Sensex ends 71 pts down, Nifty at 10,360 levels; PSU Bank Index up 0.8%

Catch all the market action here.

3:38 PM

Sectoral Trend

3:38 PM

Sensex losers and gainers

3:33 PM

Market at close

 

The S&P BSE Sensex ended at 33,704, down 71 points while the broader Nifty50 index settled at 10,360, down 18 points.

3:26 PM

Moody's places PNB under review for downgrade after Nirav Modi's fraud

Following the biggest scam in the country's banking sector to the tune of Rs 113.4 billion at state-run Punjab National Bank (PNB), Moody's today placed the lender under review for downgrade.
 

The agency has a Baa3/P-3 rating on the Delhi-based lender now while it has a Baa3 rating on its foreign currency issuer rating. The bank overall has a Baa2 rating with a stable outlook now from Moody's. READ MORE

3:09 PM

Cabinet ends Coal India monopoly, allows commercial mining by private firms

After four years of enabling commercial mining and sale of coal in the new Coal Ordinance (Special Provisions), 2014, the Cabinet on Tuesday approved the methodology for auctioning coal mines to private companies. State-owned Coal India has been the sole commercial miner in India for 41 years now with a market share of 80%.
 

The move aims to open up coal mining for private players, both Indian and foreign. In 2015, the government had permitted the allotment of coal mines to states for mining and commercial sale to medium, small and cottage industries. CLICK HERE FOR FULL STORY

2:55 PM

MUST READ Regulatory lessons: India should reduce dependence on the banking system

The accusations levelled against staffers of Punjab National Bank (PNB) — that they arranged for letters of undertaking to be provided to foreign branches of Indian banks to benefit companies controlled by jeweller Nirav Modi and associates — have thrown up important questions about bank management and regulation in India.

 

While the sums involved are large — the total sum being examined in relation to the fraudulent letters of undertaking is $1.8 billion — it is unclear how much has actually been taken out of the system. READ MORE

2:38 PM

Sectoral watch: Nifty PSU Bank up nearly 2%

2:31 PM

Zydus Wellness hits new high; surges 32% post Q3 results

Zydus Wellness hit a new high of Rs 1,298, up 11% on the BSE in intra-day trade on the back of heavy volumes. In past two weeks, the stock of this packaged foods company has rallied 32% from Rs 982 on February 6, after reporting a strong earnings growth for the quarter ended December 2017 (Q3FY18). By comparison, the S&P BSE Sensex has lost 0.83% during this period READ MORE

2:13 PM

NASSCOM on Information technology sector growth

India's software services sector will see revenue growth of 7-9 percent in constant currency terms in the fiscal year to March 2019, a leading lobby group forecast on Tuesday. The country's $154 billion IT sector has been mired in worries about U. S. visa measures, as well as a broader slowdown in technology spending among other factors.  READ MORE

2:11 PM

Market watch

S&P BSE Sensex	33,898.15		0.37%
Nifty 50	10,408.10		0.29%
S&P BSE 200	4,555.67		0.41%
Nifty 500	9,186.70		0.29%
S&P BSE Mid-Cap	16,477.88		0.30%
S&P BSE Small-Cap	17,884.85		0.16%

2:10 PM

Reliance Securities on KNR Constructions (KNRC)

We maintain our positive view on KNRC mainly owing to healthy order book, strong balance sheet (0.1x net D/E) and sound execution credentials. We expect KNRC’s revenue and PAT to register 19% and 17% CAGR, respectively through FY17-FY20E on the back of decent order book, healthy margin and expected healthy order inflow in coming months. Valuing KNRC’s standalone business at Rs345 based on 20x FY20E earnings and Kerala & Bihar BOT at Rs15 (at 1x P/ BV), we reiterate our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs360

2:03 PM

Gems & Jewellery stocks trade mixed

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
SRS	1.02	1.07	0.99	-0.02	-1.92	0.17	1618193
PC JEWELLER	365.00	368.40	345.50	10.55	2.98	27.98	781627
TITAN COMPANY	834.05	834.50	798.30	29.55	3.67	20.45	248959
GOENKA DIAMOND	0.69	0.74	0.69	-0.03	-4.17	0.01	118118
BHAKTI GEMS	20.50	22.25	20.50	0.00	0.00	0.10	48000
GAUTAM GEMS	40.60	40.60	37.10	2.60	6.84	0.13	33000
RAJESH EXPORTS	793.95	804.95	789.60	3.65	0.46	2.17	27339
SAGAR DIAMONDS	29.65	35.25	29.60	-6.35	-17.64	0.09	27000
SWARNSARITA GEMS	19.55	21.30	18.70	-0.30	-1.51	0.05	26474
T B Z	106.55	106.75	104.65	-0.30	-0.28	0.21	19380

1:59 PM

Index watch

INDEX	LATEST	PREVIOUS	CHANGE( )	CHANGE(%)
	21210.11	20891.27	318.84	1.53
	15049.66	14882.69	166.97	1.12
	6565.63	6509.29	56.34	0.87
	12137.84	12035.60	102.24	0.85
	1399.64	1389.41	10.23	0.74

1:48 PM

One year at Tata Sons: Chandrasekaran cuts group flab, eyes profits

Twelve months may be a short time in the life of a 150-year-old conglomerate, but there has hardly been a dull day since N Chandrasekaran took charge as chairman of Tata Sons, the group’s holding company. READ MORE

1:27 PM

AMP on Kirloskar Pneumatic Company Limited

 

We believe that KPC is a good product company and is poised to post strong growth given the likely pick up in its core target sectors. With projected market share gain, a revenue growth of 15-20% with steady margin cannot be ruled out in next 2-3 years. Company continues to be with clean balance sheet with over INR1.5bn of cash. Performance was severally impacted in 1HFY18 impacted by GST transition, but improved meaningfully in 3QFY18. We expect performance to significantly improve in FY19

1:26 PM

ICICI Securities on Blue Dart Express (BDE)

 

Subsequent to the muted revenue growth of 3% in 9MFY18, we taper our FY18 revenue growth estimates to 5% (vs. 8% earlier). However with the economy set to gather steam, BDE leadership position coupled with strong balance sheet and close to debt-free capital structure is well equipped to ride out the next growth cycle triggered by GST implementation. Subsequently BDE over FY17 has spent around Rs 19 crore for consultation and advisory fees making the company future GST-ready. 

