MARKET WRAP: Sensex slips 174 pts, Nifty below 11,500; IndiGo crashes 11%

In the broader market, the S&P BSE Mid-Cap slipped 110 points, or 0.75 per cent, to close at 14,414 levels while the S&P BSE Small-Cap ended 103 points, or 0.75 per cent, lower at 13,699 levels.

12:48 PM

NEWS ALERT | If auto sector de-growth is not addressed, it may lead to job losses: SIAM

-- Inventory at managable level for now

-- Have asked govt to provide BS-VI fuel by Feb 15, 2020

12:42 PM

NEWS ALERT | Mission, direction & growth strategies remain unchanged: Ronojoy Dutta, IndiGo CEO to employees

-- Says, promoter issue has nothing to do with the airline's operation

12:34 PM

Tata Steel slips over 3%

12:28 PM

Data tariffs stabilise after 2.5 yrs, Airtel pips Jio in monthly data usage

The proportion of data subscribers to the total subscribers has increased rapidly for Bharti Airtel and Vodafone Idea with increase in broadband customers and growing data usage.

 

The data subscribers inreased from 28-33 per cent in Q1FY19 to 41-44 per cent in Q4FY19. At the same time, the share of broadband (3G+4G) increased to 31-33 per cent in Q4FY19 from 17-22 per cent in Q1FY19. READ MORE

12:17 PM

NEWS ALERT | Promoters of Oriental Hotels create pledge on 2.55% equity on June 26

12:13 PM

SpiceJet rallies 9% on heavy volumes as IndiGo, Jet Airways slip in trade

SpiceJet shraes rallied 9 per cent to Rs 128 on the back of heavy volumes after rival airline companies stocks -- InterGlobe Aviation, which runs IndiGo, and Jet Airways tanked by up to 18 per cent -- on the BSE on Thursday in early morning trade. At 11:42 am, SpiceJet was trading 6 per cent higher at Rs 124, as compared to a 0.22 per cent decline in the benchmark S&P BSE Sensex. READ MORE

12:05 PM

IndiGo promoters should have managed disagreements better, say analysts

Proxy firms and legal eagles are of the view that Indigo promoters Rahul Bhatia and Rakesh Gangwal could have managed the disagreements better with the help of the board. They point out that the aviation industry, which has already seen Air India struggling and Jet Airways ending up in insolvency tribunal, could have done without this problem. READ MORE

12:02 PM

Motilal Oswal Financial Services on Delta Corp

Recommendation: BUY

Last close: Rs 166

Target Price: Rs 304 

The stock price has corrected sharply following media reports of (a) DELTA being issued huge GST demand notice and (b) closure of Goa-based casinos. However, management clarified that it has not received any GST notice, while comments on closure of casinos have been countered and invalidated by authorities via media. Thus, we maintain our estimates of sales/PAT CAGR of 14%/19% over FY19-21. We continue valuing the stock at 30x P/E to arrive at a target price of INR304/share. Maintain Buy.

11:55 AM

ICICI Direct on GAIL

Recommendation: HOLD

CMP: Rs 149

Target: Rs160

Target Period: 12 months

With a decline in LPG/liquid hydrocarbon prices globally, Gail’s realisations will be lower. This will have an impact on the earnings. We reduce LPG/liquid hydrocarbon business value to | 21 per share to factor in lower realisations. Also, lower-than-expected revision in HVJ pipelines by PNGRB earlier sometime back had an impact on the company’s earnings growth. On the other operational business front, stable and growing CGD businesses would serve as a support for the stock. We value the company using the SOTP methodology. We value the core business using DCF and assign a target multiple to the EBITDA of other business segments with a HOLD recommendation and a target price of Rs160.

11:52 AM

DHFL gains over 2%

11:34 AM

Nifty Auto index is trading 0.6 per cent lower

11:32 AM

June Auto data | SIAM

-- Light Commercial Vehicle sales down 9.8% YoY

-- Medium & Heavy Commercial Vehicle sales down 16.4% YoY

-- Utility vehicle sales down 1% YoY

-- Passenger car sales down 24.1% YoY

-- Commercial car sales down 12.3% YoY

-- Two-wheeler sales down 11% YoY, motorcycle sales down 9.6% YoY

-- Vehicle export rises 1%

11:31 AM

NEWS ALERT | OBC cuts lending rate by 5-10 bps across tenors: CNBC TV18

11:29 AM

NEWS ALERT | McLeod Russel's lenders invokes pledge on 1.8% equity on June 27

11:22 AM

Higher LTCG tax spooks start-up investors, founders, ESOP holders

Even as the government made an effort to bury the angel tax, the rise in surcharge on long term capital gains (LTCG) tax has smitten start-up investors, founders and stock options holders.

 

If they are earning Rs 2-5 crore per annum, which many of them do, the effective LTCG tax rate is 26 per cent (see table); those earning Rs 5 crore+ will have to pay 28.5 per cent LTCG. This will discourage start-up investors and dampen the spirits. READ MORE