MARKET WRAP: Indices end flat, auto, metal stocks slip; SpiceJet jumps 16%

All that happened in markets today

3:42 PM

Sectoral gainers and losers on NSE

3:42 PM

Top gainers and losers on S&P BSE Sensex

3:40 PM

MARKET AT CLOSE

The S&P BSE Sensex added 23 points or 0.06 per cent to settle at 38,387 while NSE's Nifty50 index closed at 11,521, down 11 points or 0.10 per cent. 

3:07 PM

Embassy Office Parks REIT IPO gets fully subscribed on Day 3

The initial public offer (IPO) of Embassy Office Parks REIT got fully subscribed on Wednesday. The Rs 4,750 crore issue, which was opened for subscription on Monday, was subscribed 1.2 times till 2 pm on Wednesday, NSE data showed. Total bids received for the offer stood at 8,49,76,000 against total issue size of 7,12,56,400 units. READ MORE

2:57 PM

NEWS ALERT | Nirav Modi arrested in London, to be produced in court today: TV reports

2:54 PM

Market check

2:41 PM

ALERT :: Market holiday

Equity market will remain closed tomorrow, Thursday, March 21 on account of Holi

2:32 PM

Sebi directs FHL, FHsL to recover Rs 403 cr from Singh brothers, 7 others

Sebi Tuesday directed Fortis Healthcare Ltd (FHL) and Fortis Hospitals Ltd (FHsL) to continue efforts to recover more than Rs 403 crore from Shivinder Mohan Singh and Malvinder Mohan Singh as well as seven other entities. READ MORE

2:23 PM

NEWS ALERT | Nifty Bank hits fresh record high

2:15 PM

COMMENT :: R. Arora, chairman, Supertech on GST rate revision

The GST Council’s decision brings much clarity on the new tax provisions for housing units that come under the 12% or 8% tax rate with input tax credit or new rate of 5% or 1% without input tax credit is a welcome step. The clarity and transparency that comes with the new rules allow for a much smoother transaction, especially for people looking to buy their first house.

For some time now, the real estate sector has been reeling from the lack of liquidity and clarity in the transactions that go into buying a house. The new rules will also go a long way in helping the government achieve its housing for all targets. However, the government has to work on allowing easier credit for the real estate developers as many projects are stalled just before getting completed and need just a bridge loan to be finished.  We look forward to further dialogue with the government as the real estate sector is one of the most important in the country and needs immediate help

2:13 PM

Zee Entertainment dips over 4.5%

2:13 PM

Jefferies on Mindtree

L&T will acquire 20.32% stake in Mindtree for Rs33 bn and try to acquire an incremental 46% stake through market and an open offer at maximum Rs980/sh. For the deal size of Rs107 bn, L&T has Rs239 bn in cash and equivalents as of end-9MFY18. L&T’s net D:E could rise marginally from 1.3x to 1.5x and possibly see 1-2% EPS dilution in FY20E. We believe near-term sentiment overhang is a buying opportunity as fundamentals provide support in the next 6-12 months

2:10 PM

Motilal Oswal Securities on Mindtree

The turn of events may be understandably unsettling for some employees/clients, where the risks of attrition cannot be ignored. The development may also consume a substantial bandwidth of the founders, key personnel in the business. MTCL’s stock is up 12% since its 3QFY19 results, and our target price of Rs 1,000 now implies only 6% upside. As a consequence of the aforementioned factors, we are downgrading our rating to Neutral.

2:09 PM

Centrum on Mindtree

Mindtree promoters are deeply involved in the company in various senior roles (CEO, Board). They have been instrumental in scaling up Mindtree over the years and building relationships with key top accounts. A hostile bid, if it succeeds, could disenchant the promoters and also lead to loss in some businesses.

At Rs980/sh, Mindtree is being valued at 15.3x FY21E EPS. Mindtree is a scale player in midsized IT with multi-vertical expertise. Barring Fy17 and FY18, the company has delivered respectable double-digit organic USD revenue growth in FY14, FY15 and FY16. Even for Fy19E, Mindtree’s USD revenues are set to grow 18% organically. Hence, the price paid by L&T is reasonable and not high

2:08 PM

PREVIEW :: FOMC meeting

The Fed’s new set of projections is likely to reflect the more dovish statements since December. The FOMC has taken a pause, but several participants are still thinking of hiking later in the year. On balance, we may still see one hike for 2019 in the dot plot. For 2020, the chance of no more hikes in the dot plot is considerably larger.
 

The March meeting may give us more details about the balance sheet normalization that is likely to come to a halt in the second half of 2019. We still expect the US economy to slide into recession in the summer of 2020 and the Fed to remain on hold for the remainder of 2019, before cutting rates in 2020.

(Source: Rabobank International)

2:05 PM

ONGC slips over 3%

1:55 PM

NEWS ALERT | Suzuki enters into tech sharing agreement with Toyota

1:52 PM

Sectoral trends on NSE

1:43 PM

IndiGo, SpiceJet gain upto 7%; Jet Airways slips 6%

Shares of InterGlobe Aviation, parent of IndiGo, and SpiceJet rallied by up to 7 per cent in intra-day trade on BSE on Wednesday in an otherwise range-bound market. The stock of Jet Airways slipped 6 per cent to Rs 214 in intra-day trade today on report that angry passengers demanded refunds and pilots threatened to go on strike over unpaid salaries. READ MORE

1:27 PM

Stocks that hit 52-week high on BSE500

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
AXIS BANK	756.65	766.70	-4.35	-0.57
IPCA LABS.	936.55	947.60	16.55	1.80
KARNATAKA BANK	131.25	134.45	0.95	0.73
RELIANCE INDS.	1377.00	1386.60	1.75	0.13
TITAN COMPANY	1101.00	1115.50	-8.15	-0.73

1:16 PM

Vodafone Idea falls 7% as board approves rights issue at Rs 12.50 per share

Shares of Vodafone Idea slipped 7 per cent to Rs 29.65 on the BSE in intra-day trade after the company announced its board approved rights issue of Rs 25,000 crore at price of Rs 12.50 per share. The stock was trading close to its all-time low level of Rs 28.80 touched on February 6, 2019 in an intra-day deal. READ MORE

1:12 PM

NEWS ALERT | Embassy Office REIT IPO gets fully subscribed

12:54 PM

Small finance banks likely to witness some margin pressure, say analysts

Small finance banks are likely to witness some margin pressure in the near to medium term (see chart), said analysts. This is due to a change in their loan book mix with lower share of micro loans that attract higher yields on one hand, and more deposits at higher rates on the other hand. READ MORE

12:41 PM

Bank of Baroda hits six-month high; surges 23% in one month

Shares of Bank of Baroda (BoB) hit a six-month high of Rs 127, up 2 per cent on the BSE, outpacing the market by surging 23 per cent in past one month. In comparison, the benchmark S&P BSE Sensex was up 7.5 per cent during the same period. READ MORE

12:28 PM

Vodafone Idea slips 5% after Rights issue announcement

12:19 PM

NEWS ALERT | Record date for Rights issue is April 2

12:15 PM

NEWS ALERT | Vodafone Board approves rights issue up to Rs 25,000 crore at Rs 12.50/share.

12:15 PM

NEWS ALERT | Rights issue opens on April 10 and closes on April 24

11:57 AM

Market check

11:43 AM

Auto firms on a slippery path over sliding demand, higher inventory levels

Most brokerages have cut their volumes and earnings growth estimates given that the lack of demand, which started from the festival season in October, has continued resulting in higher inventories. READ MORE