MARKET WRAP: Financials lift indices, Sensex gains 409 pts; TCS ends flat

All that happened in the markets today

1:00 PM

Q&A :: Global liquidity played a major role in deal-making, says Raj Balakrishnan

In April, we announced the $5.7 billion investment by Facebook in Jio Platforms, and also a Series-E fund raise for Rebel Foods. The month of June has been an absolute stand out. We executed six capital markets transaction in June raising $8.5 billion. We have a strong pipeline going forward and are hoping that we will be able to continue through the next year. READ MORE

12:49 PM

AHEAD OF RESULT:: TCS trades 0.4% lower

12:44 PM

Here's how to use the Aroon Indicator to determine trend for a stock

Aroon Indicator helps identify change in market trend. Developed by Tushar Chande in 1995, this indicator measures time taken for the price to climb a new high and low to determine trend change. In simple words, the indicator is used to identify trend changes in the price of an asset, as well as the strength of that trend. READ MORE

12:34 PM

MARKET CHECK :: Sensex extends rally, trades near day's high

12:26 PM

Godrej Properties, DLF, Sobha: Trading strategies for realty counters

Realty stocks, however, are trading mixed at the bourses on Thursday. While Unitech, HDIL, NBCC and DLF lost ground, Indiabulls Real Esate, Brigade Enterprises, Ansal Properties and Oberoi Realty moved up. READ MORE

12:17 PM

Jubilant Life: New Covid drug, value unlocking potential to lead to upside

Strong prospects in both pharmaceuticals and life sciences ingredients (LSI) segments — led by the specialty business, an agreement with Gilead Sciences for the domestic launch of remdesivir, recovering supplies of active ingredients, and others after easing of the lockdown, and a strong March quarter performance — have boosted sentiment.  READ MORE

12:09 PM

NEWS ALERT :: ABB Power Grids bags order worth Rs 120 cr from Indian Railways

>> In an order worth Rs 120 crore, Hitachi ABB Power Grids India (listed on the stock exchanges as “ABB Power Products and Systems India Limited”) will be delivering its transformers to the Government of India’s electric locomotive manufacturer, Chittaranjan Locomotive Works (CLW), for the production of 400 passenger and freight locomotive engines. Through the project, Hitachi ABB Power Grids continues to contribute to the country’s mission to be the world’s first net-zero carbon emitter by the end of the decade.

 

12:02 PM

Can Fin Homes shares gain 4% as Company to consider fundraising on July 17

In a regulatory filing, the company informed that the Board of Can Fin Homes will meet on July 17, 2020 to consider "Raising funds by way of issue of equity shares through qualified institutions placement and/or preferential issue to promoters or rights issue and/ or any other permissible securities, subject to such approvals as may be required." READ MORE

11:52 AM

Recovery of Titan's jewellery business in Q1 fails to enthuse Street

In its first-quarter update for FY21, Titan Company after market hours on Tuesday said its jewellery business in June reached 70 per cent of the year-ago level, and 83 per cent of its stores across all businesses were now open. But, the Street wasn't impressed and the stock fell 2.6 per cent on Wednesday; the Sensex was down 0.8 per cent. READ MORE

11:42 AM

Retail inflation likely slowed in June on pickup in economic activity: Poll

India's consumer price inflation likely eased in June from March, a Reuters poll predicted, as loosened coronavirus-led restrictions in most of the country drove a slight recovery in economic activity and helped reduce a supply crunch. The July 3-8 poll median of over 35 economists showed India's retail inflation in June moderated to 5.30% from March's revised 5.84%, still breaching the Reserve Bank of India's medium-term target of 4 per cent. READ MORE

11:32 AM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
MAH. SEAMLESS	248.35	6.70
H U D C O	38.05	6.43
DISHMAN CARBOGEN	141.70	5.31
SPANDANA SPHOORT	639.85	5.00
AFFLE INDIA	1852.25	5.00

11:23 AM

Reliance Jio, Airtel preparing to cash in on online gaming boom in India

The Covid-19 pandemic induced nation-wide lockdown has not only redefined how India Inc works and children study, but has also opened up more avenues how these netizens can unwind after a hard day’s work. Online gaming, that was a $1.9 billion industry in India in 2019, according to Redseer estimates – a Bengaluru-based consulting firm – can well be on track to grow at a 35 per cent compounded rate (CAGR) to hit $8.4 billion by 2024. This, according to Bofa Securities estimates, spells boon for Indian telecom companies, especially Reliance Jio and Bharti Airtel, which are waiting to capitalise on the opportunity. READ MORE

 

11:10 AM

YES Bank shares jump 5% as Rs 15,000 crore FPO to open on July 15

Shares of YES Bank rose as much as 5.36 per cent to Rs 27.50 on the BSE on Thursday after the bank said it has filed a red herring prospectus to raise up to Rs 15,000 crore through issuance of fresh equity shares in its further public offering (FPO). The offer will open on July 15, 2020 and close on July 17, 2020. Earlier this week, YES Bank had received approval from the capital-raising committee (CRC) of its board of directors to raise funds through the offering. READ MORE

10:58 AM

Alkyl Amines, Dixon, Escorts, L&T Infotech, Tata Consumer hit record highs

Dixon Technologies was up 4 per cent to Rs 6,333 today, extending its Wednesday’s 4 per cent rally on reports that the sector witnessed 95-100 per cent recovery in sales in June 2020 post relaxation of the novel coronavirus-induced lockdown. The company is the largest home-grown, design-focused, and solutions company engaged in manufacturing consumer durables, lighting products, and mobile phones. READ MORE 

10:46 AM

BROKERAGE VIEW:: Geojit Financial Services on City Union Bank

RATING: ACCUMULATE | TARGET PRICE: Rs 148

• City Union Bank Ltd (CUB), the oldest private sector bank in India, is a mid-sized commercial bank headquartered at Tamil Nadu, having a network of 700 branches and 1,793 ATMs spread across the country and a loan book size of Rs.34,576 Cr.
• CUB reported net loss of Rs.95 Cr on account of higher provision (Rs.450 Cr) due to elevated NPA and Covid-19 related concerns.
• Asset quality deteriorated due to high slippage during the quarter with GNPA/NNPA at 4.09%/2.29%.
• Total Business grew 5% YoY with Deposit growing at 6% and Advances at 5%.
• ROA for FY20 has declined to 1% against 1.64% as on FY19 and ROE declined from 15.25% to 9.47% during the same period. We expect ROA/ROE to be 1.5/13.1% by FY22.
• We expect that current uncertainties for FY21 are already factored and with improvement in ROA and ROE during FY22E, we value the stock at 2.0x on FY22E Adj BVPS of Rs.74.1 with a target price of Rs.148 and recommend Accumulate rating