MARKET WRAP: Sensex up 21 pts, Nifty holds 11,900; private banks rally

All that happened in the markets today

3:40 PM

Sectoral trends at NSE at close

3:39 PM

Top gainers and losers on S&P BSE Sensex during at close

3:35 PM

Closing Bell

Buying in financial counters and select index heavyweights in the fag end of the session, helped the benchmark S&P BSE Sensex to close in the positive territory. The Sensex ended 21.47 points, or 0.05 per cent, higher at 40,345 levels. 

On the NSE, the Nifty50 managed to close above the psychological mark of 11,900, at 11,913, up 5 points or 0.04 per cent.

3:21 PM

PE/VC investments in October touch $3.3 billion, continue 2018 trend

Private equity and venture capital (PE/VC) investments worth $3.3 billion in October 2019 were on a par in the corresponding period last year ($3.3 billion), but 11.5 per cent lower compared to September 2019 (US$3.7 billion).

 

Total PE/VC investments in India now stand at $43.7 billion till now this year--16.5 per cent higher than the previous high of $37.5 billion recorded in entire 2018. READ MORE

3:09 PM

Market check | Sensex turns green for the first time during the day

3:07 PM

Motilal Oswal on Brigade Enterprises

We maintain our pre-sales estimate at 3.8msf/4.2msf for FY20E/FY21E, broadly maintaining our leasing and hotel segment estimates too. We expect the strong momentum to continue across business segments, and thus, maintain our price target of Rs 245/share. Maintain Buy.

3:05 PM

Edelweiss on KEC International

KEC International (KEC) posted 17% YoY revenue growth in Q2FY20 led by strong execution in T&D and railways, and a pickup in the SAE business, which is likely to sustain. Deferment of order inflows remains a key challenge and poses risk to FY21 revenue growth guidance of 15–20% despite an order book of Rs 180bn.

Though within the guidance range, working capital position is tight and on our radar due to the support being extended to railways vendors. KEC remains a play on diversification in new verticals such as civil and smart infrastructure, which are scalable. Maintain ‘BUY’ with a target price of Rs 370 (14x March 2021E EPS)

3:04 PM

Jet Airways, Naresh Goyal under SFIO lens; stock hits lower circuit

Shares of Jet Airways were locked in the lower circuit band of 5 per cent at Rs 22.2 on the BSE on Monday after reports suggested founder Naresh Goyal was under Serious Fraud Investigation Office's (SFIO) lens for siphoning off funds. In comparison, the S&P BSE Sensex trading 0.16 per cent lower READ MORE HERE

3:01 PM

DLF, LIC Housing, Raymond: Nifty 500 stocks appearing overbought on charts

The Relative Strength Index (RSI) is a momentum indicator that assists in determining the underneath strength of a stock. In other words, it helps to measure the magnitude of recent change in prices to evaluate overbought and oversold conditions. This indicator was invented by J. Welles Wilder Jr., and over the decades, several analysts have acknowledged the significance of RSI in making sound investment decisions. The indicator is plotted on 0 -100 scale, with value above 70 is considered as overbought and below 30 as oversold READ MORE HERE

2:50 PM

Earnings Alert | Alkem Labs Q2

-- Net profit at Rs 371 cr, up 45.7% YoY

-- Revenue at Rs 2,264 cr, up 18% YoY

-- EBITDA at Rs 452.6 cr, up 24.4%; margin at 20%

2:42 PM

NEWS ALERT | Balrampur Chini declares Interim Dividend of 250%

-- Dividend of Rs 2.50 per equity share of Re. 1/- each of the company

2:42 PM

Earnings Alert | Balrampur Chini Mills Q2

-- Net profit at Rs 99.8 cr, up 7.9% YoY

-- Revenue at Rs 857 cr, down 15.6% YoY

 

-- EBITDA at Rs 154.6 cr, up 9.5% YoY

 

-- Current tax at Rs 15.3 cr

2:26 PM

YES Bank: World's worst-performing bank stock posts globe's biggest surge

Its shares have rallied about 50 per cent -- the biggest gain among global peers valued at more than $1 billion -- after embattled founder Rana Kapoor was forced to sell his holdings in October and a new management team promised fresh capital and lower bad loans. The surge helped pare the annual loss in the Mumbai-based lender’s shares to 63 per cent.

