MARKET WRAP: Sensex gains 255 pts ahead of Govt-FPI meeting; autos rally

Sentiment was further strengthened on reports that government could approach the Goods and Services Tax (GST) Council to relieve the auto-industry from tax payment for three-six months

3:38 PM

Sectoral gainers and losers on the NSE

3:38 PM

Top gainers and losers on the S&P BSE Sensex

3:35 PM

CLOSING BELL

The S&P BSE Sensex gained 255 points or 0.68 per cent to settle at 37,582 while NSE's Nifty50 index ended at 11,110, up 77 points or 0.70 per cent. 

3:31 PM

YES Bank turns volatile post QIP launch, plunges 9%

YES Bank was down 9 to Rs 81.20 in intra-day trade, slipping 12 per cent from its early morning high of Rs 92.40 on the BSE. The stock opened 2 per cent higher at Rs 91 against Thursday’s close of Rs 89.15. At the time of writing this report, it was trading close to its 52-week low of Rs 79.50 touched on August 5, 2019. READ MORE

3:21 PM

NEWS ALERT | Govt to announce relief measures within 7-10 days: CNBC TV18, quoting sources

3:20 PM

NEWS ALERT | Govt likely to announce relief measures for auto, MSMEs & financial markets soon: sources to CNBC TV18

-- Announcements likely to be consolidated & bundled together

-- Govt to push bank lending

3:08 PM

Centrum Broking on Zensar Technologies

While company has a higher portfolio concentration (Top account contributes to 25% of total revenues) as well a relatively different vertical mix ( vs other Midcap peers), company has gradual shown a pivot in business trajectory. We trim our target price by 3.5 per cent to Rs265 (14x June 21E EPS vs 14x FY21 earlier). Retain BUY

3:07 PM

Sobha jumps 5% after June quarter profit rises 72% YoY

3:04 PM

MARKET CHECK | Top gainers on the BSE at this hour

SUZLON	4.38	+0.41	+10.33
FCONSUMER	31.15	+3.00	+10.66
DEEPAKFERT	90.60	+9.35	+11.51
ENDURANCE	832.85	+89.80	+12.09
NAVKARCORP	27.85	+4.00	+16.77

2:46 PM

NEWS ALERT | Govt may approach GST council to relieve auto-sector from tax for 3-6 months: CNBC TV18

2:46 PM

Nifty PSU Bank index is trading 0.6 per cent lower

2:45 PM

NEWS ALERT | Govt may look to flush out auto, housing inventory with minimum revenue impact: sources to CNBC TV18

-- Home-buyers centric incentive may be considered to clear unsold inventory

2:44 PM

NEWS ALERT | Govt may look at temporary GST relief for auto industry: sources to CNBC TV18

2:39 PM

Earnings Alert | GAIL Q1 results

-- Consolidated revenue at Rs 18,467 crore
 

-- Consolidated net profit Rs 1,504 crore
 

-- Consolidated Ebitda at Rs 2,537.6 crore
 

-- Consolidated Ebitda margin at 12.8%

2:34 PM

Earnings Alert | MRF Q1

-- Consolidated net profit at Rs 273.3 crore

-- Cons revenue at Rs 4471 crore

-- Cons EBITDA at Rs 612.3

2:30 PM

ICICI Securities on JK Lakshmi Cement

Multiple triggers like higher realisations, cost optimisation and reducing leverage on the back of strong cash flows keep prospects positive. However, we cannot ignore capacity constraint issues, which could hinder growth, going ahead. Thus, we reduce the target multiples valuing JK Lakshmi at 8x FY21E EV/EBITDA and arrive at a target price of Rs 425/share. We maintain our BUY rating on the stock.

2:27 PM

MARKET CHECK | Most metal stocks slip in trade

2:22 PM

HDFC Securities on Radico Khaitan

Radico Khaitan’s 1Q performance was mixed with beat in volume growth but in-line EBITDA. Hardening of RM cost led to crack in GM margins. Consistent market share gains and scaling new launches drives our revenue upgrade by 6% over FY19-21E. However, sustained RM pressure leads to only 1 per cent EBITDA upgrade over FY19-21E. We value Radico at 26x (35% discount to UNSP) on Mar-21 EPS, arriving at a target price (TP) of Rs 492. Maintain BUY. 

2:12 PM

Century Plyboards gains over 8%

2:01 PM

SpiceJet Q1 result: Net profit at Rs 262 crore, revenue jumps 35%

Low cost carrier (LCC) SpiceJet on Friday reported a standalone net profit of Rs 261.7 crore for the June quarter of financial year 2019-20 (Q1FY20), up 788 per cent as against the same quarter last year. The airline’s consolidated net profit stood at Rs 262.89 crore,  The budget carrier's total income came in at Rs 3,145.3 crore for the quarter ending June 2019. READ MORE

1:44 PM

Nestle, Abbott India, Asian Paints, Pidilite hit new highs on good earnings

Shares of five companies – Nestle India, Abbott India, Asian Paints, Berger Paints, and Pidilite Industries – from the S&P BSE 500 index hit their respective new record highs on the BSE on Friday after reporting good set of numbers for the April-June quarter of financial year 2019-20. Nestle India gained 4 per cent to Rs 12,266 apiece, surging 7 per cent during current week, after the company reported a 11 per cent year-on-year (YoY) rise in net profit to Rs 438 crore for the second quarter ended June 2019. READ MORE

1:38 PM

SpiceJet gains post Q1 results

1:37 PM

SpiceJet June quarter results

-- Consolidated revenue from operations at Rs 2,922.54 crore vs Rs 2,185.47 crore in Q1FY19

-- Consoldaited net profit at Rs 262.89 crore vs loss of Rs 35.58 crore in the year-ago quarter

-- Passenger fares up by 11%, capacity up by 31%

-- Domestic load factor of 93.8%

1:28 PM

Earnings Alert | Hindalco Q1 result

-- Consolidated net profit at Rs 1,063 crore

-- Cons revenue at Rs 29,972 crore

-- Cons EBITDA at Rs 3,769 crore; margin at 12.6%

1:15 PM

Maruti Suzuki India up 4%

1:14 PM

YES Bank dips 5%

1:10 PM

Anand Rathi Shares and Stock Brokers on City Union Bank

Rating: Buy
 

Target Price: Rs 226
 

Share Price: Rs 193 

The strong headwinds of rising costs and lower yields pushed down City Union’s NIM. However, with its asset quality more stable than its peers, sturdy capitalisation and focused SME and retail lending strategy, we expect its good profitability to endure in the medium term. We retain our Buy recommendation, with a lower TP of `226 (earlier `228). 
 

Our Aug’20 target of `226 is based on the two-stage DDM model. This implies a ~2.7x P/BV and ~3.0x P/ABV multiple on its FY21e book. Risks: Higher slippages, lower than-expected loan growth

1:08 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ABBOTT INDIA	9124.50	9400.00	132.85	1.48
ASIAN PAINTS	1575.55	1578.85	9.25	0.59
BERGER PAINTS	356.60	357.50	1.10	0.31
GUJ.ST.PETRONET	218.00	222.00	-1.35	-0.62
NESTLE INDIA	12130.60	12266.25	286.45	2.42

1:06 PM

STOCK ALERT | Emami promoters create pledge on 38.5 lakh shares on Aug 2: BSE filing

1:04 PM

Nifty sectoral indices at this hour