MARKET WRAP: Indices end flat, Sensex slips 38 pts; Airtel rebounds, up 3%

All that happened in markets today.

11:20 AM

NEWS ALERT | Aurobindo Pharma gets US FDA nod for Guaifenesin extended-release tablets: BSE Filing

-- Guaifenesin extended-release tablets are the AB rated generic equivalent of RB Health (US) LLC’s Mucinex tablets. The product is expected to launch in Q4FY20

11:12 AM

Polycab India surges 7% as net profit for September quarter doubles

Shares of Polycab India surged 7 per cent to Rs 837 on the BSE on in the intra-day deals Thursday after the company's profit more-than-doubled to Rs 194 crore in September quarter (Q2FY20), on the back of strong revenue growth. It had logged profit of Rs 90 crore in the year-ago quarter. At the time of writing of this report, the stock was trading at its highest level since listing on April 16, 2019. READ MORE 

11:09 AM

MTNL jumps 5% as Cabinet approves merger with BSNL

Shares of state-owned Mahanagar Telephone Nigam Limited (MTNL) advanced 5 per cent to Rs 6.19 apiece on the BSE on Thursday after the Cabinet on Wednesday approved a Rs 70,000 crore relief package for the company and for Bharat Sanchar Nigam Ltd (BSNL). While approving the package for the two financially stressed entities, the Union Cabinet also drew up a timeline to merge them. READ MORE

10:58 AM

Asset quality woes may spook RBL Bank's capital raising plans

RBL Bank’s near-10 per cent fall on Wednesday, in reaction to the private lender’s wobbly asset quality, coupled with its 60 per cent value erosion since July, highlights the rising scepticism among investors over the stock.

 

Following the June quarter results, not many were happy with the bank’s admission that the gross non-performing assets (NPA) ratio could touch 2.5 per cent in FY20, and that the lender had identified a pool of stressed loan assets (commonly referred to as watch-list) worth Rs 1,000 crore. READ MORE

10:40 AM

Market check

10:37 AM

NEWS ALERT| K V Ganesh resigns as Chief Financial Officer of TVS Srichakra we.f. Oct 23: BSE filing

10:32 AM

BROKERAGE RADAR | YES Securities on Larsen & Toubro (L&T)

An order backlog worth Rs 3 trn (2.3x TTM sales) and healthy pipeline worth ~Rs 5trn in H2FY20 will help maintain L&T’s execution momentum through the near-term uncertainties around weak macro, fiscal deficit and liquidity challenges. Order book diversification, global competence, technology differentiation, proven track record and cost efficiencies bode well in this regard. We broadly retain our estimates & BUY rating with SOTP-based price target of Rs 1,655.

10:24 AM

BPCL, HPCL slip up to 5% as Cabinet relaxes fuel retailing norms

Shares of oil marketing companies (OMCs) like Bharat Petroleum and Hindustan Petroleum slipped up to 5 per cent in the early deals on the NSE on Thursday after Cabinet Committee on Economic Affairs (CCEA) opened up fuel retailing norms and allowed non-oil companies to set up petrol pumps to increase competition. READ MORE

10:12 AM

BROKERAGE RADAR | Emkay Global on Asian Paints

APNT’s aggressive volume push, positive margin outlook and strong execution offer good earnings visibility (18%+ for FY21-22E) relative to most peers in the consumer space. However, at 51x FY21E EPS, we believe that most positives are priced in. We maintain Hold with a UW position in EAP and a revised TP of Rs1,800 (Rs 1,750 earlier), rolling forward to Dec’21 estimates.

Key risks: slowdown in consumer demand impacting volume growth.

10:07 AM

BROKERAGE RADAR | Geojit Research on RIL

Given oil pricing pressures and challenging business environment, we maintain our HOLD rating on the stock with a revised target price of Rs 1,540 based on SOTP valuation.

10:05 AM

BROKERAGE RADAR | Edelweiss Securities on Bajaj Finserv

We like BFL’s robust business franchise and track record, but stock valuation at >7x FY21E P/BV is steep, particularly in light of likely moderation in consumer demand and NBFCs’ risk aversion. Factoring this, we maintain ‘REDUCE’ with revised TP of Rs 6,938 (earlier Rs 6,445) as we roll forward by a quarter and incorporate tax benefits.

10:04 AM

BROKERAGE RADAR | ICICI Securities on Oberoi Realty

We like Oberoi Realty (ORL) given quality of land bank, healthy balance sheet & management bandwidth to execute large projects. While ramp up in annuity portfolio to would provide stable secure cash flows, in the interim, residential sales momentum would be impacted due to delayed launches & weak residential demand. Hence, we maintain HOLD on the stock with a Target Price (TP) of Rs 550/share.

9:56 AM

Samvat 2076: Growth revival will be led by consumption sector stress easing

Market sentiment has been moving on a constructive path, even as worries of weak demand conditions and prospect of feeble earing season is underway. The benchmark indices have recovered since mid-September, gaining 9 per cent following several growth-boosting measures announced by the government and the Reserve Bank of India (RBI) in response to decline in real gross domestic product (GDP) growth to 5 per cent in the first quarter of financial year 2019 – 20 (Q1FY20). READ MORE  

9:40 AM

Momentum Picks by ICICI Securities

9:39 AM

NEWS ALERT | Alembic Pharma's JV, Aleor Dermaceuticals, receives US FDA nod for Desonide Ointment: BSE filing