F&O Expiry: Financials drag indices, Sensex falls 335 pts; HDFC slips 4%

All that happened in the markets today

10:12 AM

All you wanted to know about a 'pullback' in trading

A pullback is a healthy correction in the long-term upward trend for a stock or the market / index. This is looked upon as an opportunity to enter a trade that provides a window for bigger return over the long term. When a chart portrays a rally on breakout, it does provide intermittent corrections that traders use to buy. READ MORE  

10:04 AM

Rupee Opening

Rupee opens at 74.83 per US dollar vs Wednesday's close of 74.80/$

10:02 AM

BPCL dips 5% on profit-booking as govt extends bidding deadline by 2 months

In the past two weeks, the stock of the state-owned oil marketing company rallied 23 per cent on the report that the global oil giants are showing interest in the company. In comparison, the S&P BSE Sensex was up 5.6 per cent during the same period. "In view of the further requests received from the Interested Bidders and the prevailing situation arising out of Covid-19, last date and time for submission of expression of interest (EoI) are extended up to September 30, 2020," the Department of Investment and Public Asset Management (DIPAM) said in a notice. READ MORE 

9:47 AM

BROKERAGE VIEW:: Edelweiss Securities on Hexaware Technologies

Hexaware has staged a quick recovery from the pandemic in spite of its huge exposure to the worst-impacted travel vertical. We believe Hexaware’s volatile business growth makes it hard to predict its earnings. For instance, our upward earnings revision of 5%/9% for CY20/21E in Q2CY20 is broadly equivalent to how much we downgraded last quarter (9%/15% for CY20/21E). Besides, we are raising the target multiple back to 16x from 14x, but the stock is fairly priced now. Maintain ‘HOLD/SP’ with a revised target price of Rs 392 (16x CY21E EPS).

9:45 AM

BROKERAGE VIEW:: ICICI Securities on Colgate-Palmolive (India)

Though the oral care category seems to remain resilient during this disruptive phase, we see limited growth opportunity given high category penetration levels, and habit change of brushing twice a day takes almost a generation’s time. Hence, the only growth levels for the company remains premiumisation and shift towards naturals and ayurveda space, which makes us cautious about long term growth prospects. We maintain our HOLD rating with a revised target price of Rs 1,540/ share.

9:43 AM

BROKERAGE VIEW:: Prabhudas Lilladher on InterGlobe Aviation

Rating: ACCUMULATE | CMP: Rs 908 | TP: Rs 965

We expect FY21 capacity to decline by 57% YoY while FY22/FY23 capacity is likely to be 86%/95% of FY20 capacity. Although the near term looks hazy, IndiGo continues to remain better placed than its peers and is likely to emerge stronger from the current crisis given 1) strong balance sheet with Rs 184bn cash & equivalents (Rs 75bn in free cash) 2) industry-leading cost structure and 3) strong management team. We value the stock at 7.5x Sept-22 adj. EV/EBITDAR. Maintain Accumulate with a TP of Rs 965

9:41 AM

BROKERAGE VIEW:: Prabhudas Lilladher on Manappuram Finance

Rating: ACCUMULATE | CMP: Rs 179 | TP: Rs 197

With Covid-19 uncertainty looming large, provisioning buffers are expected to rise supported by liquidity buffers on BS (Rs 60bn). Against this backdrop, we prune down growth and tweak provisioning estimates higher. EPS estimates, therefore, stand trimmed by only 4% for FY21 as operating leverage plays out but FY22-23 estimates stand down by 7-12%. We, therefore, reiterate Accumulate rating, and rollover our target multiple to 2.1x as per Sep’22 PBV estimates implying price target of Rs197.

9:39 AM

BROKERAGE VIEW:: Edelweiss Securities on YES Bank

Despite concerted efforts, challenges for Yes are far from over in our view. Though capital-raising is past, deposit accretion and asset quality are the key elements to monitor, not to mention the crisis of confidence among customers, employees and other stakeholders. Evolution in two–three years (size, franchise strength) is still an open question—which in our opinion lies in the realm of speculation more than analysis. We maintain the stock ‘UNDER REVIEW’.

9:33 AM

Phoenix Mills gains over 3% as Maharashtra govt allows malls to re-open

9:28 AM

Inox Leisure tumbles over 6%

9:26 AM

PVR slides nearly 3.5% as cinema halls to remain shut in 'Unlock 3.0'

9:25 AM

TVS Motor declines over 2% post Q1 nos

TVS Motor Company on Wednesday reported a standalone net loss of Rs 139.1 crore for the first quarter ended June 30, with Covid-19 severely impacting sales during the period. The company had posted a profit after tax of Rs 142.3 crore for April-June, 2019-20.

9:24 AM

InterGlobe Aviation trades marginally in the red

India’s largest airline IndiGo on Wednesday said it expected to increase capacity by 40 per cent in the September quarter (Q2) and, by the December quarter, it wants to be able to deploy 60 per cent of the capacity it operated during the same period last year.

9:22 AM

Result Impact | Bharti Airtel gains 1% in opening deals

>> The telecom major on Wednesday reported a 15.4 per cent rise in first-quarter revenue as customers consumed more data during the coronavirus crisis, even at higher rates

9:21 AM

Sectoral trends on NSE at Open