MARKET: Sensex slips 544 pts from day's high, ends 167 pts up; PSBs decline

All that happened in the markets today

4:06 PM

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

Markets around the world rallied on the back of a positive vaccine trial in the US, because of which Indian markets also witnessed a positive opening. It later pared gains to end up by just around 0.6%. Although trial of the vaccine seemed to give positive results, the development of this is still in the very initial stage and is some time away from approvals and production. Meanwhile in India, confirmed infections crossed the One lakh mark, with no signs of slowing down. Additionally, with the stimulus measures seen to be inadequate to boost demand in the short term, investors need to be cautious in this market, as the uncertainties still persist

3:47 PM

SECTOR WATCH | Here's how sectoral indices on the NSE performed today

3:45 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 30,196, up 167 points or 0.56 per cent while Nifty ended at 8,879, up 56 points or 0.63 per cent.

 

3:26 PM

MARKET CHECK

3:15 PM

MARKET UPDATE | RIL declines around 2.5%

3:07 PM

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

3:06 PM

PSBs sanctioned loans worth Rs 6.45 trn in lockdown between Mar 1-May 15

"Loans worth over Rs 6.45 trillion were sanctioned by PSBs during March 1 May 15 for 54.96 lakh accounts from MSME, Retail, Agriculture & Corporate sectors; A notable increase compared to the Rs 5.95 trillion sanctioned as of May 8," Finance Minister Nirmala Sitharaman said in a tweet. READ MORE

2:58 PM

MARKET UPDATE :: Adani Group stocks rally

>> Shares of Adani Power, Adani Ports, Adani Gas and Adani Enterprises were up between 5 per cent and 15 per cent on the BSE 

2:52 PM

MARKET UPDATE:: Vodafone Idea up 15% at Rs 5.37 on the back of heavy volumes

2:49 PM

European indices slip

 

2:44 PM

BROKERAGE VIEW | Emkay Global Financial Services on L&T Finance Holdings

TP: Rs 48 (12 months) | Rating: SELL | Upside: 8.4%

• We have been Negative on LTFH even before the Covid-19 crisis, citing sluggish growth trend, cyclicality in the business model and uncertainties over asset quality. Moreover,  elevated exposure to developer finance (~15% of AUM) and delinquencies from non- focused book (~5% of AUM) were other concerns. Q4 performance reflects the same.
• LTFH has reported a dip in AUM by ~1% yoy to Rs983bn (-1% qoq), while disbursements continued downward momentum at Rs82.1bn (down by ~36% yoy, ~14% qoq). Reported PAT declined by ~30.3% yoy (-8.7% qoq) amid a fall in margins, low fee income and elevated operating expenses and provisioning charges.
   
• The company provided Rs2.1bn as Covid-19-related provisions (~0.25% of AUM), with total provisions on book (excluding GS3 provisions) at Rs10.6bn (~1.19% of book). However, considering the existing book under moratorium (~37% as on March’20 and increasing Q1FY21) as well as riskier asset exposure, the same is far lower.
   
• We remain appreciative of liability franchise, however we expect AUM decline to continue. We have cut our estimates by 7%/1.9% for FY21/22E and have introduced FY23E. We reiterate Sell, with a revised TP of Rs48 (Rs55 previously), corresponding to 0.6x P/FY22E book. We maintain UW stance in our NBFC EAP.

2:34 PM

Govt's recent reforms won't help ailing power sector: CARE Ratings

A study by CARE Ratings notes that the ailing power sector does not stand to gain from the reforms in the short term, with accumulated coal inventory climbing to 51 million tonnes (as on May 13). The nationwide lockdown imposed to contain the Covid-19 pandemic has sapped power demand. Power demand has tumbled significantly during the lockdown period primarily due to falling demand from commercial and industrial consumers. READ MORE

2:28 PM

Earnings Alert | Nesco Q4 net profit at Rs 52.9 crore vs Rs 51.3 cr YoY

2:19 PM

NEWS ALERT :: RPP Infra approves allotment of 60 lakh convertible warrants to promoter on preferential basis

>> The company also  appointed R.Kalaimony as an Independent director

(Via BSE filing)

2:13 PM

Rupee Closing

Rupee ends higher at 75.63 per US dollar vs Monday's close of 75.90/$

 

