MARKET WRAP: Indices pare gains, Sensex ends 70 pts higher; Airtel up 9%

All that happened in markets today.

3:42 PM

PSU banks gained ground in trade today

Allahabad Bank was the only counter that ended weak

3:41 PM

Nifty snapshot

Nifty PSU Bank index rallied over 3%

3:40 PM

Sensex heat map

Bharti Airtel, bank stocks among top gainers

3:39 PM

Index watch

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 70 points or 0.17 per cent to end at 40,356.69 while NSE's Nifty50 index settled at 11,895.30, up 23 points or 0.20 per cent.

3:21 PM

Balkrishna Industries climbs 6% post Q2 results

The first half (April-September) of the financial year has been challenging and volume on half yearly basis have seen 12 per cent de-growth from 109,093 MT in H1FY19 to 96,473 MT in H1FY20. At the start of the year, the management had guided for 3 per cent to 5 per cent volume growth for the current financial year. READ MORE 

3:20 PM

NEWS ALERT | Important trade issues between India, US resolved; may sign initial trade package: PTI

3:05 PM

Market check

3:02 PM

Essar Steel case impact

2:57 PM

BROKERAGE RADAR | Geojit Financial Services on Vinati Organics

Given lower-than-expected revenue growth and premium valuation, we value VOL at 24x (26x earlier) on FY21E and downgrade to "Reduce" from "Accumulate" rating with a target price of Rs 1,816.

2:45 PM

Bharti Airtel hits 52-week high

2:35 PM

BROKERAGE RADAR | ICICI Securities on Majesco

The changes in the insurance sector take place at a slower pace. However, majority of insurance players are now considering a move to cloud. Hence, Majesco’s focus on cloud revenues would be a key growth driver in the long run. However, in the near term, we expect growth in cloud revenues to be under pressure due to completion of IBM-MetLife deal and time gap in scaling up subscription revenues. We believe key to the company’s re-rating will be winning of a large deal from a Tier-1 player as seen in the IBM-MetLife deal. Hence, we maintain our HOLD recommendation on the stock with a revised target price of Rs 450/share.

2:33 PM

MARKET CHECK | Top losers on the BSE at present

2:13 PM

MARKET CHECK | Vodafone Idea up 41% from day's low

2:04 PM

Index Contributors at this hour

1:48 PM

Analysts remain bullish on Bharti Airtel despite Rs 31,334 cr pre-tax loss

Most brokerages have maintained a bullish stance on Sunil Mittal-controlled Bharti Airtel despite the company posting a mammoth pre-tax loss of Rs 31,334 crore for the September 2019 quarter (Q2FY20). The loss is due to a provision for outstanding payments to the central government on account of the Supreme Court judgment on adjusted gross revenues (AGR). The pre-tax loss in the year-ago quarter stood at Rs 1,998 crore.

 

The numbers were announced post-market hours on Thursday and saw the stock drop to Rs 354 levels on the BSE once the markets opened for trade on Friday. It, however, bounced back as trade progressed and is now inching closer to its 52-week high of Rs 397 touched on October 14, 2019 in the intra-day deals. READ MORE

1:39 PM

Vodafone Idea Concall | Many countries have set floor price, it's not impossible to do so: Voda CEO

1:38 PM

Vodafone Idea Concall | Review of floor pricing, if done, will be positive for industry: Voda CEO

-- Govt has made it clear, it wants to see 3 private players, 1 govt player

-- SC's judgement on AGR has significant financial impact on industry

-- Govt aware of tremendous pressure on players

-- Co is in process of filing review petition

(As reported by CNBC TV18)

1:35 PM

NEWS ALERT | Panel proposes charges on deferred spectrum payment at SBI MCLR: Govt official

-- Telcos can jointly save Rs 11,000 cr from deferred spectrum payment

-- Proposed licence fee cut will lead to Rs 3,000 cr savings for 3 telecom companies

(As reported by CNBC TV18 quoting Agencies)

1:29 PM

NEWS ALERT | Prime Focus-arm DNEG delays IPO due to ongoing market uncertainty: BSE filing

