Indices end at record closing highs on Modi win hangover; Sensex up 623 pts

All that happened in the markets today

1:20 PM

Market check | Sensex surges over 500 points

1:05 PM

NEWS ALERT | GVK Power Q4 result

- Net profit at Rs 69.4 cr Vs Rs 23 Cr (YoY)
 

- Revenue at Rs 13.8 cr Vs Rs 3 cr (YoY)

12:52 PM

Sensex at day's high

12:50 PM

SpiceJet flies high, soars over 6%

12:47 PM

NEWS ALERT | SpiceJet to CNBC TV18

- Added 21 aircraft in last 21 days

- Govt needs to address structural issues

12:40 PM

Zydus Wellness' Heinz India and Zydus Nutrition merge post NCLT approval

Consumer healthcare firm Zydus Wellness Friday said the National Company Law Tribunal (NCLT) has approved scheme of amalgamation between two subsidiaries -- Heinz India Pvt Ltd with Zydus Nutritions Ltd -- post which, Heinz India has ceased to be in existence. In January this year, Zydus Wellness announced it has completed its Rs 4,595-crore acquisition of Heinz India's consumer wellness business, which includes popular brands Complan and Glucon D. READ MORE

12:38 PM

INOX Leisure climbs over 7%

12:38 PM

Indostar Capital Finance gains nearly 10%

12:33 PM

Anand Rathi Financial Services on IndusInd Bank

Higher provisioning due to the IL&FS account led to a steep decline in IndusInd’s Q4 earnings. Besides, SMA disclosures and the stressed pool suggest the risk is not high as perceived by the Street. We are sanguine about the bank’s loan-growth prospects and expect the BHAFIN deal to be synergistic in the medium term. We retain our Buy recommendation. 

12:19 PM

Market outlook by Elara Capital

From a market perspective, with the ruling NDA dispensation set for another five-year term, the political risk has reduced and market expectations for policy continuity have been addressed. There would be renewed expectations for a more reforms-oriented policy agenda in areas of disinvestment, GST simplification, labor reforms, ease of doing business and land acquisition. Election-related exuberance could propel the markets in the near term and pose an upside risk to our

CY19E Nifty target of 12,000. However, the current level of corporate fundamentals, geopolitical developments, such as trade wars and US-Iran conflict, and the progress of Monsoon will weigh on the markets.

12:19 PM

YES Securities on Sagar Cements

• Going ahead, Sagar Cements is well placed to benefit from robust demand scenario in Southern and Eastern markets. Accordingly, we project volume CAGR of 11.7% over FY19-FY21. Further, capacity expansion by SGC at MP and Orissa by FY21E will result into geographical diversification for the company in margin lucrative markets and lift volume growth from FY22 onwards.
• We estimate EBITDA growth to be ~40.3% over FY19-FY21 owing to healthy pricing scenario and cost management initiatives by the company.
• The company is currently trading at EV/EBITDA of 7.4x/5.9x on FY20E/FY21E respectively. We have valued SGC at EV/EBITDA of 8x on FY21E, arriving at a target price of Rs 921/share (+46% upside). We maintain our BUY rating.

12:16 PM

ELARA CAPITAL | Top socio-economic messages from the 2019 historic mandate

• Execution matters more than populism: Hence, The BJP’s track record of five years spoke more than the promise of NYAY of INR 72,000 per year;
• Socialist policies continue to resonate in a country which accounts for 24% of the World’s poor: Hence, schemes like Pradhan Mantri Gram Sadak Yojana, Pradhan Mantri Awas Yojana, Ujjwala and Swachh Bharat Abhiyaan and the promise of development resonates more than disruptions and loss of business due to Goods & Services Tax and demonetization;
• Hope drives people more than reality: Hence, expectations of a higher income in rural India, following payment of PM-KISAN matters more than weak farm income growth currently;
• Emotions & sense of identity matter in an economy where higher incomes have not taken root: Hence the Balakot Strikes matter more than weak job growth.

12:08 PM

Quant Pick by ICICI Securities: Ambuja Cement

Buy Ambuja Cement in range of Rs 223-228

 

Target: Rs 265

 

Stop Loss: Rs 203

 

Time frame: Three months

 

Derivatives & Quantitative Outlook

 

Broader markets have relatively underperformed vis-à-vis the Nifty in the current move. We believe that post the favourable outcome of the general elections, stocks from the infrastructure space may witness renewed momentum amid a broader market recovery. Cement stocks like Ambuja Cement are likely to  perform better in the coming sessions.

 

Change of bias is visible in the cement space with sectoral heavyweight UltraTech Cement making new life-time highs in the current move. We believe other stocks from the sector will also follow suit while stocks like Ambuja Cement are likely to witness fresh buying momentum.

12:06 PM

PSU banks extend gain; Bank of Baroda surges 21% in a week

Shares of public sector banks continued their upward movement with Nifty PSU Bank index surging 10 per cent thus far in the current week compared to a 2.5 per cent rise in the benchmark index. At 11:10 am, Nifty PSU Bank index, the largest gainer among sectoral index, was up 3.6 per cent, as compared to a 0.6 per cent rise in the Nifty 50 index. READ MORE

12:06 PM

MOFSL on Sun TV

We have lowered our TP to Rs 690 (prior: Rs 740), ascribing 15x (~30% discount to three-year average) to FY21 EPS. We believe, till the time the flux gets settled, impact from TRAI’s tariff order along with mounting pressure on viewership share and margins, warrants a discount to the average multiple. Yet, the current price largely captures the negatives. Maintain Buy.