Last hour sell-off drags Sensex 289 pts lower; RIL, financials top losers

All that happened in the markets today

1:56 PM

Automobile sales down 7.5% in May, two-wheeler segment worst hit: FADA

Automobile sales dropped by 7.5 per cent to 17,71,920 units in May as compared to the same period last year, automobile dealers' body FADA said on Friday.

 

Two-wheeler sales took the biggest hit, followed by commercial vehicles, passenger car and then three-wheeler. READ MORE

1:46 PM

NEWS ALERT | Moody's ups outlook on Adani Transmission to stable from negative: CNBC TV18

1:46 PM

Dr Reddy's sells US rights of branded neurology products to Upsher-Smith

Dr Reddy's Laboratories Limited announced on Friday that it has entered into a definitive asset purchase agreement with Upsher-Smith Laboratories, pursuant to which the company would sell its US and select territory rights for Zembrace Symtouch (sumatriptan injection) and Tosymra (sumatriptan nasal spray). Earlier these products were commercialised through Dr Reddys' wholly owned subsidiary Promius Pharma. READ MORE

1:44 PM

NEWS ALERT | 15.6 lakh shares of YES Bank trade in a block deal on NSE at Rs 116.90 apiece

1:39 PM

Nifty FMCG index is trading 1% lower

1:38 PM

Fresh plan for Jet Airways rescue on cards; SBI to call meeting of lenders

State Bank of India (SBI) will soon convene a meeting of all lenders to the grounded Jet to work on a fresh resolution plan based on the new Reserve Bank of India guideline for stressed assets released on June 7. The lenders had earlier prepared a resolution plan, which envisaged fresh infusion of cash and a new partner, for the revival of the airline based on RBI’s February 12 circular. READ MORE

1:24 PM

NEWS ALERT | IDBI Bank initiates forensic audit on Sankhya Infotech

- Co informed BSE through filing

1:20 PM

NEWS ALERT | China steel output hits record in May: Reuters

- China produced 89.09 million tonnes of crude steel, up from 85.03 million tonnes in April and 81.13 million tonnes in May a year ago.

- Average daily output of the industrial metal reached 2.87 million tonnes

1:12 PM

Elara Capital on Persistent Systems

Rating: ACCUMULATE

 

Target Price : Rs 710

 

Upside : 14%

 

CMP : Rs 624 

We retain our estimates while we await early signs of success from the recent sales reorganization and new go-to-market strategy. We arrive at a new TP of Rs 710 from Rs 670 on 11x FY21E (from 12x FY20E) P/E. We lower the target multiple after discounting earnings further in the future. We reiterate our Accumulate rating, given the execution risk of a strategic pivot to potentially lower margin services and near-term revenue hiccups from sales reorganization. Significant decline in IBM IP revenue or loss of any top clients remain key risks to our call and estimates.

 

​

1:01 PM

ADAG shares tank; Reliance Infra plunges 40% in 7 days ahead of Q4 results

Reliance Infrastructure (RInfra), Reliance Capital (RCap), Reliance Home Finance (RHFL), Reliance Power (RPower), Reliance Naval and Engineering, and Reliance Communications plunged between 21 to 40 per cent in the past seven trading days on the BSE. In comparison, the benchmark S&P BSE Sensex slipped 1 per cent during the same period. READ MORE

12:57 PM

Stocks of credit rating agencies likely to remain under pressure: Analysts

The role of credit rating agencies has been under the spotlight given the recent liquidity crisis that has hit the finanial sector. While they can remain under pressure in the short-run given these developments, analysts remain optimistic on their long-term prospects. The optimism stems from the new set of guidelines set forth by the market regulator, which they believe, will tighten the weak links in their overall functioning and thus help in regaining the confidence from stakeholders. READ MORE

12:54 PM

Working on NBFC issue for few months, have not stopped lending to them, says SBI MD: CNBC TV18

12:53 PM

NBFC issue not that grave; working to resolve 1-2 NBFC accounts, says SBI MD: CNBC TV18

12:52 PM

NEWS ALERT | Adani Green promoter sell 5.98% stake via offer for sale

- Sale to meet minimum public share holding norm

- Promoter stake now stands at 74.92%

12:51 PM

NEWS ALERT | Indiabulls Housing releases pledge of entire 1.75% equity with YES Bank