MARKET WRAP: Infy, RIL support Sensex, Nifty ends below 11,600; banks slip

All that happened in markets today.

12:57 PM

STOCK ALERT | Coffee Day Enterprises locked in lower circuit band of 5% at Rs 58.90, also its new all-time low on the BSE

12:52 PM

Sector watch | Nifty PSU banks decline

12:41 PM

Buzzing | ZEEL snaps 6-day losing streak; rises 3%

12:27 PM

MCX jumps 10% to trade near two-year high, rallies 52% in 7 months

Volumes surged after foreign brokerage Morgan Stanley upgraded the rating on MCX to overweight from equal-weight, and raised its price target to Rs 1,260 from Rs 870 per share. The stock has risen sharply from its 52-week low of Rs 644, touched on February 19, 2019, and has outperformed the frontline index by surging 52 per cent in the past seven months. The benchmark S&P BSE Sensex rose 8 per cent during the same period. READ MORE 

12:22 PM

NEWS ALERT | Will come up with e-commerce platform called BharatCraft, on lines of Alibaba Group: Nitin Gadkari, reports ET Now

-- Consultation with Commerce Min at final stage to set up BharatCraft, says RBi governor Shaktikanta Das

12:17 PM

NEWS ALERT | India in a competitive position w.r.t FDI: RBI Guv Shaktikanta Das

12:16 PM

NEWS ALERT | Expect positive impact of the tax cut on the economy: RBI Guv

12:15 PM

NEWS ALERT | Domestic cos can invest more with higher cash availability: RBI guv on corp tax cut

12:14 PM

NEWS ALERT | RBI governor Shaktikanta Das meets FM Sitharaman before Oct MPC meet

12:11 PM

Index Contributors at this hour

12:00 PM

India tycoons running out of time with debt dagger hanging over stocks

Indian media giant Essel Group, run by industry mogul Subhash Chandra, is seeking an extension to repay debt in order to avoid creditors liquidating its shares. The company faces a month-end debt repayment deadline. If that’s not met, creditors can sell shares in the group’s flagship Zee Entertainment Enterprises Ltd. kept as collateral against loans. The case highlights broader risks that borrowings backed by stock pose to the equity market. There’s a lot at stake with share-backed loans currently at about 1.9 trillion rupees ($26.5 billion). READ MORE  

11:52 AM

Thomas Cook (India) dips 12% despite clarification on suspicious transaction

Shares of Thomas Cook India slipped up to 12 per cent to Rs 135 in intra-day deals on the BSE on Tuesday, despite clarifying that the company has not received intimation from the Ministry of Corporate Affairs (MCA) over any 'suspicious’ transaction. The stock was trading close to its 52-week low of Rs 121, touched on August 23, 2019. READ REPORT HERE

11:45 AM

Market check

11:44 AM

NEWS ALERT | SC allows CoC to seek fresh bids from interested parties in Amtek Auto Case: CNBC TV18

-- Supreme Court allows RP 31 days for seeking fresh bids from interested parties. 

 

-- After completion of 31 days, thereafter, 2 weeks will be given for the CoC to evaluate & pick the highest bidder

-- CoC to submit final decision before the SC after taking calls on the offers received

-- CoC tells SC that they have already received offers from 8 interested parties

Alert: CoC is Committee of Creditors

       : RP is Resolution Professional

11:43 AM

Edelweiss Seurities on Logistics stocks

We retain ‘BUY’ on Mahindra Logistics (MLL) and TCI Express (TCIE) with revised target prices (TPs) of Rs 580 (from Rs 550) and Rs 850 (from Rs 750), respectively. The revision in TPs is entirely due to upward earnings revision due to the tax cut. For Concor, the upgrade in FY20/21E EPS is 1 per cent, but we are raising the TP by 6 per cent to Rs 600 (from Rs 570) given that the DFC-related option value rises due to lower tax assumptions in future. We value MLL and TCIE on the basis of a three-stage DCF, and Concor as a sum of 18x PE for existing business and DCF for DFC-related cash flows.