MARKET WRAP: Sensex up 232 pts; small-caps underperform; FMCG, metals gain

All that happened in the markets today

3:43 PM

Nifty snapshot at close

3:42 PM

Sensex heatmap at close

3:41 PM

Closing Bell

>> The frontline S&P BSE Sensex snapped two-day losing streak to settle 231.80 points, or 0.57 per cent, higher at 41,198.66 level

>> On the National Stock Exchange (NSE), the Nifty50 settled above the crucial 12,100-mark at 12,129.10 level, up 73.30 points or 0.61 per cent.

3:27 PM

Ramco Cements PBT declines 15% to Rs 110 crore on sluggish demand

During the current quarter, the company witnessed sluggish demand in its core markets, coupled with pressure on prices due to active monsoon", said the company in a statement. Demand in eastern markets was more visible during the quarter, but the prices, particularly in West Bengal, were very poor, it added. However, the company expects the trend in January 2020 to be positive with improvement in prices. READ MORE

3:21 PM

Earnings Alert | Godrej Consumer Q3 result

>> Net profit at Rs 445.2 crore

>> Revenue at Rs 2,778 crore

>> EBITDA at Rs 630.6 crore

3:15 PM

From tax rate cuts to job creation, India Inc sees a populist Budget

India Inc is expecting a slew of economy-boosting steps such as income-tax rate cuts, increased rural infrastructure spending, and job creation measures in the Union Budget, to be announced by Finance Minister Nirmala Sitharaman this Saturday. READ MORE

2:51 PM

Earnings Alert | Jubliant Food Q3 results

>> Net profit at Rs 103.7 crore

>> Revenue at Rs 1,059.6 crore

>> EBITDA at Rs 253.6 crore; margin at 23.9%

2:49 PM

Earnings Alert | Escorts Q3

>> Standalone net profit at Rs 153 crore

>> Total revenue at Rs 1,660.17 crore

>> EBITDA at Rs 212 crore; margin 13%

2:43 PM

Aptech shares rebound 17% from day's low on heavy volume

Shares of Aptech moved higher by 4 per cent to Rs 169, bouncing back 17 per cent from its early morning low of Rs 145 on the BSE on Wednesday on the back of huge volume. On the National Stock Exchange (NSE), the stock recovered 14 per cent from its intra-day low of Rs 148. The trading volume on the counter jumped more than three-fold during the day. A combined 1.72 million equity shares -representing 4 per cent of total equity of IT training services company changed hands on the NSE and BSE so far. READ MORE

2:35 PM

Tata Motors climbs 6% after falling 12% in nine days

Shares of Tata Motors climbed 6 per cent to Rs 187 on the BSE on Wednesday on the back of heavy volumes after Edelweiss Securities upgraded the stock to ‘Buy’. It also revised sum-of-the-parts or SOTP-based target price to Rs 245 from earlier Rs 140 per share. The counter has seen huge trading volumes with a combined 44 million equity shares changing hands on the NSE and BSE till 02:00 pm. In comparison, the S&P BSE Sensex was up 0.82 per cent at 41,304 points. READ MORE

2:24 PM

Global Markets check

Asian shares fell on Wednesday as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and added to worries about the economic impact of the outbreak.

Chinese stock futures in Singapore rebounded from two days of losses to rise 1.79 per cent, the biggest gain in almost seven weeks. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.41 per cent. But most of the losses were confined to Hong Kong shares, which sank 2.4 per cent on their first session after a two-and-a-half trading day break for Lunar New Year, led by declines in financial services, real estate, and consumer goods companies as a growing number of firms warned they may take a hit from the China virus.

 

Japan’s Nikkei stock index rose 0.62 per cent, and Australia’s main index added 0.53 per cent, partly because investors in these markets had already had a chance to react to the outbreak, which has claimed more than 100 lives.

European futures rose 0.22 per cent in early trading and US stock futures were up 0.27 per cent.

