MARKET WRAP: Sensex halts 4-day gaining streak, slips 164 pts; realty falls

All that happened in markets today

3:37 PM

Sectoral trends on NSE at close

3:37 PM

Sensex heatmap at close

3:35 PM

Closing Bell

>> The S&P BSE Sensex settled 164.18 points, or 0.4 per cent, lower at 41,141.85, with only 12 of the 30 constituents closing in the green

>> On the NSE, the Nifty50 closed at 12,086.40-mark, down 51.55 points or 0.42 per cent.

3:22 PM

Welspun Corp soars 37% in 5 days on strong Q3 results; hits over 9-yr high

The stock of the construction & engineering company was trading at its highest level since December 2010. In the past five trading days, the stock soared 37 per cent, as against a 4 per cent rise in the S&P BSE Sensex. READ MORE

3:12 PM

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

2:56 PM

MARKET CHECK

2:46 PM

NEWS ALERT | Fresh talks begin to review GST rate structure, reports CNBC-TV18

- GST rate regime now is not revenue neutral, it is revenue minus: CBIC Chairman to CNBC-TV18;
- Centre keen to continue 18% and 28% slab

2:43 PM

BROKERAGE RADAR | ICICI Securities on PNC Infratech

PNC remains our preferred pick in the EPC space given its robust orderbook and with execution starting in six of the seven HAM projects. With strong execution in 9MFY20 and operational performance expected to remain strong, the management has maintained its revenue growth guidance at 60% in FY20E. We expect revenue growth at 38.7% CAGR to Rs 5,959.5 crore in FY19-21E. Hence, we maintain our BUY rating on the stock with a revised SoTP target price of Rs 255/share. We value its construction business at Rs 228/share (at 7x FY21E EV/EBITDA implying 12.4x FY21 EPS).

2:31 PM

Lakshmi Vilas Bank up 10% on reports DBS, Capri Global to invest; bk denies

According to a Business Standard report, capital-starved private sector lender Lakshmi Vilas Bank may soon have a suitor willing to pump money into it. According to sources, top executives at the Chennai-based bank submitted a list of potential investors to the Reserve Bank of India (RBI) on Wednesday, added report.  READ MORE

2:25 PM

SC stays Bombay HC order to sell HDIL assets and repay PMC bank dues

A  bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay High Court order.

 

The top court also issued notice on RBI's plea to parties, including Sarosh Damania, who had approached the Bombay High Court for ensuring payment of dues to PMC Bank account holders. READ MORE

2:19 PM

Bonanza for shareholders! 60 BSE 500 firms can return Rs 88,600 cr: IiAS

There are 60 companies among the S&P BSE 500 group that can return Rs 88,600 crore of surplus cash in their balance-sheet to shareholders based on conservative estimates, which is just about one-third of their aggregate on-balance-sheet cash on March 31, 2019, reveals the latest study by governance firm Institutional Investor Advisory Services (IiAS). The estimates are based on numbers for financial year 2018-19 (FY19). READ MORE  

Photo: Shutterstock

2:09 PM

NEWS ALERT | Have completed 1.95 crore policies till January 31: LIC

>> Have covered 2.8 lakh lives under group business this year

2:09 PM

NEWS ALERT | Market share is on the rise; rose from 74% to 77%, says LIC

1:58 PM

STOCK ALERT:: Aavas Financiers slips 7% after 4.8% of total equity, or 3.8 million shares, change hands via block deals on the BSE

1:50 PM

Suzuki Q3 profit falls to lowest in 3 years, hit by slowing India demand

Suzuki Motor Corp reported on Friday an 11 per cent fall in third-quarter operating profit to its lowest in roughly three years as vehicles sales in Japan, Pakistan and Thailand slipped, while demand in India, its biggest market, stayed weak. Japan's fourth-largest automaker posted an operating profit of 51.8 billion yen ($471.34 million) for the October-December quarter, its lowest since the March 2016 quarter and down from 58 billion yen a year ago. READ MORE

1:36 PM

Nifty sectoral indices at this hour

1:24 PM

BROKERAGE RADAR | Prabhudas Lilladher on NMDC

Rating: REDUCE | CMP: Rs116 | TP: Rs 105

In the backdrop of weak outlook on domestic prices, we maintain Reduce with TP of Rs 105, EV/EBITDA of 4.5x FY21E. Continuous share supply due to inclusion in CPSE ETF and OFSs would further add to underperformance in stock.

1:20 PM

BROKERAGE RADAR | Axis Securities on Dixon Technologies

Dixon is expanding capacities across segments based on strong order book from existing and new customers. Higher capacity utilization, new customer additions

and increased product offerings are expected to drive revenue and profit growth going forward. Maintain a BUY rating with rolled over TP of Rs 5,116 (33x FY22E

EPS of Rs 155). Given the sharp run-up in the price of the stock in the recent past, we would advise to buy in staggered manner.

