MARKET WRAP: Sensex ends at record high of 36,985; hits 37k in intraday

Nifty, too, hits a record 11,185.85 in intraday trade before settling at 11,167 levels. SBI ralies over 6%.

1:28 PM

RESULT IMPACT Maruti slips 2.7% post Q1FY19 numbers on the NSE

1:26 PM

EARNINGS ALERT (Image source: Company release)

Maruti Q1FY19 performance (yoy change)

1:23 PM

EARNINGS ALERT: Maruti says: While the operating profit increased by 59.7%, the net profit increased by 26.9% on account of lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year

1:22 PM

InterGlobe Aviation down for seventh straight day; hits 52-week low

Shares of InterGlobe Aviation, operator of IndiGo, are trading lower for the seventh straight day, down 2% at Rs 1,002, in otherwise firm market. The stock is quoting at its 52-week low level, and has dipped 11% from Rs 1,122 on July 17 as media reports suggested that the company has grounded five A320 aircraft in Delhi. READ MORE

1:22 PM

EARNINGS ALERT: Maruti Suzuki's net profit in Q1 (2018-19) at Rs 19,753 million, up 26.9% compared to the same period last year.

1:06 PM

Facebook stock falls 24 percent on forecast for slowing growth, rising expenses

Facebook Inc's stock fell as much as 24 percent after hours on Wednesday over concerns about the impact of privacy issues on the social media company's business, with executives warning that revenue growth would slow and expenses would rise. The plummeting stock price wiped out about $150 billion in market capitalization in under two hours. READ MORE

12:51 PM

COMPANY UPDATE Kesoram Industries refutes allegation of short-changing public shareholders

Basant Kumar Birla-promoted Kesoram Industries on Thursday refuted all allegations of "short-changing" public shareholders and listed the steps taken by the management to save the company from becoming sick or potentially sick over the past few years.

 

Minority shareholder Janardan Kothari had made the allegations at the company's annual general meeting. Subsequently, stock exchanges had sought a clarification based on reports READ MORE HERE

12:50 PM

BS SPECIAL Nifty50 index may be on course for the 11,400 level

The markets opened in positive territory on Thursday, with the Sensex breaching the 37,000 mark for the first time ever in early trade. On the National Stock Exchange (NSE), the Nifty50 index, too crossed its previous record high to scale a fresh high of 11,179.60 levels in intra-day trade. We had stuck our neck out at the beginning of the month and said that the markets will reach a new high before the Independence Day READ MORE HERE

12:39 PM

Equirus Securities on L&T Finance Holdings

With Rs 18bn of provisions for wholesale stressed assets adjusted in opening reserves, 1QFY19 and subsequent results will be a true reflection of the company’s operations. With books cleaned, we revise estimates to factor in IND-AS based assumptions, leading to FY19E/FY20E RoEs of 19.5%/19.3% with NIM/Loan growth of 4.8%/21% in each year. We UPGRADE to LONG (from ADD) with a revised SOTP-based Sep’19 target of Rs 215 (Rs 205 earlier) at 2.9x Sep’19 BV.

12:36 PM

Edelweiss on Bhel

We retain ‘BUY’ on account of improved P/L and balance sheet potential over the ensuing two-three years given sustained operating margin improvement from current lows and reasonable rise in cash flow. However, we revise down our DCF-based target price to Rs 90 (Rs 110 earlier) as we prune our thermal market size estimate given government’s sharpened focus on renewable and a higher risk-free rate of 8%, in line with our house call.

11:58 AM

TOP CONTRIBUTORS TO SENSEX'S GAIN TODAY

COMPANY	LATEST	CHG(RS)	CHG(%)	FREE FLOAT MKT CAP (RS CR)	CONTRIBUTION (POINTS)
ICICI BANK	282.55	7.95	2.90	149832.07	39.68
ST BK OF INDIA	283.75	12.30	4.53	71541.97	32.82
HDFC BANK	2188.30	14.60	0.67	210795.90	24.64
ITC	288.40	2.35	0.82	261575.10	16.21
H D F C	2007.00	6.60	0.33	193778.42	8.95
TATA MOTORS	261.75	4.45	1.73	73217.95	7.40

11:56 AM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	36984.40	36858.23	126.17	0.34
	15055.45	14996.19	59.26	0.40
	15754.29	15644.91	109.38	0.70
	16309.59	16255.43	54.16	0.33
	4329.93	4314.39	15.54	0.36

11:56 AM

Prabhudas Lilladher on Kansai Nerolac

We estimate CAGR of 14% in volumes, 17.7% in revenues and 16.9% in PAT over FY18-20. Kansai is currently trading at 36.7xFY20 EPS. We rollover and value the stock at 40xJune20 EPS of Rs13.7 and arrive at a target price of Rs549 (Rs526 earlier). We believe current input cost scenario provides an opportunity to accumulate stock for medium to long term gains. Retain Accumulate.

11:55 AM

Motilal Oswal on Hero MotoCorp

We cut FY19/20E EPS by 4-5% to factor in lower spare sales, higher RM cost and a higher tax rate. The stock trades at 16.1x/14.2x FY19/20E EPS. We lower our valuation multiple to 15x (v/s 16x earlier), a 10% discount to 10-year average P/E, to factor in higher competitive intensity in the 2W industry. Maintain Neutral with a target price of Rs 3,442.

 

11:54 AM

Larsen & Toubro: Concall takeaways from Motilal Oswal

Key highlights: (a) Private sector capex is still muted – a revival is at least two years away. (b) Order opportunity of INR5.4t for the 9MFY19 period. (c) NWC to sustain at ~20% of sales. (d) Domestic tendering activity remains strong; overseas tendering improving as well. Valuation view: Maintain Buy with an SOTP-based target price of Rs 1,540 (E&C business at 22x FY20E EPS, at the higher end of the five-year trading band, to which we add Rs 530 for subsidiaries)