Sensex pares early gains to end 430 pts lower; Nifty PSU Bank index dips 3%

All that happened in the markets today.

2:13 PM

Reliance Infrastructure wins DMRC arbitration award in Delhi High Court

Reliance Infrastructure won its case against the Delhi Metro Rail Corporation (DMRC) in the Delhi High Court on Tuesday. Anil Ambani-promoted Reliance Infrastructure said the court has upheld its arbitration award of Rs 29.50 billion as compensation along with interest to Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure Limited (RInfra). READ MORE

2:01 PM

Sectoral Trend

1:51 PM

India's apparel exports may dip in FY18 over GST, global challenges

If the 10-month data from April 2017 to January 2018 is anything to go by, India's apparel industry may post a rare decline in exports for the current fiscal 2017-18, let alone meeting the $20 billion target. READ MORE

1:38 PM

Govt might revise licence fee of Bt cotton seed for 2018-19 crop season

After a gap of two years, the central government might revise the ‘trait value’ (licence fee) of genetically modified (Bt) cotton seed for the 2018-19 crop season. The current price is Rs 800 for a 450g packet; this might also be changed. Of this, Rs 49 is the ‘trait fee’ and this could be cut by Rs 20-25. The Centre sets both rates. READ MORE

1:30 PM

Nomura on KNR Constructions

 

We continue to value the company on a sum of parts basis, with KNR’s EPC business at 18.0x FY20EPS of Rs 18.7 (in line with sector) together with Rs 47/sh value for BOT assets (at 1x BV) to arrive at a target price of Rs 383. Key risks are aggressive competition, payment issues in state projects and worsening working capital metrics.

1:15 PM

Gitanjali Gems downfall continues; tanks 71% in three weeks

Gitanjali Gems is locked in lower circuit for the 13th straight trading day, down 5% at Rs 18.35, its new low on the BSE, after the media report suggested that the Central Bureau of Investigation (CBI) arrested Vice President of the company in Punjab National Bank (PNB) case. READ MORE

1:12 PM

Prabhudas Lilladher on Aurobindo Pharma

Aurobindo received nine observations (Form 483) post USFDA visit of Unit‐IV in February 2018 and as management suggested, none of the observations were related to data‐integrity issues and were mostly on procedural aspects. We believe that ARBP will be able to address the issues raised in the observations as none of those are serious in nature and mostly are about GMP.

We expect Aurobindo to achieve resolutions on these observations in FY19E and is unlikely that any new approval of ANDAs to be blocked till resolution achieved. Maintain our 'BUY’ recommendation and retain target price at Rs 909

1:09 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,804.87	+58.09	+0.17
S&P BSE SENSEX 50	10,850.65	+34.57	+0.32
S&P BSE SENSEX Next 50	33,468.63	+200.74	+0.60
S&P BSE 100	10,752.71	+38.94	+0.36
S&P BSE Bharat 22 Index	3,549.63	+5.00	+0.14

(Source: BSE)

12:55 PM

STOCK WATCH Top gainers (BSE 500 index)

COMPANY	LATEST	PREV CLOSE	GAIN()	GAIN(%)	VOLUME
SCHNEIDER ELECT.	112.30	105.45	6.85	6.50	72023
PHOENIX MILLS	687.40	649.95	37.45	5.76	35905
BAJAJ HOLDINGS	2843.00	2705.45	137.55	5.08	4815
VAKRANGEE	170.65	162.55	8.10	4.98	673696
DILIP BUILDCON	1002.65	962.10	40.55	4.21	106943

12:50 PM

Equinomics maintains buy rating on Bayer Cropscience

 

The company’s strong presence in key crops of fruits and vegetables, cotton, and rice, along with a growing product portfolio, provides us comfort on the long-term growth trajectory. We expect Bayer to outperform industry growth given its strong product portfolio and line-up of new launches over the next few years.

 

At the current market price the stock trades at 36.7x its FY2018E EPS of Rs.104 and at 32.6x its FY2019E EPS of Rs.117. We reiterate a BUY on the stock with a target price of Rs.5,000 (which is 42.7x its FY2019E EPS of Rs.117). This leading global player in the agri space mostly trades at substantial premium in the Indian equity markets and we believe that it would continue to enjoy such high premium in future as well

12:40 PM

SITI Networks hits over four-year low; stock falls 14%

SITI Networks hit an over four-year low of Rs 15.70, down 14% on the BSE in intra-day trade, on back of heavy volumes. The stock is trading at its lowest level since September 2013. READ MORE

12:31 PM

Stock in News

 

Shares of Gitanjali Gems cracked another 5% in morning trade on bourses today after CBI said that the PNB fraud was going on since 2010. The CBI yesterday said the violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010. Reacting to the development, Gitanjali Gems stocvk slumped 5 per cent, to hit its fresh 52-week low of Rs 18.35 on BSE.

12:14 PM

Sharekhan on Grasim

 

Grasim is on a strong growth trajectory, with ongoing restructuring through trimming down its

loss-making businesses (fertiliser and telecom) and expanding its profit-making divisions (viscose, chemical and cement). Better earningsgrowth would also significantly improve return ratios at a consolidated level and trigger re-rating of the stock. 

 

Tactically, the inclusion of Grasim in Nifty 50 Index with effect from April 2, 2018, is also a re-rating trigger. We maintain our Buy recommendation with a revised price target of Rs. 1,480 (upward revision driven by lower share of Idea losses and strong demand in standalone VSF business).

12:01 PM

Markets @ Noon

S&P BSE Sensex	33,808.49		0.18%
Nifty 50	10,381.45		0.22%
S&P BSE 200	4,541.91		0.33%
Nifty 500	9,160.30		0.26%
S&P BSE Mid-Cap	16,406.97		0.63%
S&P BSE Small-Cap	17,907.94		0.11%

11:59 AM

NEWS IMPACT: Axis Bank trades flat; SFIO summons Shikha Sharma in PNB scam