MARKET WRAP: Sensex slips 229 pts ahead of CPI inflation nos; banks tumble

All that happened in markets today.

12:13 PM

Index Contributors at this hour | Financials drag the most

12:02 PM

Tata Motors gross leverage ratio hits 9-year high on Jaguar-Land Rover woes

A decline in profitability at Jaguar Land Rover (JLR) and its domestic automotive business has started to weigh on Tata Motors consolidated balance sheet.

 

This has prompted the company to look at the option of raising fresh equity either from its parent or seek a potential joint venture partner.

 

On Tuesday, Bloomberg reported that the Tata Group flagship has approached carmakers, including China’s Zhejiang Geely Holding Group and BMW AG, as it seeks partnerships for the beleaguered British automotive business. READ MORE HERE

11:53 AM

GAIL's Q2 profit down 47% on poor gas transmission, LPG profitability

GAIL India posted a sluggish performance for the quarter ended September. Despite steady volume growth, operating performance was impacted by one-offs in the trading and gas transmission segments. This coupled with poor LPG & liquid hydrocarbon segment profitability resulted in a sub-par performance. Operating profits which were down 30.8 per cent sequentially slid by 47 per cent year-on-year. READ MORE

11:44 AM

Top losers on BSE at this hour

11:30 AM

NEWS ALERT | Mitsubishi UFJ sells 2.08% stake in Cipla: CNBC TV18

-- Total stake now at 5.56% Vs 7.64% earlier

11:20 AM

NEWS ALERT | SC refuses relief to JSPL in plea to monetise, transport Rs 2000 cr iron ore: CNBC TV18

-- No immediate relief to JSPL in the Odisha Mining case. 

-- Next hearing on Nov 19

11:09 AM

Result today | SpiceJet Q2 preview: Analysts estimate 8x EBITDAR growth, loss to narrow

Edelweiss Securities pegs the EBITDAR growth at 8x at Rs 247.5 crore, due to decline in crude oil prices. It, however, cautions that the EBITDAR growth could be off-set by hike in lease rates and forex losses (depreciating rupee) due to translation of lease liabilities. The EBITDAR was Rs (-) 43.8 crore in Q2FY19.

 

“Although industry growth has slowed down considerably to nearly 5 per cent, the airline continues to capitalise on the vacuum left by Jet Airways’ shutdown. It has, in fact, grown at 9x industry, accounting for bulk of the slots vacated by Jet. Consequently, top-line growth remains robust at 51 per cent at SpiceJet aided by yield expansion,” it said. READ FULL PREVIEW HERE

10:59 AM

MSTC zooms 91% in 12 days as Chhattisgarh govt appoints co as selling agent

The stock of the state-owned e-commerce firm was trading at its highest level since listing on March 29, 2019. In the last 12 trading days, it has soared 91 per cent, as compared to a 3.3 per cent rise in the S&P BSE Sensex. READ MORE 

10:45 AM

Indian Hotels soars 6% as it logs highest margin in 10 yrs for Sept quarter

The Tata Group company reported a consolidated net profit of Rs 71 crore during the quarter, against a net loss of Rs 5 crore in a year-ago period. Revenue grew 4.9 per cent to Rs 1,029 crore on YoY basis. READ MORE 

10:27 AM

BROKERAGE RADAR :: ICICI Securities on Sun TV Network

The weak macroeconomic growth clouds the ad growth outlook in the near term while content spend is expected to remain elevated both to maintain/regain market share in key markets as well for SunNXT. The silver lining, on the other hand, is TN digitisation potential and much needed focus on OTT segment. However, we would turn constructive when we witness ad recovery and stabilisation in costs. We maintain HOLD rating with a target price of Rs 500/share (12x FY21 EPS). READ MORE 

10:24 AM

Britannia Ind jumps 6% as Q2 net profit rises 33% YoY to Rs 403 crore

Britannia Industries stock surged nearly 6 per cent to Rs 3,298 apiece on the BSE on Wednesday after the company on Monday posted a profit before tax (PBT) of Rs 498 crore for the second quarter ended September 30, 2019 (Q2FY19), up 8.5 per cent when compared with the corresponding period of the previous fiscal. READ MORE 

10:08 AM

Indian Hotels margins have room for expansion with better cost optimisation

Led by an improvement in key parametres, Indian Hotels registered a better-than-estimated performance in the September quarter. Receipts were led by higher revenue per available room or RevPar (combination of occupancy and room rates) which rose 4 per cent.

 

Occupancies jumped 4 percentage points over the year-ago quarter to 68 per cent. Its performance in key markets of Mumbai, New Delhi, Chennai, and Hyderabad, among others, helped it outperform the sector and gain market share.  READ MORE

9:57 AM

BUZZING STOCK | Hind Rectifiers surges 16%, hits new high on strong Q2 results

The company’s operating profit (EBITDA) more-than-doubled to Rs 13.47 crore in Q2, as against Rs 5.57 crore in the corresponding quarter of the previous fiscal. Net sales grew 40 per cent year-on-year (YoY) at Rs 83.18 crore during the quarter. Net profit increased an over three-times from Rs 2.35 crore to Rs 7.52 crore. READ MORE 

9:45 AM

Momentum Picks by ICICI Securities

9:36 AM

Rupee tumbles 28 paise, opens at lowest level since Sept 17 vs US dollar

The rupee on Monday tumbled by 19 paise to a near one-month low of 71.47 as fresh concerns over US-China trade deal and Hong Kong unrest kept forex market participants edgy. Investors also played their bets cautiously in view of India's rating outlook cut by Moody's investors Services last week. The forex market was closed on Tuesday on account of Guru Nanak Jayanti. READ MORE