MARKET WRAP: Sensex up 85 pts, broader mkts underperform; DHFL up 11%

Sectorally, PSU banks were the biggest gainers with the Nifty PSU Bank index closing 1.36 per cent higher

3:38 PM

Sectoral gainers and losers on the NSE

3:37 PM

Top gainers and losers on the S&P BSE Sensex

3:34 PM

CLOSING BELL

The S&P BSE Sensex gained 85 points or 0.22 per cent to settle at 39,215.64 level while NSE's Nifty50 index ends at 11,688, up 25 points or 0.21 per cent.

3:31 PM

The benefits and drawbacks of tapping overseas markets for sovereign bonds

The Narendra Modi government’s decision to tap the overseas debt market through sovereign bonds has stirred quite a debate. There has been a lot of criticism amid fears that India will pay the price that Latin American nations did, in case of any global slowdown and currency frustrations. READ MORE

3:26 PM

Jalan panel to suggest RBI transfer surplus capital to govt in over 3-5 years

The six-member panel, under former RBI Governor Jalan was appointed on December 26, 2018, to review the economic capital framework (ECF) for the Reserve Bank of India (RBI) after the finance ministry wanted the central bank to follow global best practices and transfer more surplus to the government. READ MORE

Former RBI governor Bimal Jalan

3:22 PM

MARKET CHECK | Top gainers on the BSE at this hour

MCX	856.85	+43.30	+5.32
IRB	92.00	+5.10	+5.87
SPICEJET	141.95	+10.20	+7.74
CGPOWER	19.55	+1.75	+9.83
DHFL	55.95	+5.35	+10.57

3:11 PM

NEWS ALERT | Esser Case :: MCA against giving same status to operational creditors and financial creditors: sources to CNBC TV18

-- MCA believes IBC makes it clear that finance creditors come first and operational come second

--  IL&FS has total 94,000 crore of total debt

3:04 PM

NEWS ALERT | Govt aims to recover over 50% of debt extended to IL&FS: sources to ET Now

3:01 PM

Buzzing | Edelweiss Financial Services slip over 8%

2:50 PM

NEWS ALERT | DHFL resolution plan likely to be submitted on Thursday: sources to BTVi

-- Lenders working on mechanism to get bondholders & MFs on board for resolution

 

-- IBA met SEBI officials to discuss bond holders mechanism on June 12

Alert: IBA is Indian Banks' Association

2:47 PM

ICICI Securities on DCB Bank

DCB Bank has maintained its long-term growth path. Focus on risk adjusted growth, steady margins and improvement in Cost-to-income (CI) ratio are expected to lead to an improvement in earnings at 23.5% CAGR, return ratio of ~1.1% and RoE of ~15% by FY21E. Therefore, we reiterate our positive stance and maintain our target price of Rs 250 valuing at 2.2x FY21E ABV. Recommend BUY.

2:46 PM

Tata Elxsi hits 52-week low after Q1 net profit drops 31% to Rs 48.79 crore

Revenue from operations stood at Rs 361.71 crore, down 5.3 per cent YoY. In the corresponding quarter of the previous fiscal, the figures stood at Rs 382.03 crore. Sequentially, the numbers dropped nearly 11 per cent to Rs 405 crore.

 

The company reported finance costs of Rs 1.32 crore while depreciation and amortisation expenses rose 71 per cent YoY to Rs 10.44 crore as against Rs 6.10 crore logged in the March quarter of FY19. READ MORE

2:39 PM

Arvind Limited slips in trade, down over 3%

2:25 PM

SpiceJet, Indigo gain ground

COMPANY	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
SPICEJET	138.30	138.85	132.30	6.55	4.97	25.52	1845115
INTERGLOBE AVIAT	1476.80	1483.00	1418.85	30.90	2.14	30.53	206719
JET AIRWAYS	47.85	48.20	46.00	1.90	4.13	0.74	154311
GLOBAL VECTRA	54.40	55.90	54.40	-1.70	-3.03	0.00	755
TAAL ENTERPRISES	269.45	278.95	266.05	4.30	1.62	0.00	111

