MARKET WRAP: Sensex recovers 1,574 pts from day's low to end at 28,288

All that happened in markets today

2:25 PM

Contribution to Sensex's sharp rebound today

2:21 PM

BROKERAGE VIEW :: HDFC Securities on IT sector amid Covid-19 outbreak

>> We have cut EPS est. by ~7% (rev cut 2-7%) and TP by ~17%, factoring delay in pipeline conversion and core business vol./pricing impacting 1Q/2QFY21. Impact on travel & hospitality segment expected to be higher (Mindtree/Hexaware). Tailwinds include increase in outsourcing intensity, USD-INR and G&A (travel cost at 1.6 - 4.2% of rev). Maintain constructive view on the sector.

>> Top picks: Infosys, LTI and Sonata

2:12 PM

European markets open higher

2:03 PM

MARKET ALERT | Sensex gains 200 pts

2:02 PM

NEWS ALERT | IndiGo CEO says senior vice presidents and above taking 20 per cent pay cut: PTI reports

>> vice presidents, cockpit crew taking 15% pay cut

1:56 PM

Airtel, Voda-Idea to pay Rs 7881 crore a year if AGR is staggered

Under a payment scheme staggered over 20 years, Bharti Airtel and Vodafone Idea together have to pay around Rs 7,881 crore annually (the latter around Rs 5,235 crore) towards their AGR dues. Analysts say the figure comes from the Department of Telecommunication’s proposal for a staggered payment scheme with an interest rate of 8 per cent per annum. READ MORE

1:55 PM

BROKERAGE RADAR | Sharekhan on Bajaj Finance

Bajaj Finance (BFL) currently trades at a reasonable 4.7x its FY2021E and 3.9x its FY2022E book value per share (BVPS) and is available at below its five-year average one-year forward PBV multiple of ~5x. We find BFL to be a strong player, performing consistently, buoyed by its ability to boost profitability (along with prudent asset-quality performance) and its strong underwriting and risk measurement standards. We beleive BFL should be able to relatively better manage its asset quality and profitability during challenging times. We opine any further weakness in the stock may be an opportunity for investors to add it to their long-term portfolio. We maintain our Buy rating on the stock with a revised PT of Rs. 4,500.

1:39 PM

NEWS ALERT | Emami Board approves share buyback for 64.7 lakh share at Rs 300/sh: BSE filing

>> Buyback would max fetch up to Rs 194.1 cr

>> Also declares payment of second Interim Dividend of Rs. 2/- per equity share

1:35 PM

India's economic policy response to Covid-19 lags global peers: Edelweiss

With the coronavirus (Covid-19) casting its shadow on the global economy, most governments and central banks have initiated a strong policy response to battle the pandemic. Analysts at Edelweiss Securities, however, suggest that India has not done enough compared to its global peers to combat the situation. The macroeconomic response so far since the outbreak of the Covid-19 pandemic, they feel, pales in comparison to what has happened globally so far, or even compared with the policy steps undertaken by India during the global financial crisis (GFC).  READ MORE

1:33 PM

STOCK ALERT :: Coal India hits all-time low of Rs 125.40

>> Stock trades ex-date for interim dividend of Rs 12 per share

1:24 PM

SECTOR WATCH :: Nifty PSU Bank index turns positive in a weak market

1:11 PM

BROKERAGE RADAR | Motilal Oswal Financial Services on Motherson Sumi

We have lowered our FY21/22 consol. EPS by 15%/8% to factor in the near-term volume weakness in all key businesses due to the impact of coronavirus. We maintain our positive view on MSS (stabilization of greenfield plant + execution of strong order book of SMRPBV + India recovery). However, the near-term stock performance could be influenced by development on coronavirus (China exposure in SMRPBV and PKC) and the ongoing restructuring exercise. We are also lowering our target multiples for both India (from 25x to 20x) and Global business (from 15x to 12x) to factor in for risk of prolonged impact of Coronavirus. Maintain Buy with a target price of around Rs 108 (Mar’22E SOTP).

1:11 PM

Ind-Ra revises rating watch on YES Bak to 'evolving' from 'negative'

The revision of the rating watch follows the systemic support Yes Bank has received recently, in terms of both equity and liquidity, from the new set of investors and the regulator for its reconstruction.

 

It also considers the pressure that could show up on the liabilities once the regulator-imposed moratorium is lifted. READ MORE

1:10 PM

NEWS ALERT | RBI should cut rates and cash reserve ratio: CII President to CNBC-TV18

1:09 PM

BROKERAGE RADAR | Motilal Oswal Financial Services on Telecom sector

We maintain our SOTP-based TP of Rs 650 on Bharti, assigning 12x on FY22E India wireless EBITDA and 6x on Africa. If we assume a duopoly scenario, Bharti can generate incremental EBITDA of Rs 100 billion, assuming it gets 40% revenue share and 50% EBITDA margin (building incremental network cost and higher capex intensity). Thus, it can garner EBITDA of Rs 550 billion in FY22, without factoring any further ARPU increase. At 10x EV/EBITDA, it could derive a blue-sky TP of Rs 825. We maintain our TP of Rs 500/share on RJio which could see additional gains due to ARPU increase or eating into VIL’s market share.