MARKET WRAP: Sensex ends at record closing high, up 137 pts; HDFC gains 2%

All that happened in markets today.

11:38 AM

No evidence to substantiate whistleblower complaint, says Infy; stock up 6%

Infosys jumped up to 6.46 per cent to Rs 732.50 on the BSE on Monday after the company said there was "no supporting evidence" to substantiate the allegations levelled by the anonymous whistleblowers against it.

 

"With respect to the complaints, there is no prima facie evidence that the company has received until date to corroborate any of the allegations made," it said in a regulatory filing adding, "The complaints are still under investigation, the company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints".  READ MORE

11:12 AM

NEWS ALERT | No Prima Facie evidence to corroborate any allegations of whistleblower: Infosys

-- Anonymous allegations still being investigated

-- Co not in a position to determine the credibility of the allegations

(As reported by CNBC TV18)

11:02 AM

Bajaj Finance gains 3%, nears record high on QIP launch report

Shares of Bajaj Finance were trading higher for the third straight day, up 3 per cent at Rs 4,175 on the BSE on Monday, on report that the company will look to issue its qualified Institutional placement (QIP) this week. The stock has gained 5 per cent in the past three days, and was quoting close to its all-time high level of Rs 4,220 touched on October 22, 2019 in the intra-day trade. READ MORE

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10:47 AM

BROKERAGE RADAR | Edelweiss Securities on Dr Reddy's Laboratories

With a focused management, promising complex pipeline, 21% earnings CAGR and compelling valuations, DRRD remains on strong growth trajectory over FY20–21. We reiterate ‘BUY/SP’ with TP of INR3,400 (20x December 2020E EPS). The stock trades at 16.5x FY21E earnings.

10:40 AM

Flight to safety and quality has been investment mantra: IIFL's Nirmal Jain

As the markets usher in Samvat 2076 with a hope that the economy will turn for the better and corporate earnings will improve, NIRMAL JAIN, chairman, IIFL, tells Puneet Wadhwa that picking right stocks and sectors will be important. Foreign portfolio investors (FPIs), he says, remain ‘neutral’ on India and that he does not expect any material change in their flows for now. READ FULL INTERVIEW HERE

NIRMAL JAIN, chairman, IIFL

10:27 AM

NEWS ALERT | South-based cement players hike price by Rs 45-90/bag: sources to CNBC TV18

-- Cement demand hit due to lack of govt. spending, delayed monsoon, and lack of sand availability

10:25 AM

Relaxo Footwears hits all-time high on strong September quarter results

Shares of Relaxo Footwears hit an all-time high of Rs 629, zooming 16 per cent on the National Stock Exchange (NSE) in the early morning deals on Monday after the company reported strong operating performance with a more than 300 basis points (bps) margin improvement in September quarter (Q2FY20). The stock surpassed its previous high of Rs 561 recorded on September 25 in the intra-day trade. READ MORE

10:14 AM

BROKERAGE RADAR | LKP Securities on YES Bank

In our view, even if the bank is able to raise capital, future profitability would be dependant on incremental NPAs and balance-sheet growth (where the visibility is extremely poor). We have factored in slippage ratio of 8.4 per cent, credit cost of 2.5 per cent, advances & deposits de-growth of 7 per cent and 14 per cent, respectively and other income de-growth of 26 per cent for FY20e. Based on these revised assumptions, we expect the bank to report loss of Rs 17.6 billion for FY20e. With balance-sheet crumbling and asset quality deteriorating at fast pace, we retain a SELL rating on the stock with a revised target price of Rs 53 (valuing the bank at 0.8x FY21e ABV). We haven’t factored capital infusion in our calculations.

10:01 AM

YES Bank slumps 10% on second-largest quarterly loss in Q2, recovers later

Shares of YES Bank slipped 10 per cent to Rs 59.95 per share in the morning deals on Monday after the bank reported its second largest quarterly (consolidated) loss of Rs 629 crore for the September quarter of FY20 due to a spurt in bad loans. On a standalone basis, the loss was Rs 600.08 crore.

 

This was the second biggest loss for the bank since its listing after Rs 1,506.60 crore loss in March quarter this year. The bank had posted a net profit of Rs 964.70 crore in Q2FY19. READ MORE

9:54 AM

BROKERAGE RADAR | ICICI Securities on Avanti Feeds

We expect Avanti to report revenue and PAT CAGRs of 12% and 19.9%, respectively, over FY19-FY22 and also expect its RoE to be stable over the same timeframe. We, therefore, maintain our BUY rating on the stock with a DCF-based target price of Rs 536 (implied P/E 17x Sept21E EPS).

9:53 AM

BROKERAGE RADAR | Edelweiss Securities on JSW Energy

JSW Energy (JSWE) reported a strong Q2FY20 operating performance led by lower-than-expected fuel cost (down 26% YoY). With power purchasing agreement (PPAs)/FSAs in place, the company’s pursuit of inorganic growth via acquisition of 1.7GW in Odisha is prima facie a positive. While we are convinced about JSWE’s expertise in turning around the stressed assets and putting money to good use, we await clarity on valuations and the deal’s finer details. Our current estimates capture the organic growth and any inorganic growth remains key trigger for the stock. Maintain ‘HOLD’ with TP of Rs 72.

9:32 AM

Momentum Picks by ICICI Securities

9:28 AM

MARKET CHECK | Sensex hits fresh record high

9:26 AM

Tata Motors trades over 1% higher

9:24 AM

Metal stocks rally, S&P BSE Metal index up over 2%