Sensex ends 71 pts down, Nifty at 10,360 levels; PSU Bank Index up 0.8%

Catch all the market action here.

1:26 PM

ICICI Securities on Blue Dart Express (BDE)

 

Subsequent to the muted revenue growth of 3% in 9MFY18, we taper our FY18 revenue growth estimates to 5% (vs. 8% earlier). However with the economy set to gather steam, BDE leadership position coupled with strong balance sheet and close to debt-free capital structure is well equipped to ride out the next growth cycle triggered by GST implementation. Subsequently BDE over FY17 has spent around Rs 19 crore for consultation and advisory fees making the company future GST-ready. 

 

We expect structural changes like e-way bill coupled with formalization of sector would put Bluedart on strong footing in the coming years. Also, as the economy improves, given its strong client base, BDE’s business model provides earnings visibility. Growth will accrue gradually over a time frame and, hence, continue to value BDE on a DCF model to arrive at a target price of Rs 5120 (implied P/E of 55x) with a BUY recommendation

1:23 PM

Sector update: Infrastructure, oil & gas

 

The infrastructure sector is showing signs of stability, although pockets of stress still linger, says India Ratings and Research (Ind-Ra). The agency has revised the outlook on the sector to stable for FY19 from negative in FY18 with visible improvements in toll roads and wind projects. The outlook for telecom has been revised to negative-to-stable from negative. The outlook for thermal power (project level), oil and gas (including city gas distribution), power (corporate utilities), ports and airports remain unchanged

1:14 PM

Market check

S&P BSE Sensex	33,879.31		0.31%
Nifty 50	10,409.20		0.30%
S&P BSE 200	4,550.68		0.30%
Nifty 500	9,183.40		0.26%
S&P BSE Mid-Cap	16,453.97		0.15%
S&P BSE Small-Cap	17,873.09		0.09%

12:59 PM

BSE top gainers and losers

12:45 PM

PNB drops out of top-100 most valued stocks

Punjab National Bank (PNB) is no longer in the list of India’s top-100 most valued companies/banks in terms of market capitalisation (market-cap) after a stock price of the bank declined 31% in past one week. READ MORE

12:34 PM

Sectoral Trend

12:19 PM

Little exposure to Gitanjali Gems, none to Nirav Modi: IndusInd Bank

Private sector lender IndusInd Bank on Tuesday said it has no direct or indirect credit exposures to Nirav Modi with regards to the LoUs issued by the scam-hit Punjab National Bank.
 

The bank, however, added that it has a "small, two-digit exposure" to Gitanjali Gems not linked to any LoUs", without disclosing the exact amount. READ MORE

12:08 PM

IT stocks trade firm

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)	VOLUME
ZENSAR TECH.	906.00	884.65	21.35	2.41	4143
L & T INFOTECH	1434.30	1402.85	31.45	2.24	11593
KPIT TECH.	201.75	198.45	3.30	1.66	58340
TCS	2957.85	2924.55	33.30	1.14	27342
INFOSYS	1141.00	1130.00	11.00	0.97	68429

12:05 PM

Top gainers on BSE

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)	VOLUME
ARVIND LTD	397.50	383.15	14.35	3.75	68338
SUN TV NETWORK	918.50	888.15	30.35	3.42	81212
JINDAL SAW	131.15	127.05	4.10	3.23	233144
APOLLO TYRES	262.20	254.35	7.85	3.09	77741
INDIABULLS VENT.	253.30	245.75	7.55	3.07	100473

12:05 PM

Carbon black shortage forcing tyre factory shutdowns, says ATMA

The Automotive Tyre Manufacturers Association (ATMA) said on Monday a shortage of carbon black (a key ingredient for tyre manufacturing) in the domestic market has led to unplanned shutdown of factories. READ MORE

Photo: Shutterstock

12:02 PM

Prabhudas Lilladher on RPP Infra Projects

 

The stock is trading at 11.2x FY20E earnings. We expect RPP to deliver Sales and PAT CAGR of 28%/34%, respectively, over FY17‐20E. We believe the company is a good play on government’s increasing focus on improving rural infrastructure. We maintain a BUY with a target price of Rs385

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,841.48	+66.82	+0.20
S&P BSE SENSEX 50	10,848.89	+24.41	+0.23
S&P BSE SENSEX Next 50	33,815.93	-28.59	-0.08
S&P BSE 100	10,768.63	+19.00	+0.18
S&P BSE Bharat 22 Index	3,582.52	+1.85	+0.05

(Source: BSE)

12:00 PM

China bourses outbid NSE for Dhaka Stock Exchange stake

 

The 25 per cent share sale of Dhaka Stock Exchange (DSE), Bangladesh’s largest stock exchange, has triggered a diplomatic row between India and China, with exchanges from both the countries trying to lobby for their country’s exchanges to buy the stake READ MORE

11:48 AM

Fortis Healthcare, Religare Enterprises down upto 8% on talk of fraud probe

Fortis Healthcare and Religare Enterprises were down up to 8% on the BSE in intra-day trade after media report suggested that Fortis promoters Malvinder Singh and Shivinder Singh will soon receive summons from Serious Fraud Investigation Office (SFIO) in connection with alleged financial irregularities. READ MORE

11:30 AM

News Watch: PNB fraud: No jail for Nirav Modi? Lawyer says case will collapse like 2G

The lawyer of businessman and the main accused in the Punjab National Bank (PNB) scam Nirav Modi on Tuesday said that case against his client will collapse just like 2G scam and the Bofors matter. READ MORE