MARKET WRAP: Sensex slips 504 pts, Nifty below 11,450 ahead of F&O expiry

Nifty PSU Bank index settled as the biggest loser, down over 6%, followed by Nifty Auto index (down 4%), and Nifty Realty index (down 3.5%). Nifty IT index managed to settle 0.13 per cent higher.

4:02 PM

Among PSBs, SBI slumps over 7%

4:00 PM

Auto stocks among worst-hit today

3:39 PM

Sectoral trends at NSE at close

3:38 PM

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

3:37 PM

Closing Bell

The S&P BSE Sensex slipped below the 39,000-mark to close 504 points, or 1.29 per cent, lower at 38,593 level. Power Grid Corp (up 4 per cent) managed to hold gains to end as the top gainer at the 30-share index, while State Bank of India (SBI) (down nerly 8 per cent) settled as the top laggard. 23 of 30 constituents ended the day in the red.

 

On NSE, the broader Nifty50 ended at 11,440-mark, down 148 points, or 1.28 per cent.

 

3:24 PM

Ford to transfer struggling India business to joint venture with Mahindra

Mahindra, one of India’s largest automakers, will own 51 per cent of the new entity, said the people, who asked not to be identified discussing the confidential plan. Ford will get equal voting rights and board representation, one of the people said. The venture, to be announced as soon as next week, doesn’t include Ford’s global business services division or an export-focused engine plant in Sanand. READ MORE

3:15 PM

MARKET ALERT | Nifty Midcap index turns negative for the week

3:00 PM

Morepen Labs tanks 20% as Sebi prohibits access to capital mkt for 1 year

The trading volumes jumped more than three-fold, with only sellers being seen on the counter, with a combined 5 million shares changing hands on the BSE and NSE. At 02:40 pm, there were a combined pending sell orders for 301,974 shares on both the exchanges. READ HERE

2:48 PM

NEWS ALERT

2:46 PM

NEWS ALERT | Bank on course to raise capital: YES Bank via BSE filing

2:38 PM

NEWS ALERT | US FDA asks Strides Pharma to provide test data w.r.t Ranitidine in a month: BSE Filing

2:36 PM

Edelweiss on Fine Organic Industries

We recently met Mr. Prakash Kamat, Executive Director & Chairman, and Mr. Mukesh Shah, Managing Director, Fine Organic Industries (FOIL) and also visited the company’s manufacturing plant and R&D facility. In management’s view, while pipeline of four-six new potential blockbusters enhances growth visibility, favourable customer response to new products could lead to faster-than-expected ramp up (two years versus three-four years estimated) of the newly commissioned plant.

Though we are optimistic on FOIL’s niche product portfolio and our recent interaction strengthens our conviction in its R&D-driven application and solution-driven approach, we maintain ‘HOLD’ with target price of Rs 1,535 (30x Q2FY21E EPS) given the current frothy valuations

2:34 PM

SECTOR WATCH :: Multiplexes

Multiplexes offer best play on rising discretionary spend as India sets aim to become a USD 5 trillion economy by 2024. We believe movie viewing like cricket is one of the most ingrained habits in India which will continue to flourish with rising prosperity and limited alternative entertainment options.

Low screen density (8 screens/million population), increasing content diversity (no language is more than 14% of releases in 2018) and unviable single screen economics provides a huge fertile ground for growth in multiplexes (screen share has risen from ~9% in 2009 to ~31% in 2018). 

We have a positive outlook on the sector and initiate coverage on PVR - ACCUMULATE with a target price (TP) of Rs2,099 - and Inox Leisure (BUY with a TP of Rs394). Threat from OTT and contagion of local body tax are key risks to our thesis.

2:29 PM

Centrum on Hexaware

We expect Hexaware to deliver 18.3% USD revenue growth for CY19E (12% Organic revenue growth and rest from Mobiquity acquisition). Stock trades at 13.7x Sep21E EPS (Two year forward EPS) which is reasonable considering the steady revenue growth momentum. Retain Target price at Rs410/sh (15x June 21E EPS). Retain BUY.

2:27 PM

IPO WATCH :: IRCTC

. Initial Public Offering of up to 20,160,000 Equity Shares.

 

. Price band of Rs. 315 –Rs. 320 per equity share.

