F&O Expiry: Sensex rises 157 pts, Nifty settles at 10,780 led by RIL, TCS

Among the sectoral indices, the Nifty IT index rose 1.4 per cent led by Infosys and TCS. Nifty FMCG index, too, rose, 1.3 per cent led by Marico and ITC.

12:51 PM

Oil prices drop after jump the day before; glut, economy concerns drag

Oil fell on Thursday after soaring 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support. Brent crude oil futures were down 22 cents, or 0.4 per cent, at $54.25 a barrel. They rose 8 per cent to $54.47 a barrel the day before.

12:35 PM

NEWS ALERT KEI Industries total orderbook stands at over Rs 40 billion of which export orderbook is at Rs 6 billion. The company is not looking at any acquisitions

12:34 PM

Motilal Oswal on Telecom

 

We cut Bharti/Vodafone Idea’s target price to Rs 380/Rs 43, respectively, maintaining Buy. The current market situation is governed by a deep liquidity crisis and lowest point in ARPUs. However, both telcos’ have the capability to manage operations in a cut-throat competitive environment. Also, Bharti and Vodafone Idea’s strong promoter background should help them to weather the storm, albeit with some bruises.

12:33 PM

Motilal Oswal on Petronet LNG

 

The stock is trading at 11.1x Dec’20 EPS of INR20.1 and 6.6x Dec’20 EV/EBITDA. We value the stock using DCF (WACC of 12%, terminal growth of 3%). With a

target price of INR317, we reiterate our Buy rating on the stock.

Key triggers to watch out:
(i) progress on the completion of Kochi-Mangalore pipeline,
(ii) ramp-up of domestic gas production and
(iii) progress of Dahej expansion from 15mmtpa to 17.5mmtpa. Deployment of cash remains a challenge in the absence of commensurate imminent projects. However, management has shown prudence in terms of shortlisting of prospective projects. Dividend payout is also likely to remain high in the absence of imminent cash outgo on projects.

12:32 PM

NEWS ALERT KEI Industries expects FY19 growth at 18-20% and margin at 10%

12:26 PM

NEWS ALERT HCC approves allotment of 49.76 cr rights shares at Rs 10 each

12:14 PM

Trade war brings more trade: The unexpected side of the US-China tussle

A few days before Christmas, the container ship “SM Shanghai” was steaming toward California’s Port of Long Beach. Just ahead and coming to the end of an 11-day journey from China, the “Ever Lucent” was headed for the nearby Port of Los Angeles, where the “Thomas Jefferson” was preparing to sail in the opposite direction for Xiamen. READ MORE

11:58 AM

Top gainers on BSE500

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
BANK OF MAHA	15.02	1.04	7.44	405635
JP ASSOCIATES	7.58	0.44	6.16	3983227
KNR CONSTRUCT.	219.05	12.65	6.13	73407
CENTRAL BANK	36.20	2.05	6.00	300771
PC JEWELLER	85.25	4.15	5.12	1110471

11:44 AM

Nifty IT index is trading around 2% higher 

11:33 AM

Select PSU banks gain on recap hopes; Central Bank of India up 6%

Shares of select public sector undertaking (PSU) banks were trading higher by up to 7% on the BSE on hopes of central government’s bank recapitalisation announcement. Bank of Maharashtra, Central Bank of India, United Bank of India, Uco Bank, Corporation Bank and Dena Bank were up in the range of 2% to 7% on the National Stock Exchange (NSE). Read more

11:17 AM

Equirus Securities on Century Plyboards India

 

Post a disappointing margin performance in 2QFY19 amid higher crude prices and a depreciating INR, CPBI should see gradual margin improvement from 2HFY19 with (a) an expected drop in crude-linked phenol, formaldehyde and resin prices from 4QFY19 and (b) possible reversals of MTM losses related to FX borrowings due to INR appreciation. However, we acknowledge that the MDF business would likely see increased competitive intensity at least for the next 1.5-2 years, leading to lower MDF revenue growth and below-expected segment margins. We hence cut our FY19/FY20 Sales estimates by 2% each while maintaining our LONG rating as valuations have turned reasonable post the recent correction. Our Mar’20 TP of Rs 209 is set at 25x PE (Rs 206 at 25x earlier) on a TTM EPS of Rs 8.4.

11:13 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,976.03	+326.09	+0.91
S&P BSE SENSEX 50	11,318.74	+96.37	+0.86
S&P BSE SENSEX Next 50	32,611.36	+101.39	+0.31
S&P BSE 100	11,101.37	+85.88	+0.78
S&P BSE Bharat 22 Index	3,462.36	+12.48	+0.36

11:03 AM

NEWS ALERT| Zen Technologies board approves issuing 23.5 lakh Convertible Warrants at Rs 76 per warrant to raise up to Rs 178 million on a preferential basis to promoters (Ashok Atluri and Kishore Dutt Atluri) and an investor (Navin Sood)

10:55 AM

Top gainers and losers on S&P BSE Sensex

10:44 AM

Sun Pharma up 2% as arm gets relief by US court in patent infringement case

 

Shares of Sun Pharma climbed as much as 2.41 per cent in the morning trade on Thursday after DUSA Pharmaceuticals, an arm of of the Mumbai-based pharma major, received relief from a US court in a patent infringement case.

 

Massachusetts-based DUSA has been granted preliminary injunctive relief by a federal district court prohibiting defendants Biofrontera Inc, Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AGf from using its confidential and proprietary trade secret information, the company said in a regulatory filing. Read more