witnesses profit booking. This stock now needs to consolidate after a sharp rally in order enter the next leg of an upside. Rather than buying this stock now that trades in overbought condition as per Relative Strength Index (RSI), one can wait for a healthy correction. READ MORE

2:26 PM

RESULTS UPDATE:: Adani Enterprises Q3 consolidated net profit at Rs 426 cr vs Rs 92.4 cr (YoY)

2:24 PM

BSE500 stocks that hit 52-week high today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
AEGIS LOGISTICS	241.75	242.75	11.25	4.88
AMBER ENTERP.	1592.90	1639.20	-12.00	-0.75
AU SMALL FINANCE	1098.00	1142.95	46.65	4.44
AVENUE SUPER.	2252.00	2273.10	96.55	4.48
BAJAJ HOLDINGS	3859.10	3949.35	113.05	3.02

2:15 PM

NEWS ALERT | Bharti Airtel's talk with investors for share sale in Bharti Infratel put on hold: sources to CNBC TV18

>> PE investors pull out of talks

Alert: Bharti Airtel hasn't issued any statement regarding the same

2:15 PM

Market check | Sensex decisively past 41,000-mark, up 300 pts

2:12 PM

BROKERAGE RADAR | ICICI Securities on Firstsource Solutions

It was a strong quarter on all metrics. Further, easing of pressure in top client, strong deal wins (three new logos added in mortgage and two in healthcare provider), strengthening of leadership team and positive outlook for BFSI, healthcare provider & utilities segment are key positives. Firstsource is also expected to pare down its net debt by nearly Rs 140-210 crore in FY21E. Accompanied by healthy dividend yield (~4.7% in FY19) and attractive valuations (6.5x FY22E EPS) prompts us to maintain our BUY rating with a revised target price of Rs 53/share (8x FY22E EPS).

2:11 PM

BROKERAGE RADAR | Anand Rathi on TTK Prestige

Based on the present scenario, we conservatively factor in only 10 per cent and 9 per cent CAGRs over FY20-22 in revenue and PAT respectively, resulting in constrained return ratios. As we roll over our valuations to FY22, we upgrade the stock to a Buy, at a higher target price of Rs 7,002 (35x FY22e EPS of Rs 200), earlier Rs 6,670.

Risks: Mounting competition from regional operators, who compete mainly on pricing.

2:09 PM

BROKERAGE RADAR | HDFC Securities on Galaxy Surfactants

We remain constructive on the company as (1) 55% revenues come from MNCs, which ensures stickiness of business, (2) EBITDA margins are stable at >12% since fluctuations in RMC are easily passed through to customers, and (3) Return ratios are strong (RoE/RoIC of 22.0/20.0% in FY21 and 21.4/19.9% in FY22 respectively). Galaxy is a preferred supplier of surfactants to leading FMCG companies. Thus, it is important to value it against FMCG and chemical stocks at extreme ends. Since, its products are specialised but lack branding and pricing power, it should trade at a multiple closer to chemical and at a discount to FMCG companies. Our target price of Rs 1,811 is at 22x Dec-21x EPS (versus the consensus target price of Rs 1,593).

2:05 PM

MARKET UPDATE:: Sensex regains momentum

2:02 PM

Aim to manufacture, sell 1 mn 'green vehicles' over next few years: Maruti

Kicking off the Auto Expo here, MSI Managing Director and CEO Kenichi Ayukawa said the company has already sold a million green cars, comprising CNG and smart hybrids in the last decade.

 

Showcasing its concept Futuro-e, an electric SUV, he said the car is being shown for the first time globally here, reflecting the importance of Indian customers in Suzuki's business. READ MORE

1:59 PM

Oil check

Oil prices rose on Wednesday, reversing out of a 1 per cent slump in the previous session, boosted by producers weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus.

 

Brent crude oil futures were up 44 cents, or 0.8 per cent, to $54.40 a barrel by 0127 GMT, while US West Texas Intermediate (WTI) crude futures were up 42 cents or 0.9 per cent to $50.03 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, weighed the impact on global oil demand, and economic growth, of the coronavirus outbreak at a meeting on Tuesday, hearing from China’s envoy to the United Nations in Vienna. Producers are weighing further output cuts and moving a planned policy meeting to February rather than March.

(Reuters)

1:49 PM

RESULTS UPDATE:: Apollo Tyres Q3 consolidated net profit at Rs 173.9 crore

-- Consolidated Q3 revenue at Rs 4,399 cr

-- Ebitda up 1% at Rs 532.9 cr

-- Ebitda argin at 12.1% vs 11.2% (YoY)

1:45 PM

BPCL extends rally on reports of Rosneft's interest; surges 13% in 3 days

Shares of Bharat Petroleum Corporation (BPCL) were trading higher for the third straight day, up 4 per cent to Rs 500 on the BSE on Wednesday after reports said that Russia's largest oil producer Rosneft was keen to bid for the state-owned oil marketing company. BPCL has rallied 13 per cent in the past three trading days to hit its highest level since December 17, 2019. It hit an all-time high of Rs 550 in intra-day trade on November 21. READ MORE

1:43 PM

Tata Motors in focus, surges nearly 8%; Nifty Auto index trades lower

Tata Motors surged nearly 8 per cent in the intra-day session on Wednesday. The auto major unveiled a series of cars and commercial vehicles at the Auto Expo 2020. The company launched the much-anticipated Harrier 2020 at an introductory price of Rs 13.69 lakh for Manual and Rs 16.25 lakh for Automatic. READ MORE

1:25 PM

Maruti Suzuki pares gains, down 2%

1:14 PM

Russia's largest oil producer Rosneft keen to bid for BPCL: Report

Russia's largest oil producer Rosneft is keen to bid for acquisition of Bharat Petroleum Corp Ltd (BPCL), sources said after the Russian firm's CEO Igor Sechin met Oil Minister Dharmendra Pradhan on Wednesday. Rosneft, which is the majority owner of India's second biggest private oil refinery, is keen to expand in the world's third largest and the fastest growing energy market. READ MORE

12:59 PM

China's stuttering economy braces for impact of deadly Coronavirus

China's struggle to contain the deadly coronavirus is deepening concerns about the impact on the world's number-two economy, as factories stay closed and millions of consumers remain holed up at home. The epidemic, which has killed hundreds and infected more than 24,000, has led to sweeping travel restrictions across the country as well as the closure of popular tourist attractions, businesses, schools and entertainment venues. READ MORE

12:56 PM

MARKET UPDATE:: Broader indices outperform

12:41 PM

BUZZING STOCK | OMDC zooms 17%

• Shares of Orissa Mineral Development Company (OMDC) zoomed 17 per cent to Rs 2,286 on the BSE on Wednesday after company received an extension of the validity period of mining lease for iron and manganese over an area of 1276.79 hectares.
• The stock of state-owned mining company was trading at its highest level since November 8, 2017.
• In the past one month, it rallied 80 per cent from level of Rs 1,273, as compared to 1 per cent rise in the S&P BSE Sensex

12:39 PM

RESULT UPDATE:: Bosch Q3FY20 consolidated net profit down 43.3% to Rs 190.2 cr vs Rs 335.4 cr (YoY)

-- Revenue down 15.7% YoY to Rs 2,536.6 cr

-- One-time loss at Rs 207.4 cr

-- Ebitdadown 22.2% YoY to Rs 320.2 cr

 

12:34 PM

NEWS ALERT | Russia's Rosnet keen to bid for acquiring BPCL: CNBC TV18