MARKET WRAP: Indices end flat ahead of July F&O expiry; SBI up over 1%

Among sectoral indices, the Nifty PSU Bank index ended 1% higher led by a rise in Canara Bank, Indian Bank and State Bank of India.

12:42 PM

Strong volumes add colour to Asian Paints: Top line up 15%, net profit 30%

Amid improved demand and implementation of the goods and services tax (GST), stocks of Asian Paints soared by 26 per cent in the past three months, outpacing the BSE FMCG index growth of six per cent. READ MORE

12:33 PM

In the fast lane: Despite speed bumps, M&M bullish on big trucks market

Mahindra and Mahindra (M&M) sees the high operating costs facing transporters as an opportunity to sell more of its high tonnage trucks as the latter boasts of better fuel and operational efficiency as well as lower cost of ownership. READ MORE

12:15 PM

Hexaware Technologies slips 9% post Q2 results

Shares of Hexaware Technologies have slipped 9% to Rs 453 per share on the BSE after the information technology (IT) company reported a flat EBITDA margin at 15.6% in June 2018 quarter (Q2CY18). The company has reported year on year (YoY) margin decline from 16.2% in Q2CY17. READ MORE

12:03 PM

Markets at Noon

 

S&P BSE Sensex	36,865.65		0.11%
Nifty 50	11,126.20		-0.07%
S&P BSE 200	4,773.17		0.10%
Nifty 500	9,451.75		0.01%
S&P BSE Mid-Cap	15,696.88		0.21%
S&P BSE Small-Cap	16,299.23		0.50%

11:47 AM

This Adani Group stock zooms 100% in 17 trading sessions

Adani Green Energy (AGEL), an Adani Group company, is locked in the upper circuit for the fourth straight day, rising 10% to Rs 51.20. The stock has rallied more than 100% in past 17 trading days on the BSE and is trading at its highest level since its debut on the bourses on June 18, 2018. READ MORE

11:35 AM

Top gainers in BSE 500:

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)
NAVIN FLUO.INTL.	691.00	600.05	90.95	15.16
MULTI COMM. EXC.	816.65	768.00	48.65	6.33
FUTURE CONSUMER	47.30	44.60	2.70	6.05
JINDAL STAIN.	64.35	60.90	3.45	5.67
REL. COMM.	14.35	13.65	0.70	5.13

11:23 AM

Sebi bans Nava Diganta, 9 directors from markets for at least 4 years

Sebi has banned Nava Diganta Capital Services as also its nine current and former directors from the securities market for at least four years for illegally raising money, and directed them to refund it to the investors. READ MORE

11:12 AM

5 out of 8 insurance, MF IPOs trade 23% below issue price in aggregate

Investors who subscribed to the shares of companies engaged in insurance and mutual fund businesses through initial public offering (IPO) have lost their money, with five out of eight stocks underperforming the market since their listing. These five companies collectively raised Rs 344 billion through IPOs, which is currently valued 23 per cent lower at Rs 264 billion. READ MORE

11:00 AM

India to remain fastest-growing major economy, but oil poses risk: Poll

India will remain the fastest-growing major economy this year supported by increased government spending ahead of next year's general election, but rising oil prices pose the biggest downside risk, a Reuters poll of economists showed. READ MORE

10:46 AM

Sebi proposes three-phase process for re-classification of promoters

The Sebi on Tuesday proposed a three-phase process for re-classification of promoters as public shareholders. In the first stage, the concerned promoter shareholder or the company will have to file an application to the stock exchange requesting re-classification. In the next stage, the request will go to the board of directors. READ MORE

10:28 AM

Nifty Metal index up over 1.5 per cent

10:16 AM

HDFC Bank likely to take fund raising plan from Dalal Street to Wall Street

HDFC Bank is likely to take its fund raising plan from Dalal Street here to Wall Street. Sources say the bank prefers an issue of American Depository Receipts (ADR) over Qualified Institutional Placement (QIP) for its Rs 15.5-billion ($2.2 billion) equity raising exercise.

 

Attractive valuations and greater investor appetite is prompting the country’s highest-valued bank to go for overseas issuance. However, the foreign institutional investment ceiling could force it to also do a fourth of its fund raising in the domestic market. READ MORE

10:11 AM

CIMB on MindTree

We raise FY19F-21F EPS by 2-5% to factor in better revenues and change in currency assumptions. We maintain Reduce given the unfavourable risk-reward at current valuations, in our view. Our higher target price is based on 17.5x forward P/E (up from 16.5x for improving sales/margins and ROE), close to its mean of 1-year and 5-year average 1-year forward P/E. Higher-than-expected EBIT margins are a key upside risk.

10:10 AM

TOP CONTRIBUTORS TO SENSEX TODAY

COMPANY	LATEST	CHG(RS)	CHG(%)	FREE FLOAT MKT CAP (RS CR)	WEIGHT IN INDEX (%)
ADANI PORTS	399.55	8.05	2.06	36407.72	0.97
TATA STEEL	533.90	7.20	1.37	41503.30	0.71
HERO MOTOCORP	3141.85	40.40	1.30	40782.78	1.42
H D F C	2001.25	22.05	1.11	338261.27	7.92
BAJAJ AUTO	2673.80	23.00	0.87	39459.59	1.50

10:08 AM

Edelweiss on Symphony

Symphony (SYML) reported a lower-than-expected Q1FY19 top line, suggesting high sensitivity of volumes/profitability to the subdued air coolers business (due to a bad summer).

Key highlights: a) High stock levels with dealers coupled with weak demand sentiment led to a double-digit drop in revenue at Symphony (40% drop was a surprise that translated to a sharper reduction in bottom line) and the industry at large. b) While management is enthused by current month booking advances, we estimate overall domestic growth in FY19 will be lower given back-ended channel stocking and nil new offerings by SYML this year.

We are trimming FY19/20E earnings by 10/6% building in lower industry numbers, which tests our long-term growth thesis on SYML. However, we maintain ‘BUY/SO’ with a revised target price of Rs 1,605 (versus Rs 1,870) lowering our premium to sector from 50% to 35% factoring in rising business volatility