MARKET WRAP: Sensex slips 335 pts; Infosys sees biggest 1-day fall in 6 yrs

All that happened in markets today.

3:43 PM

IT stocks dip on weak sentiment

3:42 PM

Nifty snapshot

3:41 PM

Jefferies on Infosys

Whistle blowers have alleged unethical practices by the CEO & CFO, particularly around large deals. The key allegation is many recent large deals wins have negligible margins and revenue & cost recognition have not adhered to accounting norms to help improve near-term profitability. The issue is likely to remain an overhang pending further clarity. We note every 100bps lower EBIT margin impacts FY20/21E EPS by ~4.3% but P/E de-rating could be the bigger risk.

3:40 PM

Infosys, Bharti Airtel contribute most to Sensex's fall today

3:39 PM

Sensex heat map :: Infosys tanks 16%

3:38 PM

Index watch

3:36 PM

CLOSING BELL

The S&P BSE Sensex lost 335 points or 0.85 per cent to end at 38,964 levels while NSE's Nifty50 index ended at 11,590, down 72 points or 0.62 per cent. 

3:17 PM

MARKET CHECK

3:03 PM

Domestic steel prices drop below anti-dumping duty threshold level: ICRA

Moderation in steel demand is largely attributable to the weakness in the automobile and construction sectors. Auto sector continued to witness a fall in sales, with sales de-growth during Q2 FY2020 remaining higher at 18.1% than Q1 FY2020 de-growth of 10.5%. Even the construction sector output growth deteriorated to a seven-quarter low of 5.7% in Q1 FY2020 from 9.6% in Q1 FY2019 which, along with a softening of growth in gross fixed capital formation (GFCF) to 4% in Q1 FY2020 from 13.3% in Q1 FY2019, reflects the headwinds being faced by the steel sector.

2:57 PM

Market check

2:56 PM

Alembic Pharma gets USFDA nod for ointment to treat various skin disease

The approval by the US Food and Drug Administration (USFDA) is for Clobetasol Propionate topical solution USP, 0.05 per cent, which is therapeutically equivalent to the reference listed drug product Temovate Topical Solution, 0.05 per cent, of Fougera Pharmaceuticals Inc, the company said in a regulatory filing.

 

The medicine is indicated for short-term topical treatment of inflammatory and pruritic manifestations of moderate to severe corticosteroid-responsive dermatoses of the scalp, it added. READ MORE

2:56 PM

YES Bank gives up day's gains, slips over 1%

2:45 PM

Earnings Alert | Jubliant Food Q2 results

-- Net profit at Rs 73.4 cr, down 2.8% YoY

-- Revenue at Rs 998 cr, up 12.2% YoY

-- EBITDA at Rs 234.1 cr, up 59.9% YoY

-- Margin at 23.5%, up 700 bps

2:39 PM

Granules India trades near 52-wk high, surges 18% after PAT jumps 59% in Q2

Shares of Granules India surged 18 per cent to Rs 119.70 on the BSE on Tuesday after the company's net profit jumped 59 per cent year on year (YoY) to Rs 96 crore in September quarter (Q2FY20) on the back of strong operational performance. The pharmaceutical company had logged profit of Rs 60 crore in the year ago quarter. The stock was trading close to its 52-week high of Rs 120 touched on April 22, 2019. READ MORE

2:29 PM

Whistleblower crisis: Infosys may need some private time to fix itself

It’s a deja vu moment for co-founder and non-executive Chairman Nandan Nilekani, who returned to the Bangalore-based company two years ago during a previous crisis — sparked by a set of different anonymous charges against Parekh’s predecessor, the former SAP executive Vishal Sikka, who was accused of impropriety in a $200 million acquisition in Israel. READ MORE  

2:26 PM

BROKERAGE RADAR | Anand Rathi on Dalmia Bharat

Cost savings (due to falling commodity prices) and industry-beating volume growth led to Dalmia's Q2 FY20 revenue and EBITDA rising 7% and 22% y/y respectively. Further, its continuous debt reduction led to interest cost declining. However, its restructuring resulted in depreciation increasing. With demand expected to revive in H2 FY19, the growing proportion of its premium products and its proposed WHR expansion, Dalmia is expected to do well. We retain our Buy, with a lower target of Rs 1,270 (10x FY21e EV/EBITDA) earlier Rs 1,378. 

2:15 PM

Market check | Indices decline further

-- S&P BSE Sensex tanks 276 points, or 0.7 per cent, at 39,022 levels

-- Nifty50 breaches psychological level of 11,600 to trade at 11,598, down 64 points, or 0.55 per cent.

2:12 PM

NEWS ALERT | Petronet LNG to consider special interim dividend on October 29: BSE Filing

2:06 PM

MARKET CHECK | Sensex down over 200 pts

1:49 PM

Earnings Alert | Bank of Maharashtra Q2 results

-- Gross NPA at 16.86%; NNPA at 5.48%

-- NII at Rs 1,073 crore, up 7% YoY

-- Provisions at Rs 359.2 cr 

-- Net profit at Rs 114.6 crore vs Rs 27 cr YoY

1:47 PM

Market check | Sharp decline in Sensex

1:43 PM

Bajaj Fin slips in trade after slippages rise in Q2

-- Slippages at Rs 786 cr vs Rs 702 cr QoQ

1:32 PM

NEWS ALERT | 0.3% equity of YES Bank exchanged: CNBC TV18

1:25 PM

Earnings Alert | Bajaj Finance Q2 results

-- Consolidated net profit at Rs 1,506.3 cr

-- Gross NPA at 1.61%; NNPA at 0.65% (vs QoQ)

-- Cons NII at Rs 3,999 cr

-- Provision covergae ratio at 60%

-- AUM up 38% YoY

-- Provisions at Rs 554 crore

-- New loans booked up 23% YoY

1:24 PM

MCX the first bourse to offer one gram gold futures with delivery option

Multi Commodities Exchange, a market leader in non-farm commodity derivatives, has launched a contract with delivery-based settlement with a trading lot size of one gram. Following this, retail investors will now have one more option of buying a gram of gold that can be stored in a vault of his choice.

 

MCX had a gold petal futures contract with delivery option for eight gram coins. This has now been converted to a one gram deliverable contract, making it the first product with such a low denomination anywhere in the world. READ MORE

1:06 PM

AHEAD OF Q2 EARNINGS | Asian Paints down over 0.50%

1:03 PM

RESULTS IMPACT | Granules India jumps 11% after strong Q2 nos

1:02 PM

NEWS ALERT | Brexit is a waste of time and energy: EU Commission President

12:53 PM

Kotak Securities on Reliance Jio

R-Jio’s 2QFY20 EBITDA of Rs 51.4 bn (+10% qoq, +44% yoy) was in line with our estimated Rs 51.3 bn even as revenues came in 1.4 per cent below our expectation. ARPU decline continued as the share of Jiophone subs continued to rise. Capex intensity slowed materially and the company indicated that the investment cycle in wireless is close to ending. Operating leverage has not yet showed up in a meaningful way yet and remains a meaningful margin expansion driver for the future.

12:41 PM

MARKET CHECK | Top losers on the BSE at present