1:18 PM

BROKERAGE RADAR | Axis Securities on CCL Products

We remain positive on CCLPs strong business moat, market leadership in Instant Coffee production/exports and foray into branded retail business. Factoring in the higher than expected utilization levels at its plants and increasing share of value added products (small packs, FDC) we revise our FY20 estimates upwards by 3% and roll over to FY22 with Revenue/EBITDA/PAT CAGR of 14.5%/21%/22% over FY19-22E leading to an upward revision in TP at Rs 293 (earlier Rs. 254) valuing it at 17x P/E on FY22E EPS. Retain ‘BUY’.

1:16 PM

RESULTS CORNER:: Emami Q3FY20 consolidated net profit up 4.8% at Rs 144.4 crore

-- Revenue up 0.2% at Rs 812.6 crore
 

-- Ebitda up 0.2% at Rs 264 crore
 

-- Ebitda margin unchanged at 32.5%

1:10 PM

SKF India tumbles 7% on disappointing December quarter results

Shares of SKF India slipped 7 per cent to Rs 2,030 on the BSE on Friday, after the company’s profit before tax (PBT) nearly halved at Rs 72.7 crore in December 2019 quarter (Q3FY20), due to lower operational income. It had reported PBT of Rs 142 crore in the same quarter a year ago. SKF India is a leading technology and solutions provider of bearings, seals, lubrication systems and services. READ MORE

1:02 PM

BROKERAGE RADAR :: Reliance Securities on Aditya Birla Fashion & Retail

Aditya Birla Fashion Retail Ltd. (ABFRL) has reported broadly an in-line performance in 3QFY20. Strong improvement in operating performance of Pantaloons segment was partly offset by lower-than-expected EBITDA margin in lifestyle brands. Total revenue growth was in-line with our estimate with a robust 15% YoY LTL growth in Retail channel (EBOs). Implementation of 12-season model in Lifestyle segment resulted in one-time inventory correction in trade channels, leading

to lower primary sales during the quarter. We maintain our BUY recommendation on the stock with a revised Target Price of Rs290 (from Rs260 earlier).

12:55 PM

BROKERAGE RADAR :: HDFC Securities on Alkyl Amines

We remain constructive on AACL owing to healthy product demand from the Pharma/Agro industries, impending capacity expansion for multiple products and rising market share in Methyl Amines. Owing to better (1) Margin profile (EBITDA margin of 22-25% in FY20-22E vs ~19% for Balaji amines), (2) Return ratio (RoE of 38.5/29.8/25.4 in FY20/21/22E  vs 16.1/15.1/13.5% for Balaji amines), we ascribe a valuation multiple of 22x Dec-21 EPS to Alkyl amines as against 13x for Balaji Amines.

12:51 PM

MARKET UPDATE:: Sensex off lows

12:45 PM

BROKERAGE RADAR :: HDFC Securities on DLF

With slow movement on inventory of Rs 48bn in the luxury projects of DLF Phase V, the company is recalibrating its go-to market with conversion of plotted land-bank to low-rise independent floor development with Rs 1.5-3mn ticket size. This shall enable the company to bridge the gap in sales. Though the net debt is expected to remain in the same range as of 4QFY20, through accelerated monetization of inventory coupled with monetization of its land bank and land entitlements, the company plans to reduce net debt to ~Rs 20bn. We maintain BUY. Key risks (1) Further delays in monetization of luxury segment inventory (2) Inability to fully utilize mark-to-market potential from rental assets.

12:39 PM

BROKERAGE RADAR | Edelweiss Securities on Indraprastha Gas

Indraprastha Gas (IGL) is a steady growth story with robust volume growth outlook and high exposure to priority sectors (access to cheaper APM gas). We estimate EPS CAGR of 32% with robust RoE of >27% over FY19–22. We maintain ‘BUY/SO’ with revised target price of Rs 628, implying valuation at 23.2x FY21E PER (in line with five years’ average).

12:33 PM

Credit Suisse CEO Thiam resigns following uproar over a spying scandal

Credit Suisse said on Friday it had accepted Chief Executive Tidjane Thiam's resignation following a spying scandal. The Zurich-based bank said he would be replaced by Thomas Gottstein, the head of the bank's Swiss business. Credit Suisse's board also said Chairman Urs Rohner had backing to complete his term that runs until April 2021. READ MORE

12:28 PM

NEWS ALERT | Should receive Cabinet nod for Scrappage Policy in 15 days: Nitin Gadkari via Agencies

12:16 PM

MARKET UPDATE:: Sensex extends losses

12:16 PM

Emami sells cement biz to Nirma. What it means for the stock and sector?

"While the transaction is positive for the Group, its prospects aren't very promising in the near future... It's market share isn't growing, just like peer firms such as Marico or Dabur. Therefore, I wouldn't advise investors to buy Emami at this point in time as there is no growth visible in the near future," AK Prabhakar, head of research at IDBI Capital says. READ MORE