Sensex slips 477 pts from day's high, ends 63 pts lower; IT stocks decline

All that happened in the markets today

2:21 PM

Domestic mutual funds increase ownership of Nifty companies in Q4

By March-end, the ownership was marginally lower by 4 bps, at 6.22 per cent. It is 33 bps higher on a YoY basis. Foreign institutional investors (FIIs) have pulled out $1.7 billion from equity markets in the past fortnight, amid disappointment over the Rs 20-trillion stimulus package. READ MORE

2:14 PM

MARKET CHECK :: Sensex turns negative, slips over 100 pts

2:11 PM

Crompton Consumer: Cost control, market share gains lend comfort

Crompton Greaves Consumer Electricals' (Crompton Consumer) March 2020 performance, too, showed the impact of Covid-19 led supply disruption. However, profit margin maintained its strong trajectory, improving sequentially due to significant cost control and superior sales-mix. While sustenance of this trend will be eagerly watched, analysts believe Crompton Consumer is better placed compared to peers. READ MORE

1:58 PM

Delay in projects to impact profitability in FY21, says Cochin Shipyard

There were no production activities from March 23, 2020, to May 5, 2020. There has been reduced scale of production in outsourced manpower to a certain extend due to reduced migrant labour availability and restricted work arrangements which has reduced the scale of production.  READ MORE

1:51 PM

STOCK ALERT | Bajaj Finance hits fresh 52-week low of Rs 1,846, down 3% on the BSE

1:41 PM

States' deficit, market borrowings to increase to 4.5% of GDP: Ind-Ra

Ind-Ra said it evaluated the revised estimates for FY20 and FY21 budget estimates of 20 states. Since these states presented their budgets before the Covid-19 induced nation-wide lockdown, the nominal gross state domestic product (GSDP) growth projected for FY20 by respective state governments is mostly upwards of 10 per cent, which in Ind-Ra's opinion is aggressive and unlikely to be realised. READ MORE

1:33 PM

Cement shares rally on gradual pick-up in demand; Birla Corp surges 11%

Birla Corporation, JK Lakshmi Cement and UltraTech Cement were up between 5 per cent and 11 per cent, while Ramco Cements, HeidelbergCement India, ACC, Dalmia Bharat and India Cements were up in the range of 3 per cent to 4 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.60 per cent at 30,856 points at 12:45 pm. READ MORE

1:27 PM

Lockdown extensions economically disastrous, says Anand Mahindra

Mahindra Group Chairman Anand Mahindra on Monday said lockdown extensions are not just economically disastrous but also create another medical crisis.

 

While acknowledging that choices are not easy for policy makers, he said a lockdown extension will not help. READ MORE

1:24 PM

European indices open higher

1:18 PM

Sebi okays use of shares in depository account as margin until Aug 31

The markets regulator in February came out with framework on margin obligation to be given by way of pledged or repledged shares in the depository system. READ MORE

1:08 PM

NEWS ALERT :: Reliance Power wins a lawsuit in Indonesian court

>> Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power Limited, has won a lawsuit in the Central Jakarta district court in Indonesia, challenging the validity of Singapore arbitration award favouring Reliance Power.

>> As per the said Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier Known as Kokos Leo Lim) and Prestige Capital Holdings Limited, Seychelles to pay Reliance Power Netherlands BV a sum of US $ 43.2 Million along with default interest. 

>> The total dues payable by Kokos Jiang and Prestige Capital stand at  $68 million. Reliance Power is on track to execute the award for a sum of US$ 68 Million (Rs. 510 Crore) during FY 2020-21. 

(Via BSE filing)

1:01 PM

SECTOR ALERT :: Nifty IT index trades weak; TCS, NIIT Tech top drags

12:52 PM

BROKERAGE RADAR:: Edelweiss Securities on Essel Propack

Essel Propack (EPL) reported a slight contraction of 0.7% YoY in Q4FY20 revenue (5% below estimates) owing to the COVID-19 impact in China and India. But Europe continued its strong showing, up 15.7% YoY. The overall margin improvement continues with EBITDA margin improving 114bps YoY to 22.2%, leading to 5% YoY EBITDA growth. For FY20, revenue rose 2% (pro forma up 3.9%) and EBITDA 10.8%. In line with its mission of capital efficiency, EPL turned in a 138bps YoY increase in RoCE to 18.4%. However, with the AMESA and EAP regions in the grip of the slowdown, we are cutting FY21/22 sales growth by 9%/10% and EPS by 14/9%. That said, taking cognisance of sustainable margin improvement across geographies with capital-efficient growth, we retain the target 9.2x Q2FY22E EV/EBITDA, yielding a TP of Rs 170 (Rs186 earlier). Maintain ‘HOLD’, as we await a revival of momentum in overall sales. 

12:50 PM

From Nestle India to Maruti Suzuki, impact of Covid-19 on earning estimates

The coronavirus pandemic has spared none, not even the best. But, a look at the manufacturing and services sector companies that are a part of S&P BSE 200 index, and which have declared their March quarter results so far, shows that a handful have in fact seen their earnings estimate for 2020-21 getting upgraded by analysts, or have seen a marginal cut. READ MORE

12:41 PM

HNIs turn to low-return products; tax-free bonds, FDs preferred choices

Risk-averse wealthy investors, who have pulled out money from credit-risk funds, are looking at a number of alternatives in the debt segment, notwithstanding the lower post-tax returns.

 

The options range from tax-free bonds, bank fixed deposits, and RBI 7.75 per cent savings bonds for the ultra-conservative to gilt funds, corporate bond funds, banking and PSU funds, and sovereign bond funds for others. READ MORE