MARKET WRAP: Sensex slips 196 pts, Nifty gives up 11,200; auto stocks skid

Shares of automobile manufacturers crashed at the bourses on Monday after reports said that the government intended to hike registration and renewal charges for internal combustion vehicles

3:41 PM

Sectoral gainers and losers on the NSE

3:40 PM

Gainers and losers on the S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex slipped 196 points or 0.52 per cent at 37,686 while NSE's Nifty50 index ended at 11,189 levels, down 95 points or 0.84 per cent. 

3:13 PM

Bharat Electronics slips over 6%

3:12 PM

Earnings Alert | Castrol India Q2CY19 result

-- Net profit at Rs 182.7 crore, up 11.4% YoY

-- Revenue at Rs 1,039.6 crore, up 2.2% YoY

-- EBITDA Margin at 27.4%

3:04 PM

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

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ASIAN PAINTS	1515.00	1538.35	-9.60	-0.63
PROC. GAM. HEAL.	4900.00	5120.80	129.10	2.71
VARUN BEVERAGES	642.00	683.15	-13.35	-2.04

3:02 PM

Kudremukh Iron Ore Company up 9%

2:56 PM

Global shares ease ahead of Fed test: Reuters

Global shares eased on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in U.S. interest rates this week, with much riding on whether the Federal Reserve signals yet more are to come. After initially opening lower, European shares moved into positive territory with deal-making and a rally in defensive sectors pushing up the pan-European STOXX 600 index. MSCI’s All Country World Index of stocks, down by as much as 0.2 per cent on the day, erased some losses to trade 0.05 per cent lower.

In Asia, MSCI’s broadest index of Asia-Pacific shares was half a per cent lower. Japan’s Nikkei dipped 0.2 per cent and Shanghai blue chips 0.1 per cent.

2:52 PM

India bond yields fall as finance minister backs rate cuts, reaffirms foreign bond issue plan: Reuters

Indian bond yields dropped sharply on Monday after the finance minister said the government won’t change its plan to issue sovereign bonds and that she hopes the Reserve Bank of India makes more rate cuts. India’s benchmark 10-year bond yield fell as much as 11 bps to 6.42% on Sitharaman’s comments.

(via Reuters)

2:49 PM

NEWS ALERT | NBCC submits proposal before SC for completion of Unitech flats: CNBC TV18

2:39 PM

Nearly a quarter of listed stocks on the BSE trade below face value

Besides Vodafone Idea, there are as many 656 stocks (21 per cent) out of total of 3,133 stocks traded on the BSE, including Reliance Power, Reliance Communications, IFCI and United Bank of India that are currently quoting below their respective paid-up values on the BSE, data show. READ MORE

2:32 PM

Market check

2:28 PM

Earnings Alert | JMC Projects reports net profit of Rs 20.6 crore, up 93.2% YoY, in Q1 result

-- Revenue at Rs 964.9 crore

-- EBITDA at Rs132.9 crore

2:26 PM

Earnings Alert | Alembic Pharma reports net profit at Rs 123.7 crore in June quarter

-- Revenue at Rs 948.9 crore

-- EBITDA at Rs 224.5 crore

2:12 PM

Axis Bank Q1 preview: 15% growth in NII seen, exposure to stressed assets eyed

Improved loan growth and increased net interest income (NII) could aid private lender Axis Bank to report an over 150 per cent rise in the net profit for April-June quarter for the fiscal year 2019-20 (Q1FY20). The bank, which reported a PAT of Rs 701.1 crore in the same quarter last year, is scheduled to report this year’s quarterly result on Tuesday, July 30. READ MORE

