MARKET WRAP: Sensex falls 275 pts on global sell-off; TCS, Infy decline 3%

The Nifty IT index, the biggest sectoral loser of the day, settled 2.8% lower led by a fall in the shares of Tata Consultancy Services (TCS) and Infosys which declined 3.5% and 3.4% respectively

3:39 PM

Top sectoral gainers and losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at close

 

The S&P BSE Sensex dropped 275 points or 0.77 per cent to end at 35,200 while NSE's Nifty50 index settled 56 points or 0.53 per cent lower at 10,600. 

 

3:19 PM

Premier Explosives surges 37% in three days on receiving arms license

Shares of Premier Explosives (PEL) have moved 19% higher to Rs 280 per share on Wednesday, surging 37% in past three days on the BSE, after the company obtained arms license for manufacture of propellants, ammonium perchlorate and HTPB. READ MORE

3:17 PM

DHFL rallies 6% as Q2 net profit jumps 52%

Shares of Dewan Housing Finance Corporation (DHFL) rallied as much as 6 per cent to Rs 238.65 apiece in intra-day deals on Wednesday, after the company reported a 52 per cent year-on-year (YoY) increase in its net profit at Rs 4.38 billion for September quarter of FY19. The company had posted profit of Rs 2.87 bilion in the year-ago period.

 

Total revenue from operations stood at Rs 35.15 billion, up 34 per cent YoY against Rs 2.87 bilion posted in the corresponding quarter of last fiscal. READ MORE

3:12 PM

India poised to topple Brazil as the world's biggest sugar producer

Brazil, traditionally the world’s top sugar producer, is poised to cede the crown to India for the first time in 16 years.

 

Production in the Asian country this season may rise 5.2 percent to a record 35.9 million metric tons on increasing acreage and improving yields, the U.S. Department of Agriculture’s Foreign Agricultural Service said Tuesday in a report. READ MORE

2:59 PM

S&P DJI seeks strategic opportunities in India after parting ways with BSE

 

After Asia's oldest bourse BSE announced snapping of ties with S&P Dow Jones Indices (DJI), the latter said on Wednesday that it is looking at ways of expanding activity and seeking "strategic opportunities" in the country. "India continues to be an important part of S&P DJIs global growth strategy and we will continue to find ways to expand commercial activities in the country, look for strategic opportunities," an official statement said. Read more

2:50 PM

Top gainers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
FORBES & CO	2471.75	224.70	10.00	2979
PHILLIPS CARBON	222.50	15.80	7.64	164724
MINDA CORP	140.35	9.50	7.26	89868
SPICEJET	83.10	4.90	6.27	2147307
JP ASSOCIATES	7.09	0.41	6.14	6858395

2:31 PM

India's crude oil import jumps 10.5% in Oct, hits highest level in 7 years

 

India's crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday. Crude imports in October climbed 10.5 per cent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011. Read more

2:19 PM

NEWS ALERT DHFL reports Q2 net profit at Rs 4.38 bn vs Rs 2.87 bn year-on-year; stock rises over 3%

2:12 PM

Adani Gas hits 20% upper circuit on bagging 13 CGD projects

 

Shares of Adani Gas (AGL) are locked in the upper circuit of 20% at Rs 97.80 per share on the BSE, as the company said that it has bagged authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB), Government of India to expand its city gas footprint in 13 new geographical areas in the recently concluded 9th round of city gas distribution (CGD) bidding. Read more

2:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,237.41	-237.10	-0.67
S&P BSE SENSEX 50	11,083.40	-57.42	-0.52
S&P BSE SENSEX Next 50	32,299.43	+292.32	+0.91
S&P BSE 100	10,888.77	-32.83	-0.30
S&P BSE Bharat 22 Index	3,457.63	+4.34	+0.13

1:50 PM

Nestle stands to gain the most with Horlicks acquisition, say experts

Two contenders — Nestle and Unilever — have emerged contenders for GlaxoSmithKline (GSK) Consumer’s Horlicks brand, which is on the block as part of a strategic review at the firm.

 

While Unilever is looking to widen its food and beverage footprint in India with the deal, it is Nestle, say industry experts, which stands to gain the most with the acquisition, pegged at Rs 210-220 billion. READ MORE

1:34 PM

SPECIAL FEATURE Apollo Hospitals, a $2 bn health empire run by 4 sisters, makes a comeback

Next to Suneeta Reddy’s desk in the executive suite of Apollo Hospitals Enterprise Ltd. hangs an icon of Hinduism’s many-armed warrior goddess Durga, who Reddy prays to each morning. The deity’s presence seems fitting at a company run by four women engineering an aggressive expansion into new territory. About a decade ago, Reddy and her three sisters took over most executive functions at Apollo, India’s largest hospital chain, from their father READ MORE

1:25 PM

Reliance Securities on Power Mech Projects

 

CMP: Rs 930

TARGET PRICE: Rs 1178
RATING: BUY

 

Looking ahead, we believe PMPL will deliver higher profitability on the back of dominant position in power EPC business, impressive order book and superior execution capabilities. We continue to remain positive PMPL on the back of high order inflow visibility and strong execution. Hence, we maintain our BUY recommendation on the stock with an unrevised Target Price of Rs 1,178 based on 12x FY20E earnings.

