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

All that happened in the markets today

11:57 AM

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

Shares of Reliance-Anil Dhirubhai Ambani Group (ADAG) companies continued to reel under pressure, falling by up to 40 per cent in the past seven trading sessions on the back of negative news flow. 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

11:57 AM

Market check

11:47 AM

WeWork considering $1.9 billion deal for control of India unit

WeWork Cos. is considering a deal to take majority control of its India affiliate, according to people familiar with the matter, a deal that would allow the shared-office startup to consolidate financial results from the fast-growing unit as it prepares for an initial public offering this year. The New York-based company is in talks to buy around 70% of WeWork India at a valuation of about $2.75 billion, said one of the people, who asked not to be named because the discussions are private. READ MORE

11:37 AM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
BAJAJ FIN.	3550.00	3566.00	7.15	0.20
CITY UNION BANK	217.50	219.20	-0.45	-0.21
MANAPPURAM FIN.	142.10	143.65	2.10	1.50
P I INDS.	1163.70	1178.00	20.75	1.82
SYNGENE INTL.	349.60	368.10	-3.35	-0.95

11:29 AM

NEWS ALERT | Looking for new ways of investment apart from bank loans: Nitin Gadkari

-  Want corporates, Pvt investors to form a cluster to contribute to growth

- Want more private sector investment to boost employment

11:25 AM

NEWS ALERT | MF industry AUM hits new record high in May: Motilal Oswal

- Total AUM hit the Rs 25.9t (+4.6% MoM) mark, surpassing the previous high of Rs 25.2t in Aug’18

- Equity AUM (including ELSS and Arbitrage) increased 3.2% MoM to Rs 8.2t in May, led by a rise in market indices (Nifty up 1.5% MoM)

Sector analysis

- Weight of Domestic Cyclicals’ increased 160 bp to 10-month high of 62.9%,as weight of Capital Goods, Financials (private & PSUs) and Cement increased while that of Autos moderated.

- Defensives’ weight decreased 110bp to 26.8%. Global Cyclicals’ weight, too, shrank 40bp to 10.4%

11:24 AM

Sun Pharma is trading lower

11:16 AM

NEWS ALERT | Pathlabs Unifiers approves signing a binding term sheet for acquisition of 70% equity stake in a New Company

- Board of directors of Dr Lal PathLabs wholly owned subsidiary approved acquisition equity stake in  a company to be incorporated by Vinita Kothari and Sushila Dalal. 

(Source: BSE filing)

11:16 AM

NEWS ALERT | Tech Mahindra appoints Shikha Sharma as one of the independent directors for 5 yrs: CNBC TV18

- Sharma is a former Axis Bank MD and CEO

11:11 AM

JM Financial Institutional Securities on Ceat

Recommendation:  BUY

 

Current Price Target (12M): Rs 1,150
 

Upside:  20%

 

The company aims to maintain its market share in the 2W segment through extensive network coverage, product quality and brand recall.

Intensity of competition in the PCR space is higher than 2Ws and CEAT plans to focus on gaining new model SOB from OEMs. Raw material prices have remained benign, as increase in NR price has been balanced by softer crude prices. The company is planning a capex of INR 4,000cr, primarily in the PCR and TBR segments over the next 2 year anticipating growth in the auto industry starting 2QFY21.

11:08 AM

OMCs trade mixed

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)
RELIANCE INDS.	1311.85	1322.70	1309.50	-12.45	-0.94
I O C L	160.15	160.85	158.80	-0.75	-0.47
GAIL (INDIA)	309.25	311.50	307.90	1.10	0.36
H P C L	308.25	309.75	305.95	-1.35	-0.44
O N G C	169.60	170.30	168.60	0.65	0.38
B P C L	387.15	388.35	384.50	-1.20	-0.31
INDRAPRASTHA GAS	337.45	343.00	337.30	0.85	0.25
OIL INDIA	177.10	177.30	175.60	-0.35	-0.20
CASTROL INDIA	143.40	145.40	143.05	-0.55	-0.38
PETRONET LNG	236.50	237.60	235.75	-0.65	-0.27

11:01 AM

Reliance Infra trades 6% lower ahead of Q4 results

10:58 AM

Aurobindo Pharma falls 5%

10:52 AM

Nifty Metal index trades positive for the first time during the day

10:48 AM

Hexaware buys US-based Mobiquity for $182 mn to expand cloud offerings

Indian IT services company Hexaware Technologies Ltd said on Friday it bought privately owned Mobiquity Inc for $182 million, to expand its cloud and automation service offerings. The deal will help Mumbai-based Hexaware gain traction in its banking and pharmaceutical verticals, through Mobiquity's digital products. Hexaware will pay $131 million upfront to Mobiquity and a deferred consideration of $51 million will be paid based on earnouts, the company said. READ MORE