MARKET WRAP: Sensex slips 504 pts, Nifty below 11,450 ahead of F&O expiry

Nifty PSU Bank index settled as the biggest loser, down over 6%, followed by Nifty Auto index (down 4%), and Nifty Realty index (down 3.5%). Nifty IT index managed to settle 0.13 per cent higher.

2:26 PM

STOCK ALERT | SBI logs biggest 1-day fall in 4 years

(Via CNBC TV18)

2:25 PM

Indiabulls Ventures on Bata India

BATA INDIA is one of the best stocks to play on India’s strong consumption story. Due to its good product mix, we feel the company will continue to report 15% CAGR on a top-line over the next two years from FY20-21E. On account of its track record of maintaining stable performance and the introduction of various new product launches, the stock is trading at 38x FY21E PE. We would like to allot a PE multiple of 45x on an FY20E basis to bring it to a target price of Rs. 2000.

2:14 PM

Fine Organic surges 11% in a weak market on robust revenue growth outlook

In Q2FY20, the company expanded its capacity at Ambernath by 32,000 TPA to manufacture oleochemical derivatives. The plant is expected to contribute around 8,000 tonnes in FY20 and attain 45 per cent utilisation in FY21. Analysts at Anand Rathi Share and Stock Brokers believe that with this addition, the revenue and profit after tax would each clock 17 per cent CAGRs over FY19-21. READ REPORT HERE

1:55 PM

Index Contributors at this hour

1:46 PM

Market check

1:42 PM

NEWS ALERT | Review of SoftBank India strategy may mean scaling down of fresh commitments in India: CNBC TV18

-- Sectors like NBFCs, HFCs may be capital intensive, but hold long-term value

-- SoftBank's India exposure is around 15-20% of global portfolio

1:38 PM

DLF slumps 7%

-- Gurgaon-based luxury malls developer, DLF is planning to focus more on food and beverages and allocate around 20 per cent of space to the dining options across its project offerings, a senior company official said.

1:26 PM

NEWS ALERT | SoftBank team asked to review India strategy: sources to CNBC TV18

-- Review to be over and above quarterly review of the company

-- Change may mean greater focus on publicly traded companies

-- May look at Real Estate. Power, Infra sector

--  Review may mean differentiating between long-term and short-term investment

-- Portfolio may be restructured by exiting matured invsts & closing deals

1:23 PM

NEWS ALERT | Vistara signs long-term contract with Airbus 'Flight Hour Services': CNBC TV18

1:18 PM

Sector watch | PSU banks worst hit; Nifty PSB index down over 4%

1:10 PM

NEWS ALERT | Govt may issue notice to give clarity on corporate tax cut: Govt official to CNBC TV18

-- Revenue Dept against cos being able to avail credit for MAT already paid

-- Revenue Dept collating data on issues flagged by industry

1:01 PM

NEWS ALERT | Banks to get draft resolution proposal of DHFL within a week for individual board nod: sources to CNBC TV18

-- SBI sought 1-time exemption from SEbi to llow MFs to be part of resolution process

-- Sebi nod required to allow MFs to segregate stressed assets from performing assets

-- Lenders will take over 60% of the stake using SEBI pricing formula

Alert: Total DHFL liabilities at Rs 85,000 cr; Banks' exposure under Rs 30,000 cr

12:56 PM

Kaveri Seed jumps 5% after board approves share buyback plan

Shares of Kaveri Seed Company jumped 5 per cent to Rs 576 per share on the BSE on Wednesday in intra-day trade after its board approved buyback of 2.8 million equity shares at Rs 700 per share via tender offer.

 

In a regulatory filing at the bourses, Kaveri Seed Company said its board has approved proposal for buyback of 2.8 million equity shares, representing 4.4 per cent of the total equity of the company, for an aggregate amount of Rs 196 crore. The shares would be bought at Rs 700 per share. READ MORE HERE

12:45 PM

NEWS ALERT | QNB selects TCS to Future-proof its Capital Markets Operations: BSE Filing

12:33 PM

Market check