2:07 PM

Earnings Alert | Bank of Maharashtra Q1 result

-- Net profit at Rs 89.1 crore vs loss of Rs 1108 crore YoY

-- NII at Rs 996 crore, up 16.1% YoY

1:52 PM

Result impact | Sharp surge seen in Kansai Nerolac stock post Q1 result

1:51 PM

Earnings Alert | Kansai Nerolac Q1 result

-- EBITDA at  Rs 253.6 crore

1:50 PM

Earnings Alert | Kansai Nerolac Q1 result

-- Consolidated net profit at Rs 146 crore

-- Cons revenue at Rs 1,542.4 crore

1:48 PM

Grasim slips nearly 9%

1:41 PM

Hindustan Copper hits 52-week low

1:37 PM

BHEL slips in trade

1:23 PM

Auto slowdown: 286 dealers closed down in 18 months, 32,000 jobs impacted

A slowdown in the automobile sector has resulted in 286 dealers winding up operations across India. This has affected 32,000 jobs. A big chunk of the closure was reported in urban and semi-urban markets and mostly in the car segment. READ MORE

1:21 PM

Rabobank International on expectations from US Fed

The major event this week is the FOMC’s monetary policy meeting on 30/31 July. Bloomberg conducted a survey of economists on 19th to 23rd July regarding this meeting. The median expectation is that there will be a 25bp cut at this week’s meeting (in line with Rabo’s own expectation) and then another at the October 2019 meeting. It is then expected that rates will remain on hold out to end 2021

1:17 PM

Edelweiss on Bajaj Auto

Bajaj Auto (BJAUT) reported Q1FY20 EBITDA in line with our estimate. Near-term domestic demand outlook remains challenging with inventory at seven–eight weeks and no signs of a pickup in demand. Hence, a bounce-back in demand during the upcoming festive period remains key. We expect BJAUT to continue to gain market share with the launch of its new 125cc bike in August.

The sanguine outlook for exports is a bright spot. While we believe the margin downgrade cycle (but for any change to product mix) is behind, the focus on domestic market share and higher share of Africa in exports are likely to keep margins range-bound. Maintain ‘HOLD’ with a revised TP of Rs 2,772 (earlier Rs 2,870).

1:16 PM

Edelweiss on AU Small Finance Bank

Operating and financial leverage will continue to play through and nudge up RoAE to 18% by FY21E. Leverage at 10.6x would likely drive a value-enhancing dilution by then, likely the first among many. The stock, trading at 4.7x FY20E P/BVPS, seems to be factoring this in. Maintain ‘BUY’ and our 12-month target price of Rs 880

1:12 PM

Vodafone Idea plunges 29% to hit new low on weak June quarter result

Shares of Vodafone Idea tanked 29 per cent to Rs 6.60, also its new low on the BSE on Monday after the telecom services provider reported a consolidated net loss of Rs 4,874 crore for the quarter ended June 30, 2019 (Q1FY20). It had posted net loss of Rs 4,882 crore in March 2019 quarter (Q4FY19). The company's revenue slipped 4 per cent at Rs 11,270 crore against Rs 11,775 crore in previous year quarter. The lower revenue was due to further decline in subscriber base (due to adoption of minimum recharge plan) and lower than expected increase in ARPU (downtrading by customers). READ MORE

12:59 PM

Pharma stocks trade under pressure

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
BIOCON	235.35	-6.25	-2.59	120774
SUN PHARMA.INDS.	432.10	-7.70	-1.75	119782
GRANULES INDIA	89.00	3.55	4.15	80149
CADILA HEALTH.	227.30	-6.75	-2.88	65861
STRIDES PHARMA	352.85	-0.45	-0.13	62715

12:48 PM

NEWS ALERT| US FDA issues five observations for Shilpa Medicare's API site at Raichur: BSE Filing

--  Observations are mostly procedural in nature

-- US FDA inspected Shilpa Medicare's Raichur Unit from July 22-26, 2019

12:41 PM

Indiabulls group shares tumble up to 10% on money laundering allegations

Shares of Indiabulls group companies were under pressure on Monday, falling by up to 10 per cent intra-day on the BSE, after Rajya Sabha member Subramanian Swamy sent a letter to Prime Minister Narendra Modi, accusing the group of laundering more than Rs 1 lakh crore. The group, however, rejected the charges. The letter alleged that Indiabulls group has created more than 100 shell firms and took loans from National Housing Bank (NHB). It then re-alloted or siphoned it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bengaluru and Chennai in the range of Rs 30 crore to Rs 1,000 crore READ MORE

Photo: Twitter