 

We expect structural changes like e-way bill coupled with formalization of sector would put Bluedart on strong footing in the coming years. Also, as the economy improves, given its strong client base, BDE’s business model provides earnings visibility. Growth will accrue gradually over a time frame and, hence, continue to value BDE on a DCF model to arrive at a target price of Rs 5120 (implied P/E of 55x) with a BUY recommendation

1:23 PM

Sector update: Infrastructure, oil & gas

 

The infrastructure sector is showing signs of stability, although pockets of stress still linger, says India Ratings and Research (Ind-Ra). The agency has revised the outlook on the sector to stable for FY19 from negative in FY18 with visible improvements in toll roads and wind projects. The outlook for telecom has been revised to negative-to-stable from negative. The outlook for thermal power (project level), oil and gas (including city gas distribution), power (corporate utilities), ports and airports remain unchanged

1:14 PM

Market check

S&P BSE Sensex	33,879.31		0.31%
Nifty 50	10,409.20		0.30%
S&P BSE 200	4,550.68		0.30%
Nifty 500	9,183.40		0.26%
S&P BSE Mid-Cap	16,453.97		0.15%
S&P BSE Small-Cap	17,873.09		0.09%

12:59 PM

BSE top gainers and losers

12:45 PM

PNB drops out of top-100 most valued stocks

Punjab National Bank (PNB) is no longer in the list of India’s top-100 most valued companies/banks in terms of market capitalisation (market-cap) after a stock price of the bank declined 31% in past one week. READ MORE

12:34 PM

Sectoral Trend

12:19 PM

Little exposure to Gitanjali Gems, none to Nirav Modi: IndusInd Bank

Private sector lender IndusInd Bank on Tuesday said it has no direct or indirect credit exposures to Nirav Modi with regards to the LoUs issued by the scam-hit Punjab National Bank.
 

The bank, however, added that it has a "small, two-digit exposure" to Gitanjali Gems not linked to any LoUs", without disclosing the exact amount. READ MORE

12:08 PM

IT stocks trade firm

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
ZENSAR TECH.	906.00	884.65	21.35	2.41	4143
L & T INFOTECH	1434.30	1402.85	31.45	2.24	11593
KPIT TECH.	201.75	198.45	3.30	1.66	58340
TCS	2957.85	2924.55	33.30	1.14	27342
INFOSYS	1141.00	1130.00	11.00	0.97	68429

12:05 PM

Top gainers on BSE

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
ARVIND LTD	397.50	383.15	14.35	3.75	68338
SUN TV NETWORK	918.50	888.15	30.35	3.42	81212
JINDAL SAW	131.15	127.05	4.10	3.23	233144
APOLLO TYRES	262.20	254.35	7.85	3.09	77741
INDIABULLS VENT.	253.30	245.75	7.55	3.07	100473

12:05 PM

Carbon black shortage forcing tyre factory shutdowns, says ATMA

The Automotive Tyre Manufacturers Association (ATMA) said on Monday a shortage of carbon black (a key ingredient for tyre manufacturing) in the domestic market has led to unplanned shutdown of factories. READ MORE

Photo: Shutterstock

12:02 PM

Prabhudas Lilladher on RPP Infra Projects

 

The stock is trading at 11.2x FY20E earnings. We expect RPP to deliver Sales and PAT CAGR of 28%/34%, respectively, over FY17‐20E. We believe the company is a good play on government’s increasing focus on improving rural infrastructure. We maintain a BUY with a target price of Rs385

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,841.48	+66.82	+0.20
S&P BSE SENSEX 50	10,848.89	+24.41	+0.23
S&P BSE SENSEX Next 50	33,815.93	-28.59	-0.08
S&P BSE 100	10,768.63	+19.00	+0.18
S&P BSE Bharat 22 Index	3,582.52	+1.85	+0.05

(Source: BSE)

12:00 PM

China bourses outbid NSE for Dhaka Stock Exchange stake

 

The 25 per cent share sale of Dhaka Stock Exchange (DSE), Bangladesh’s largest stock exchange, has triggered a diplomatic row between India and China, with exchanges from both the countries trying to lobby for their country’s exchanges to buy the stake READ MORE

11:48 AM

Fortis Healthcare, Religare Enterprises down upto 8% on talk of fraud probe

Fortis Healthcare and Religare Enterprises were down up to 8% on the BSE in intra-day trade after media report suggested that Fortis promoters Malvinder Singh and Shivinder Singh will soon receive summons from Serious Fraud Investigation Office (SFIO) in connection with alleged financial irregularities. READ MORE

11:30 AM

News Watch: PNB fraud: No jail for Nirav Modi? Lawyer says case will collapse like 2G

The lawyer of businessman and the main accused in the Punjab National Bank (PNB) scam Nirav Modi on Tuesday said that case against his client will collapse just like 2G scam and the Bofors matter. READ MORE