Market falls for 9th straight session, suffers worst losing streak in 8 yrs

All that happened in the markets today

3:36 PM

Gainers and losers of the day on S&P BSE Sensex

3:35 PM

Market at close | NSE Nifty sheds 124 points to close at 11,154.70

3:34 PM

Market at close | BSE Sensex closes 372 points lower at 37,090.82

3:24 PM

IRB Infra tumbles 13%

3:19 PM

India Cements slips 8%

3:00 PM

Sun Pharma tumbles almost 20% in a sudden fall

2:57 PM

NEWS ALERT | ITC announces dividend of Rs 5.75 per share

2:52 PM

ITC erases gains on Q4 result; stock tanks over 1%

2:48 PM

ITC trading 1% higher

2:47 PM

NEWS ALERT | ITC appoints Sanjiv Puri as chairman

- Puri is current MD of ITC

- Appointment effective from May 13

2:46 PM

NEWS ALERT | ITC Q4 result

- EBITDA at Rs 4,572 crore 

- EBITDA margin at 38.1% 

2:45 PM

NEWS ALERT | ITC Q4 result

- Revenue at Rs 11,992 crore

- Net profit at Rs 3,482 crore

2:44 PM

NEWS ALERT | JPMorgan cuts emerging markets risk after US-China trade setback: Reuters

- JPMorgan said it had reduced its emerging markets risk for the second time in as many months on Monday following the set-back in U.S-China trade talks.

 

- The bank said it had moved to a small ‘underweight’ in EM FX and though it was keeping an overweight on EM rates markets given globally supportive central banks, it had shifted OW duration positions from high yielders to low yielders.

2:40 PM

Prabhudas Lilladher on SBI

"SBI’s core performance was better off than expectations on the back of higher other income, led by continued strong recovery from W.off a/c, decent NII and relatively good opex control. Earnings were dented on the back of sharp provision rise based on ageing of certain legacy NPAs in the NCLT List -1 taking PCR to around 100 per cent. Also, asset quality improved on the back of lower slippages (Rs 79.6 billion or 1.6 per cent of loans) v/s expectations and also incorporating few of the recent stress names. Going ahead, higher recoveries & lower slippages should improve asset quality, while better PCR of +60 per cent (70 per cent on corporate book and 93 per cent on NCLT) should translate to normalization in credit cost, helping improve return ratios. We retain BUY with revised TP of Rs 427 (from 361) based on 1.5x Mar-21 (rolled over from Sep-20) and Rs88 for subs."

2:40 PM

Sector watch | Gas distribution companies

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
ADANI GAS	125.90	135.25	124.25	-5.05	-3.86	0.72	57409
INDRAPRASTHA GAS	297.70	312.15	297.70	-13.95	-4.48	1.37	46182
GAIL (INDIA)	334.65	342.75	333.85	-6.20	-1.82	0.93	27744
PETRONET LNG	231.40	237.00	231.40	-4.50	-1.91	0.42	17944
MAHANAGAR GAS	864.85	894.70	859.60	-24.10	-2.71	1.27	14667
GUJ.ST.PETRONET	175.20	179.00	171.65	-0.65	-0.37	0.23	12969
DEEP INDUSTRIES	134.00	138.55	133.00	-2.05	-1.51	0.04	3343

2:37 PM

Sector watch: OMCs

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
O N G C	166.25	167.90	165.75	-0.10	-0.06	2.85	171266
OIL INDIA	175.00	175.90	174.75	-0.50	-0.28	0.27	15704
HIND.OIL EXPLOR.	122.50	124.80	121.65	-1.55	-1.25	0.18	14848
ABAN OFFSHORE	49.75	52.30	49.20	-0.10	-0.20	0.02	4680
ASIAN OILFIELD	74.95	76.85	73.15	0.35	0.47	0.02	2130
SELAN EXPL. TECH	174.00	174.00	172.00	1.50	0.87	0.02	1200

2:35 PM

Oil check

At 2.30 pm, Brent crude futures were trading at $71.71 a barrel

2:33 PM

Rupee check

Source: Bloomberg

2:30 PM

Merck rallies 9% on good March quarter results; stock hits new high

Procter & Gamble Health Limited (formerly Merck Limited) shares hit a new high of Rs 4,042, up 9 per cent, on the BSE in an otherwise subdued market after the company reported strong March quarter earnings (Q1CY19). In comparison, the S&P BSE Sensex was marginally down by 0.04 per cent at 37,449 points at 02:01 pm. The stock surpassed its previous high of Rs 3,990, recorded on April 9 in intra-day trade. READ MORE

 

2:29 PM

NEWS ALERT | OBC Q4 result

- Gross NPA at Rs 21,717 cr vs Rs 24,353 cr (q-o-q) 

- Net NPA at Rs 9,440 cr vs Rs 9,973 cr (q-o-q)

- Loan growth comes in at 16.8% (y-o-y), while provision coverage ratio stands at 75.84% vs 75% (q-o-q)