1:22 PM

Fortis Healthcare slips as SC holds Singh bros guilty of contempt of court

Shares of Fortis Healthcare turned volatile, falling 20 per cent in the intra-day trade from its early morning high on the BSE on Friday after the Supreme Court held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare. READ MORE

1:10 PM

Vodafone Idea Concall | Top priority is to ensure integration moves swiftly

-- Confident of completing integration by March 2020

-- 78% integration has been done

1:02 PM

BROKERAGE RADAR | Edelweiss Securities on Dish TV

We maintain our cautious stance on the cable and distribution space given the challenging environment. For Dish TV, we believe resolution of issues at the promoter level would be key, given the higher promoter pledging standing at ~94% of the promoter shares. We trim our multiple from 3.5x to 2.5x EV/EBITDA in light of increased competitive landscape, challenges to ARPU growth, slow subscriber addition and rising risks from OTT platforms, to arrive at a TP of INR15. At CMP, the stock trades at 1.6x FY21E EV/EBITDA. We maintain ‘HOLD/SU’.

12:52 PM

Divi's Labs gains 5% as USFDA issues no observations for Telangana plant

“The Company's Unit-I facility at Lingojigudem, Bhuvanagiri Yadadri district, Telangana has been inspected by the US Food and Drug Administration (USFDA) from the 11th of November, 2019 to the 15th of November, 2019. The inspection has been concluded with no 483 observations,” Divis Labs said in a regulatory filing. READ MORE  

12:47 PM

NEWS ALERT | Govt can prospectively redefine AGR: COAI to CNBC-TV18

• Debt restructuring for telcos is the need of the hour; 
• Govt can give a longer tenure for repayment of spectrum labililities; 
• License fee, SUC need to be reduces; &
• Govt can prospectively redefine AGR and reduce the outgo for telcos. 

12:35 PM

Essar Steel case: SC clears way for ArcelorMittal to complete $1.8 bn deal

The Supreme Court allowed Arcelor to make the payment for Essar Steel India Ltd. and set aside a bankruptcy appellate tribunal’s order that had given secured and unsecured creditors equal right over the sale proceeds. The lenders’ panel of a bankrupt company has discretion in the distribution of funds in insolvencies, a three-judge bench headed by Justice Rohinton F Nariman said Friday. READ MORE   

12:25 PM

BROKERAGE RADAR | HDFC Securities on SpiceJet

Maintain BUY as (1) SpiceJet will benefit from the improving industry structure in the medium term (2) Fuel prices remain benign, which will allow for better cost management (3) Further, any resolution with regards to the 737 MAX planes will improve the cost structure of the low cost carrier. The stock is trading at reasonable valuations of 9.6/6.7/5.9x EV/EBITDAR on FY20/21E/22E.

12:12 PM

Three key reasons why CLSA is bullish on pharma MNCs in India

Shares of domestic pharma companies haven't been in the pink of health in the last two years, but those of multinational pharma companies (MNC pharma) have rewarded their investors handsomely. A focus on key brands and increasing acceptance for patented products have enabled MNCs to report strong revenue and Ebitda growth over the last 12-18 months. Analysts say these companies seem better placed to withstand disruption, if any, from government policies. READ MORE 

 

12:00 PM

Bharti Airtel 12% off day's low on report govt mulls relief sops for sector

The stock of the telecom services provider was trading close to its 52-week high of Rs 397 touched on October 14, 2019 in the intra-day deal.

 

According to a report by business channel CNBC-TV 18, Committee of Secretaries (CoS) was mulling setting a minimum price for mobile calls and data. "The CoS has approached the Department of Telecom to suggest quantum of minimum charge with least impact on consumers," the report added. READ MORE

11:48 AM

Sebi allows exchanges to modify commodity derivatives contracts

The market regulator on Thursday allowed exchanges to carry out non-material modifications and report to the regulator and market participants at least 10 days in advance.

 

The regulator has also allowed exchanges to modify contract specifications for material modifications for all running contracts that have ‘nil’ open interest and those yet-to-be-launched contracts. Such modifications shall require approval from the product advisory committee (PAC) and the regulatory oversight committee (ROC) of the exchange. Such changes need to be brought before Sebi and market participants at least one month ahead of their scheduled date of application. READ MORE