 

Yes Bank rose about 3 per cent as of 9:48 a.m. in Mumbai on Monday, while the main equity index was little changed. READ MORE

2:02 PM

Sector watch | Mining companies trade mixed

-- Bids to be accepted in multiples of 0.05% of revenue share above above share price

 

-- Amout equal to 2% of intrinsic value of coal mine must be submitted as bank guarantee

 

-- Upfront payment to be equal to 2.5% of intrinsic value of the mine

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (ra CR)	VOLUME
NMDC	103.85	106.40	103.10	0.05	0.05	6.62	637641
VEDANTA	153.20	156.30	152.70	-2.30	-1.48	7.45	486024
COAL INDIA	208.10	210.70	205.95	-1.20	-0.57	3.37	162035
FACOR ALLOYS	1.40	1.40	1.25	0.15	12.00	0.01	68499
SHIRPUR GOLD	6.43	6.43	5.83	0.30	4.89	0.02	25044

1:57 PM

NEWS ALERT | Coal min finalises rules for auction of coal mines for 100% mining: sources to CNBC TV18

-- Govt to consider auction of coal mines on revenue sharing basis

-- Prior allottee must clear dues to participate in fresh auction

-- Successful bidder will pay upfront amount in 4 equal instalments

 

-- Bidder will be allowed to lower production below peak capacity

1:47 PM

NEWS ALERT | Amendments in IBC for cross border insolvency norms to be taken up in the winter session: govt official to CNBC TV18

-- Cross Border Insolvency norms to smoothen recovery process of Jet Airways

-- Will help govt tap Jet assets and creditors lying abroad

-- Govt working on category-wise window for financial services institutions

-- Apart from NBFCs, govt could also include HFCs

1:42 PM

Buzzing | Nila Infra jumps over 15% on order worth Rs 50 cr

1:22 PM

Affle India soars 10% on healthy Q2 results; Nomura initiates 'buy' call

Shares of Affle (India) surged 10 per cent to Rs 1,538, in the intra-day trade, on the BSE on Monday after the company reported a healthy 41 per cent year on year (YoY) jump in EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 21.7 crore in September quarter (Q2FY20). The margin improved to 25.7 per cent from 25.6 per cent relative to last year. READ MORE

1:08 PM

POLITICS :: Cong leaders hold discussions on supporting Shiv Sena in Maharashtra

As its flock of Maharashtra MLAs huddled together in a Jaipur resort, the Congress Working Committee met here on Monday to support the Shiv Sena in forming a government in the state, but the same remained inconclusive. Party president Sonia Gandhi chaired the meeting of the top leaders of her party at her residence, sources said, amid indications that the legislators were not in favour of fresh elections in the state.
 

"We will sit again at 4 pm and will decide on the issue after a meeting with our state leaders," AICC general secretary in-charge for Maharashtra Mallikarjun Kharge said after the CWC meeting.

1:06 PM

Credit Suisse picks new head for investment banking

Credit Suisse Group AG appointed David Miller to succeed James Amine as chief of its investment banking and capital markets unit as the business struggles with profitability.
 

Amine decided to resign as chief executive officer of the division and leave the executive board, taking the role as head of private credit opportunities based in New York. Miller, a 22-year Credit Suisse veteran, will join the executive board

(Source: Reuters)

1:06 PM

NEWS ALERT | Sameer Gehlaut of Indiabulls Group at Fin Min to meet DEA Secy: CNBC TV18

Alert: Gehlaut is founder and chairman of Indiabulls Grp

        : Atanu Chakraborty is Department of Economic Affairs Secretary 

1:04 PM

GLOBAL MARKET UPDATE

China stocks fell on Monday, with the Shanghai index falling the most in more than four months, as investors remained wary about the economic health of the world's second-largest economy amid uncertainties around a proposed Sino-U.S. trade deal.
 

