MARKET WRAP: Sensex tanks 491 pts, ends below 39k at 1-month closing low

All that happened in the markets today

10:33 AM

Market check | Markets trading near day's low

10:32 AM

Market check | Sensex slips over 200 pts

10:30 AM

NEWS ALERT | 1st session of 17th Lok Sabha begins today

10:28 AM

Have done provisioning for a lot of the stressed assets: SBI to CNBC-TV18

10:27 AM

NEWS ALERT | Most of our NBFC exposure is to those supported by large houses: SBI TO CNBC-TV18

10:22 AM

SECTOR WATCH :: Banks

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
YES BANK	115.80	118.30	113.80	0.45	0.39	19.82	1711780
PUNJAB NATL.BANK	76.90	77.45	76.40	0.35	0.46	2.62	340427
IDBI BANK	35.55	35.90	35.40	-0.35	-0.97	0.77	216650
BANK OF BARODA	118.90	119.95	117.75	-0.10	-0.08	2.36	198644
UNION BANK (I)	73.50	74.00	72.45	0.80	1.10	1.32	179104

10:17 AM

Reliance Infrastructure auditors say unable to give view on annual results

Anil Ambani-promoted Reliance Infrastructure reported a net loss of Rs 3,301 crore for the quarter ended March 2019 compared with a net profit of Rs 134 crore in the corresponding period last year. The firm's auditors said they were unable to give an audit opinion on the annual results and also raised doubts about the company and some of its subsidiaries' ability to continue as a going concern READ MORE HERE

10:15 AM

Rabobank International on expectations from US Fed

The escalation of the US-China trade war and the resulting turmoil in financial markets has finally opened the Fed’s eyes that the hiking cycle is over and that the next move should be a rate cut.
 

With the lack of progress in the US-China trade negotiations, the weak Employment Report for May and disappointing inflation data the FOMC now has all it needs to make an insurance cut. However, they may prefer to wait until after the G20 meeting before pulling the trigger. Therefore, we expect an insurance cut in July.

10:14 AM

TOP LOSERS :: BSE 500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
JET AIRWAYS	71.30	-10.75	-13.10	627069
PC JEWELLER	50.45	-6.95	-12.11	2885706
RELIANCE INFRA.	54.35	-4.95	-8.35	1232237
JAIN IRRIGATION	33.85	-3.00	-8.14	490291
JP ASSOCIATES	3.46	-0.23	-6.23	686446

10:13 AM

BUZZING STOCK | Reliance Infra hits over 28-year low as auditors raised concern over biz

Thus far in June, the share price of RInfra has tanked 49 per cent from the level of Rs 104, as compared to a one per cent decline in the S&P BSE Sensex.

 

The company had reported a net loss of Rs 3,301 crore in the fourth quarter of 2018-19 (Q4FY19), its biggest ever, one-time expenses of Rs 8,481 crore. The exceptional expense was related to defence business impairment, invocation of pledged shares, and loss at its power subsidiary, according to the company. READ MORE

10:12 AM

IIFL on GAIL

Outlook on GAIL’s key businesses is mixed: while the core gas transmission and marketing business offers good visibility (tariff finalisation + weak outlook on LNG), the commodity businesses (LPG and polymers) are on weak wicket. We factor in tariff revisions and prevailing commodity prices to cut GAIL’s FY20/21ii EPS by ~7.5%. The stock after correction offers a good play on gas markets India, but lacks immediate trigger.

10:12 AM

IIFL on Persistent Systems

In the long term, a more integrated organisational structure with low attrition, mining customers via cross-sell, and developing partner ecosystems would be the main focus areas. We forecast USD revenue/EPS Cagr of 7%/15% over FY19-21ii; while we came back incrementally positive from the Meet, we believe earnings predictability needs to improve for re-rating. Maintain ADD.

10:11 AM

Edelweiss on Hexaware

Mobiquity, a customer experience consulting firm specialising in providing multichannel digital experiences, looks like an exciting acquisition with 20% plus revenue CAGR and is reasonably valued given its $70mn revenue and margin. However, we would prefer more clarity on execution side of the business before we reassess Hexaware’s ratings. Maintain ‘HOLD’ with target price of Rs 360

10:09 AM

MAYBANK KIM ENG VIEW :: DCC approves 5G trial rules

We believe this is positive for telcos as spectrum pricing may be recommended lower. The Digital Communications Commission (DCC) has asked the Telecom Regulatory Authority of India (TRAI) to review its recommendations on spectrum pricing and the quantum of spectrum that can be auctioned. The TRAI had earlier recommended 5G spectrum price of Rs 4.92b per Mhz vs Rs 1.31b in South Korea.

BHARTI believes that this price is too high whereas IDEA wants spectrum auctions to happen only in 2020. The DCC has also decided that spectrum for 5G trials will be given for one year that will be extendable, for a one-time fee of INR50b. We have HOLD on BHARTI with target price of Rs 375 and SELL on IDEA with target price of Rs 12

10:01 AM

NEWS ALERT | Rs 6K cr received from Rel Nippon stake sale will be used to reduce debt: Rel Capital