1:13 PM

Sensex heat map

1:06 PM

Anand Rathi on Mirza International

 

RATING: BUY

CMP: Rs 80

TARGET PRICE: Rs 113

 

We introduce FY21e and roll forward our valuation to FY21. The lower growth guidance, higher input cost and rising debt lead us to cut FY19e EBITDA/PAT 13%/27% and 11%/23% for FY20 and reduce our target multiple to 15x from 18x earlier. On the sharp fall in the stock price, we retain our Buy rating, valuing the stock at 15x FY21e EPS to arrive at a target of Rs 113 (earlier Rs 148). 

 

1:01 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
FORBES & CO	2471.75	224.70	10.00	2944
MINDA CORP	140.65	9.80	7.49	86264
DR REDDY'S LABS	2613.45	163.20	6.66	149824
SPICEJET	83.10	4.90	6.27	1963232
JP ASSOCIATES	7.06	0.38	5.69	6024658

12:48 PM

Equirus Securities on Sadbhav Engineering

After netting off target BOT valuations of Rs 163/share, the EPC business is trading at ~0.6x/0.56x FY19E/FY20E P/B with RoEs of 13%/14% and 4.9x/4.3x FY19E/FY20E P/E. Post the recent stock correction, valuations have turned attractive. Maintain LONG with a SOTP-based Dec’19 target price of Rs 323 (Sep’19 target price : Rs 392).

12:46 PM

Centrum Broking on auto sector

This festival season was one of the worst for 2Ws sales in the recent times as many factors such as higher fuel cost, higher insurance cost, higher interest rate, price hikes taken by the company to pass on higher input costs and subdued sentiments caused by tepid stock markets hurt the sales. The problem was more pronounced in the urban area.

Though many factors are temporary and consumers should come to terms with higher cost of ownership in some time, 2Ws space has more headwinds in terms of price hike in the medium terms due to implementation of CBS/ABS and BSVI norms. Considering some pains in domestic auto market, we believe Bajaj Auto is safely placed with 40% sales exposure to export markets

12:44 PM

MARKET COMMENT :: Prabhudas Lilladher

 

We believe Nifty will have a strong support at around 10,000. We see markets being range-bound in the interim. BJP led strong government post elections in 2019 will take markets towards 12500, while a weak third front government will make it test 9,500. We remain overweight on Consumer, Banks, IT and Metals. Pharma, Cement and Oil & Gas are underweights. We would vouch for front-line names with high margin of safety and stability as we enter the election season this year.

12:26 PM

NEWS ALERT ITI files DRHP with SEBI as part of FPO to offer 180 million shares to public; stock jumps 5%

12:13 PM

NTPC, SAIL shares hit 52-week low

Shares of two public sector companies NTPC and Steel Authority of India (SAIL) have hit their respective 52-week lows on the BSE on Wednesday. NTPC was down 1% at Rs 147, falling 8% thus far in November, after India's largest electricity generator, reported a marginal decline in its September quarter (Q2FY19) net profit at Rs 24.26 billion. READ MORE

11:57 AM

Kesoram Industries zooms 19%

11:46 AM

Mukesh Ambani's RIL may list retail arm Reliance Retail Ventures in 2019

 

Buoyed by rising sales of its retail arm, Reliance Industries Ltd is toying with the idea of listing the retail company in India by mid-2019 so as to unlock value in the subsidiary. The blockbuster listing of much smaller Avenues Supermarts, which runs D-Mart brand of superstores, has prompted Mukesh Ambani-owned company to fast forward its plans and is in talks with investment bankers, say sources. In October, Reliance Retail Ventures was valued by the global brokerage firm, Jefferies, at Rs 20 trillion based on its revenues and sales in the coming years. Read more

11:35 AM

MARKET COMMENT :: Motilal Oswal Securities on banks, NBFCs

The recent liquidity tightness faced by NBFCs has provided high pricing power to banks, which will complement their growth momentum. With outlook on fresh slippages turning better and banks having significantly stepped up their PCR, we expect provisioning expenses to decline sharply over FY20, paving way for an earnings recovery.  

We maintain our preference for AXSB, ICICIBC and RBK among private banks, and SBIN among PSU banks within our coverage universe. We favor (a) AXSB for a pick-up in its fee income and margins, improving outlook on fresh slippages/credit cost and clarity on top management, (b) ICICIBC for an increase in its PCR, declining watch-list, lower concentration of low-rated power assets and healthy retail business matrix, (c) RBK for improving granularity in its retail portfolio, better margins and increasing proportion of cards and MFI book and (d) SBIN for its low mix of net stressed loans, best-in-class liability franchise and value unlocking from subsidiaries.

11:32 AM

Nifty PSU Bank index is trading over 1% higher

11:17 AM

Relaxation in PCA regulations may not help revive credit growth: Experts

 

With no immediate relaxation for banks that are currently under the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA), stocks of most PCA banks fell 2-5 per cent on Tuesday. In order to improve credit growth, the government had demanded relaxation in PCA norms, which did not fructify in the RBI’s board meeting on Monday. PCA banks have some restrictions in terms of lending and branch expansion, among others. Read more

11:05 AM

S&P BSE Sensex top gainers and losers

10:49 AM

IT shares under pressure as rupee hits 2-month high; Nifty IT index dips 3%

 

Shares of information technology (IT) companies were under pressure on Wednesday, with Nifty IT index falling 3%, as the rupee hit a two-month high against US dollar a day earlier. Tata Consultancy Services (TCS), Infosys, HCL Technologies, NIIT Technologies, Wipro, Tata Elxsi, Tech Mahindra and Mindtree from Nifty IT index were down in the range of 2% to 3% on the NSE. Read more