MARKETS: Indices snap 3-day losing streak, Sensex up 271 pts; L&T gains 3%

All that happened in the markets today

2:12 PM

Bajaj Finance slips 1%

2:11 PM

JSW Steel plans to raise up to Rs 1,000 crore through issuance of NCDs

The proceeds will be used to meet long-term working capital requirements, refinance existing debt, general corporate purpose and ongoing capital expenditure, the Sajjan Jindal-led company said in a filing to BSE. READ MORE

1:58 PM

Earnings Alert | Canara Bank Q3 result

>> Net profit at Rs 329.6 cr, up 3.8% YoY

>> GNPA at Rs 36,,645 cr, down 5.3% QoQ

>> NNPA at Rs 21,338 cr, down 4.4% QoQ

>> GNPA ratio at 8.36%, down 32 bps QoQ

>> NNPA ratio at 5.05%, down 10 bps QoQ

1:55 PM

Nifty sectoral indices at this hour

1:52 PM

BROKERAGE RADAR | HDFC Securities on Balaji Amines

Given the uncertainty in the ramp up of Balaji Specialty Chemicals (BSCPL), muted earnings growth prospect, declining return ratios (ROE: 16.1/15.1/13.5%, RoIC: 22.5/21.7/18.8% in FY20E/21E/22E), we prefer Alkyl Amines over Balaji in the Amines space. Maintain BUY with a target price of Rs 490 (13x Dec-21E EPS).

1:41 PM

BUZZING STOCK:: YES Bank zooms 6%

1:34 PM

Asian Markets check

Asian shares tumbled on Thursday, led by the biggest slide in Chinese stocks in more than eight months, as investors grew more anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar New Year.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.07 per cent. Chinese shares suffered a steep 3.04 per cent loss, on course for their biggest daily decline since May 6, 2019, when US President Donald Trump’s threats of additional tariffs on Chinese goods roiled financial markets.

 

Shares in Hong Kong also took a beating, down 1.91 per cent, while Japan’s Nikkei stock index slid 0.99 per cent. Euro Stoxx 50 futures were down 0.4 per cent, suggesting European shares are also heading into a rough trading session.

1:31 PM

BROKERAGE RADAR | ICICI Securities on VST Industries

With a wide presence at the lower price points and strong distribution of 1 million retail outlets, VST’s brand has been especially popular in West Bengal, Bihar, Uttar Pradesh, Andhra Pradesh and Telangana contributing nearly 60% of volumes. The company’s fundamentals are driven by a strong capital structure, steady cash flow and consistent dividend payment. With robust volume growth in 9MFY20 change in product mix towards high priced cigarettes, we maintain our BUY rating on the stock with a revised target price of Rs 5,200/share.

1:30 PM

We will be India's largest renewable energy player in 2020: Adani Group

Adani said the group aims to become the world’s largest solar power entity by 2025, and the largest renewable power firm by 2030. “We feel confident we will be able to lead one of the fastest global carbon offsets,” he said. READ MORE
 

1:27 PM

BROKERAGE RADAR | Emkay Global Financial Services on RBL Bank

We cut our earnings estimates for FY20/21/22 by ~28%/19%/20%, factoring in weak Q3 results, slowing credit growth and expected residual asset-quality stress recognition/provisioning in the near term. However, we believe that RoA normalization will begin from early FY21 and estimate RoA/RoE to improve to 1%/10% in FY21E and 1.2/12% in FY22E from 0.6%/6% in FY20E, led by better growth and lower LLP. Recent capital raise too improved the bank’s shock absorption capacity. Maintain Hold/UW in EAP with a TP of Rs 340 (based on 1.5x FY22E ABV vs. earlier of 1.3x Sep’21E ABV). Key risks to our call include higher-than-expected stress build-up in corporate/retail portfolio.

1:24 PM

BUZZING STOCK:: Godrej Properties climbs 4%

1:22 PM

Buzzing | Titan trades near day's high

1:12 PM

BROKERAGE RADAR :: Anand Rathi Shares & Stock Brokers on L&T

Despite the lower-than-expected revenue growth in Q3, management retained its 12-15% growth guidance as a few large projects from Andhra Pradesh (partially), the Mumbai Coastal Road project and NCR will start contributing to revenue from Q4 FY20.In infra, a pick-up in execution is expected to lead to expanded margins. Further, margins in hydrocarbons and power are expected to improve in the core business due to the strong order backlog.

With a strong book, we believe that sales growth will be healthy and margins are likely to hold or improve. Further, monetisation of non-core assets will help the company release capital and improve return ratios. We maintain a Buy. 

1:05 PM

Varun Beverages gains for 12th straight day, surges 7% to hit a new high

Shares of Varun Beverages (VBL), PespiCo’s India franchise, were trading higher for the 12th straight day, up 7 per cent at Rs 853 on the National Stock Exchange (NSE) on Thursday. The stock was trading at its new all-time high level on the bourses. Since January 8, the stock has rallied 23 per cent as latest shareholding pattern reveals that foreign portfolio investors' (FPIs) stake in VBL touched a new high of 19.35 per cent at the end of December 2019 quarter (Q3 FY20). In comparison, the benchmark Nifty 50 index has gained 1 per cent during the same period. READ MORE

 

1:03 PM

AGR dues: OIL moves SC; Moody's says business conditions risky in India

OIL received demand notices for the period financial year 2007-08 (FY08) to FY19, including licence fee, penalties and interest, the company said in a statement.

 

OIL had taken this matter up with DoT and the Ministry of Petroleum & Natural Gas along with other affected central public sector enterprises (CPSEs) and explained the non-applicability of AGR to non-telecom companies. READ MORE