MARKET WRAP: Sensex slips 196 pts, Nifty gives up 11,200; auto stocks skid

Shares of automobile manufacturers crashed at the bourses on Monday after reports said that the government intended to hike registration and renewal charges for internal combustion vehicles

2:07 PM

Earnings Alert | Bank of Maharashtra Q1 result

-- Net profit at Rs 89.1 crore vs loss of Rs 1108 crore YoY

-- NII at Rs 996 crore, up 16.1% YoY

1:52 PM

Result impact | Sharp surge seen in Kansai Nerolac stock post Q1 result

1:51 PM

Earnings Alert | Kansai Nerolac Q1 result

-- EBITDA at  Rs 253.6 crore

1:50 PM

Earnings Alert | Kansai Nerolac Q1 result

-- Consolidated net profit at Rs 146 crore

-- Cons revenue at Rs 1,542.4 crore

1:48 PM

Grasim slips nearly 9%

1:41 PM

Hindustan Copper hits 52-week low

1:37 PM

BHEL slips in trade

1:23 PM

Auto slowdown: 286 dealers closed down in 18 months, 32,000 jobs impacted

A slowdown in the automobile sector has resulted in 286 dealers winding up operations across India. This has affected 32,000 jobs. A big chunk of the closure was reported in urban and semi-urban markets and mostly in the car segment. READ MORE

1:21 PM

Rabobank International on expectations from US Fed

The major event this week is the FOMC’s monetary policy meeting on 30/31 July. Bloomberg conducted a survey of economists on 19th to 23rd July regarding this meeting. The median expectation is that there will be a 25bp cut at this week’s meeting (in line with Rabo’s own expectation) and then another at the October 2019 meeting. It is then expected that rates will remain on hold out to end 2021

1:17 PM

Edelweiss on Bajaj Auto

Bajaj Auto (BJAUT) reported Q1FY20 EBITDA in line with our estimate. Near-term domestic demand outlook remains challenging with inventory at seven–eight weeks and no signs of a pickup in demand. Hence, a bounce-back in demand during the upcoming festive period remains key. We expect BJAUT to continue to gain market share with the launch of its new 125cc bike in August.

The sanguine outlook for exports is a bright spot. While we believe the margin downgrade cycle (but for any change to product mix) is behind, the focus on domestic market share and higher share of Africa in exports are likely to keep margins range-bound. Maintain ‘HOLD’ with a revised TP of Rs 2,772 (earlier Rs 2,870).

1:16 PM

Edelweiss on AU Small Finance Bank

Operating and financial leverage will continue to play through and nudge up RoAE to 18% by FY21E. Leverage at 10.6x would likely drive a value-enhancing dilution by then, likely the first among many. The stock, trading at 4.7x FY20E P/BVPS, seems to be factoring this in. Maintain ‘BUY’ and our 12-month target price of Rs 880

1:12 PM

Vodafone Idea plunges 29% to hit new low on weak June quarter result

Shares of Vodafone Idea tanked 29 per cent to Rs 6.60, also its new low on the BSE on Monday after the telecom services provider reported a consolidated net loss of Rs 4,874 crore for the quarter ended June 30, 2019 (Q1FY20). It had posted net loss of Rs 4,882 crore in March 2019 quarter (Q4FY19). The company's revenue slipped 4 per cent at Rs 11,270 crore against Rs 11,775 crore in previous year quarter. The lower revenue was due to further decline in subscriber base (due to adoption of minimum recharge plan) and lower than expected increase in ARPU (downtrading by customers). READ MORE

12:59 PM

Pharma stocks trade under pressure

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
BIOCON	235.35	-6.25	-2.59	120774
SUN PHARMA.INDS.	432.10	-7.70	-1.75	119782
GRANULES INDIA	89.00	3.55	4.15	80149
CADILA HEALTH.	227.30	-6.75	-2.88	65861
STRIDES PHARMA	352.85	-0.45	-0.13	62715

12:48 PM

NEWS ALERT| US FDA issues five observations for Shilpa Medicare's API site at Raichur: BSE Filing

--  Observations are mostly procedural in nature

-- US FDA inspected Shilpa Medicare's Raichur Unit from July 22-26, 2019

12:41 PM

Indiabulls group shares tumble up to 10% on money laundering allegations

Shares of Indiabulls group companies were under pressure on Monday, falling by up to 10 per cent intra-day on the BSE, after Rajya Sabha member Subramanian Swamy sent a letter to Prime Minister Narendra Modi, accusing the group of laundering more than Rs 1 lakh crore. The group, however, rejected the charges. The letter alleged that Indiabulls group has created more than 100 shell firms and took loans from National Housing Bank (NHB). It then re-alloted or siphoned it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bengaluru and Chennai in the range of Rs 30 crore to Rs 1,000 crore READ MORE

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