MARKET WRAP: RIL, HUL help Sensex end 199 pts up; Nifty settles at 9,251

All that happened in the markets today

1:03 PM

Tech-related firms in focus; PPFAS adds Microsoft to portfolio in April

Covid-19 triggered lockdowns across the globe, it seems, have brought back investor’s focus on technology and internet related firms. While on one hand, companies with global footprint such as Facebook and Vista Equity have invested in Jio Platforms – a company owned by Mukesh Ambani’s Reliance Industries (RIL), Indian investors, too, have been scouting for investment-worthy opportunities overseas. READ MORE

12:55 PM

Franklin Templeton issues unconditional apology to market regulator, Sebi

“We deeply regret any unintended slight this may have caused to the esteemed offices of Sebi whom we have always held in the highest regard and unconditionally apologise for the same,” said Sanjay Sapre, President, Franklin Templeton AMC, the domestic arm of the global assert manager. READ MORE  

Franklin Templeton MF

12:46 PM

MARCH QUARTER RESULTS | P&G's profit up 1.1% YoY to Rs 91.1 crore

-- Revenue declines 6.2 per cent YoY to Rs 656.1 crore

-- EBITDA falls 13.3 per cent to Rs 124.5 crore

12:38 PM

Heavy lifting by SBI, others fail to do the trick for YES Bank

YES Bank will be reckoned as the only bank to get a highly qualified audit report where its solvency and sustenance came under the hammer as its capital adequacy ratio (CAR) again dipped to 6.3 per cent, a few notches below the regulatory requirement of 7.15 per cent. READ MORE

12:30 PM

Hindalco gains 5% after unit Novelis' Q4 results; brokerages maintain 'buy'

Shares of Hindalco Industries climbed over 5 per cent to Rs 123.65 apiece in the intra-day deals on the BSE on Friday, a day after its subsidiary Novelis reported better-than-expected results for the quarter ended March 2020 (Q4FY20). At 11:22 am, the stock was trading 2.68 per cent higher at Rs 120.70 apiece on the BSE as compared to 1.66 per cent rise in the benchmark S&P BSE Sensex. READ MORE

12:25 PM

MARKET VOICE | Ambareesh Baliga on delayed fiscal stimulus

12:17 PM

Covid-19 impact: No comfort in hotel stocks as recovery pushed to FY23

The reason for this underperformance is the apprehension that recovery could stretch to two years, one of the longest durations across sectors. The delay is on account of a gradual recovery from zero occupancies currently, the high fixed-cost nature of the business, and the rise in leverage, which was showing signs of easing over the last couple of years. Nihal Mahesh Jham of Edelweiss Securities believes the slowdown is much deeper and the impact may be much worse than the sector has seen before, with occupancies in single digits and the probability FY21 revenue per available room (RevPAR) contracting sharply. HVS Research expects revenues of the sector to decline by Rs 90,000 crore in 2020, down 57 per cent compared to the previous year, and RevPARs to fall by 58 per cent. READ MORE

12:14 PM

BROKERAGE VIEW:: Emkay Global Fin Services on RBL Bank

TP: Rs 145 | RATING: HOLD

• RBL’s core performance was better than expected, led by strong margins; however, higher loan loss provisions led to lower PAT of Rs1.14bn. The headline GNPA ratio slipped further by 30bps qoq to 3.6% due to lower w-offs and a decline in the loan book.
• RBL sees FY21 loan growth at ~10-15%, with continued de-bulking of the wholesale book, but at a slower pace and BAU expected in retail around Oct’20. Post sharp run-down in Q4 due to Yes Bank saga, deposits have again picked up in Apr’20, which is a slight relief.
• Overall moratorium rate for the bank stands at ~30% in value: Cards-13% in numbers/24% in value, wholesale-22-23% in numbers/value and retail-46% in numbers. It has made provisions of Rs1.1bn on SMA loans under moratorium. The bank expects FY21 LLP to be similar to FY20 but largely coming from retail/SME/MFI including cards vs. corporate.
• We believe RBL’s expected business/RoA normalization from FY21 could be pushed back due to Covid-19-led disruption. Retain Hold rating with TP of Rs145 due to lower valuations (0.6x FY22E ABV) and timely shoring up of capital (Tier I >15%), but remain UW in EAP.

12:09 PM

BLOCK DEAL ALERT :: 9 lakh shares worth Rs 350 cr trade in 3 blocks on BSE & NSE at Rs 441-461/sh

(Via CNBC TV 18)

12:06 PM

SECTOR WATCH:: Pharma stocks trade higher

COMPANY	LATEST(rs)	CHG(%)
AUROBINDO PHARMA	656.70	1.29
STRIDES PHARMA	427.30	0.39
SUN PHARMA.INDS.	464.00	2.59
CADILA HEALTH.	321.65	0.02
BIOCON	358.00	2.39

12:00 PM

Inflows in equity mutual funds plunge 25% to Rs 83,781 cr in FY20

Investors pumped Rs 83,781 crore in equity-oriented mutual fund (MF) schemes in FY20, registering a decline of 25 per cent from the Rs 1.11-trillion inflows in the preceding year.

 

However, this was the sixth successive year of net inflows in equity mutual funds, according to data by the Association of Mutual Funds in India. READ MORE

11:52 AM

NEWS ALERT :: BASF India receives tax notice from Karnataka govt

11:45 AM

BUZZING STOCK:: Sun TV network rises 6%

11:39 AM

Asian Paints extends loss into 8th day on report RIL mulls stake sale

Shares of Asian Paints extended its loss into eighth straight day, down 1.5 per cent at Rs 1,570, on the BSE on Friday on report that Reliance Industries (RIL) is considering selling its 4.9 per cent stake in the country’s largest paint maker to trim its debt. In the past eight trading sessions, the stock of Asian Paints has underperformed the market by falling 15 per cent, as compared to a 0.55 per cent rise in the S&P BSE Sensex. READ MORE

11:32 AM

RIL, ICICI Bank top contributors to Sensex's gain today