MARKET WRAP: Sensex ends 130 pts higher, Nifty tops 11,900; IT stocks rally

In the broader market, S&P BSE Mid-Cap ended 56 points, or 0.38 per cent higher at 14,945 levels while the S&P BSE Small-Cap gained 0.52 points to settle at 14,283 levels.

3:39 PM

Sectoral gainers and losers on NSE

3:39 PM

Top gainers and losers on S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex gained 130 points or 0.33 per cent to settle at 39,816 while the Nifty50 index closed above 11,900 at 11,910, up 45 points or 0.38 per cent. 

3:24 PM

Stock Alert | Sudden surge in Maruti Suzuki India

3:22 PM

Oracle Financial Services Software soars over 3%

3:03 PM

Market check | Nifty tops 11,900

2:53 PM

NEWS ALERT | Lenders to seek fresh CBI enquiry against Bhushan Power & Steel Promoters: sources to BTVi

-- SBI, OBC declare BPSL a fraud co based on forensic & transaction audit

 

-- Consortium of lenders to meet soon to draw next plan of action
 

2:48 PM

NEWS ALERT | Simbhaoli Sugars Ltd tumbles 16%

2:48 PM

NEWS ALERT | BHEL appoints Nalin Shinghal as CMD for 5 years

2:43 PM

NEWS ALERT | CBI conducting raids in offices of Winsome Diamonds in Mumbai & Thane in bank fraud case: BTVi

-- Raids in Supreme Text Mart, Ludhiana in bank fraud case

 

-- CBI conducting raids in Eskay Knit Ltd, Walsad 

2:34 PM

Tourism Finance Corporation hits 20% lower circuit

2:32 PM

NEWS ALERT | Indian Oil plans new Petchem project near its Gujarat refinery: BTVi

-- New Petchem project in Gujarat may cost Rs 3,500 cr

 

-- IOC's new Petchem unit in Gujarat may be commissioned in 2022

2:23 PM

BSE suspends trading of JK Pharmachem and 7 others on investors' complaint

The BSE has suspended trading of shares of eight companies including Geodesic, J. K Pharmachem, Teem Laboratoriesand Global Securities on receipt of numerous complaints against them. Apart from the aforementioned scrips, trading in Gujarat Perstorp Electronics, Gujarat Narmada Flyash, Blazon Marbles, Softrak Ventures Investments, Rane Computer Consultancy, and Maharashtra Krishna Valley Development Corporation has been suspended. All these companies are in either P, X or XT categories. READ MORE

2:18 PM

NEWS ALERT | Govt had constituted a task force to draft a new direct tax law: Fn Min in Rajya Sabha

-- No proposal under consideration regardming the 'direct tax code': Fn Min in Rajya Sabha

2:09 PM

Stock Alert | Godrej Properties continue slide

2:01 PM

Market check | Sensex gains momentum

2:00 PM

NEWS ALERT | Promoters of Shriram Transport buy additional 4 lakh shares from June 27-28

1:34 PM

NEWS ALERT | JSPL says allegations w.r.t. Urtan coal block are misconceived & frivolous in nature

- Co added that allegations w.r.t. land acquisition for Patratu unit are also misconceived in nature.

Source: BSE filing

1:32 PM

APAC M&A activity in first half of 2019 slows to 1,525, lowest since 2013

Merger and acquisition activity in the Asia Pacific region, excluding Japan, moderated significantly during the first-half of 2019, amid an escalating US-China trade and technology war, a Mergermarket report said. The Asia Pacific region generated 1,525 deals valued at $241 billion in the first half of this year -- the lowest first-half value since 2013. READ MORE

1:17 PM

MARKET CHECK

1:17 PM

Unrealistic to expect any major boost from the Budget itself: Pratik Gupta

As the markets await the government to spell out proposals in the upcoming Budget on Friday, PRATIK GUPTA, managing director and head of equities at Deutsche Bank India tells Puneet Wadhwa that given a likely US Federal Reserve (US Fed) rate cut cycle going forward, he expects inflows to emerging markets – including India – to pick up over the next six months. READ FULL INTERVIEW HERE

Pratik Gupta, managing director and head of equities at Deutsche Bank India

12:59 PM

NEWS ALERT | SC upholds TDSAT order, dismisses DoT's plea in Reliance Communication case: CNBC TV18

12:55 PM

Stock Alert | Sintex Industries defaults on interest payment of Rs 3.3 cr on NCDs

Source: BSE filing

12:51 PM

BUDGET 2019 | Elara Capital outlook

FY20 Interim Budget fiscal deficit estimate of 3.4% untenable

 

We believe the government will find it increasingly challenging to retain its fiscal deficit target of 3.4% set out in the Interim Budget for FY20 amid dwindling revenue and competing priorities for government spending. Despite the recent moderation in consumption and continued lackluster investment demand, the government’s ability to pump-prime the economy is contained.
 

Although revenue growth visibility and expenditure compulsion suggest slippages could exceed 50bp, we believe the government will look to limit it to 20bp by budgeting for 5G auction revenue and optimistic revenue projections.  As such, we expect the government to report a fiscal deficit target of 3.6% on 5 July 2019E.

 

Sharp revenue targets in interim budget; downward revision must

 

The Interim Union Budget had projected sharp revenue targets for FY20. In light of the shortfall in FY19 revenue receipts, projections for FY20 need to be revised down. Against revenue receipts of INR 17.29tn in FY19(RE), the government garnered only INR 15.63tn in FY19(A) as net tax revenue fell short by INR 926bn, primarily led by GST revenue shortfall of INR 600bn. Fiscal deficit of 3.4% was made possible on account of INR 1.32tn cut in total revenue expenditure.

 

As such, the forthcoming budget may see some downward revision to tax projections for FY20 mainly under the GST head. A part of the shortfall in tax revenue would be made good by accounting for non-tax revenue through 5G auction.

12:49 PM

Elara Capital on Eicher Motors

Recommendation: Sell

Last Close: Rs 19,597.5

Target price: Rs 16,294

With upcoming BSVI cost increases in FY21, we believe margin will come under further pressure. Thus, despite a realization increase, we expect an EPS CAGR of 7% over FY20-21E vs ~a 60% CAGR over FY12-18. We reduce our FY20-21E EPS by 2-4%, owing to margin cuts at RE. We reiterate Sell with a new SOTP-based TP of Rs 16,294 from Rs 16,650, with 18x (unchanged) FY21E P/E for RE business and 10x (unchanged) FY21E EV/EBITDA for VECV.

12:42 PM

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

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ADANI POWER	63.90	64.50	3.65	6.06
FEDERAL BANK	109.00	109.90	-0.10	-0.09
H D F C	2251.80	2258.95	4.90	0.22
SBI LIFE INSURAN	749.00	752.20	12.75	1.73
SIEMENS	1323.35	1340.00	-6.85	-0.51

12:37 PM

DCB Bank dips over 3%

12:22 PM

NEWS ALERT | ED conducts searches at offices of Simbhaoli Sugar in Noida & Simbhaoli: BTVi

12:16 PM

NEWS ALERT | CARE Ratings upgrades IOL Chem's long-term bank facilities to 'A-' from 'BBB+'

Source: BSE filing

12:07 PM

NEWS ALERT | NCLAT not keen on considering Adani's bid for JP Infra: CNBC TV18

-- NCLAT hints at modification of NBCC's bid to suit the interests of all stakeholders.

-- Next hearing in the case is on July 17

-- Lender lawyer says homebuyers constituting 34% of CoC voted in favour of NBCC's bid for Jaypee Infra while 13 banks constituting 40.75% of CoC voted against NBCC's bid