F&O expiry: Sensex slips 143 pts, Nifty ends at 11,633; pharma stocks gain

All that happened in markets today

3:58 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Domestic and global equity market got impacted by weak expiry of monthly F&O and selling in the global market due to the spread of new coronavirus cases in some parts of the world. Till last wee,  the market was of the view that coronavirus is going to have only a minimum impact on global economy as situation in China was being contained. But an increase in the number of new cases is changing the view and there are fears of some slowdown in the economy.

3:44 PM

SECTOR WATCH | Pharma and FMCG indices end in the green

3:43 PM

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

3:35 PM

CLOSING BELL

The S&P BSE Sensex ended 143 points or 0.36 per cent lower at 39,746 while NSE's Nifty50 ended at 11,633, down 45 points or 0.39 per cent.

3:13 PM

BUZZING STOCK | Mishra Dhatu surges 20%

3:11 PM

IndusInd Bank hits fresh 3-year low after clarification on new CEO

Shares of IndusInd Bank have slipped 3 per cent to Rs 1,102 on the BSE on Thursday after the private sector said that the speculation around the name of Rajiv Sabharwal of Tata Capital as a contender for the bank’s top position is completely untrue. READ MORE 

3:00 PM

MARKET CHECK:: Sensex down 100 pts now

2:55 PM

BROKERAGE RADAR | HDFC Securities on Cipla

Cipla received warning letter at Goa plant from the US FDA. The plant was classified as OAI (Official action Indicated) in Jan 20, and as such we did not factor any product approvals in our estimates. As per the company, no limited launches are impacted and the guidance of one niche launch per quarter remains on track. Goa plant accounts for 2.5% of FY19 revenues (single sourced products) and ~6% of revenues (including products with alternate source). The resolution timeline remains uncertain and will be based on Cipla’s response to US FDA (mid March), completion of remediation activities and a successful re-inspection.

2:50 PM

BUZZING STOCK | Sumitomo Chemical jumps 9%

2:45 PM

NEWS ALERT | NLC India to pay Rs 7.06/sh as interim dividend: CNBC TV18

2:38 PM

India Ratings lowers domestic steel sector outlook for FY21 to negative

High iron ore premiums for new mine owners (both captive and merchant) could alter input costs for steel mills, it said.

 

The slowing economic activity as reflected in Ind-Ra’s GDP estimates of 5 per cent and 5.5 per cent for FY20 and FY21, respectively, would continue to affect demand growth in the sector and any significant pick-up is unlikely. READ MORE

2:19 PM

Shree Cement overtakes ACC to commission world's largest kiln in UAE

ACC said one of its lines in its Wadi II plant has the company’s largest kiln with a capacity of 12,500 tpd. Sources suggested that ACC's Wadi-II plant so long had held the distinction of being the largest cement kiln globally which now has been overtaken by Shree Cement, albeit in the UAE. READ MORE

2:07 PM

Index Contributors at this hour

2:04 PM

BSE500 stocks that hit 52-week low today

COMPANY	PRICE(rs)	52 WK LOW	CHG(%)
ALLAHABAD BANK	13.00	12.90	-4.06
ANDHRA BANK	14.70	14.50	-0.34
B H E L	32.65	32.10	-1.80
BALMER LAWRIE	104.55	102.65	-1.37
BANDHAN BANK	395.90	387.50	0.42

1:55 PM

Merger of public sector banks on schedule, says Nirmala Sitharaman

“There are no uncertainties about bank mergers. I am also conscious about the extra work related to core banking… I have asked bankers to do (it). But on merger, we are going as per the schedule. There are no uncertainties and I am on course. There needn’t be any speculation,” Sitharaman said during a press briefing on Wednesday. READ MORE

1:36 PM

NEWS ALERT | Sadbhav Infra receives Rs 833 cr in connection with six Operational Road Projects: BSE filing

1:28 PM

SECTOR WATCH :: PSBs trade lower; PNB, BoB, Indian Bk, 4 others hit 52-week lows

1:16 PM

NEWS ALERT | DCC to consider if any relief can be given to telcos: sources to CNBC TV18

