MARKET WRAP: Sensex up 22 pts, Nifty settles at 11,597; Vedanta slips 4%

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 22 points or 0.06 per cent higher at 38,607, while the NSE's Nifty50 index gained 12 points or 0.11 per cent to end at 11,597.

3:14 PM

NEWS ALERT | S&P revises PFC's outlook to Stable from Watch negative

3:13 PM

Investors raise bullish bets on Indian rupee amid poll fervour

Foreign investors have ploughed billions of dollars into India ahead of an election process spread over seven phases and ending only toward the end of next month with nearly 900 million people eligible to vote. The process begins on Thursday. READ MORE

2:58 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
SHANKARA BUILD.	524.90	43.15	8.96	49820
SPICEJET	102.35	7.90	8.36	5142437
BHARAT DYNAMICS	314.55	21.80	7.45	1022491
MANAPPURAM FIN.	127.80	7.60	6.32	863138
ESSEL PROPACK	121.75	5.10	4.37	9109

2:57 PM

Mutual fund houses delay, extend maturity of FMPs

Mutual fund (MF) houses, with exposure of over Rs 8,000 crore to Zee Group, mostly in their debt schemes, are delaying payments to investors in fixed maturity plans (FMPs). HDFC MF, the country’s largest MF house, has extended the tenure of its FMP by over one year to April 2020. Kotak MF has informed investors that the fund house will make part-payment on maturity, and the rest will be paid when there is recovery from its exposure to Zee Group and other entities. READ MORE

2:42 PM

Nifty IT index is trading 0.74 per cent lower

2:28 PM

Has Modi really changed India?

Indian Prime Minister Narendra Modi wants another five-year term to continue building what he’s calling a New India—a country that is hopeful, proud and prosperous. On May 23, the world will find out if the nation of 1.3 billion people wants him to stay in the job. READ MORE

2:24 PM

Sectoral gainers and losers on NSE

2:11 PM

NEWS ALERT | Just Airways suspends Mumbai-Singapore Flight service until further notice

2:09 PM

Stocks that hit 52-week high on BSE500

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
BAJAJ FINSERV	7500.25	7529.00	69.75	0.94
ICICI LOMBARD	1099.90	1109.55	11.35	1.04
PIDILITE INDS.	1279.70	1295.10	-2.10	-0.16
PVR	1712.75	1729.10	16.65	0.98
SIEMENS	1170.45	1178.25	4.80	0.41

2:09 PM

Former chairman Naresh Goyal may submit initial bids for stake in Jet Airways

SBI Caps, which invited Expression of Interest (EoI) for stake sale in Jet Airways on April 8, has already extended the date for submission of bids to April 12 from April 10 earlier. READ MORE

Naresh Goyal

2:08 PM

Market check

1:52 PM

Prabhudas Lilladher on L&T Finance Holdings

While we laud the continued strong trend on loans and earnings, we remain mindful towards the possibility of elevated provision requirement (besides Rs 2.7 billion macro prudential provisions; o/w Rs 0.9 billion: housing). We continue to incorporate higher credit costs (170-225 bps over FY19-21E) primarily led by concerns over developer finance business and lumpy high ticket exposures. Against this backdrop and given the recent price momentum, we reiterate ACCUMULATE rating on the stock with the target price of Rs 177 based on 2.0x Mar-21 lending ABV and Sub value of Rs 33. The stock trades at 2.4x P/ABV FY20E, 1.9x FY21. Reiterate Accumulate

1:42 PM

India Inc's earnings lag in Modi era, but optimism drives Sensex to record

Prime Minister Narendra Modi's moves to cut red tape and streamline the tax system have won him plaudits, but data shows that the Modi government's pro-business agenda has failed to translate into earnings growth for most Indian corporations. As India's top software services companies Tata Consultancy Services Ltd and Infosys Ltd get set to kick-start another earnings season - the last under Modi's current tenure - expectations remain muted. Yet, Indian stock markets trade near record highs and many investors remain upbeat. READ MORE

1:26 PM

Sectoral trends on NSE

1:04 PM

Manappuram Finance nears record high; stock zooms 73% in six months

Manappuram Finance shares rose 7 per cent to Rs 129 in intra-day trade on the BSE on Thursday, on the back of heavy volumes in an otherwise subdued market. The stock was quoting close to its record high level of Rs 130 touched on May 9, 2018, in intra-day trade. READ MORE

