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

All that happened in the markets today

9:25 AM

Result Impact | Navin Fluorine gains 4%

>> Net profit of the company rose 675.13 per cent to Rs 272.69 crore in the quarter ended March 2020 as against Rs 35.18 crore in the year-ago period. Sales rose 9.50 per cent to Rs 276.57 crore.

9:24 AM

HCL Tech trades in the red

9:23 AM

HDFC AMC slides 3% as promoters to offload stake

Standard Life Investments, one of the promoters in HDFC Asset Management Company (AMC), is looking to offload upto 2.82 per cent stake in the company through offer for sale (OFS), which will be open on Wednesday and Thursday.

9:21 AM

Result Impact | HPCL trades nearly a per cent up

9:19 AM

Sectoral trends on NSE at Open

9:18 AM

Sensex Heatmap at Open

9:17 AM

Opening Bell

9:16 AM

Opening Bell

9:15 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on Axis Bank

Maintains 'Buy', Target price: Rs 560

We expect loan growth to moderate on account of the weak environment, weighed down by the COVID-19 outbreak. Moreover, the BB & below pool is likely to increase further, which coupled with the high share of loans under moratorium, should drive elevated slippages over FY21E. As a prudent measure, the bank has made additional provisions of INR30b toward COVID-19 related stress and has total contingent provisions of INR59.8b. Nevertheless, we believe more provisions are needed with credit cost remaining elevated at 2.4% in FY21E. We include Max Life’s valuation in our SOTP, which increases the contribution of subsidiaries in the overall SOTP to ~11%. Maintain Buy with a revised target price of INR560 (1.5x FY22E ABV).

9:13 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on Motherson Sumi

Maintains 'Buy', Target price: Rs 117

We believe the proposed structure would create two listed entities: a) the India Wiring Harness business and b) global businesses + other Indian businesses, which

would drive better value discovery in the global businesses and give minority shareholders the option to invest in either or both of the businesses. Our positive view on MSS remains intact (stabilization of greenfield plant + execution of strong order book of SMRPBV + India recovery), although the COVID-19 impact would delay the realization of these benefits. Maintain Buy, with TP of ~INR117 (Jun’22 SOTP).

9:11 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on M&M

Maintains 'Buy', Target price: Rs 585

M&M is witnessing a generational shift – both in the core business (led by agrireforms) and in leadership. While M&M would see faster recovery than its auto peers led by higher rural exposure, the company enjoys robust positioning in 2 of its 3 core businesses, resulting in strong profitability. We believe M&M’s valuations reflect the challenges of the Passenger UV business as well as lack of major changes on the capital allocation policy. Any positive surprises in the SUV business, positive evolution of the Ford India JV or correction of capital allocation by the new CEO should act as re-rating triggers. The stock trades at 11.7x FY22E core EPS and 1.2x core P/B, which is at 26%/39% discount to 5-year average. Maintain Buy with TP of ~INR585 (Jun’22E based SOTP).

9:06 AM

Top gainers and losers on the S&P BSE Sensex at Pre-open

9:04 AM

Markets at Pre-open

9:03 AM

Markets at Pre-open

8:57 AM

FUEL PRICE UPDATE