MARKET WRAP: Sensex gains 582 pts, Nifty ends at 11,787; Tata Motors up 16%

All that happened in markets today.

12:32 PM

Buzzing | Indiabulls Housing Finance surges over 18%

12:26 PM

NEWS ALERT | Proposed NMDC Nagarnar Steel Plant demerger unlikely this year: CNBC TV18 via Agencies

-- Govt official quoted as saying, demerger could take 7 months

12:21 PM

India, Saudi Arabia inching towards closer strategic ties: PM Modi

India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom's investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said.

 

Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to India in FY19, when the country had imported 207.3 million tonnes of oil. READ MORE

12:11 PM

BUZZING STOCK | Arvind jumps 10%

12:02 PM

MARKET CHECK | Top 5 gainers on the BSE at present

12:00 PM

IndiGo dips 5% as DGCA warns of action post 3 cases of in-flight shut-downs

InterGlobe Aviation-run IndiGo airlines slipped for the third consecutive day, down 5 per cent on the BSE on Tuesday, after industry regulator Directorate General of Civil Aviation (DGCA) instructed the airline to change engines on 16 of its Airbus A320neos, following three instances of in-flight engine shut-downs. The regulator has warned the airline the aircraft would have to be grounded if the changes are not completed in the next 15 days. READ MORE

11:53 AM

BROKERAGE RADAR | Dolat Analysis & Research Themes (DART) on Castrol India

Castrol India has been continuously working on protecting margins with sustainable growth. Given the under performance of the stock price for a prolonged period, CSTRL business performance in the next two quarters will be crucial for the long term stock outlook. Recommend Accumulate, with a target price of Rs 172, to trade at 19x CY20 EPS.

11:40 AM

NEWS ALERT | Strategic p'ship with Saudi to include Saudi investment in downstream oil projects: PM Modi

-- Lookign forward to Aramco's participation in India's strategic petro reserves 

(As reported by CNBC TV18)

11:30 AM

Market check | Sensex trades near 4-month high

11:26 AM

BROKERAGE RADAR | MOFSL on SBI

SBIN reported a moderation in slippages across segments (after elevated slippages in 1Q), while it prudently used the gain from the stake sale in SBI Life to create higher provisions. The bank carries sufficient provisions to cushion earnings; however, given the macro slowdown and the limited visibility on the resolution of large stressed accounts, we expect credit cost to stay elevated over the near term. Margins have improved but appear to have peaked out as monetary easing continues exerting pressure on incremental yields. We fine tune our earnings and estimate SBIN to deliver PAT of Rs 199b/Rs 296b in FY20/21 (+1.3%/2.6%). Maintain Buy with a target price of Rs 350 (1.1x FY21E ABV for the bank).

 

11:15 AM

BROKERAGE RADAR | HDFC Securities on ICICI Bank

We continue to like to the structural change in the bank’s B/S (increasing retailisation) and P&L fortification (better margins, lower LLPs due to better coverage). These trends appear sustainable and are likely to persist over the medium term. Our estimates did factor a slight increase in stress in the near term, hence they have not changed significantly. Limited exposure to known stressed names gives us some comfort and we believe the worst in terms of asset quality is long past ICICIBC. Maintain BUY with an SOTP of Rs 510 (2.0x Sept-21E core ABV of Rs 193 and sub-value of Rs 125).

11:03 AM

Steelmakers face debt challenges amid falling prices, slowing consumption

India's biggest steelmakers may be suffering from buyer's remorse as assets they bought from bankrupt rivals stretch their bottom lines while market conditions have worsened. Less than 18 months after scooping up these distressed assets in the hopes of extracting value and boosting market share, the steelmakers are struggling to meet sales and production targets because of a slowdown in the key construction and auto sectors. READ MORE 

10:58 AM

NEWS ALERT | Govt reviews equity-related tax rate rationalisation, reports CNBC-TV18

10:57 AM

MARKET CHECK | Nifty tops 11,700

10:55 AM

Market check