Thursday, January 09, 2025 | 05:25 PM ISTEN Hindi

Indices see biggest 1-day fall ever in absolute terms, Sensex dips 1942 pts

All that happened in markets today

SI Reporter New Delhi

All the sectoral indices on the NSE ended in the red with metals taking the hardest knock. (Photo: Shutterstock.com)

9:06 AM

Market at Pre-open

9:04 AM

Top gainers and losers on S&P BSE Sensex during Pre-open

9:03 AM

Market at pre-open

9:02 AM

Rupee opening

Rupee opens lower at 74/$ vs Friday's close of 73.79 against the US dollar

8:59 AM

As oil prices fall and coronavirus spreads, here's what market analysts say

MICHAEL FARR, PRESIDENT, FARR, MILLER & WASHINGTON LLC, WASHINGTON, DC:

"What I'm seeing is a confluence of two black swan events: Coronavirus reaction and oil.

"Investors haven't gone to guns and butter yet. They haven't made the shift to Procter & Gamble and Pepsi Cola from tech stocks. Those are the sort of things I look for, but until I see that I'm struck that there's more downside vulnerability. READ MORE

8:56 AM

BROKERAGE RADAR :: Motilal Oswal Financial Services on BPCL

CMP: Rs 403 | TP: Rs 520 | Reco: Neutral

>> In the current benign crude price environment (our estimate of USD65/bbl for FY20/FY21), we expect to see structural changes in the pricing of LPG and kerosene, bidding farewell to all under-recoveries in the petroleum sector.

>> We maintain Neutral on the stock and value it at 1.9x (10% discount to FY15-18) FY22 PBV to arrive at a target price of INR520.

8:54 AM

BROKERAGE RADAR :: Motilal Oswal Financial Services on Tata Motors

CMP: Rs 114 | TP: Rs 178 (+56%) | Reco: Buy

>> The outbreak of Coronavirus has halted JLR’s smart recovery in China (~25% growth since Jul’19 till third week of Jan’20). Considering its revamped strategy

as well as favorable product pipeline, we do expect volumes to normalize for JLR in China from 2QFY21. Normalization of operating environment in China and

other markets is a key monitorable.

>> Our positive view on TTMT is based on (a) JLR’s improving product/market mix along with cost cutting initiatives, and (b) bottoming out of the India business.

>> The stock trades at 16.3x/7x FY21E/FY22E consol. EPS. We lower our target EV/EBITDA multiple for JLR to 2.25x (from 2.5x) to factor in the risk of delayed

recovery from the Coronavirus impact. Maintain Buy with a target price of Rs 178 (Dec’21 SOTP-based).

8:50 AM

YES Bank rescue plan: How brokerages have interpreted the proposals

The proposed plan saw stocks of YES Bank and SBI take a hit in trade on Friday, with leading brokerages such as Macquarie suggesting taxpayers will the biggest casualty in the government-approved bailout plan. JP Morgan, on the other hand, has revised down the target price of YES Bank stock to Rs 1. READ MORE

8:45 AM

Devangshu Datta :: YES Bank's Rs 10,800 crore bonds could soon turn into wastepaper

The draft Yes Bank Reconstruction Scheme, 2020 proposal reads: "The instruments qualifying as additional tier-1 capital, issued by Yes Bank under Basel-III framework, shall stand written down permanently, in full, with effect from the appointed date". This means Rs 10,800 crore of AT-1 bonds could turn into wastepaper. The draft is open for comments until March 9. READ MORE

8:42 AM

YES Bank crisis: Rana Kapoor in ED custody, faces Rs 4K-cr kickback probe

The agency arrested Kapoor, 62, early Sunday morning in connection with a money-laundering probe — three days after the Reserve Bank put YES Bank under a 30-day moratorium and superseded its board. Kapoor was produced in a Mumbai sessions court, which remanded him in ED custody till March 11. The agency told the court that Kapoor’s custody was required to investigate the role of some companies run by his family members, and are directly and indirectly controlled by him. READ MORE

8:40 AM

NEWS ALERT | US FDA accepts Biocon's licence application for biosimilar Bevacizumab for review: BSE filing

>> US FDA goal date set under Biosimilar User Fee Act is Dec 27, 2020.

>> Bevacizumab is the third biosimilar from co & Mylan for cancer patients in US.

8:37 AM

NEWS ALERT | Japan's economy shrank 7.1% in Dec quarter: Reuters

>> The world’s third-largest economy shrank an annualised 7.1% in the quarter to December, revised data showed on Monday, weaker than a preliminary reading of a 6.3% contraction and a bigger decline than a median market forecast for a 6.6% drop.

>> Japan’s economy shrank faster than initially estimated in the fourth quarter to mark the biggest drop in more than five years, Reuters reported.

>> The economy is under growing pressure as the coronavirus outbreak disrupts supply chains and damages tourism, which follows the hit to consumption after October’s sales tax hike.

8:33 AM

Commodity Picks: 09 March, 2020

Soy meal

Soymeal is trading at Rs 31,600 per tonne at the benchmark Indore markets. For the week ahead, prices are expected to trade weak and head towards Rs 31,300 and then Rs 31,000 per tonne. Weak demand from feed makers amid decline in placements due to the outbreak of coronavirus in India is expected to keep the undertone weak in near term. READ MORE