Benchmarks settle flat, Nifty ends at 11,300; Bharti Airtel slips over 2%

All that happened in the markets today

3:44 PM

SECTOR WATCH:: Auto, metal stocks rally in the trade

3:42 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex fell 59 points, or 0.15 per cent to end at 38,310.49 while NSE's Nifty ended at 11,300.45, down 8 points or 0.07 per cent. 

3:29 PM

MARKET CHECK

3:21 PM

BROKERAGE VIEW:: Centrum Broking on Sundaram Finance

Sundaram Finance (SUF) earnings were largely in-line. NII at Rs 3.8bn came in as expected though a drop in fee income led to a miss on PPoP. Healthy NIM trajectory was intact with incremental funding cost trending downwards. AuM growth declined by 1.3% YoY as disbursements saw a steep drop though repayments were higher which was a positive. Disbursements and collection efficiency are picking up. Asset quality was contained sequentially though Covid-19 provisions were Rs 1.1bn taking the total COVID-19 reserve to Rs1.37bn (appropriation of profits). The average moratorium is 55% though moratorium -1 to 2 saw a drop from ~65% to ~45%. See RoA/RoE scale up to 2.2%/13.6% in FY22E. Maintain BUY with SOTP based TP at Rs 1,450.

3:13 PM

MARKET CHECK: Top 5 losers on the BSE at this hour

3:12 PM

Nifty PSU Bank index dips 1%

3:01 PM

NEWS ALERT :: L&T Construction bags order for projects worth Rs 1,000-2,500 cr

Click here for project details

2:54 PM

Hero MotoCorp trades higher ahead of June qtr results

2:44 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ALKYL AMINES	2815.10	2845.00	4.95
BALKRISHNA INDS	1376.95	1396.80	-0.03
GALAXY SURFACT.	1870.00	1944.40	8.26
GUJARAT GAS	326.25	331.20	1.68
HCL TECHNOLOGIES	723.95	728.80	1.00

2:38 PM

Nifty Auto index trades as top performer on NSE

2:25 PM

Tata Consumer Products overtakes Marico in m-cap; stock scales fresh peak

Tata Consumer Products reported an 81.78 per cent year-on-year (YoY) rise in its net profit at Rs 345.55 crore for the quarter ended June (Q1FY21), aided by an increase in demand in some categories. Revenue from operations was up 13.44 per cent to Rs 2,713.91 crore as against Rs 2,392.36 crore in the corresponding period of the last fiscal. READ MORE

2:17 PM

NEWS ALERT :: SC likely to hear AGR case tomorrow at 3 pm

2:12 PM

Rupee Closing

Rupee ends flat vs Wednesday's close of 74.83 per US dollar

 

2:00 PM

June Quarter Result :: GAIL reports consolidated net profit of Rs 643 cr

>> Consolidated revenue of Rs 12,174 crore

>> Cons EBITDA at Rs 693.7 crore

1:53 PM

BUZZING STOCK:: Titan top Sensex gainer at this hour

1:47 PM

Bharat Forge: Investors should wait for improvements in orders, core biz

The Bharat Forge stock has gained 5.3 per cent on expectations of a gradual growth uptick in the coming quarters, upside from defence orders, and margin outlook. While the June quarter was a washout given the lockdown, the management indicated there have been some "green shoots" in most segments, both in domestic and export markets. READ MORE

1:40 PM

European stocks trade largely lower in early deals

1:32 PM

SBI eyes three-fold rise in retail, MSME gold loan business in FY21

It will use digital banking platform YONO extensively to cut-down on response time and scale up activity for it.