2:25 PM

NEWS ALERT | Oriental Bank of Commerce Q4 result

- Net profit at Rs 201.5 cr vs loss of Rs 1,650.2 cr (Q4FY18)

-Gross NPA at 12.66% vs 15.82% sequentially

- Net NPA at 5.93% vs 7.15% q-o-q

- NII up 34.8% at Rs 1,473.5 cr vs Rs 1,093.3 cr y-o-y
 

2:22 PM

Prabhudas Lilladher on Voltas

Last close: Rs 580

Target price: Rs 584

Recommndation: Hold

We are downgrading our rating from Accumulate to Hold following 16.5% and 4.6% cut in FY20 & FY21 EPS on account of 1) estimate loss of Rs750mn and

Rs600mn in FY20 and FY21 due to increased spends on brand building and distribution in Voltas-Beko JV to establish itself in highly competitive white goods market 2) low growth of EMPS in FY20 due to poor order inflow and 3) limited pricing power in RAC market due to rising competition. 

2:12 PM

IDBI Bank tumbles almost 6%

2:02 PM

UP to dent BJP tally, BSP-NDA post-poll alliance possible: Ambit Capital

With only the last phase of polling of the seven scheduled left, a recent report by Ambit Capital suggests that the Bharatiya Janata Party (BJP) is likely to win 190-210 seats on a pan-India basis.

 

The report, co-authored by Ritika Mankar Mukherjee and Sumit Shekhar of Ambit Capital, pegs the total seats for Narendra Modi – led National Democratic Alliance (NDA) in the current form between 220 - 240, with the state of Uttar Pradesh (UP) causing a big dent in the total tally. The electoral alliance between the Bahujan Samaj Party (BSP), the Samajwadi Party (SP), and the Rashtriya Lok Dal (RLD) is certain to dent BJP’s seat count in UP, Ambit says. READ MORE

1:54 PM

Govt cancels registration of Infosys Foundation for violating FCRA norms

The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants, officials said Monday.

 

All non-government organisations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding. READ MORE

1:53 PM

Prabhudas Lilladher on Larsen & Toubro

"We maintain our BUY recommendation on L&T on the back of its strong business model with robust order book, diverse skill sets, strong execution capabilities and increased focus on improving return ratios by exiting non-core assets. L&T delivered good set of numbers in 4QFY19 with PAT of Rs38 billion, up 14 per cent YoY. Revenues were up 11.1 per cent YoY led by growth in Infrastructure, Hydrocarbon (mainly international) and Services businesses. EBITDA margins came in at 12.5 per cent, down 80bps YoY. Margin miss was mainly due to upfront booking of cost and lower revenue booking due to projects not achieving threshold. The overall order inflow for FY19 was up 16 pre cent YoY with domestic order inflow up 11 per cent YoY and international up 30 per cent YoY. NWC reduced by 200bps YoY at 18 per cent in FY19 over FY18 and management has to remain between 15-18 per cent going ahead. RoE at the end of FY19 came in at 15.3 per cent compared to 14.1 per cent in FY18. The company has guided for revenue growth of 12-15 per cent, EBITDA margin (ex-services) 10.5% and similar number in FY21. Order inflow guidance of 10-12 per cent which will be mainly driven by Infrastructure and Hydrocarbon mainly in the overseas markets. It expects strong ordering momentum to start from 2QFY20 onwards. The company continues to focus on its strategic plan of achieving profitable growth and improving RoE in medium term. We maintain BUY with revised SOTP based TP of Rs 1,744 per share."

1:44 PM

Zee Entertainment slips almost 5%

1:35 PM

Buzzing | Zee falls nearly 4%

1:33 PM

NEWS ALERT | Trident Q4 result

- Net profit up 80% at Rs 92.6 cr vs Rs 51.4 cr y-o-y
 

- Revenue up 18.5% at Rs 1,405.4 cr vs Rs 1,185.6 cr

 

- EBITDA up 22.4% at Rs 259 cr vs Rs 211.5 cr; margin at 18.4% vs 17.8%
 

1:30 PM

Edelweiss on Kalpataru Power

Last close: Rs 460

Target price: Rs 575

Recommendation: Buy
 
Kalpataru Power (KPP) exited FY19 with yet another beat (10% on EBITDA) driven by healthy execution (up 30% YoY) in Q4FY19, especially in the non-T&D business. Management has been focusing on unbundling of balance sheet. It has now categorised transmission BOOT assets as assets held for sale, implying imminent exit. Despite 24% top-line growth in FY19, KPP was able to pare net debt by Rs 2bn led by collection efficiency and proceeds from Thane real estate

sale. The company is ideally placed to clock 15% EPS CAGR over FY19-21E with potential balance sheet restructuring triggers. Maintain ‘BUY’ with revised TP of Rs 575 (earlier Rs 540) as we roll forward to September 2020. Maintain KPP as our top pick in the T&D EPC space.