MARKET WRAP: Sensex settles 39 pts higher; IT, pharma stocks decline

Sectorally, public sector banks gained the most, with the index closing 1.5 per cent higher. This was followed by Nifty auto index, up 1.15 per cent.

10:59 AM

Tata Motors slips after rating downgrade

10:49 AM

YES Securities on IPCA Labs

Domestic business guidance of 13-15% is ahead of prior indication while API growth has surprised on the upside. This leads to a cut in margin due to rise in active pharmaceutical ingredients (API) share even as the reduction is cushioned by larger base of absolute EBIDTA. We like the revenue visibility coupled with lack of margin volatility due to absence of US business. Retain BUY based on 21x FY21 PE, at a premium to the sector valuation with unchanged 1-year PT of Rs 1,100.

10:46 AM

IGL rises around 3% on strong Q1 results

10:44 AM

To 5 gainers on the BSE at this hour

NILKAMAL	1,032.85	+44.25	+4.48
APOLLOHOSP	1,415.20	+56.90	+4.19
TRENT	466.80	+22.25	+5.01
RELCAPITAL	49.70	+2.80	+5.97
CESC	799.10	+35.65	+4.67

10:34 AM

MARKET CHECK | Glenmark Pharma slips over 5% as CLSA maintains 'Sell' rating

10:33 AM

JM Financial on NMDC

Aggressive output from the expiring mines may pressurise realisation in 2HFY20. Timely auction of the operational mines and smooth transition will ensure minimal supply disruption in FY21. High dividend yield remains the key investment argument. However, capital expenditure towards RoE/RoCE dilutive (mining vs. manufacturing) steel plants may limit dividend outflow going forward. Maintain BUY.

 

10:30 AM

STOCK ALERT | IDBI Bank tumbles as much as 12% on weak Q1 nos

Shares of IDBI Bank plunged as much as 12.33 per cent to Rs 23.80 apiece in the morning trade on Friday after the lender posted a net loss of Rs 3,800.84 crore for the quarter ended June 30, 2019. The bank had registered a loss of Rs 2,409.89 crore in the year-ago period. READ MORE

10:16 AM

Nifty Auto index turns positive

9:59 AM

ONGC lines up Rs 83,000 crore investment for 25 new oil, gas projects

Cumulative oil and gas gain from around 15 of these projects is expected to be over 180 Million Metric tons of Oil equivalents (MTOE) in their life cycle. The national explorer is envisaging a gas output of over 32 Billion Cubic Meters (BCM) by financial year 2024, he said, addressing the employees on 73rd Independence Day celebrations, through a webcast from headquarters Dehradun to over 30,000 employees across 38 work locations of ONGC. READ MORE

9:59 AM

Sensex pares some losses

9:48 AM

Auto stocks trade under pressure

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
TATA MOTORS	119.00	-1.85	-1.53	256344
ASHOK LEYLAND	61.90	-0.55	-0.88	140636
TATA MOTORS-DVR	56.05	-1.25	-2.18	50619
ESCORTS	459.75	-6.00	-1.29	17758
MARUTI SUZUKI	5766.20	-49.35	-0.85	12696

9:45 AM

ICICI Securities on Essel Propack

We model revenue, earning CAGR of 11%, 14%, respectively, in FY19-21E supported by the overseas business. Though the European business has shown a sharp recovery in margin after many quarters, the poor performance of Amesa region weighs on profitability. We revised our rating from HOLD to REDUCE with revised target price of Rs 95/share. 

9:44 AM

Aarti Industries slips 5.6%

9:44 AM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
YES BANK	78.15	1.60	2.09	988451
REL. COMM.	1.21	-0.02	-1.63	726305
VODAFONE IDEA	5.59	-0.04	-0.71	681989
RELIANCE CAPITAL	51.55	4.65	9.91	546276
JINDAL STEEL	100.60	-3.20	-3.08	493763

9:43 AM

Momentum Picks by ICICI Securities