MARKET WRAP: Sensex slumps 709 pts on global sell-off; Voda Idea slips 13%

All that happened in the markets today

10:22 AM

BROKERAGE VIEW:: ICICI Securities on Marico

RATING: ADD | TARGET PRICE: Rs 380

We expect positive or neutral outcomes for all five parts of the portfolio in FY21 – (1) Parachute likely to gain market shares by reinvesting copra deflation benefits, (2) Value Added Hair Oil portfolio may benefit from consumer downtrading (Shanti Amla is one of the cheapest branded oil), (3) Saffola received much needed lifeline with higher cooking at home and residual brand benefits could remain, (4) New age portfolio likely to be resilient given e-commerce advantage and (5) International could outperform (versus Dabur and Godrej) due to high exposure to Bangladesh, Vietnam vs. Africa and / or Middle East for competition. For us, Marico remains an outperformer within Staples. Reiterate ADD.

10:19 AM

BROKERAGE VIEW:: ICICI Securities on TeamLease

TeamLease’s general staffing business continues to be on a strong footing. Going ahead, a revival in volume growth & margin improvement would lead to improved FY22E performance. The company is taking initiatives to improve margins by cutting low margin telecom contracts, reducing core employees, improving PBT growth. In addition, the company’s cashflow is expected to improve led by lower tax outgo and efficient working capital management. Hence, we upgrade the stock from HOLD to BUY with a revised target price of Rs 2,000.

10:16 AM

BROKERAGE VIEW:: Prabhudas Lilladher on Hero MotoCorp

Rating: ACCUMULATE | CMP: Rs 2,292 | TP: Rs 2,444

We cut FY21 EPS by 3% as we cut volumes by 2.5% while we maintain FY22 EPS. We maintain ‘Accumulate’ with a price target of Rs 2,444 (earlier Rs 2,225)

based on 13x Mar’22 EPS (earlier 12x, ~25% discount to 5 year LPA) and Rs 162 for NBFC (v/s ~Rs150) to factor in better retails and NBFC performance.

10:13 AM

BROKERAGE VIEW:: Edelweiss Securities on Real Estate sector

We reiterate that consolidation is the cornerstone of India’s property space and that COVID-19 would speed up this trend in the co-working segment. We believe the in-built strengths of the co-working segment will help it withstand testing times and that its prospects will improve over the medium term. Reputable developers such as DLF (‘BUY’) and Brigade Enterprises (‘BUY’) remain our preferred picks in the office space.

10:12 AM

BROKERAGE VIEW:: Edelweiss Securities on Dhanuka Agritech

Dhanuka Agritech (DAL) reported above estimate Q4FY20 numbers driven by strong 18% YoY revenue jump (volumes up 19%) riding a strong rabi season. Despite uncertainty related to COVID-19 and its impact on various industries, we believe the agri input industry will reap benefits of a bumper rabi crop and favourable monsoon in FY21. As management is confident about double-digit revenue growth in FY21, we estimate DAL’s various cost measures and gross margin improvement to boost EBITDA margin 100bps to 16.5% in FY21. With improved visibility amid COVID-19 concerns, we revise up FY21/22E EPS 12%/11%. We also raise multiple to 22x (19x pre-COVID-19) driven by favourable sector dynamics. Maintain ‘BUY’ with revised TP of Rs 841 (Rs 587 earlier).

10:06 AM

Rupee Opening

Rupee opens at over 2-week low of 75.80 per US dollar vs Wednesday's close of 75.59/$

9:58 AM

Ramco Systems zooms 44% in 2 days as investor Vijay Kedia buys stake in Co

The stock of IT consulting & software company has zoomed 44 per cent in the past two trading days from the level of Rs 76.65 on Tuesday.

 

Till 09.21 am, a combined 681,819 equity shares changed hands and there were pending buy orders for a combined 380,089 shares on the NSE and BSE. READ MORE

9:53 AM

NEWS ALERT :: As of June 9, PSBs have sanctioned loans worth Rs 24,260.65 cr under 100% Emergency Credit Line Guarantee Scheme

9:47 AM

Result Impact | Indian Hotels Company dips 1.5%

>> It reported a 37.75 percent decline in its consolidated net profit at Rs 76.29 crore for the March quarter, hit by the COVID-19 pandemic. The company had posted a net profit of Rs 122.56 crore for the corresponding period of the previous fiscal.

9:44 AM

Result Impact | Tanla Solutions slips over 3%

>> Loss at Rs 89.13 cr versus profit at Rs 9.73 cr, revenue at Rs 522 cr versus Rs 318 cr YoY.

9:42 AM

Shree Cement trades flat with positive bias post rating affirmation

>> CARE reaffirmed rating of the company for commercial papers at A1+

9:41 AM

Aarey Drugs and Pharma zooms 9%

>> LTS Investment Fund sold 5,15,000 shares in company at Rs 19.00 per share.

9:38 AM

Ramco Systems locked in 20% upper circuit

>> Vijay Kishanlal Kedia bought 3,39,843 shares at Rs 87.82 per share.

9:35 AM

Sugar stocks extend rally; Dwarikesh Sugar jumps 9%

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)
BAJAJ HINDUSTHAN	6.47	6.47	6.45	0.30	4.86	0.52
DWARIKESH SUGAR	26.00	26.25	25.25	2.10	8.79	0.45
BALRAMPUR CHINI	137.20	142.00	136.95	5.55	4.22	2.07
UGAR SUGAR WORKS	15.20	15.75	15.00	0.39	2.63	0.10
DHAMPUR SUGAR	135.90	138.95	135.25	3.80	2.88	0.83
RANA SUGARS	4.39	4.39	4.33	0.15	3.54	0.02
SH.RENUKA SUGAR	7.67	7.67	7.67	0.36	4.92	0.02

9:33 AM

Nifty PSU Bank index gains nearly 1%