MARKET WRAP: Sensex gains 170 pts as financials gain; Nifty50 tops 11,850

All that happened in markets today.

3:44 PM

Nifty snapshot

3:43 PM

Index watch

3:39 PM

CLOSING BELL

The S&P BSE Sensex gained 170 points or 0.42 per cent to end at 40,286.48 levels while NSE's Nifty50 index ended above 11,850-mark to end at 11,870.45.  

3:21 PM

EARNINGS ALERT | Dilip Buildcon Q2 net profit slips 57% YoY to Rs 29 cr

3:08 PM

NEWS ALERT | Govt confident of completing initial probe against Indiabulls grp: govt sources to CNBC TV18

-- S. Gehlaut writes to MCA Secy, says company is cooperating with the authority

-- Govt to submit report in court on Nov 29

3:06 PM

MARKET CHECK | ICICI Bank hits new high; HDFC Bank nears record high

3:02 PM

NEWS ALERT | Govt to mull cutting stake in IOC to below 51%: Agencies

2:58 PM

Earnings Alert | Grasim Q2

-- Standalone net profit at Rs 526.5 cr

-- Revenue at Rs 4,797.4 cr

-- EBITDA at Rs 659.3 cr; margin at 13.7%

2:48 PM

Dixon Technologies surges 12% as Q2 profit more than doubles

The company’s revenue during the quarter jumped 90 per cent to Rs 1,405 crore from Rs 741 crore in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, tax, depreciation and amortisation) margin improved 10 basis points (bps) sequentially and unchanged on yearly basis at 4.7 per cent. READ MORE 

2:34 PM

MARKET CHECK | Top 5 losers on the BSE at present

2:26 PM

Slowdown blues for liquor: Consumption took a beating in September quarter

The growth in liquor sales is unlikely to see a meaningful revival in the second half of this financial year as the impact of economic slump and liquidity deficit in trade channels has cast a shadow over the sector.

 

Experts are of the opinion that though the second half of this financial year will see some recovery, volume growth is likely to remain in single digit as compared to the double-digit rise recorded in past years. READ MORE

2:13 PM

BROKERAGE RADAR | Edelweiss Securities on Symphony

Given intensifying competition in the air coolers industry and SYML’s single-product focus, we believe defending market share while maintaining a superior margin/cash flow profile vis-a-vis peers is expected to be challenging. Hence, we maintain ‘REDUCE/SU’ with a revised TP of Rs 770 (Rs 740 earlier, 25x) while rolling forward the valuation to March 2021E.

1:57 PM

Global Markets Check

-- Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth

-- MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, Japan’s Nikkei stock index fell 0.8%, and.Australia’s S&P/ASX200 wiped earlier gains to close 0.5% higher.

-- European stock futures point to a flat open after recent rises. U.S. futures were down 0.1%, following a record-high close on the S&P 500 on Wednesday.

(Source: Reuters)

1:50 PM

Earnings Alert | Vedanta Q2

-- Consolidated net profit at Rs 2,158 crore, up 60% YoY

-- Cons revenue at Rs 21,958 cr, down 3.3% YoY

-- Cons EBITDA at Rs 4,423 cr, down 13.8% YoY

1:47 PM

Biggest drop in power demand makes Indian banks' bad debt headache worse

Banks had about Rs 1.8 trillion ($25 billion) of stressed loans to India’s coal-fired power generators as of last year, according to the State Bank of India. Prospective bidders for these stressed generators are wary as demand from the country’s power distribution utilities contracted in three straight months to October.

 

India’s electricity demand is closely linked to its industrial output, which contracted in September to its lowest level in eight years. An overwhelming majority of data is pointing to continued weakness in the economy that expanded 5 per cent in the quarter ended June -- the slowest pace in six years. READ MORE

1:34 PM

NEWS ALERT | Notable cooled-down consumption during the current slowdown is troubling: Moody's

1:30 PM

NEWS ALERT | Moody's cuts India's GDP growth forecast to 5.6 pc for 2019:

-- Says, GDP slowdown in the country is lasting longer than previously expected

-- It expects economic activity to pick up in 2020 and 2021 to 6.6% and 6.7%, respectively, but pace could remain lower than in the recent past.

Alert: Moody's had last month lowered its growth forecast for India to 5.8 per cent from 6.2 per cent and said a weaker growth outlook will dampen the prospects for fiscal consolidation

1:22 PM

NEWS ALERT | Central Bank of India discloses gross NPA divergence at Rs 2,565 cr for FY19: BSE filing

1:17 PM

Voda Idea, Bharti Airtel, MTNL: Are telecom stocks entering a bear phase?

The overall trend for Bharti Airtel remains positive as the price has been rising with the "higher high, higher lows" formation. It opened gap down today and till it trades above Rs 350, the upside bias is still favourable. The major move is expected above Rs 385, which is a trend line resistance as per the daily chart. Although, RSI and Moving Average Convergence Divergence (MACD) are trading with negative bias; however, Rs 350 remains a firm support. READ MORE  

1:13 PM

BROKERAGE RADAR | Anand Rathi Research on JB Chemicals

We expect its return ratios and operating margins to improve further. These, and its positive cash-flows and debt-free status render valuations attractive as the stock now trades at a discount to its peers. We maintain a Buy, with a higher target of Rs 551 (earlier Rs 464) based on14x FY21e earnings.

Risks: More products under the NLEM, currency fluctuations and the changing regulatory environment.

1:09 PM

Top 5 gainers on the BSE at present

1:01 PM

Market Check

12:47 PM

BROKERAGE RADAR | HDFC Securities on Deccan Cement

Despite a weak 2Q results, we like DCL for its strong margin focus and increasing cost reduction measures. We expect demand recovery in 2H to boost profitability and internal accruals for growth capex. We maintain BUY with TP Rs 610/share (6x Sep’21E EBITDA and 50% value to its FY22E CWIP). Our TP implies EV of USD 56/MT. The stock currently trades at 4.0/4.7x FY21/22E EBITDA and EV of USD 41/MT.

12:42 PM

Muthoot Finance surges 9% on strong Q2 results

The company’s net interest income (NII) jumped 32 per cent YoY to Rs 1,467 crore against Rs 1,114 crore in the corresponding quarter of the previous fiscal. Net profit rose 77 per cent to Rs 858 crore from Rs 484 crore in the year-ago quarter. READ MORE  

12:38 PM

NEWS ALERT | BoB determines the issue price at Rs 107.45/sh for shares to be issued to govt: BSE filing

-- Shares to be issued on preferential basis

12:31 PM

Sector watch | Nifty Metal index declines

12:22 PM

Muthoot Finance surges 9% on strong Q2 results

The stock of the non-banking finance company (NBFC) was trading close to its all-time high level of Rs 718 touched on October 31, 2019.

 

The company’s net interest income (NII) jumped 32 per cent YoY to Rs 1,467 crore against Rs 1,114 crore in the corresponding quarter of the previous fiscal. Net profit rose 77 per cent to Rs 858 crore from Rs 484 crore in the year-ago quarter. READ MORE

12:06 PM

NEWS ALERT | Aug WPI revised to 1.17% from 1.08% : CNBC TV18

12:06 PM

NEWS ALERT | Core inflation at (-) 1.6%: CNBC TV18

12:02 PM

NEWS ALERT | Oct WPI inflation at 0.16% vs 0.33% MoM: CNBC TV18

-- Oct food inflation at 7.65%

-- Manufactured products inflation at (-) 0.84%