Sensex, Nifty snap three-day record closing run ahead of F&O expiry

All that happened in the markets today

3:55 PM

Heatmap: S&P BSE Sensex

3:54 PM

Nifty sectoral indices at close

3:53 PM

Market at close

3:39 PM

Market at close

The S&P BSE Sensex ended at 39,502, down 248 points while the broader Nifty50 index settled at 11,861, down 68 points.

3:19 PM

NEWS ALERT | NCLAT to next hear IL&FS case on July 12: CNBC TV18

3:14 PM

Reliance Capital dips almost 5%

2:55 PM

KEI Industries shares gain for the eight consecutive day; stock surges 5%

KEI Industries gained ground for the eighth session, up 5 per cent at Rs 531 levels in otherwise weak market on Wednesday. This is also a high for the stock on the BSE. Since May 17, 2019, the stock of cable manufacturing company has rallied 37 per cent, after the company reported a strong operational performance in the March quarter (Q4FY19). In comparison, the S&P BSE Sensex was up 4.4 per cent during the same period. READ MORE


 

2:49 PM

Prabhudas Lilladher on SpiceJet

We continue to maintain our positive stance on SpiceJet as 1) massive fleet expansion plan 2) strong yield environment post Jet’s suspended operations 3) prime slots at key airports 4) strong regional operations 5) codeshare with Emirates & 6) likely return of Boeing 737 Max in July/August, will lead to ASK/Revenue & EBITDAR CAGR of 47%/51% & 72% respectively.

We value the stock at 8.3x adj. EV/EBITDAR. Maintain BUY with a target price of Rs211. Abnormal increase in crude oil prices & irrational yield environment remain a key risk to our call

2:48 PM

PC Jeweller tumbles 9%

2:47 PM

Emkay Global on Eicher Motors

Domestic volumes of Royal Enfield (RE) dropped 15% yoy in Q4FY19 due to fall in eight out of top 10 states. The number of states witnessing a decline has increased to 19 states in Q4FY19, with Delhi and Punjab being the latest additions. The stock currently trades at a P/E of 23x/21x on FY20/21 estimates. Maintain Sell rating on Eicher Motors with a target price of Rs 17,200 (Rs18,000 earlier), valuing the RE business at a P/E of 17x and the VECV business at a P/E of 15x

2:46 PM

Unsold housing inventory hits new low of 30 Months in 2 years: Anarock

• Top 7 cities' unsold inventory declines from 50 months in Q1 2017 to 30 months this quarter
   
• Unsold inventory in Delhi-NCR drops to 50% - from 90 months in Q1 2017 to 45 months in Q1 2019
   
• Bangalore & Hyderabad’s current inventory levels at all-time low of 15 months each
   
• Pune’s unsold inventory at 28 months, followed by Chennai with 30 months; MMR & Kolkata with 35 months each
   
• Top 7 cities' cumulative unsold stock declines by 16% in 2 years - at 6.65 lakh units in Q1 2019

2:45 PM

Anand Rathi on JK Lakshmi Cement

Restrained pricing in its key operating region impacted JK Lakshmi?s Q4FY19performance. Further, its Odisha GU was delayed due to Fani, the cyclone. With no major capex announced, de-leveragingwould continue. On the commissioningof the thermal power plant and of the Odisha GU,together with modest operating costs, we expect a better performance. We retain our Buy rating, with a higher target of Rs 481 (at 10x FY21e EV/EBITDA), earlier Rs 389

2:44 PM

Market stats :: Volume shockers

COMPANY	LATEST	CHG(%)	VOLUME	AVG VOLUME (FOR PAST FIVE DAYS)	VOL CHG(%)
GALAXY SURFACT.	1172.00	7.56	9864	830	1088.43
EQUITAS HOLDINGS	134.35	-4.61	2131523	182505	1067.93
AEGIS LOGISTICS	233.45	4.52	56557	9968	467.39
ENDURANCE TECH.	1215.40	5.02	9659	1719	461.90
POWER FIN.CORPN.	122.40	3.73	2036772	362726	461.52

2:01 PM

MARKET CHECK

1:54 PM

NEWS ALERT | M&M Q4 results: Net profit at Rs 969 cr

1:35 PM

Tata Motors dips 3.3%

1:22 PM

S Chand and Company hits new low; stock tanks 83% against IPO price

Shares of S Chand and Company tanked 14 per cent to Rs 116 on the BSE on Wednesday, after the company posted 48 per cent drop in consolidated net profit at Rs 172 crore in March quarter (Q4FY19) due to lower revenue and higher interest cost. It had reported a profit of Rs 330 crore in a year ago quarter. The stock of textbook publisher was trading its lowest level since its listing on May 9, 2017 and has plunged 83 per cent as compared to its issue price of Rs 670. READ MORE

