MARKET WRAP: Sensex up 266 pts as financials, auto stocks rally

n the broader market, the S&P BSE Mid-Cap closed 80 points, or 0.56 per cent, higher at 14,495 levels. Similarly, the S&P BSE Small-Cap settled 56 points, or 0.41 per cent, higher at 13,755 levels.

1:11 PM

Motilal Oswal Financial Services on AU Small Finance Bank

Recommendation: BUY

CMP: Rs 657

TP: Rs 750 

AUBANK has made strong progress on the business growth front, and alongside, has made adequate investments to support the growth momentum. We expect the bank to deliver steady progress in earnings/return ratios over FY19-21, aided by gradual improvement in operating leverage. We, thus, estimate ~43% earnings

CAGR over FY19-21. Strong credit underwriting, diversified and a granular loan book coupled with a committed management should enable the stock to trade at

premium valuations. We maintain Buy with PT of INR750 (4.7x FY21E BV). 

1:03 PM

Graphite electrode makers under pressure;Graphite India, HEG hit 52-wk lows

Shares of graphite electrode (GE) makers – Graphite India and HEG – slipped by up to 9 per cent in intra-day trade on the BSE, hitting their respective 52-week lows on concerns of softening GE prices. Moreover, an uptick in prices of key raw material is likely to impact margins. Among individual stocks, Graphite India plunged 9 per cent to Rs 278 on the BSE, its lowest level since September 15, 2017. HEG tanked 7 per cent to Rs 1,197, its lowest level since October 2017. READ MORE

12:55 PM

Tourism Finance Corporation hits 2-year low on pledged share concerns

Shares of Tourism Finance Corporation of India (TFCI) hit an over two-year low of Rs 65, down 8 per cent on the BSE in the intra-day trade on Thursday on investors' concerns over pledged shares by the promoters. The stock of financial institution was trading at its lowest level since March 16, 2017. It has tanked 41 per cent in the past eight trading days after concerns surfaced over the company’s substantial exposure to Cox & Kings. READ MORE

12:41 PM

Sensex near day's high

12:31 PM

Den Networks surges 11%

12:29 PM

NEWS ALERT | Seeing improvement in market share of banks as compared to NBFCs and MFs: UBS via CNBC TV18

-- Expect slightly higher slippages and increase in watchlist than earlier estimated: UBS

12:21 PM

JSW Steel up over 3%

12:10 PM

NEWS ALERT | Bharat Forge arm Kalyani Rafael bags $100m order for mfg 1,000 BARAK-8 MRSAM missile kits

12:02 PM

GTPL Hathway zooms 20% on impressive June quarter results

Shares of GTPL Hathway zoomed 20 per cent to Rs 64.80 in intra-day trade on the BSE on Thursday after the digital cable television and broadband services provider's consolidated net profit more-than-doubled at Rs 29 crore for the quarter ended June 2019 (Q1FY20). It had posted a profit of Rs 13 crore in the year-ago quarter. READ MORE

11:59 AM

13 firms where PAT margin has risen consistently in the last 4 quarters

Marico, Dhampur Sugar Mills, Balrampur Chini Mills, Jammu & Kashmir Bank, Oriental Bank of Commerce and Deepak Nitrite are some of the companies whose PAT (profit after tax) margin has seen a consistent rise in the last four quarters (as of March 2019 quarter), data analysed from ACE Equity shows. However, the steady performance is not being reflected in their stock prices as most of the scrips have remained subdued or given negative returns during the period. READ MORE

11:46 AM

Indigo, SpiceJet, Jet Airways: Here's how you can trade in airline stocks

InterGlobe Aviation Ltd (INDIGO): The recent fall of over 10 per cent has dented the positive sentiment in the counter to a great extent. There are chances that the stock will enter a bearish phase. That said, the most significant neckline comes at Rs 1,230, which is 200 days moving average (DMA), and if breached then a slide below Rs 1,000 levels is inevitable. READ MORE

11:32 AM

Advisors urge caution as state-owned banks push group's MF products

Banking customers, especially those belonging to state-owned banks, are most likely to be urged by the the lenders' sales teams to invest in mutual fund (MF) products of the bank-sponsored fund house.

 

According to data collated by Prime Database, PSU banks such as Canara Bank, Union Bank, State Bank of India, Bank of Baroda and IDBI Bank (classified recently as private bank), earned 70-100 per cent of their distribution income selling MF products of their mutual fund subsidiaries. READ MORE

11:08 AM

MARKET ALERT | REC trades shares of 0.34% eq on the NSE

11:07 AM

IndiGo skids 9% on promoter dispute; SpiceJet up 2%. Here's what lies ahead

Shares of IndiGo extended decline and slipped another 9 per cent in the morning trade on Thursday amid spat between promoters of the company over issues of excessive control and corporate governance. SpiceJet, on the other hand, rose as much as 2.29 per cent.

 

At 10:35 am, the stock of IndiGo was trading around 7 per cent lower at Rs 1,304 apiece on the BSE. SpiceJet was ruling half a per cent higher at Rs 120.25 apiece. In comparison, the benchmark S&P BSE Sensex was trading at 38,732 levels, up 175 points or 0.45 per cent. READ MORE

10:54 AM

Stock pick by Anand Rathi Financial Services