Sensex, Nifty end marginally lower in volatile trade; metal stocks drag

All that happened in the markets today

4:01 PM

Heatmap: S&P BSE Sensex

4:00 PM

Nifty sectoral indices at close

4:00 PM

Market at close

3:59 PM

Market at close

The S&P BSE Sensex ended at 39,123, down 72 points while the broader Nifty50 index settled at 1,700, down 24 points.

3:28 PM

Cox & Kings frozen at 20% lower circuit; stock hits all-time low

Cox & Kings shares hit an all-time low of Rs 48.85 after tanking 20 per cent on the BSE on Monday, falling 49 per cent in the past month. In comparison, the S&P BSE Sensex was down 1 per cent during the same period. At 02:46 pm, there were pending sell orders for 931,709 shares on the NSE and BSE. A combined 914,644 shares changed hands on both the exchanges. READ MORE

3:02 PM

NEWS ALERT | Emami confirms selling 10% promoter share in the company: CNBC TV18

-- This is the last tranche of promoter stake sale

-- Buyers are marquee domestic and foreign funds

-- Will be in a comfortable position after this stake sale

2:53 PM

Adani Power jumps over 3%

2:50 PM

Market check | Nifty PSU index is the only index trading positively

2:48 PM

Neelachal Ispat eyes Rs 400 cr Ebitda, marginal net profit in FY20

Neelachal Ispat Nigam Ltd (NINL), a company co-promoted by MMTC Ltd and two Odisha government controlled entities, is eyeing Ebitda (earnings before interest, taxes, depreciation and amortisation) of Rs 400 crore in the current financial year (FY20). NINL is eyeing a marginal net profit in FY20. S S Mohanty, NNL’s vice chairman and managing director, said the company expects to be back in the black powered by the launch of 20 new value-added products. READ MORE

2:38 PM

Nifty Realty index in trading over 1% lower

2:33 PM

Market check | Sudden fall in Sensex

2:30 PM

HDFC Securities on Axis Bank

Recommendation: BUY

 

Target Price: Rs 895

CMP Rs 771

 

Over FY19, Axis Bank has demonstrated meaningful improvement in performance metrics. Profitability improved for the retail and wholesale businesses (loss in FY17 & 18). After growing briskly over FY17- 18, SA traction slowed for the bank and system. With moderating slippages and LLPs, AXSB changed course over FY19 towards normalised earnings and RoAAs. Improving asset quality (with rising coverage), better risk practices, focus on high yielding retail products and cost consciousness will drive earnings. Maintain BUY with SOTP value of Rs 895 (2.8x FY21E ABV of Rs 309 + Rs 30 for subs).

 

 

2:26 PM

Buzzing | Cox & Kings hits 20% lower circuit

2:23 PM

NEWS ALERT | Rana Kapoor's family is said to plan sale of their mortgage company: BTVI quoting sources

- Nomura said to manage sale of Kapoor family's Art Housing Finance

2:14 PM

NEWS ALERT | Nalanda Capital tenders its entire 10.61% stake in L&T's open offer for Mindtree: sources to CNBC TV18

Alert: L&T's open offer for Mindtree to expire on June 28

2:07 PM

Intra-day market trends by HDFC Securities

2:03 PM

Rupee check

Source: Bloomberg

2:01 PM

Why regulation isn't enough to curb bad behaviour of credit rating agencies

International credit rating agencies have had their fair share of controversies over the years. They have been at the centre of the major financial crises from the financial markets collapse of New York City in the mid-1970s, the Asian financial crisis of 1997 – 1998, the Enron scandal of 2001, to the global financial crisis of 2008. All of these cost investors globally billions. READ MORE

1:59 PM

MARKET CHECK

1:58 PM

L&T power business bags Rs 7,000-cr order from SJVN Thermal in Bihar

The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore. READ MORE

1:50 PM

Stocks that hit 52-week low on BSE

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
CARE RATINGS	915.60	905.00	-7.90	-0.86
CENTRAL BANK	20.95	20.90	-0.55	-2.56
EMAMI	274.85	270.00	-14.40	-4.98
GLAXOSMI. PHARMA	1230.45	1225.20	0.60	0.05
GLENMARK PHARMA.	461.25	459.25	-38.95	-7.79

1:41 PM

TCS gains over 1%

1:31 PM

HDFC Securities on BEML

Recommendation: Buy 

 

Target Price: Rs 1,060

 

With the tie ups with global players in the defence segment and plethora of opportunities in the Metro Rail, we expect robust growth momentum by the company in the coming two-three years. BEML is likely to post topline CAGR of ~20% over FY19-21E and bottom line to see robust 85% CAGR over the same period. With strong performance, return ratios would also improve drastically. We believe RoE/RocE to touch around ~10% in FY21E from 5-6% in FY18. The stock trades at 19x FY20E and 13x FY21E earnings. We value BEML on ~20x FY21E earnings and arrive to target price of Rs 1060. We recommend Buy on the stock at CMP of Rs 830 and add on dips to Rs 765 for sequential TP of Rs 938 and Rs 1,060 over the next four quarters.

1:16 PM

IPO UPDATE | IndiaMart IPO subscribed 11% so far on Day 1

1:06 PM

Jain Irrigation soars 72% in two days after mgt clarifies on price movement

Shares of Jain Irrigation Systems soared 12 per cent to quote Rs 28 per share on the BSE on Monday, recovering almost 72 per cent in the past two trading sessions, after the company clarified to the exchanges regarding the sharp fall in its share price. The stock of the plastic products company hit multi-year low of Rs 16.30 on Thursday, June 20. READ MORE

Photo: Twitter

12:59 PM

Tata Steel is trading 2% lower

12:56 PM

NEWS ALERT | RITES board approves issuing 1 bonus share for every 4 held

12:42 PM

NEWS ALERT | Next meeting of Bimal Jalan committee to take place in July: CNBC TV18

- Finance Secretary, Subhash Chandra Garg, could not attend today's meeting

- The report is likely to be finalised in July after the budget. 

12:34 PM

Reliance Securities on Engineers India

Reco: Buy 

 

Target Price: Rs 163 

 

Engineers India emerged as a market leader in Indian hydrocarbon segment with strong expertise in design, engineering and implementation of projects. The Management has guided for order inflow of Rs 18 billion (mainly from consultancy segment) in FY19. We believe Engineers India will remain highly cash-rich and maintain its dividend payout track record of ~50% in FY19-21E as well. Sizeable growth potential in sector, huge imminent capex in hydrocarbon sector, asset-light business model, foray into newer segments/sectors, debtfree balance-sheet, healthy revenue and earnings growth and robust return ratios continue to augur well for ENGR. We maintain our BUY recommendation on the stock with a target price of Rs 163. 

12:30 PM

NEWS ALERT | Intellect Design bags an order from Bank of Mongolia: CNBC TV18