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.

10:47 AM

NEWS ALERT | SEBI calls IniGo's company secretary for a meeting: CNBC TV18

-- SEBI had asked for IndiGo's response by July 19

10:46 AM

Zee Entertainment gains 2%

10:42 AM

Voltas trading near day's low

10:39 AM

Cox & Kings hits lower circuit for 12th straight day on another CP default

Shares of Cox & Kings were locked in lower circuit for twelfth straight trading day, down 5 per cent at Rs 23, in intra-day trade on the BSE on Thursday after the company defaulted on commercial paper of Rs 125 crore. This is the company's third default in the past fortnight, totaling Rs 325 crore. The stock was trading at a new low, and has tanked 54 per cent from the level of Rs 50 on June 25. In comparison, the S&P BSE Sensex dipped 2 per cent during the same period. READ MORE

10:31 AM

NEWS ALERT | Govt aiming IPO of National Seeds Corp, Telecom Consultants & Aravali Gypsum: BTVi

-- Wapcos' proposed IPO likely delayed due to legal issues

10:30 AM

NEWS ALERT | Aim to raise Rs 300 cr by Oct-end via IPO of 3 PSUs: Govt official, reports BTVi

-- DIPAM likely to appoint lead managers by next month to proposed offers

10:28 AM

DCB Bank gains 2%

10:26 AM

With founders quarreling in board room, IndiGo can't fly high in the sky

Investors were just starting to enjoy the fruits of a frenetic expansion that saw the no-frills carrier, Asia’s largest, double its capacity in the three years through March. Full-cost rival Jet Airways India Ltd tried to keep up, until it was forced to ground its last plane in April under a truckload of debt. Meanwhile, InterGlobe has put together a cash war chest — net of debt — of nearly $2 billion. READ MORE

10:18 AM

Motilal Oswal Financial Services on Trent

Recommendation: BUY

CMP: Rs 435

Target Price: Rs 500 

TRENT is likely to face near-term impact of equity dilution on earnings growth and RoIC. However, over a three-year period, the dilution could drive accelerated growth, which, in our view, is not fully captured in valuations as of now. Implied EV/EBITDA and P/E remain rich at 39x/58x on FY21E. We raise our SOTP-based TP to INR500 (v/s INR440 earlier), valuing Westside and Zara at 26x EV/EBITDA and Star at 1x EV/sales on Sep’21E. Westside and Zara are valued at a 30% premium to industry average. The implied TP is at par with the three-year average. Maintain Buy.

10:14 AM

NEWS ALERT | Crude oil at $75/bbl is a risk for India: Bharat Iyer, JP Morgan to CNBC TV18

10:13 AM

LIC Housing climbs 2%

10:09 AM

Oberoi Realty dips 1.3%

10:06 AM

Religare Enterprises surges 10% on stake sale in subsidiary to TCG Advisory

Shares of Religare Enterprises were locked in the 10 per cent upper circuit at Rs 42.95 per share on the BSE on Thursday after the company announced its plan to sell Religare Finvest to TCG advisory for an undisclosed amount. Between July 5 and today, the stock has rallied 51 per cent from a level of Rs 28.50 apiece. In comparison, the S&P BSE Sensex has lost 2 per cent during the same period. READ MORE

10:00 AM

NEWS ALERT | L&T Construction bags orders in range of Rs 1,000-2,500 cr

9:58 AM

MARKET CHECK