12:53 PM

Heatmap: S&P BSE Sensex

12:47 PM

NEWS ALERT | SC to announce order on electoral bond issue tomorrow

12:42 PM

Voter turnout as of 11:45 am: Meghalaya 34.9%

12:41 PM

Deposit growth, asset quality trend key concerns for HDFC Bank

The HDFC Bank stock corrected by over 2 per cent after global investment firm KKR sold shares of the bank at a price band of Rs 2,219-2,287. At the lower end, this works to about 3 per cent discount to Tuesday’s closing price of Rs 2,287 apiece. Therefore, experts say Wednesday’s stock action seen with respect to HDFC Bank was more of a reflection to KKR’s sale price. Meanwhile, the bank is also in the process of raising Rs 50,000 crore of capital through a mix of debt instruments, over the next 12 months. READ MORE

12:31 PM

DHFL rises 1.3%

11:50 AM

Sub-par monsoons could spoil volume growth story for Bajaj Consumer

Bajaj Consumer Care experienced healthy demand for its flagship hair oil business, defying the odds following cautious commentary on rural consumption demand from some consumer staple majors. During an analyst call on Wednesday, the management said rural demand is not slowing down, at least for the hair oil category, and a gap between urban and rural growth has widened in favour of the latter. READ MORE

 

11:45 AM

Anand Rathi Financial Services on Cement

Talking to cement dealers across India suggests that demand growth in most regions has been better than in March. Another round of price hikes (of nearly Rs 20-25 a bag) was seen in all regions on 3rd Apr'19. This is the third increase in the southern region, despite the roll-back of the previous increase of nearly Rs 20 a bag. Even though this is an election year, cement volume growth averaged a very encouraging nearly 13 per cent y/y in FY19. The momentum should continue, with nearly 8-10 per cent growth in FY20. We prefer some of the companies in the southern region (Ramco, Sagar), central region (Birla Corp, Heidelberg) and in other regions (Star Cement).

11:40 AM

Elara Capital on Telecom

We will watch for Bharti Airtel management commentary on impact of minimum recharge plans introduced in October 2018, 4G subscriber addition rate and data subscriber acquisition strategy, strategy to retain high ARPU 2G subscribers, India capex plan on coverage, capacity and fibre-to-the-home, and content tie-ups. We reiterate Buy with a target price of Rs 520 on 6.5x FY21E EV/EBITDA adjusted for minority holding in Bharti Infratel.

11:37 AM

MARKET CHECK: Top 5 gainers on BSE

MANAPPURAM	126.00	+5.80	+4.83
SPICEJET	98.00	+3.55	+3.76
UJJIVAN	349.00	+11.70	+3.47
SUDARSCHEM	367.10	+10.35	+2.90
FSL	53.65	+1.50	+2.88

11:29 AM

Bharti Airtel fixes April 24 as record date for rights issue; stock up 3%

Bharti Airtel shares were trading higher 3 per cent at Rs 351 on the BSE on Thursday after the telecom services provider fixed April 24 as record date for its proposed Rs 25,000 crore rights issue. "The Committee at its meeting held on April 10, 2019, has fixed the Record Date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue on Wednesday, April 24, 2019,” Bharti Airtel said on Wednesday after market hours. READ MORE

11:21 AM

Sub-par monsoons could spoil volume growth story for Bajaj Consumer

Bajaj Consumer Care experienced healthy demand for its flagship hair oil business, defying the odds following cautious commentary on rural consumption demand from some consumer staple majors. During an analyst call on Wednesday, the management said rural demand is not slowing down, at least for the hair oil category, and a gap between urban and rural growth has widened in favour of the latter. READ MORE

11:11 AM

SKF India hits new high; gains 5% in two days

SKF India shares hit a new high of Rs 2,165, up 2 per cent, in intra-day trade on Thursday, extending its previous day’s 3 per cent gain on the BSE in an otherwise subdued market. In comparison, the S&P BSE Sensex was down 1 per cent in the past two trading sessions. READ MORE