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
9:06 AM
Motilal Oswal Financial Services on ICICI Bank
Recommendation: BUY
CMP: Rs 416
TP: Rs 520
CMP: Rs 416
TP: Rs 520
ICICIBC has delivered steady operating performance and is set to see earnings normalization. With asset quality stabilizing, credit cost will moderate meaningfully in FY20E/21E, thus, boosting return ratios. For FY20/FY21, we have fine-tuned our estimates slightly and changed our tax assumption, thus, lowering PAT estimate by ~3%/4%. We expect the bank to deliver loan CAGR of 17% over FY19-21E, and estimate core RoA/RoE to improve to 1.5%/15.5%. Maintain Buy with a revised SOTP-based TP of INR520 (2.2x FY21E ABV for the bank).
9:05 AM
Indiabulls Housing Fin tanks 10% during Pre-Open
9:03 AM
Top gainers and losers on S&P BSE Sensex during Pre-open
9:02 AM
Market at Pre-open
9:01 AM
Market at Pre-open
9:01 AM
Rupee opening
Rupee opens lower at 68.94/$ vs Friday's close of 68.90 against the US dollar
9:00 AM
NEWS ALERT | PNB Housing raises Rs 690 cr from World Bank's International Finance Corp
-- Amount raised for on-lending to buyers in affordable housing space
8:54 AM
Foreign investors snap 5-month buying streak, pull out Rs 3,758 cr in July
Reversing their five-month buying trend, overseas investors have pressed the exit button in July and pulled out a net Rs 3,758 crore from the Indian capital markets on account of multiple headwinds, including the super-rich tax announced in Budget 2019-20. As per the latest depositories data, foreign portfolio investors (FPIs) pulled out a net sum of Rs 14,382.59 from equities during July 1-26, but invested Rs 10,624.15 crore in the debt segment, taking the total net outflow to Rs 3,758.44 crore. READ MORE
8:53 AM
NEWS ALERT| Alvotech & Cipla's Gulf arm enters into a partnership for the commercialisation of AVT02
Alert: AVT02 is an adalimumab biosimilar in select emerging markets
8:45 AM
Stocks to watch: Dr Reddy's, DLF, Havells, ICICI Bank, Voda Idea, Vedanta
Here's a look at the top stocks that may trade actively in today's trading session -
Earnings today: Dr Reddy’s Labs, Kansai Nerolac Paints, DLF, Eid Parry, GHCL, Cochin Shipyard, SPARC, Supreme Industries and Sanofi are among the 71 companies scheduled to declare their June quarter results today.
Auto stocks: The high-powered GST Council on Saturday decided to reduce the tax rate on electric vehicles (EVs) to 5 per cent from the existing 12 per cent, a move aimed at accelerating the adoption of eco-friendly mobility solutions. READ MORE
8:36 AM
From Maruti to Asian Paints, India Inc earnings see further downgrades
Weak macros are taking a toll on corporate earnings. According to data compiled by Morgan Stanley, 25 of 40 companies with market capitalisation of over Rs 70,000 crore have seen their forward earnings per share (EPS) getting revised downwards in July. A dozen companies have seen their estimated earnings revised upwards, while earnings forecast has remained unchanged for the remaining three. READ MORE
8:33 AM
Will US Fed cut rates for the first time since the global financial crisis?
The Federal Open Market Committee (FOMC) of the US Federal Reserve will meet later this week (July 30-31) to take a call on policy interest rates. Financial markets are expecting the Fed to cut interest rates by 25 basis points. If it happens, this will be the first cut since the aftermath of the global financial crisis of 2008-2009. READ MORE
Illustration by Ajay Mohanty
8:30 AM
Cash-strapped DHFL seeks bankers' approval to restart loan disbursals
Troubled housing financier Dewan Housing Finance Corporation (DHFL) may resume fresh disbursement of loans if lenders agree to the resolution plan, sources said. The company is expected to place the resolution plan with banks in the next few days. Sources said some of the key lenders to DHFL have consented to the company restarting its business using the equated monthly instalments (EMIs) that it collects, and its fresh loans could range between Rs 800 crore and Rs 1,000 crore a month. READ MORE
8:26 AM
Affle (India) IPO opens today: Five things to know before you invest
The initial public offer of Affle (India), the Indian unit of global technology company Affle, opens today. The IPO will be the first offer under the new Unified Payment Interface (UPI) mechanism, which was made mandatory for retail investor category with effect from July 1, 2019. On Friday, Affle (India) raised about Rs 206.55 crore from 15 anchor investors by allotting 2772,483 equity shares at a price of Rs 745. Among the 15 anchor investors, Abeerden Asian Smaller Companies Investment and Franklin Templeton Investment Funds has subscribed over 3.05 lakh shares each. READ MORE
Illustration: Binay Sinha
8:25 AM
Commodity Picks
Coriander
Coriander prices in Kota are trading at Rs 7,091 per quintal. Prices are expected to trade higher towards Rs 7,200 per quntial over the next couple of weeks following supportive demand at lower price levels and lower supplies for the season. READ MORE
Topics : Markets MARKET WRAP
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First Published: Jul 29 2019 | 7:06 AM IST