>> DoT unlikely to consider revising or reducing the AGR amount

1:11 PM

Raining dividends on Street: Firms loosen purse strings to help promoters

Market experts say that based on profit projections for the next few quarters, companies are paying higher interim dividends. More companies are likely to dole out dividends before the end of March, they add. Typically, the final dividend payout gets spilled over to the next financial year. READ MORE

1:01 PM

MARKET CHECK:: Sensex off day's low

12:50 PM

Graphite India hits 30-month low, tanks 25% in 5 weeks on weak Q3 results

Shares of Graphite India continued to remain under pressure and slipped 5 per cent on Thursday to hit a 30-month low of Rs 242 on the BSE on concerns of weak earnings going forward. The stock of the graphite electrode maker was trading at its lowest level since August 22, 2017. In the past five weeks, it has tanked 25 per cent after reporting a consolidated net loss of Rs 353 crore in the December quarter (Q3FY20), due to steep fall in electrode prices. READ MORE

12:50 PM

BROKERAGE RADAR | Edelweiss Securities on Federal Bank

Federal Bank’s performance over the last few years has been characterised by soft revenue growth and volatile asset quality. Management strategy, which is centred on leveraging distribution and digital franchise and building new capabilities, is credible. We estimate the bank would clock RoA/RoE of 1.1 per cent / 13–14 per cent by FY21. Maintain ‘BUY/SO’.

12:40 PM

BUZZING STOCK:: Titan rises 2% in a weak market

12:39 PM

BROKERAGE RADAR | ICICI Securities on Apollo Tyres

RATING: HOLD

Target: Rs 165 (10%)

Target Period: 12 months

Apollo Tyres (ATL) has unveiled plans to raise equity worth | 1,080 crore (pending shareholder approval) via issue of 10.8 crore compulsorily convertible preference shares (CCPS) of Rs 100 each. The shares would be placed preferentially to Emerald Sage Investment, an arm of private equity firm Warburg Pincus.

Currently, we do not alter our estimates or target price for ATL and continue valuing it at Rs 165 i.e. 5.3x FY22E EV/EBITDA. As far as financials are concerned, the situation stays same on the operating matrix front i.e. sales, EBITDA and operating margins while PAT will adjust for the change in interest outgo pursuant to a decline in debt levels. On the B/S front, leverage ratios improve with nearly no change on the RoCE front, which remains muted at <10%. RoE, however, will reduce as the base gets bloated.

12:25 PM

Double whammy: Power brands give Sanofi revenues and an edge over peers

The Sanofi India stock hit fresh highs on Wednesday, after it posted a better-than-expected December quarter (Q3) performance. Revenue growth continues to be driven by a large branded portfolio in the high-growth chronic segment. The tilt towards the more-profitable chronic segment, coupled with a leadership position in diabetes therapy, gives it an edge over its peers. READ MORE

12:16 PM

Cipla down 8% in 5 days, nears 52-week low on warning letter for Goa plant

The stock of the pharmaceutical company was trading close to its 52-week low of Rs 390 touched on October 11, 2019. In the past five trading days, Cipla slipped 8.5 per cent, as compared to a 4 per cent decline in the benchmark S&P BSE Sensex and 3 per cent fall in the S&P BSE Healthcare index. READ MORE

12:03 PM

Is it a good time to buy gold as a safe-haven bet amid coronavirus fears?

For an asset class that has already seen an appreciation of around 25 per cent in a year, analysts expect the onset of coronavirus (Covid-19) to fuel a further upside in gold prices over the long-term should the panic spread. In the short-term (six months), however, they expect the upside to be limited given the rally since the past year. READ MORE

11:40 AM

SECTOR WATCH:: PSU banks trade lower

11:32 AM

NEWS ALERT | Axis Bank appoints Puneet Sharma as Chief Financial Officer w.e.f March 6: BSE Filing

11:31 AM

NEWS ALERT | L&T Construction wins significant contracts for its various businesses