1:19 PM

NEWS ALERT | Arun Jaitley writes to PM requesting to not be made part of new cabinet

1:16 PM

Marksans Pharma surges over 4%

1:06 PM

Tata Steel extends losses after report of ArcelorMittal cutting production in Europe

1:03 PM

NEWS ALERT | ArcelorMittal cuts European production: Bloomberg

-- Calls cuts "temporary response to poor market"

1:00 PM

RBI may cut repo rate by 25 bps in June amid global uncertainty: Report

The Reserve Bank of India is expected to cut key policy rates by 25 bps in the upcoming monetary policy meeting amid subdued domestic industrial activity and slowdown in trade on the global front, says a report. "While the upside risks to inflation are currently from the monsoon, reversal in food prices and further rise in oil prices warrant a 'wait and watch' policy mode, the slowdown in the growth momentum is likely to weigh upon the monetary policy decision," Dun & Bradstreet India Chief Economist Arun Singh said. READ MORE

12:47 PM

HDFC Institutional Research on Ashok Leyland

We are NEUTRAL on Ashok Leyland. While the CV sales will benefit from the pro reform initiatives that are expected (post the recent election mandate), the upcoming transition to BSVI will impact growth rates in FY21E. Further, AL’s market share has peaked at ~33% as competitive intensity is increasing and the product mix is weakening due to change in axle load norms.

Sector dynamics are expected to change post the roll out of the DFC by the Indian railways in FY21. Key upside risk to our thesis is the introduction of a scrappage scheme in FY21.

12:46 PM

Anand Rathi on Emami

Its anaemic domestic revenue growth belied our estimates of Emami's Q4 FY19. Sales of summer products (over 40% of its Q4 domestic sales) were hurt by the delayed summer. As raw-material prices stabilise Management expects current margins to hold. With management?s consistent efforts, a sharper focus on its core portfolio, market-share gains, extended direct reach, deeper rural penetration and strong launch traction, we are sanguine regarding Emami. We retain our Buy, with a target price of Rs 572 (earlier Rs 595).

12:45 PM

IIFL on Info Edge (India)

Management indicated higher ad spend in FY20 vs. FY19 (16% of revenues) as it looks to drive volumes across real estate, matrimony and recruitment. EBIT margin expanded 160bps QoQ on lower ad spends. We fine tune our EPS and TP. Our 12-mth SoTP-based target price of Rs2,030 leaves limited near-term upside. We forecast 18%/20% revenue/EPS Cagr over FY19-21ii. ADD.

12:45 PM

IIFL on HDFC Bank

In its analyst day yesterday, HDFC Bank presented details of its expansion plan for the future. It is targeting doubling its customer acquisition rate by reworking its channel strategies, is intensifying focus on SME/MSME in rural/semi-urban areas and is positive that the market opportunity in corporate lending is huge.

Intensive cross sell and expanding the use of technology to improve efficiencies will be a common theme across business verticals. This should aid a reduction in HDFCB’s cost/income ratio to 35% in five years, from 40% in FY19. This alone could add ~18bps to RoA by FY24. While its plans are ambitious, HDFCB has a proven execution record. We came back assured of a sustainable +20% CAGR in loans and potential upside risk to our RoA/RoE estimates for FY19-22ii

12:39 PM

Nifty sectoral indices at this hour

12:24 PM

Jubilant Life extends fall on weak Q4 results; stock hits 33-month low

Jubilant Life Sciences shares continued to remain under pressure, hitting 33-month low of Rs 503, down 2 per cent in intra-day trade on the BSE on Wednesday. The stock has fallen 19 per cent in the past nine trading days, after reporting weak March quarter earnings. The stock was quoting at its lowest level since August 29, 2016. The pharmaceuticals company had reported a net loss of Rs 101 crore in the fourth quarter ended March 31, 2019 (Q4FY19) on account of a one-time loan settlement with International Finance Corporation (IFC). READ MORE

11:59 AM

Havells Q4 results: Ebitda margin at 11.7%

11:58 AM

Havells Q4 results: Revenue at Rs 2,752 cr