MARKET WRAP: Sensex, Nifty end flat with negative bias; PSBs, IT slip

The S&P BSE Sensex touched an intra-day low of 39,461 levels while the Nifty50 drifted to 11,817 levels during the day before staging a limited recovery. Banking stocks were among the key losers

2:14 PM

NEWS ALERT | Tata Sponge board approves rights issue of up to Rs 1,800 crore

- Board approves rights entitlement ratio of 15:7 at issue price of Rs 500/Sh

- Record date for rights issue set at June 25

2:11 PM

Lakshmi Vilas Bank soars 9%

1:55 PM

Indiabulls Real Estate soars over 4% after petitioner withdraws PIL against Indiabulls Housing Fin

1:29 PM

Rana Kapoor denies seeking board position

1:29 PM

Rana Kapoor tweets

1:15 PM

Papers signed by me have been misused to file false complaints: Abhay Yadav

1:14 PM

NEWS IMPACT | Indiabulls Housing Fin stock climbs 8% after writ petitioner withdraws fund siphoning case

1:12 PM

Indiabulls Housing | Petitioner, Abhay Yadav withdraws writ petition in SC: CNBC-TV18

- Yadav had accused Indiabulls Housing Fin of siphoning off Rs 98,000 cr

Alert: SC had agreed to hear case in July

1:08 PM

Elara Capital on Zensar Technologies

Rating: BUY

 

Target Price : INR 340

 

Upside : 33%

 

CMP : INR 256 (as on 12 June 2019)

We maintain our estimates. We have not taken into account the divesture of the non-core multi-vendor support (MVS) segment that accounted for 4.8% of revenue in FY19 due to uncertainty regarding timing of the divesture. With increased confidence in management’s ability to improve lagging parts of the portfolio, we change our rating to Buy from Accumulate with a new TP of INR 340 from 280 based on 13x (from 15x FY20E) FY21E P/E. We assign a lower multiple as we look at earnings further out into the future.

 

12:54 PM

Sector review | UBS on Banks and Financials

Private sector banks could outgrow industry peers, in our view. NBFC funding troubles could allow better pricing/higher loan growth for banks in the near term. We expect the revenue pool for the financial services industry (ex-SOE banks) to grow around 14% over FY17-22. We expect NIMs to improve slightly over FY19-21 due to mix change.

We expect new NPL formation to fall in FY20; however, new risks from sponsors' leverage, non- banking financial companies (NBFCs), and the real estate segment remain. YES and INDUSIND appear most vulnerable to the new risks than current market expectations. Considering the disruption in NBFCs, we believe ICICI, AXIS, SBI, HDFC Bank and Kotak Mahindra Bank (Kotak) are well placed in the emerging competitive landscape, given their strong presence in most financial

products.

 

12:32 PM

Rupee at Day's low

Source: Bloomberg

12:29 PM

IndusInd Bank dips 8% to hit 3-week low after UBS downgrades scrip to sell

Shares of IndusInd Bank hit three-week low of Rs 1,441 per share, slipping 8 per cent intra-day on Thursday after foreign brokerage UBS downgraded the stock to ‘sell’ from ‘neutral’ on expectations of higher credit costs.

 

The brokerage firm also lowered its price target to Rs 1,400, drawing inference from the lending cost of the bank, which it believes, could rise to 150 basis points (bps) as against the lender's guidance of 65 bps in FY20. READ MORE

12:02 PM

Tyre stocks under pressure as rubber prices rise; Ceat hits 52-week low

Shares of tyre makers were trading weak with Ceat hitting a 52-week low of Rs 921, down 4 per cent on the BSE, on concerns of margin pressure due to rise in raw material costs, particularly natural rubber.

 

MRF, Balkrishna Industries, Goodyear India, JK Tyre & Industries and Apollo Tyres were down in the range of 1 to 2 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.54 per cent at 39,541 points at 11:19 am. READ MORE

11:49 AM

Adani gets go ahead to start long delayed coal mine project in Australia

The go-ahead comes after Queensland's Department of Environment and Science said it had approved Adani's Groundwater Dependent Ecosystem Management Plan following a rigorous assessment "based on the best available science." READ MORE

11:41 AM

Canara Bank trading near day's low