MARKET WRAP: Sensex gains 119 pts, Nifty ends at 10,617; YES Bank sinks 7%

The Nifty Financial Services index settled 1.1 per cent higher led by a rise in the shares of Max Financial Services, Power Finance Corporation and Mahindra & Mahindra Financial Services

12:54 PM

Nifty IT index is trading higher led by Tech Mahindra

12:49 PM

Margin pressure, revised volume outlook weigh on Mahindra & Mahindra stock

 

The stock of Mahindra & Mahindra (M&M) was down about 2.6 per cent on margin pressure and a revision in volume outlook for both the auto and tractor segments. While September quarter results were more or less in line with estimates, the company could see pressure on profitability, going ahead. Read more

12:27 PM

S&P BSE Sensex top gainers and losers

12:17 PM

Vodafone Idea falls 9% on weak operational performance in Q2

 

Shares of Vodafone India have slipped 9% to Rs 37.60 per share on the BSE after the telecom services provider said that its pro-forma consolidated Ebitda (earnings before interest, tax, depreciation and amortization) declined 28.7% at Rs 9.78 billion in September quarter (Q2FY19). It had Ebitda of Rs 13.72 billion in the same quarter a year ago. Read more

11:43 AM

10 IT stocks that doubled your money in three years

 

Investors in as many as 10 IT companies made money with both hands over the last three years. GSS Infotech has topped the chartbusters' list with over 266 per cent returns during the period. Mastek (up 181 per cent) comes second on the list, followed by Polaris Consulting (up 137 per cent), Genesys International Corp (up 135 per cent) and Infinte Computer Solutions (124 per cent), ACE Equity data shows. In comparison, the benchmark Nifty50 index has risen 35 per cent while the Nifty IT pack has grown around 32 per cent. Read more

11:32 AM

NEWS ALERT Reliance Infrastructure Q2: Net Profit at Rs 5.48 bn vs Rs 5.43 bn year ago

11:29 AM

HDFC Securities on Zee Entertainment

We downgrade Zee Entertainment (Zee’s) target multiple from 30x to 25x Sep-20E EPS to factor in the divestment by promoters of upto 50% of their holding to a strategic partner by Apr19. Promoters even remain open for complete exit. Promoters hold 41.6% (59% pledged) amounting to ~$2.4bn at CMP. Potential exit by capable and efficient management and the resultant business disruption in the interim during transaction closure and management change is key concern, especially when industry is witnessing structural shifts

11:19 AM

Ujjivan Financial gains 10% on bonus hope

 

Shares of Ujjivan Financial Services have rallied 10% to Rs 238 on BSE in the intra-day trade on hopes of Ujjivan Small Finance Bank may issue bonus shares to the existing shareholders of the company. Ujjivan Financial Services is the holding company and promoter of its 100% subsidiary Ujjivan Small Finance Bank, which is a small finance bank. Read more

11:12 AM

Motilal Oswal on Motherson Sumi

 

CMP: Rs 154 

TARGET PRICE: Rs 212  

RATING: Buy

 

We cut FY19E/20E EPS by 8-10% to factor in the weak SMP performance, Reydel acquisition and the higher tax rate. MSS’ SMRPBV performance should improve hereon with the bottoming out of end-market and commercialization of capex. MSS is primed for a recovery, based on execution of the strong order book of SMPBV and continued traction in the wiring harness business. The stock trades at 30x/20.8x FY19E/20E consol. EPS. Maintain Buy with a target price of Rs 212 (22.5x Sep-20 consol. EPS).

11:02 AM

Top losers in BSE 500

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
PC JEWELLER	79.15	86.55	-7.40	-8.55	3203521
YES BANK	205.70	222.50	-16.80	-7.55	3162442
GRASIM INDS	815.00	876.95	-61.95	-7.06	106022
VODAFONE IDEA	38.65	41.45	-2.80	-6.76	1196651
NBCC	61.25	65.55	-4.30	-6.56	890604

10:46 AM

Motilal Oswal on Grasim Industries

 

CMP: Rs 877 

TARGET PRICE: Rs 973 

RATING: Neutral

 

We ascribe a 50% holdco discount to GRASIM’s investment in UTCEM and ABCL, while we value investments in other companies at a 50% discount to arrive at a target price of Rs 973. Neutral.

10:43 AM

Motilal Oswal on Mahindra & Mahindra

 

CMP: Rs 770 

TARGET PRICE: Rs 1,016  

RATING: Buy

 

While we maintain the FY20 EPS estimate, our FY19 consol. EPS estimate is lowered by 4.9% to factor in lower volumes in Auto/farm business and higher other expense. The stock trades at 16.4x FY20E and 14.2x core EPS. Maintain Buy with an SOTP-based TP of Rs 1,016 (Sep-20).

10:32 AM

Sovereign wealth funds tread cautiously; India holdings hit 22-month low

The interest of sovereign wealth funds (SWFs) in India seems to be waning, with the total value of their holdings across equity, debt and hybrid instruments hitting a 22-month low in October. The assets under custody of such funds grew steadily during the first three years of Narendra Modi’s tenure as Prime Minister.

 

The value of investments, however, slipped in the subsequent months and has fallen to Rs 1.63 trillion in October this year after peaking at Rs 2.65 trillion in August 2016. READ MORE

10:14 AM

Jet Airways hits two-month high; soars 60% since October

 

Shares of Jet Airways hit a two-month high of Rs 276 per share, up 7% on the BSE in early morning trade after a media report suggested that Tata Group is in talks to buy a controlling stake in the cash-strapped airline company. The stock was trading at its highest level since September 14, 2018. Read more

10:06 AM

PC Jeweller is trading over 6% lower post Q2 results