 

. Minimum Bid lot is 40 equity shares and in multiples of 40 equity shares thereafter.

 

. Issue opening date – Monday, September 30, 2019 and Issue closing date – Thursday, October 3, 2019

 

. Retail Discount and Employee Discount: Rs 10 per Equity Share on Offer Price.

 

. The Floor Price is 31.5 times the face value of the Equity Shares and the Cap Price is 32.0 times the face value of the Equity Shares.

 

. Employee reservation of 160,000 equity shares.

 

2:26 PM

STOCK ALERT | SBI logs biggest 1-day fall in 4 years

(Via CNBC TV18)

2:25 PM

Indiabulls Ventures on Bata India

BATA INDIA is one of the best stocks to play on India’s strong consumption story. Due to its good product mix, we feel the company will continue to report 15% CAGR on a top-line over the next two years from FY20-21E. On account of its track record of maintaining stable performance and the introduction of various new product launches, the stock is trading at 38x FY21E PE. We would like to allot a PE multiple of 45x on an FY20E basis to bring it to a target price of Rs. 2000.

2:14 PM

Fine Organic surges 11% in a weak market on robust revenue growth outlook

In Q2FY20, the company expanded its capacity at Ambernath by 32,000 TPA to manufacture oleochemical derivatives. The plant is expected to contribute around 8,000 tonnes in FY20 and attain 45 per cent utilisation in FY21. Analysts at Anand Rathi Share and Stock Brokers believe that with this addition, the revenue and profit after tax would each clock 17 per cent CAGRs over FY19-21. READ REPORT HERE

1:55 PM

Index Contributors at this hour

1:46 PM

Market check

1:42 PM

NEWS ALERT | Review of SoftBank India strategy may mean scaling down of fresh commitments in India: CNBC TV18

-- Sectors like NBFCs, HFCs may be capital intensive, but hold long-term value

-- SoftBank's India exposure is around 15-20% of global portfolio

1:38 PM

DLF slumps 7%

-- Gurgaon-based luxury malls developer, DLF is planning to focus more on food and beverages and allocate around 20 per cent of space to the dining options across its project offerings, a senior company official said.

1:26 PM

NEWS ALERT | SoftBank team asked to review India strategy: sources to CNBC TV18

-- Review to be over and above quarterly review of the company

-- Change may mean greater focus on publicly traded companies

-- May look at Real Estate. Power, Infra sector

--  Review may mean differentiating between long-term and short-term investment

-- Portfolio may be restructured by exiting matured invsts & closing deals

1:23 PM

NEWS ALERT | Vistara signs long-term contract with Airbus 'Flight Hour Services': CNBC TV18

1:18 PM

Sector watch | PSU banks worst hit; Nifty PSB index down over 4%

1:10 PM

NEWS ALERT | Govt may issue notice to give clarity on corporate tax cut: Govt official to CNBC TV18

-- Revenue Dept against cos being able to avail credit for MAT already paid

-- Revenue Dept collating data on issues flagged by industry

1:01 PM

NEWS ALERT | Banks to get draft resolution proposal of DHFL within a week for individual board nod: sources to CNBC TV18

-- SBI sought 1-time exemption from SEbi to llow MFs to be part of resolution process

-- Sebi nod required to allow MFs to segregate stressed assets from performing assets

-- Lenders will take over 60% of the stake using SEBI pricing formula

Alert: Total DHFL liabilities at Rs 85,000 cr; Banks' exposure under Rs 30,000 cr

12:56 PM

Kaveri Seed jumps 5% after board approves share buyback plan

Shares of Kaveri Seed Company jumped 5 per cent to Rs 576 per share on the BSE on Wednesday in intra-day trade after its board approved buyback of 2.8 million equity shares at Rs 700 per share via tender offer.

 

In a regulatory filing at the bourses, Kaveri Seed Company said its board has approved proposal for buyback of 2.8 million equity shares, representing 4.4 per cent of the total equity of the company, for an aggregate amount of Rs 196 crore. The shares would be bought at Rs 700 per share. READ MORE HERE

12:45 PM

NEWS ALERT | QNB selects TCS to Future-proof its Capital Markets Operations: BSE Filing

12:33 PM

Market check