(Reuters)

2:13 PM

Bajaj Finance hits new high on highest ever quarterly profit of Rs 1,614 cr in Q3

Shares of Bajaj Finance surged 4 percnet, to hit a high of Rs 4,383.05, also its fresh lifetime high, on the BSE on Wednesday after the non-banking finance company (NBFC) reported its highest ever quarterly consolidated net profit at Rs 1,614.11 crore in the December quarter of FY20 (Q3FY20), a jump of 52 per cent year-on-year (YoY) from a net profit of Rs 1,059.56 crore (Q3FY19).READ MORE

2:06 PM

RESULT IMPACT:: Bajaj Finance surges over 3%

1:52 PM

BROKERAGE RADAR | Emkay Global Financial Services on United Spirits

Following the stock’s underperformance over the last two years, valuations at 34xFY22E core business earnings (excl. the value of treasury stock and IPL franchise) now appear reasonable and offer good upsides. We upgrade the rating to Buy from Hold and become OW in EAP. Our revised TP stands at Rs 735

(from Rs 655) based on 42x Mar’22E earnings. A recovery in volumes and price increases in key states are potential upside triggers. 

1:50 PM

BROKERAGE RADAR | Emkay Global Financial Services on Maruti Suzuki India

We expect earnings decline to be steep at 15% in FY20E, and then recover with 29 per cent growth over FY20-22E on an upturn in the sales cycle. Maintain Buy/OW in EAP with a revised TP of Rs 8,800 (Rs 8,300 earlier), based on 25x FY22E EPS (Dec’21E EPS earlier).

1:47 PM

BROKERAGE RADAR | HDFC Securities on Navin Fluorine International

Given the newly signed long term contracts in the CRAMS BU at Dewas and a growing customer base (Europe now accounts for 50% of order book vs erstwhile 100% from US), we have better earnings visibility for NFIL’s high margin CRAMS BU. Hence, we raise our FY21/FY22 EPS estimates by 13.3/13.5% to Rs 46.8/51.8. Post announcement of Rs 4.50 billion of capex for Greenfield project at Dahej on December 12, the stock has already surged 35.8 per cent, pricing in the key positives. Our revised TP comes to Rs 1,011 (20x Dec-21E EPS). Maintain SELL.

1:42 PM

MARKET UPDATE:: Sudden fall in Nifty, index near 12,100 levels

1:36 PM

MARKET UPDATE:: Sensex off day's high

1:34 PM

RESULTS UPDATE:: Bajaj Finance Q3 net profit at Rs 1,614 cr, up 52% YoY

-- Consolidated Q3 net interest income (NII) at 4,537 cr

1:32 PM

Sitharaman's infrastructure push need not be a pipe-dream, here's how

Build infrastructure first, private investments including Foreign Direct Investments (FDI) would automatically follow is not an audacious or far-fetched dream. China did it with a great deal of success. Finance Minister Nirmala Sitharaman obviously wants to emulate the Chinese model without actually saying so when a few days ago she outlined her government’s plan to launch a massive Rs 102 trillion infrastructure development plan. READ MORE 

1:14 PM

RESULTS UPDATE:: Ramco Cements sales volume up 3.6% at 2.84 mt vs 2.74 mt

1:09 PM

Heatmap: S&P BSE Sensex

1:00 PM

Rupee check

12:44 PM

Bajaj Finance trades 1% higher ahead of Q3 results

12:38 PM

Rail-related stocks in focus; IRCTC, IRCON hit new lifetime highs

Shares of railway-related companies which are state-owned, such as Indian Railway Catering and Tourism Corporation (IRCTC), IRCON International, and Rites, have outperformed the markets since the last Union Budget on July 5, 2019. From the private sector, Hind Rectifiers and Siemens, too, outpaced the benchmarks during the period. The S&P BSE Sensex was up 3.7 per cent since July 5 last year. However, Larsen & Toubro, Kernex Microsystems, NBCC, and Texmaco Rail were down in the range of 13 per cent to 41 per cent on the BSE. READ MORE

12:14 PM

NEWS ALERT | SAT asks IRDAI to reconsider its order directing SBI Life to disgorge Rs 275 cr: CNBC TV18

12:13 PM

Subdued Q3 performance leads to stock correction in Torrent Pharma

After hitting its 52-week high, the Torrent Pharma stock fell more than 5 per cent on Tuesday, following a weak December quarter performance. The Street was disappointed by its sales in the domestic market, which accounts for 44 per cent of its overall revenue. The India business grew at a soft pace of 5 per cent on a high base of last year. Adjusting for one-offs due to the integration of stockists at Torrent and Unichem (acquired entity), the India business growth is at 8.5 per cent year-on-year (YoY). READ MORE

12:03 PM

MARKET CHECK:: Sensex holds gains

11:56 AM

NEWS ALERT | WABAG secures multiple orders worth over Rs 760 crore

11:47 AM

NEWS ALERT | SEBI questions Rakesh Jhunjhunwala for trading in shares of Aptech: CNBC TV18