Sensex tumbles 839 pts on broad-based sell-off; Nifty Bank declines over 3%

All that happened in the markets today

11:53 AM

RBL Bank declines 4% as MD sells shares worth over Rs 38.5 crore

Shares of RBL Bank slipped as much as 4.29 per cent to Rs 201.55 on the BSE on Monday after the private sector lender said its managing director and CEO Vishwavir Ahuja had sold shares worth over Rs 38.5 crore in the bank. "We have received an intimation from Vishwavir Ahuja, Managing Director and CEO of the bank, mentioning that he has sold 18,92,900 shares of RBL Bank on 27th and 28th of August, 2020 for approximately Rs 38.52 crore," RBL Bank said in a regulatory filing, on Friday. READ MORE

11:44 AM

MARKET COMMENT :: Jyoti Roy, DVP Equity Strategist at Angel Broking on RIL-Future Grp deal

Reliance Industries Ltd. has announced over the weekend that its subsidiary company Reliance Retail Ventures Limited (RRVL) will be acquiring the Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group as going concerns on a slump sale basis for total consideration of Rs. 24,713 crore. We believe that this acquisition by Reliance Industries Ltd. will help the company further consolidate its position in the retail business and make it the undisputed leader in the retail space. We remain positive on Reliance industries Ltd. and have a buy rating on the stock with a target of Rs. 2,366

11:40 AM

MARKET CHECK :: S&P BSE Bankex tumbles 500 pts

11:33 AM

MARKET CHECK

11:25 AM

BROKERAGE VIEW:: YES Securities on PNC Infratech

RATING: BUY | TARGET PRICE: Rs 212

Labour strength across project sites have currently improved to ~90% of the pre-covid levels. However, execution is getting impacted with heavy monsoon and currently running at ~60% efficiency levels. Normalisation in operating activities is expected during H2 FY21. At the end of Jun’20, PNC’s order book stood at Rs 77.6 billion (excluding 5 HAM and 2 EPC projects estimated to have EPC value of Rs.77.6 bn). Including these projects, the order book stands robust at ~Rs.155bn (3x FY20 revenues).

 

With COVID impact and weak near-term outlook, we have reduced our topline estimates marginally for FY21. However, the company is well placed to speed up execution as COVID related impact settles. Recent order inflows, continued focus on asset monetization and comfortable balance sheet position provide comfort. We maintain our BUY rating for a revised target of Rs 212

11:24 AM

MARKET CHECK :: Indices in the red amid reports of fresh clash between India and China

11:13 AM

BROKERAGE VIEW:: ICICI Securities on NMDC

RATING: REDUCE | TARGET PRICE: Rs 94

The current decision by the Centre allows Karnataka to levy 22.5% premium, to renew Donimalai mines as the committee comes out with a final recommendation in three months. Whatever the committee decides, will lead to a change in MMDR and will impact all state and central PSUs, as and when their mines come up for renewal. This has been done to avoid loss of revenue to the state of Karnataka.

The implications of this measure more than negates whatever value upside could have come from steel plant demerger, as it impacts our FY22E EBITDA by ~Rs21bn or ~35%. We downgrade the stock to REDUCE with a revised target price of Rs 94/share.

11:09 AM

BROKERAGE VIEW:: ICICI Securities on Torrent Pharma

We increase the EPS estimates for FY21E-FY22E by 2-3% to factor improving operational performance and also introduce FY23 estimates with a revenue/PAT growth of 10.2%/18.5%. We remain positive on the long term outlook. However, the rally in stock post Q1FY21 results has capped the upside. We downgrade it to ADD from Buy, with a revised target price of Rs 2,874/share based on 18xFY22E EV/EBITDA (earlier: Rs 2,834/share). Key downside risks: Delay in resolution of FDA issues and forex volatility.

11:01 AM

SECTOR WATCH:: Nifty Bank index falls 800 points from day's high

10:54 AM

MARKET UPDATE:: Sensex off day's high

10:44 AM

Adani Group stocks in focus post Mumbai Int'l Airport deal; GVK Power up 5%

Adani Group stocks rallied on Monday after the group acquired a 74 per cent stake in Mumbai International Airport Limited (MIAL), which operates India’s second-largest airport in Mumbai. Under the transaction, Adani Group will acquire 50.5 per cent stake of GVK group. Additionally, Adani will also acquire 23.5 per cent stake of minority partners Airport Company of South Africa (ACSA) and Bidvest. ACSA and Bidvest hold 10 and 13.5 per cent stake respectively in MIAL. READ MORE

10:34 AM

Indiabulls Ventures tumbles over 7% in an otherwise strong market

Shares of Indiabulls Ventures dipped as much as 7.8 per cent to Rs 198 on the NSE in an otherwise firm market on Monday. The stock was among the top gainers at the bourses last week during which it had risen 11.63 per cent as compared to Nifty50's 1.57 per cent gain in the same period. At 9:54, the stock had pared some losses and was trading 3.68 per cent lower at Rs 207 as compared to 0.97 per cent gain in the Nifty50 index. Around 10.92 lakh shares have changed hands on the NSE and BSE combined so far. READ MORE

10:22 AM

RIL-Future Group deal: RIL shares rally over 2.5%; Future Group stocks jump

Shares of Reliance Industries (RIL) rallied as much as 2.6 per cent to Rs 2,172 apiece on the BSE on Monday after the company announced its arm, Reliance Retail Ventures Limited (RRVL), will acquire the entire retail, wholesale, logistics, and warehousing businesses from the Future Group as a going concern basis for a total consideration of Rs 24,713 crore. READ MORE

10:10 AM

Rupee opening

Rupee opens higher at 73.25/$ vs Friday's close of 73.38 against the US dollar

10:01 AM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
VODAFONE IDEA	10.62	5.15
FUTURE RETAIL	159.40	17.86
BANK OF BARODA	52.30	1.26
PUNJAB NATL.BANK	37.40	0.94
IDFC FIRST BANK	33.80	0.45