MARKET WRAP: Stocks roiled on coronavirus fears, Sensex plunges 807 pts

All that happened in markets today

10:46 AM

Metal shares tumble as coronavirus cases jump in South Korea, Italy

Shares of metal companies were under pressure on Monday with the Nifty Metal index falling more than 3 per cent on Monday as international concern about the spread of coronavirus outside China grew. At 09:39 am, the Nifty Metal index -- the top loser among sectoral indices -- was down 3.1 per cent at 2,531 points, as compared to 1.1 per cent decline in the benchmark Nifty50 index. READ MORE

10:39 AM

NEWS ALERT | Govt may look at a 3-5 year medium term divestment strategy: sources to CNBC TV18

>> Govt looking at improving CPSE valuation 

>> Sectoral concerns, better communication strategy by CPSEs likely other key areas

>> Govt may also examine Temasek-like models under a medium term strategy

10:31 AM

BROKERAGE RADAR | Edelweiss Securities on Ambuja Cement

While Ambuja Cements will benefit from our positive industry view of steady demand outlook, high industry clinker utilisation and benign fuel cost regime, the TP offers limited upside under our valuation framework. Hence, we maintain ‘HOLD’ with revised TP of Rs 234 (Rs 226 earlier) as we roll over valuations to 12x Q2CY21E EV/EBITDA and 50.05% stake in ACC being valued at 30% discount to our fair value estimate.

10:29 AM

BROKERAGE RADAR | Edelweiss Securities on Hero MotoCorp

The strong build-up in R&D capabilities by HMCL over a short span of five years is encouraging, not to mention the company’s holistic approach targtting volumes, market share, profitability and customers. However, given intense competition, we await signs of strong execution by HMCL that vindicate it is exploiting the R&D capabilities it has laboriously developed. Maintain ‘HOLD’ with a TP of Rs 2,695.

10:23 AM

Bharti Infratel up 10% post DoT nod to Indus Tower merger; Board meet today

Shares of Bharti Infratel surged 10 per cent to Rs 248.7 on the BSE on Monday after the Department of Telecom (DoT) approved the merger of mobile tower company Indus Towers with Bharti Infratel. Besides, the Board is scheduled to meet today to decide the future course of action. At 9:48 am, the stock nearly erased its entire early morning gains and was quoting at Rs 226.75, up 0.29 per cent. READ MORE

10:19 AM

BROKERAGE RADAR | Emkay Global on Engineering and Capital Goods

Despite the declining growth visibility and rising challenges on working capital, we have not seen the stocks correcting much in the sector. We believe that continued order inflows and execution disappointment will result in a de-rating of stocks in the sector, and accordingly, we keep our bearish stance on the sector in our sector EAP. We are OW on Cummins and BHEL, while UW on L&T, ABB and Siemens

10:12 AM

Aurobindo Pharma slips 17% as USFDA revokes VAI status for Unit-IV

Aurobindo Pharma has received further communication from the US Food and Drug Administration USFDA on its Unit IV injectable plant stating that the inspection is still open and under review. The letter issued on February 19, mentions that the establishment inspection report (EIR) with voluntary action indicated (VAI) classification for the facility was erroneously sent to the company and is being retracted. READ MORE  

10:06 AM

GMR Infra jumps 10% as France's Groupe ADP to buy 49% stake in GMR Airports

As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights and Board representation at GAL and its key subsidiaries. READ MORE  

9:55 AM

Momentum Picks by ICICI Securities

9:49 AM

Tweak in Companies Act may allow Indian unlisted firms to list abroad

The government is considering an amendment to the Companies Act to allow unlisted Indian companies to list abroad, a senior government official told Business Standard.

 

The Companies Amendment Bill is expected to be tabled in the ongoing Parliament session, with changes including decriminalisation and a reduced compliance burden. READ MORE

9:35 AM

GMR Infra gains 5%

>> Competition Commission of India has given approval for the GMR group's proposed 49 percent stake sale in its airport business to France's Groupe ADP.

9:30 AM

SpiceJet down 3%

9:28 AM

PNB Housing Finance declines on ratings downgrade

>> Crisil has downgraded its long-term rating to CRISIL AA/Stable from AA+/Negative.

9:25 AM

Arvind Fashions slips over 2%

>> CARE cuts the long-term rating to 'A-' from A.

9:23 AM

Bharti Infratel gains 3%

>> he department of telecommunications (DoT) on Friday approved the merger of two tower companies--Sunil Mittal-led Bharti Infratel Ltd and Indus Towers Ltd, allowing Vodafone Idea Ltd to raise funds by divesting its stake in the latter.