The blue-chip CSI300 index fell 1.8% to 3,902.98, marking its steepest single-day decline since Aug.5, while the Shanghai Composite Index dropped 1.8% to 2,909.97 points, its worst session since July 8.

(Source: Reuters)

1:02 PM

SBI Life, ICICI Pru Life to enter MSCI India index. What should you do?

At the bourses, sector players have outperformed the benchmark S&P BSE Sensex thus far in 2019. SBI Life gave the most returns to investors, rising 64.71 per cent year-to-date (YTD), followed by ICICI Pru Life (up 60.29 per cent YTD), ACE Equity data show. This is followed by advances in ICICI Lombard General Life (up 52.46 per cent YTD) and HDFC Life (up 46.47 per cent YTD). In contrast, the headline Sensex rose 11.7 per cent during the same period READ MORE HERE

12:57 PM

NEWS ALERT | Direct tax revenue projections difficult to meet: CBDT to Parliamentary commission

-- Direct tax collection up 2% in H1FY20

-- Parliamentary panel met on Friday

Alert: Direct tax collection for FY20 pegged at 13.35 trillion

(As reported by CNBC TV18 quoting govt sources)

12:57 PM

Anand Rathi on TTK Prestige

Because of tepid demand, TTK expects H2 FY19 growth to be challenging. Increased discounting by local peers in pressure cookers has further hurt TTK's growth prospects for FY20. In this context, we have lowered our FY20 and FY21 estimates but retain our Hold rating on the stock, with a lower target price of Rs 6,670 (35x FY21 revised EPS of Rs 190.6), earlier Rs 6,760 as the company is well placed to face the challenging set-up aided by its robust balance sheet and minimum capex required

12:55 PM

Auto slowdown: Car sales continue to slide; decline by 6.34% in October

Domestic passenger vehicle sales witnessed a marginal increase of 0.28 per cent to 2,85,027 units in October from 2,84,223 units in the year-ago period. Domestic car sales were down 6.34 per cent to 1,73,649 units as against 1,85,400 units in October 2018, according to data released by the Society of Indian Automobile Manufacturers (Siam) READ MORE

12:49 PM

NEWS ALERT | May take 6-12 months to get back to 7.5% growth rate: Panagariya to CNBC TV18

-- Cleaning up of NPAs has thrown off the financial markets

12:48 PM

NEWS ALERT | India should join RCEP as it is a very large group: Arvind Panagariya to CNBC TV18

-- India would face higher tariffs than other countries

Alert: Panagariya is former NITI Aayog vice-chairman

12:41 PM

Anand Rathi on GMM Pfaudler

Its stellar execution capability and ~45% y/y order-book growth assures us of GMM's strong FY20 revenue growth. With higher realisations, greater operating leverage and more export orders in Q2 FY20, margins expanded ~340bps to 19.6%.

We expect realisations holding at current levels, lower commodity prices and savings in power (from the new gas furnace) would sustain the high margins. The debt-free status, healthy operating cash-flow, with strong prospects and profitability would lead us to retain our Buy rating at a higher target of Rs 1,849, 25x FY21e EPS

12:39 PM

SECTOR WATCH :: Kotak Securities on insurance sector

Weakness persists. Individual APE growth saw a second consecutive month of weakness with a 5% yoy increase in October following 3% yoy decline in September, versus 11-27% yoy growth in April-August 2019. Overall, APE was up 9% yoy, with  a 36% increase in LICs’ group business. ICICI and HDFC swapped trends as the former reported 18% individual APE growth (up 21% overall APE) while the latter was down 15% (down 12% overall APE), partially explained by the base effect. Among major players, Tata, Max, SBI and Birla have moderated from peaks even as Bajaj held on