F&O EXPIRY: Sensex tanks 324 points, Maruti dips 2%; Brent hits $75/bbl

All that happened in the markets today

1:24 PM

Cement shares surge on hopes of strong volume growth after elections

Shares of cement companies surged by up to 13 per cent on the BSE in intra-day trade on Thursday on the expectation of strong volume growth as infrastructural spending and demand in Housing-For-All scheme are set to gain momentum post elections. Deccan Cements, Orient Cement, Grasim Industries, UltraTech Cement, JK Lakshmi Cement and JK Cement were up between 5 per cent and 13 per cent. India Cements, Sagar Cements, Saurashtra Cement, ACC, Shree Cement, Star Cement and Ambuja Cements were up in the range of 2-4 per cent. In comparison, the benchmark S&P BSE Sensex was up 0.36 per cent at 39,195 points at 12:09 pm. READ MORE

1:04 PM

MARKET CHECK

12:43 PM

Brent crude hits $75 per barrel

12:21 PM

ICICI Direct on Sterlite Technologies

Sterlite has demonstrated a strong growth trajectory in the past couple of years driven by strong traction in global fibre demand. The recent China Mobile pricing fiasco, however, has clouded overall sentiments. Moreover, huge capacity addition across the globe is also likely to cap the price recovery in near to medium term. The shift of business mix towards services also runs the risk of working capital stress & thin margin. Therefore, we downgrade the stock to REDUCE, valuing it at 12x FY21E (vs 15x earlier) EPS to arrive at target price of Rs 180/share. Our earnings multiple cut is reflective of lower growth outlook, changing business mix and overhang of pledged shares.

12:10 PM

Grasim Industries climbs almost 7%

11:58 AM

RIL, Titan, HCL Tech, UPL, Ultratech, Bajaj Finserv hit fresh record highs

Six companies - Reliance Industries (RIL), HCL Technologies, Titan Company, Bajaj Finserv, UltraTech Cement, and UPL - from the Nifty50 index hit their respective fresh record highs on the National Stock Exchange (NSE) on Thursday. Bata India, DCB Bank, Fine Organic Industries and SRF from the the Nifty500 index too hit their respective all-time highs today. READ MORE

11:49 AM

Anand Rathi on Swaraj Engines

We continue to expect positive growth for tractorindustry in FY20 driven by government subsidies and expect Swaraj Engines tobenefit. However, we expect lower growth in FY20 and FY21 and thus expectearnings growth to be muted. We maintain a Buy on the stock at a revised Target Price of Rs 2,139 (earlier Rs 2,312)

11:38 AM

RBI tells banks, financial institutions to disclose exposure to IL&FS

The Reserve Bank of India (RBI) has asked banks and financial institutions to declare details of their exposure and provisions related to the troubled Infrastructure Leasing & Financial Services (IL&FS). It said banks and financial institutions must mention the total amount of exposure that are non-performing assets (NPAs) to the IL&FS. READ MORE

11:26 AM

JM Financial on Ultratech

UltraTech reported revenue growth of 17 per cent YoY for 4QFY19, primarily on volume growth of 15 per cent. Blended realisations improved by 1 per cent on a sequential basis (+2.1 per cent YoY). EBITDA/t at Rs 988/t grew by 17 per cent YoY as realisation improvement along with lower operating costs and other expenses more than offset raw material cost escalation.

We continue to value the existing assets of the company at 12x EVE and roll forward the target price. TP of Rs 4,700 (Mar’20). Maintain BUY.  

11:15 AM

Shah Foods down 4.9%

Company has received a letter from Britannia Industries Limited stating that the job work contract is terminated with effect from 30/06/2019.

11:07 AM

Buzzing | Automotive Stampings & Assemblies up over 15%

The company reported decline in net loss at Rs 3.82 crore versus loss at Rs 9.1 crore; revenue rises to Rs 139 crore versus Rs 111.9 crore YoY

11:07 AM

JM Financial Research on Mahindra & Mahindra Financial

We expect earnings CAGR of 21% over FY19-21E with return on assets (RoA)/ return on equity (RoE) expanding to 2.6%/17% by FY21E. We value MMFS standalone at 2.0x Mar’21E BV implying a value of Rs 461 per share. We value MRHF (Mahindra Rural Housing Finance) at Rs 44 per share and MIBL (Mahindra Insurance Brokers) at Rs 20 per share, implying a TP of Rs 525.

11:04 AM

Stocks active by volume

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
REL. COMM.	1.81	-0.09	-4.74	10581017
SPICEJET	132.15	5.90	4.67	3370859
RELIANCE POWER	8.04	0.30	3.88	2948914
SUZLON ENERGY	7.22	-0.05	-0.69	2127455
PC JEWELLER	135.70	2.60	1.95	1722767

11:03 AM

JM Financial Research on Bharti Infratel

We expect Bharti Infratel share price to be weak on back of 4Q results and a muted near-term outlook. Ignoring working capital changes, BHIN’s consol. FCFE was INR 29-30bn in FY19, implying FCF (free cash flow) yield of 5.0-5.5 per cent. However Bharti Infratel has a growth problem, given weak balance sheets of its key tenants and Jio potentially bringing more supply with its tower hive-off recently. We do not expect meaningful changes to our forecasts and TP; maintain Hold.

11:01 AM

Top losers on NSE at this hour

COMPANY	PRICE(Rs)	CHG(Rs)	CHG(%)	VOLUME
REL. COMM.	1.81	-0.09	-4.74	10575761
JET AIRWAYS	164.65	-6.60	-3.85	511344
BHARTI INFRA.	291.60	-10.55	-3.49	100912
VODAFONE IDEA	16.75	-0.45	-2.62	1303357
GAYATRI PROJECTS	167.80	-4.00	-2.33	566