Saturday, December 28, 2024 | 02:54 AM ISTEN Hindi

MARKET WRAP: Sensex tumbles almost 1,000 pts as Budget disappoints D-St

All that happened in the markets today

SI Reporter New Delhi

MARKETS: Sensex falls 800 pts, Nifty near 11,750 as Budget disappoints D-St

10:18 AM

Bold measures needed in Budget to achieve projected FY21 growth: Experts

India's economic growth is expected to "strongly rebound" to 6-6.5 per cent in 2020-21 from 5 per cent estimated in the current fiscal, said the Economic Survey 2019-20 tabled in Parliament on Friday by Finance Minister Nirmala Sitharaman, adding that the government with a strong mandate has the capacity to expedite reforms. READ MORE

10:13 AM

Budget 2020: PM Narendra Modi seems keen to move beyond gradual moves

Prime Minister Narendra Modi seems keen to present a Budget that goes beyond incrementalism and gradualism. On January 6, he held a series of meetings with Indian Inc, economists and experts on the Union Budget for 2020. "He was open to criticism and heard out suggestions and seems keen to present a budget that goes beyond incrementalism and gradualism," a source said. READ MORE

10:08 AM

Tech Mahindra declines over 3% post Q3 numbers, pares losses later

Shares of Tech Mahindra dipped 3.5 per cent to Rs 767 on the BSE on Saturday after the company reported 2 per cent growth in its consolidated net profit at Rs 1,146 crore for the quarter ended December 31, 2019 (Q3FY20), on sequential basis. On a year-on-year basis, the numbers declined 5 per cent. Revenue from operations stood at Rs 9,655 crore, up 6.4 per cent compared with Rs 9,070 crore reported in the September quarter (Q2FY20). In constant currency terms, the revenue grew 4.3 per cent QoQ. In US dollar terms, revenue rose 5.1 per cent to $ 1,353 million. READ MORE

10:06 AM

Edelweiss on SBI

We believe SBI is better positioned than peers given its CET1 of 10.2%, NNPLs at 2.65% and CASA of >44%. As a proxy for corporate recovery, SBI remains our top pick among PSU banks. Maintain ‘BUY’ with SoTP based a target price of Rs 415

10:05 AM

How will the markets react to Budget 2020?

Going by past data, the Sensex typically witnesses huge swings and ends the Budget session lower. The Sensex has swung an average 3 per cent in the past 15 Budget-day sessions. It ended 10 of the last 15 Budget sessions lower. Market players said that the government has to strike the right balance between keeping the fiscal deficit in control and announcing measures to revive growth READ MORE HERE

10:03 AM

30 years later, Economic Survey lays down the ground for Liberalisation 2.0

Nearly 30 years after economic liberalisation started in 1991, an official document doesn’t just praise the private sector but recommends that the government embrace capitalism in a new avatar.

Taking a cue from Adam Smith (who in the 18th century talked of the invisible hand of the market, in the book The Theory of Moral Sentiments), the Economic Survey bats for making the “invisible hand” take charge of the economy, to enter the next phase of rapid economic growth READ MORE

10:03 AM

NEWS ALERT | FM Sitharaman arrives in Parliament to present Budget before Cabinet

10:02 AM

Wealth creation to Thalinomics: All you must know about Economic Survey '20

The Survey aims to put a number what a common man pays for a decent meal, or a Thali as it is known in common lingo, across the country. The government says the absolute price of a vegetarian Thali has decreased significantly since 2015-16 across India and the four regions; though the price increased during 2019-20 READ MORE HERE

10:01 AM

Budget in bahi khata: FM Sitharaman continues tradition she started

For her second budget presentation, Union Finance Minister Nirmala Sitharaman on Saturday carried documents in a traditional 'Bahi-Khata' (ledger) wrapped in a red cloth, similar to what she carried last year. Dressed in crisp yellow silk saree, accompanied by MoS Finance Anurag Thakur and other officials from her ministry, Sitharam will meet President Ram Nath Kovind before presenting the budget at 11 am today. The duration of the budget speech usually ranges from 90 to 120 minutes. READ MORE

Finance Minister Nirmala Sitharaman with the 'Bahi Khata' of 2020. Photo: ANI

10:00 AM

Edelweiss downgrades Marico

We are downgrading Marico to ‘HOLD’ from ‘BUY’ given rising competitive intensity in VAHO, Saffola edible oil remains work-in-progress, lack of innovation, insufficient A&P push, and a likely increase in copra price—implying constrained gross margins. For Q3FY20, revenue decline of 2% YoY and EBITDA/PAT growth of 6.9%/9.7% YoY meets our estimates.

After ten quarters of positive volume growth, domestic volumes slid into negative zone—down 1% YoY dragged by a volume dip of 2% YoY in Parachute and 7% YoY in VAHO. After a lull of two quarters, growth in Saffola perked up (rising 11% YoY, but sustainability is key). COGS decreased 282bps YoY in spite of copra price hike of 5% YoY due to better inventory management—further expansion seems limited. We are pruning FY20/21E EPS by 4.4%/6.5% and cutting the target multiple from 45x to 40x, which yield a Rs of Rs 379

9:56 AM