Sensex ends 97 pts lower amid geopolitical tensions, rise in Covid-19 cases

All that happened in the markets today

2:07 PM

Rupee Closing

Rupee ends higher at 76.15 per US dollar vs Tuesday's close of 76.21/$

1:58 PM

Maruti Suzuki India rises 5%, records sharpest gain in 5 weeks

Shares of Maruti Suzuki India rallied 5.5 per cent to Rs 5,798 on the BSE on Wednesday, recording its sharpest intra-day gain in the past five weeks. Earlier, on May 13, the stock of automobiles major had surged 7.5 per cent during the intra-day trade. The country's largest carmaker has partnered with IndusInd Bank and Karur Vysa Bank for vehicle financing to help spur sales after the resumption of operations following lockdown relaxations. READ MORE

1:52 PM

Vodafone Idea: In Google's playstore?

Mukesh Ambani dreamt big and by attracting massive global capital, Reliance Jio has demonstrated how the power of the masses can be used to modernise and monetise, irrespective of business cycles.

 

As Amit Shah recently articulated, the current thrust of the government in promoting Atmanirbhar Bharat too rests on the basic premise of exploiting India’s demographic advantage by providing market access to spur a consumption boom and consequently an economic recovery.  READ MORE

1:42 PM

BROKERAGE VIEW:: Motilal Oswal Financial Services on Ashoka Buildcon

RATING: BUY | TARGET PRICE: Rs 98

We raise our FY21/FY22E EBITDA estimates by 3%/11%. Standalone EPS estimate revision looks higher at 32%/36% owing to better-than-expected balance sheet improvement. Maintain Buy with revised TP of INR 98 (prior: INR 92) as we factor in lower toll collection in the BOT portfolio.

1:35 PM

Domestic growth remains a highlight in IPCA Laboratories' Q4 show

Analysts at ICICI Securities had pegged export formulations to grow 43 per cent to Rs 362 crore, however, actual growth came at 11.4 per cent to Rs 282.47 crore. The same was compensated by 21 per cent growth in Indian formulations income (Rs.430.96 crore) while analysts expected the same to come at 18 per cent. The revenues thereby fell only slightly short of Rs 1,077 crore consensus estimates and operating profits grew 30 per cent year-on-year led by superior product mix. However, it was the impairment of intangible assets of Rs. 27.64 crore of a US subsidiary that led net profits at Rs 83.05 crore decline 14 per cent year-on-year. The depreciation and amortisation expenses surged 43 per cent and hence, even adjusted for the impairment net profits were lower than consensus analyst estimates of Rs 149 crore. READ MORE

1:28 PM

NEWS ALERT:: PM to hold all-party meeting on June 19 to discuss India-China border situation

1:23 PM

BROKERAGE VIEW:: Emkay Global Financial Services on Shoppers Stop

RATING: HOLD | TARGET PRICE: Rs 225

• Revenue declined ~10% YoY, in line with estimates, due to temporary store closures in Mar’20. While the company saw 2.4% LTL growth in the Jan-Feb’20 period, but saw an overall decline of 16% LTL in Q4 revenues. FY20 revenues declined ~3% YoY.
   
• Comp. EBITDA loss at Rs170mn was disappointing due to higher costs. In FY20, margins fell ~200bps YoY to 5.3%. SHOP expects successful rental negotiations (already achieved in ~56% of stores) and significant cost rationalization to help margins in FY21E.
   
• Store additions would be curtailed in FY21, with capex indications of Rs0.5bn (vs. Rs2.1bn in FY20). In addition, it indicated closure of unprofitable stores to improve profitability and highlighted adequate liquidity to continue business operations in FY21.
   
• FY21E would see a significant decline in revenues and erosion in profitability. We await recovery trends and initiatives to get comfort on the long-term growth outlook. We maintain Hold, with a TP of Rs 225, valuing it at 10x FY22E EBITDA.

1:19 PM

MARKET UPDATE :: Sensex at day's high, up 250 pts

1:18 PM

SECTOR WATCH:: Private banks trade higher in a volatile market

OMPANY NAME	LATEST	HIGH	LOW	CHG(%)
IDFC FIRST BANK	25.35	25.45	24.40	1.81
INDUSIND BANK	498.60	499.70	465.70	3.69
RBL BANK	164.45	166.25	157.30	1.98
AXIS BANK	395.75	398.20	375.85	3.75

1:10 PM

Sustainability of ongoing rally doubtful, recovery next year: HSBC survey

Emerging markets (EMs) have rallied sharply over the past one month with the MSCI EM index gaining as much as 15 per cent since May 18. However, doubts are beginning to creep in over the sustainability of the ongoing bull run. According to HSBC’s inaugural Emerging Markets Sentiment Survey for June 2020 quarter, about three quarters of the 213 investors surveyed are neutral to bearish on EM prospects over the next three months despite a substantial rally until recently. More investors expect the world economy to recover from the Covid-19 shock in 2021, rather than second half of 2020. READ MORE

12:59 PM

MARKET UPDATE:: Titagarh Wagons hits 5% upper circuit

The company has entered into an exclusive cooperation agreement with ABB

12:56 PM

Europe opens higher

(Source: Reuters)

12:52 PM

Limited visibility may hurt ABB, Siemens more than Thermax or Cummins

Shares of ABB and Siemens are down 37-44 per cent from their January highs. Thermax and Cummins, too, have lost 35-41 per cent during this period.

 

However, the relatively lower order book/revenue ratio means that ABB and Siemens could face more heat, if the economic slowdown prolongs. READ MORE

12:45 PM

NEWS ALERT :: SC seeks 'National Plan' from Centre on Covid-19

>> Agrees to hear PIL seeking transfer of funds from PM-Cares to National Disatser Response Fund

>> Seeks response within 2 weeks

12:36 PM

RIL-owned firms rally; TV18 Broadcast, Network18 soar over 60% in a month

Hathway Bhawani Cabletel & Datacom, TV18 Broadcast, Network18 Media & Investments, Den Networks and Hathway Cable & Datacom were all up in the range of 46 per cent to 98 per cent on the BSE in the past one month. Reliance Industrial Infrastructure and RIL were up 12 per cent and 11 per cent. In comparison, the benchmark S&P BSE Sensex was up 8 per cent during the same period. READ MORE