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

All that happened in the markets today

12:32 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. READ MORE

12:24 PM

NEWS ALERT | Infosys partners with Zurich-based company Avaloq for digital wealth management solutions: Exchange filing

12:24 PM

Negative price trading on MCX: Brokers approach Sebi with alternatives

After a month of controversial settlement of crude oil contract at a negative price or price quoted in minus, the MCX has enabled its software-system to quote and trade at negative (minus) price or price below rupee one and that is applicable for all commodities. However, the controversy that started with the first settlement announced on April 21, is refusing to die down. READ MORE

12:17 PM

BUZZING STOCK | ACC trades over 2.5% higher

12:05 PM

MARKET UPDATE | TVS Srichakra extends rally, jumps 16% today

>> The stock has zoomed 54% in the past three trading days

12:01 PM

GMM Pfaudler dips 14% on profit booking post March quarter results

Shares of GMM Pfaudler dipped 14 per cent to Rs 3,335 on the BSE on Tuesday after the company reported 13 per cent year on year (YoY) decline in consolidated net profit at Rs 11.6 crore for the quarter ended March 2020 (Q4FY20), due to lower revenue. The company -- a leading supplier of process equipment to the pharmaceutical and chemical industry segment -- had profit of Rs 13.3 crore in the year-ago quarter. READ MORE

11:53 AM

Metal stocks shine amid strong global cues; JSPL, JSW Steel jump up to 10%

At 11:15 am, the S&P BSE METAL index was trading over 2.7 per cent higher at 6,362 points with all the constituents in the green. Jindal Steel and Power (JSPL) was leading the charge with around 10 per cent jump at Rs 105.90 apiece, followed by JSW Steel (up 6 per cent), and Tata Steel (up 3 per cent). READ MORE

11:45 AM

NEWS ALERT :: Kolte-Patil Developers records sales booking of 2.5 million square feet between Jan-March

>> Kolte-Patil Developers Ltd. (KPDL) has recorded sales booking of 2.5 million square feet, which is in line with the management’s guidance for the year. In Q4FY20, KPDL’s sales bookings were at 0.67 msf, up 6% on y-o-y basis.

>> Strong momentum from Q3 had continued for most of Q4 as well despite the CoVID-19 scenario unfolding in China, and globally, and its progressively increasing impact on the India consumer sentiment. 

>> However, the lockdown due to Novel Covid-19 pandemic was imposed in India from second half of March, which impacted bookings since then.

(Via BSE filing)

11:39 AM

MARKET CHECK

11:34 AM

Why ITC's Sunrise Foods deal is positive but unlikely to push up valuation

ITC’s acquisition of Kolkata-based Sunrise Foods — a market leader in eastern India in the spices category — is in line with the cigarette major’s focus on expanding its non-cigarette FMCG business. While the deal value was not revealed, some analysts peg it at around Rs 1,500-2,500 crore. READ MORE

11:25 AM

STOCK ALERT :: Eicher Motor surges as board to mull stock split

>> Eicher Motors gains 4% as board to mull sub-division/split of the equity shares of face value of Rs 10 to lower denomination on June 12, 2020.

11:16 AM

Dmart stock to hit margin roadblock: Low footfall, high cost to dent profit

Avenue Supermarts (DMart) has been one of the biggest gainers among retail firms since the beginning of the lockdown, appreciating 33 per cent. The company’s ability to achieve higher-than-industry growth, margins, and return ratios, coupled with a strong balance sheet have aided stock gains. READ MORE

11:08 AM

ITC, HDFC, Airtel, Avenue Supermarts: Trading strategies for stocks in news

ITC Ltd (ITC): The counter is well placed with a breakout of 'Double Bottom' as per the daily chart. It did see sell-off at 50-days moving average (DMA), but soon conquered the selling pressure. Now, with stability returning since the past few sessions, the stock is moving towards the next resistance of 100-DMA placed at Rs 196 levels. READ MORE

11:02 AM

NEWS ALERT | FM to chair Financial Stability and Development Council (FSDC) meeting on May 28: CNBC TV18

-- All financial sector regulators to attend the meeting

-- FM to take stock on economy post stimulus announcement during the meeting

10:54 AM

BROKERAGE RADAR:: Centrum Broking on VST Industries

We believe strong tailwinds for DSFT segment will help VST to gain market share through its strong franchise coupled with Total/Charms portfolio, which could help to recover part of lost sale. However, considering net revenue loss due to COVID-19 issue (50 days), we have cut our revenue/PAT for FY21E/FY22E by 10.5%/9.3% and 14.5%/11.6%, respectively. Further, the company has declared final dividend of Rs 103/ share resulting in 3.3% dividend yield. We maintain Buy rating with revised DCF-based target price of Rs 3,698, implying 17.7x FY22E EPS. Risks to our call include sharp increase in any form of taxation and disruption in supply chain due to prolonged lockdowns.