MARKET WRAP: Sensex ends 353 pts higher; metals shine, pharma stocks slip

Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up over 1 per cent.

2:09 PM

NEWS ALERT | SBI to divest its stake in an arm through IPO route: BSE filing

-- To dilute stake in SBI Cards & Payment Services Private Limited

2:08 PM

News Impact | BEML rises 8% after reports say government to complete divestment by Oct-Dec

-- To fetch Rs 1,000 cr

2:03 PM

Market check

2:02 PM

MARKET CHECK

1:50 PM

OMCs gain

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)
RELIANCE INDS.	1295.15	1304.00	1280.10	20.15	1.58
O N G C	127.65	129.80	126.20	-0.65	-0.51
GAIL (INDIA)	128.45	130.25	126.90	2.45	1.94
I O C L	127.65	128.00	124.30	1.65	1.31
H P C L	247.85	248.60	240.00	6.95	2.89
B P C L	354.80	355.50	342.00	11.70	3.41
PETRONET LNG	244.55	246.40	240.20	4.50	1.87
INDRAPRASTHA GAS	312.50	314.55	310.40	3.45	1.12
CASTROL INDIA	116.25	117.15	115.25	0.95	0.82
GUJ.ST.PETRONET	220.05	220.05	217.00	3.55	1.64

1:50 PM

HDFC Securities on Alkem Labs

Rating: Buy

 

Target price: Rs 2,180

 

We maintain BUY on Alkem Labs (ALKEM) despite a big miss on our 1QFY20 estimates. Our TP is 2,180 (22x FY21E EPS) with estimates largely unchanged owing to a sharp recovery expected in the next two quarters following a shift in the seasonally strong quarters (from 1Q earlier to 2Q now).

1:48 PM

EXPERT COMMENT | Rahul Gupta, Currency Research Head at Emkay Global

The drop in WPI was unexpected, it is majorly due to a fall in food inflation. Despite four rate cuts by the RBI, the food inflation is still subdued mainly because of better monsoon. The drop in retail and wholesale inflation clearly states that the 110 bps rate cut transmission is still not observed, keeping a room open for one more rate cut in the future. If not a rate cut then RBI may force banks to reduce their MCLR in order to revive consumer demand.

1:47 PM

YES Bank climbs over 4%

1:35 PM

Saregama India tanks 20% on Q1 net loss, stock hits fresh 52-week low

Saregama India shares were locked in lower circuit of 20 per cent at Rs 406, also its 52-week low on the BSE on Wednesday, after the company reported consolidated net loss of Rs 1 crore in the April-June quarter (Q1FY20), due to lower operational income and higher expenses. The movie & entertainment company had a profit of Rs 16 crore in the year-ago quarter. READ MORE

1:18 PM

NEWS ALERT | Coffee Day Enterprises to sell Tech Park to Blackstone for Rs 3000 cr: sources to CNBC TV18

-- Announcement expected soon

-- Tech Park is Bengaluru based arm of Coffee Day Ent

1:18 PM

Nifty Metal index is trading over 2% higher, led by gains in Jindal Steel

1:08 PM

NEWS ALERT | Name removed from list of shell companies, says J Kumar Infra

-- Received letter from Ministry of Corporate Affairs 

(Via BSE filing)

12:57 PM

GIC Housing Finance tanks 13% on weak Q1 results

Shares of GIC Housing Finance tanked 13 per cent intra-day to Rs 209 apiece, also its 52-week low, on the BSE on Wednesday after the company reported a 70 per cent year on year (YoY) decline in the net profit at Rs 15 crore in April-June quarter (Q1FY20), due to lower income. The housing finance company had logged a profit of Rs 49 crore in the year ago quarter, the financials of the company showed. READ MORE

12:41 PM

NEWS ALERT | Sun Pharma enters into a global licensing agreement with the CSIR IICT: BSE filing

12:39 PM

ICICI Securities on Sun Pharma

Rating: Hold

 

Target: Rs 470 (7%) 

 

Target Period: 12 months

 

We expect investors to remain cautious in the backdrop of whistleblower’s complaint filing to Sebi and its possible outcome. These issues are likely to outweigh the company’s steady fundamentals in the near term. Our target price is Rs 470 based on 18x FY21E EPS of Rs 23.4 and Rs 38 Net present value (NPV) for Ilumya.