2:07 PM

Earnings Alert | Sanofi Q4

>> Profit at Rs 85.4 crore, down 8.1% YoY

>> Revenue at Rs 784.5 crore, up 9.4%

>> EBITDA at Rs 177 cr, up 15% YoY; margin at 22.5%

1:59 PM

Bharti Infratel hits 2-month high; stocks zooms 79% from March low

Shares of Bharti Infratel continued their northward journey and rose 5 per cent on the BSE on Tuesday to hit a two-month high of Rs 217.50 on expectation that the company’s margins would revert to 50–52 per cent from the current quarter (Q1FY21). The stock was trading at its highest level since March 16, 2020. It has zoomed 79 per cent in the past two months from Rs 121 on March 19, as compared to 7.8 per cent rise in the S&P BSE Sensex. READ MORE

1:51 PM

Uptick in ARPU helps Bharti Airtel trump Reliance Jio in Q3 numbers

The Bharti Airtel stock was up 9 per cent and hit a fresh all-time high after the company reported a better than expected performance in the March quarter, led by India's wireless segment. The price hikes that came into effect in December resulted in a 14 per cent jump in average revenues per user (ARPU) on a sequential basis. The metric at Rs 154 is the highest in 12 quarters. This helped the company report a 10 per cent uptick in India business and an 8 per cent increase at the consolidated level. India accounts for three-fourths of Bharti’s consolidated revenues. READ MORE

1:41 PM

Are IndiGo, SpiceJet and IRCTC a good contrarian bet? What charts say

IRCTC: The stock witnessed a rally of around 80 per cent from its March 2020 low of Rs 800 levels till mid April 2020. Given suhc a massive move, the counter is now showing signs of exhaustion, but is holding on to the support of 100-days moving average (DMA). Going forward, if the counter breaks the 100-DMA placed at Rs 1,220 then a selling may intensify and can tarke the stock towards Rs 1,000 levels. The current formation indicates a “Double Top” on the daily chart. A breakdown may result in an addition of short positions, which may see a price correction going ahead. READ MORE

1:30 PM

NEWS ALERT :: UK announces new post-Brexit global tariff regime

>> The United Kingdom announced a new post-Brexit tariff regime on Tuesday to replace the European Union’s external tariff, maintaining a 10% tariff on cars but cutting levies on tens of billions of dollars of supply chain imports.

>> Britain said the regime, known as UK Global Tariff, would be simpler and cheaper than the EU’s Common External Tariff. It will apply to countries with which it has no agreement and removes all tariffs below 2%.

>> The government said tariffs would be eliminated on a wide range of products, with 60% of trade coming into the UK tariff-free on WTO terms or through existing preferential access.

 

>> The UK will maintain tariffs on products competing with industries such as agriculture, automotive and fishing, and remove levies on 30 billion pounds ($37 billion) worth of imports entering UK supply chains.

(Via Reuters)

1:22 PM

MARKET UPDATE:: Sensex off day's high

1:15 PM

Huge scope for Indian pharma as FDA eases drug scrutiny over shortage in US

Most Indian pharma plants that were inspected by the US drug regulator in the last few months or so have received positive outcomes.
 

As drug majors in the country have gradually improved compliance, against the backdrop of high shortages in the US, analysts see this as a positive sign for pharma exports. READ MORE

1:09 PM

Eicher Motors entering a challenging terrain

Even as Royal Enfield’s volumes declined 16 per cent in FY20, it outperformed the sector that fell 18 per cent. The company gained 145 basis points market share in FY20 to 26.5 per cent led by a low base (RE 650 twins) and downtrading in Pulsar volumes, believe analysts at Elara Capital. READ MORE

12:59 PM

All for liquidity: Watch every rupee, chase dues, and refinance debt

Raise, refinance and preserve — this is the new mantra for most companies as liquidity is the new king. From chasing receivables to cutting down on discretionary spending, companies are counting every rupee.

 

While refinancing existing debt with cheaper options is the preferred route, companies are also looking to cut discretionary spending, follow up on payables and invest in digitization to manage cash better.  READ MORE

12:52 PM

MARKET UPDATE | Bajaj Finance up over 2% ahead of March qtr nos

12:38 PM

MARKET CHECK | Banking stocks gain in trade

12:28 PM

Share of high-fee yielding equity slips in MF industry's asset mix

In 2018, the Securities and Exchange Board of India (Sebi) had tweaked the total expense ratio (TER) structures so that as schemes gain scale and size, TERs come off, and vice-versa.

 

While the cut in assets will allow MFs to charge higher TERs, overall revenues are likely to be hit. READ MORE

12:19 PM

Economic package won't fully offset negative impact of Covid-19: Moody's

The government last week announced a support package of Rs 3.70 trillion for micro, small and medium enterprises (MSME) sector, Rs 75,000 crore for non-banking financial companies (NBFCs) and Rs 90,000 crore for power distribution companies.

 

This is part of the overall economic package announced by the government over last week to mitigate the economic impact of coronavirus crisis. READ MORE

12:13 PM

MARKET CHECK