MARKET WRAP: Sensex snaps 6-day losing streak, up 52 pts; autos lead rally

In the broader market, S&P BSE MidCap ended 73 points, or 0.53 per cent, higher at 13,856 levels while the S&P BSE SmallCap closed 29 points, or 0.22 per cent, higher at 13,060 levels.

12:12 PM

Monsoon Tracker | Kotak Securities

FY2020 Monsoon: remains disappointing

 

Till July 24, cumulative rainfall was 19% below normal with the weekly rainfall 34.7% below normal (slide 3). On a regional cumulative basis, spatial distribution has been deficient across India (slide 4). Out of the 36 sub-divisions across India, till date, 21 have received deficient rainfall and 15 have received normal rainfall (slide 5).

 

Retail food price momentum: increased over last week

 

Average weekly price levels indicate that food prices have been mostly on the upside over last week. Vegetable prices increased 16.5% over last week while the prices of pulses increased 1.8%. Cereal prices fell 0.9% while the price of oils and fats increased 0.3% over last week in the week ending July 21 (slide 6). We note that this is based on the Department of Consumer Affairs’ daily/weekly data and should not be assumed as the official retail inflation data.

12:11 PM

Earnings Alert | Airtel Africa Q1 results

-- Net profit $132.2 mn vs $83 mn QoQ
 

-- Revenue at $795.9 mn vs $781 mn QoQ
 

-- EBITDA at $347.6 mn vs $344 mn QoQ
 

-- EBITDA margin at 43.7% vs 44% QoQ

12:07 PM

NEWS ALERT | Indiabulls Hsg Fin's board to consider raising fund via bond issue on August 6: BSE Filing

12:01 PM

MARKET CHECK

11:56 AM

Anand Rathi Shares and Stock Brokers on Kewal Kiran Clothing

Rating: BUY
 

Target Price: Rs 1,587
 

Share Price: Rs 1,022

Driven by healthy, ~7%, volume growth, Kewal Kiran’s Q1 FY20 revenue growth came at 4%. The volume-led growth is in line with management strategy. We estimate a 7% revenue CAGR over FY19-21, driven by 10-11% volume growth even with a 4% drop in realisations. We maintain our Buy rating, with a lower TP of Rs 1,587, at 15x FY21e EV/EBITDA.

11:54 AM

Chris Wood rejigs Indian stock exposure; SBI Life replaces Arvind Fashions

The slowdown in the Indian economy and its impact on consumption-related sectors has made global investors, too, sit up and take notice. In his recent weekly note to investors GREED & fear, Christopher Wood, global head of equity strategy at Jefferies cautions that the ‘consumer financing boom’ in India has peaked. On the other hand, the boom in insurance stocks thus far in calendar year 2019 (CY19) has made him alter allocation to Indian stocks, with the addition of SBI Life in his Asia ex-Japan long-only portfolio. READ MORE

Chris Wood

11:51 AM

NEWS ALERT | Supreme Court refuses to stay Bombay High Court order in Mumbai Coastal Road case: CNBC TV18

-- SC to next hear the case on Aug 20

Alert: Bombay HC had earlier quashed CRZ permission & said that environmental nod was mandatory. The Court further added that no further work can be done by BMC on this coastal road project

11:46 AM

SAIL climbs over 4%; top gainer in S&P BSE MidCap index

11:39 AM

Westlife Development dips 6% to hit 52-week low on disappointing Q1 results

Shares of Westlife Development slipped 6 per cent intra-day to trade at Rs 272 apiece, also its 52-week low, on the BSE on Friday after the company’s consolidated net profit more-than-halved in Q1FY20 to Rs 5.77 crore from Rs 11.6 crore in the same period in the previous fiscal. The company's total revenue during the quarter grew 12 per cent at Rs 382 crore on year-on-year basis while Earnings before interest, tax, depreciation and amortization (ebitda) margins contracted 180 bps at 8.57 per cent from 10.37 per cent. READ MORE

Photo: Shutterstock

11:34 AM

NEWS ALERT | Astral Poly to consider bonus issue on August 2

-- Board of Director of Astral Poly Technik will also meet to approve unauditied financial result of Q1FY20.

11:25 AM

Indiabulls Housing Finance gains 3% in trade

11:25 AM

Bajaj Finance trades near day's high

11:13 AM

India's plan to sell $10-bn yen debt has one more hurdle: It's too much

Advocates of India’s first global bond offering are set to face another obstacle: there may not be enough appetite for $10 billion of yen-denominated debt.

 

The nation’s planned sale has been marked by controversy even before it gets off the ground, as reports surface of opposition from the prime minister’s office and the departure of an official handling the issuance. The government is said to be considering raising $10 billion at one go as early as October, with the yen and euro marked as preferred currencies. READ MORE

11:04 AM

Market check | Sensex back in the green, trades flat

10:57 AM

Gold demand rose 14% in Apr-Jun, outlook for next to quarters weak: GFMS

India’s gold demand in the April-June 2019 quarter saw an increase of 14 per cent on a year-on-year basis, but it might remain muted in the next two quarters. Among the reasons for a weak outlook are high domestic prices. The rates, already high in international markets, will increase further in India on account of the 2.5 per cent import duty increase announced in Union Budget 2019 earlier this month. READ MORE