 

Banks including SBI have an edge over gold loan companies due to lower lending rates. But they often lose out on turnaround time - take longer to give loans, while likes of Muthoot and Manappuram act quickly. READ MORE

1:22 PM

PE/VC investments drop 51% to $4.1 billion as big deals shrink in July

PE/VC investments in July 2020 stood at $4.1 billion, down by 51 per cent compared to $8.4 billion in July 2019. The decline was due to fewer large deals across segments. Nonetheless, if we exclude the investments in Jio Platforms, July 2020 has been the best month so far in 2020, recording investments worth $3.7 billion. According to the IVCA-EY report, July recorded 10 large deals (value greater than $100 million) worth $3.1 billion compared to 13 large deals worth $7.1 billion in July 2019. READ MORE

1:21 PM

NEWS ALERT :: SC on BS-IV vehicle registration case

>> Justice Mishra today asks Senior Advocate, KV Vishwanathan, "Is this not a fraud on the Court that you say that there will not be many sales during this period and then the sale is higher during this lockdown period?"

>> On July 31, the SC had also expressed displeasure on the sale of large number of vehicles in March during Covid-19 lockdown, the SC said that an unusual number of BS-IV vehicles were sold during the time.

 

1:19 PM

NEWS ALERT :: SC prohibits registration of BS-IV vehicles

>> Says, will take action against auto-firms

>> KV Vishwanath for FADA seeks to clarify that various methods like discounts and slump sale was adopted as manufacturers refused to take back the stock/inventory

1:06 PM

This highway developer's Q1 nos beat estimates; analysts bullish on the stock

Nirmal Bang Institutional Equities, apart from better-than-expected results, is betting on the government's push towards infra-development which may augur well for the company in future. READ MORE

12:55 PM

Ashok Leyland leaps 10% post Q1 nos; Co expects margin to improve ahead

Shares of Ashok Leyland surged 10 per cent to Rs 59.30 on the BSE on Thursday after the company said it expects Q3 and Q4 of financial year 2020-21 (FY21) to be better than the previous quarters while margins are also expected to rise going ahead. Meanwhile, the company reported a consolidated net loss of Rs 388.82 crore for the first quarter ended June 30, owing to the coronavirus pandemic. In comparison, the commercial vehicle maker had posted a net profit of Rs 274.96 crore in Q1FY20. READ MORE

12:41 PM

Nifty sectoral indices at this hour

12:22 PM

Shadow bank bond sales rebound as lenders raise Rs 81,300 cr since April

Indian shadow lenders are selling the most local-currency bonds since before a financial crisis engulfed the sector two years ago, in a sign that record stimulus is easing their fundraising burden. The financiers have raised Rs 81,300 crore ($10.9 billion) through rupee notes since April 1, making it the best start to a financial year since 2017. Offerings from non-bank firms had declined in 2018 and 2019 as at least three shadow lenders defaulted on their repayments, battering investor demand for the sector’s debt. READ MORE

12:04 PM

Shree Cement: Lower realisation outlook, weak cost control raise concerns

Shree Cement’s stock shed about 4.5 per cent in the last two trading sessions, even as the benchmark BSE Sensex was up 0.5 per cent during the same period. At around 24x its FY21 estimated EV/Ebitda (enterprise value to earnings before interest, tax, depreciation, and amortisation), the stock is trading at a 70 per cent premium to some other large cement players. READ MORE

12:00 PM

Bharat Forge surges 13% post June quarter nos; here's what brokerages say

Analysts with Motilal Oswal Financial Services (MOFSL) note that the company's 1QFY21 operating performance was commendable considering EBITDA breakeven at 20 per cent utilisation. "With enhanced capabilities, improved efficiency, low gearing, and a strengthened position in the global supply chain, Bharat Forge would come out stronger from this downcycle," the brokerage said in a report issued on August 12. It has a "BUY" rating on the stock with the target price of Rs 500. READ MORE 

11:50 AM

MARKET UPDATE:: Sensex slips into the red

11:41 AM

SECTOR WATCH:: Hotel stocks in focus

COMPANY NAME	LATEST	HIGH	LOW	CHG(%)
INDIAN HOTELS CO	93.75	98.75	87.85	7.33
EIH	75.80	77.25	67.70	11.23
LEMON TREE HOTEL	32.25	32.25	30.45	9.88
CHALET HOTELS	145.10	148.95	135.90	7.16
HLV	5.32	5.48	5.05	1.53