2:23 PM

Auto stocks in reverse gear

COMPANY NAME	LATEST	HIGH	LOW	CHG (Rs)	CHG(%)	VALUE (rs CR)	VOLUME
TATA MOTORS	167.35	172.40	166.60	-2.50	-1.47	18.97	1133579
ASHOK LEYLAND	85.50	86.60	85.00	-0.90	-1.04	3.15	368353
TATA MOTORS-DVR	79.95	81.95	79.20	-0.95	-1.17	2.14	268267
ESCORTS	541.80	554.50	537.00	-3.40	-0.62	5.62	103694
M & M	616.90	626.00	615.35	-6.20	-1.00	3.08	49951

2:21 PM

Wipro Q1FY20 preview: Analysts see modest revenue growth, EBIT margin dip

Wipro, India’s fourth largest software company, is scheduled to release its April - June 2019 quarter results (Q1FY20) on July 17 and analysts expect a moderate revenue growth along with a fall in the earnings before interest and taxes (EBIT) margin.

 

The company had reported a net profit of Rs 2,099 crore during Q1FY19, with a gross revenue of Rs 13,980 crore. It had given a revenue growth guidance of +/- 1 per cent for the June 2019 quarter READ MORE HERE

Abidali Neemuchwala, CEO of Wipro. Photo: PTI

2:17 PM

NEWS ALERT | NMDC's June iron ore sales up 18.2% at 2.66 mt Vs 2.5 mt (YoY)

--  Total iron ore production in June went up 2.9% at 2.52 mt Vs 2.45 mt (YoY)

2:16 PM

Cox & Kings hits fresh low after fourth default in three weeks

In a filing to the BSE, the travels and tour operator said it has also failed to pay the interest of over Rs 41 lakh on secured redeemable non-convertible debentures worth Rs 50 crore in timely manner. These NCDs carried a tenure of 24 months at a coupon of 10 percent per annum payable per month, it said. CLICK HERE TO READ FULL REPORT

2:04 PM

YES Bank falls 8% from intra-day high ahead of June quarter result

Shares of YES Bank were down 5 per cent to Rs 99 apiece in intra-day trade on the BSE on Wednesday, falling 8 per cent from its early morning high of Rs 108 ahead of April-June quarter (Q1FY20) earnings scheduled to be announced later today.

 

Most of the brokerages see pressure on YES Bank's profitability considering deterioration in asset quality and muted loan book growth during Q1FY20. READ MORE

1:51 PM

Eicher Motors trade lower

1:42 PM

Market check

1:41 PM

Market check

1:37 PM

NEWS ALERT | Jalan Committee's report to be submitted to RBI in 10-15 days: CNBC TV18

1:22 PM

NEWS ALERT | RBI surplus reserves to be transferred to govt in tranches in 3-5 years: Jalan panel report

1:21 PM

NEWS ALERT | Jalan Panel's report on eco capital framework unlikely to be unanimous: CNBC-TV18

1:20 PM

NEWS ALERT | Next review of eco capital framework will be periodic: CNBC-TV18

1:18 PM

NEWS ALERT | Bimal Jalan Committee's report on economic capital framework finalised

1:18 PM

NEWS ALERT | Bimal Jalan Committee's meeting on economic capital framework concludes

12:55 PM

NEWS ALERT | Govt may spin-off units of Coal India into separate listed companies: CNBC TV18 quoting agencies

12:47 PM

Apollo Hospitals Enterprise's promoter pledging likely to hit 75%

Apollo Hospitals Enterprise (AHEL) might see its promoters' pledged shares going up for a short while to 75 per cent, from 68 per cent now. They are pledging shares for solvency funding at Apollo Munich Health Insurance, in which Apollo Hospitals Group is selling its entire 51.2 per cent to HDFC.
 

Earlier, almost 74 per cent of the promoter shares were pledged to unwind a deal with private equity player KKR, raising concerns in the market. READ MORE