MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

The Nifty Auto index declined 2.4 per cent led by fall in Tata Motors and Hero MotoCorp

1:47 PM

Equirus Securities on GAIL India

GAIL’s 2QFY19 EBITDA grew 55% yoy to Rs 29.3bn led by strong performance in the trading, petchem and liquid hydrocarbons segment. Historically, GAIL’s operating leverage expands in a rising oil price scenario and is more visible in trading, petchem and LPG segments as they are linked to the attractively prices HH volume. Also, a higher oil price reduces the concerns over lower profitability in LNG trading, particularly from US LNG volumes making it easy for GAIL to sell those volumes in international markets.

We increase FY19E/20E EPS by 8%/6% respectively to factor higher profitability in transmission, trading and petchem segments. We rollover to Dec’19 and maintain LONG with target price of Rs 420. (Sep’19 target price of Rs 413 earlier).

1:46 PM

Equirus Securities on Berger Paints

Domestic volume growth during the current quarter has outpaced that of its peers and picked up post 2HFY18. We expect FY19/FY20 volume growth for the company at 13.5%/12%, and EBIDTA margins at 15.3%/15.8%. We feel current valuations are expensive and hence maintain our REDUCE rating on the stock with a Mar’20 target price of Rs 302 (Rs 290 earlier). Key risks: Better-than-expected demand; lower RM costs which could lead to better margins.

1:45 PM

Ongoing recovery in markets is poised to extend longer: Elara Securities

 

The ongoing recovery in the markets is poised to extend longer, if past data is an indication. Since 2006, whenever the benchmark Nifty has corrected 10 per cent or more, it has managed to recoup most of the losses within three months, shows an analysis by Elara Securities. There have been 16 such instances of fall in markets, including the 2008 Global Financial Crisis, and in most occasions it managed to claw back the losses within three months, the analysis shows. Read more

1:44 PM

NEW FUND OFFER

DSP Investment Managers Pvt. Ltd. announced the launch of DSP Healthcare Fund, an open ended scheme investing in the healthcare and pharma sector. The fund would be predominantly investing in equity and equity related securities of healthcare and pharmaceutical companies with some portfolio allocation to foreign securities. The NFO is scheduled to open on November 12 and close on November 26, 2018. DSP Healthcare Fund may invest up to 25% in international healthcare stocks, especially large US companies, thereby giving investors access to international diversification as well.

1:27 PM

Coal India is trading lower ahead of Q2 results

1:15 PM

Here's a quick guide to how you can save tax on gifts

 

Receiving gifts is definitely exciting, but one also needs to know the income tax implications such receipts could have. Gifts could be either in the form of cash or kind. Let us look at the tax implications in both cases. In case you have received a gift in cash, such a gift would remain tax-free unless the amount received exceeds Rs 50,000. If the receipt exceeds Rs 50,000, the entire receipt would be taxed under the head “Income from Other Sources”. Read more

1:05 PM

S&P BSE Sensex top gainers and losers

12:57 PM

Aviation stocks slip

COMPANY NAME	LATEST	HIGH	LOW	CHG ()	CHG(%)	VALUE ( CR)	VOLUME
JET AIRWAYS	243.75	256.20	240.55	-13.65	-5.30	12.40	508855
SPICEJET	80.90	84.20	80.30	-2.65	-3.17	3.63	448178
INTERGLOBE AVIAT	956.70	997.70	950.50	-34.65	-3.50	2.42	25288
TAAL ENTERPRISES	265.50	266.00	251.50	-3.20	-1.19	0.04	1501
GLOBAL VECTRA	70.10	74.95	70.10	-3.65	-4.95	0.00	534

12:51 PM

Devangshu Datta Political upheaval till elections 2019 offers an investment opportunity

Politics is likely to be the dominant concern for investors until May 2019. There are five assembly elections in the next four weeks and campaign fever will build up until the General Elections of April-May 2019. This will be a period of increasing volatility. The macro-fundamentals look a little shaky.

 

Geopolitical tensions are high. The World Bank has cut its estimates for 2019 global growth. However, more than fundamentals, market returns in the next few months will be extremely volatile and very likely negative due to prospects of political change. READ MORE

12:39 PM

Brent crude jumps 2 percent on Saudi December supply cut

Brent crude oil prices jumped by 2 per cent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.

Front-month Brent crude futures, a benchmark for global oil prices, were at $71.59 per barrel, up by 2 per cent from their last close. US West Texas Intermediate (WTI) crude futures rose 1.5 per cent to $61.08 per barrel. READ MORE

12:34 PM

NEWS ALERT Mukesh Ambani commits to invest over Rs 3,000 crore in new businesses in Odisha

12:28 PM

PNB Housing Finance gains for 10th straight day; surges 41% from 52-wk low

 

Shares of PNB Housing Finance were up 5% at Rs 978 per share on the BSE in intra-day trade after the housing finance company said that it has obtained refinance sanction of Rs 35 billion from the National Housing Bank (NHB) in October-2018. The company said the funds will be utilised for the specific sector wise disbursements/end uses as per norms of the respective NHB refinance schemes. Read more

12:16 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,092.97	-65.58	-0.19
S&P BSE SENSEX 50	11,049.16	-13.30	-0.12
S&P BSE SENSEX Next 50	32,225.12	-73.47	-0.23
S&P BSE 100	10,856.44	-14.85	-0.14
S&P BSE Bharat 22 Index	3,458.03	-11.07	-0.32

11:58 AM

India Cements slips 7% on disappointing September quarter results

 

Shares of India Cements have slipped 7% to Rs 90.65 per share on the BSE after the company reported a sharp 94% year-on-year (Y-o-Y) decline in its net profit at Rs 14 million in September quarter (Q2FY19), due to higher input cost. It had a profit of Rs 237 million in the year-ago quarter. Read more

11:45 AM

Sebi picks Wipro, L&T Infotech among 7 cos for market vigilance activities

 

The Sebi has shortlisted seven firms, including Wipro and L&T Infotech, to build a private data storage cloud, automate its inspection of brokers and enhance analytics capabilities, as the regulator is eyeing a technological leap in surveillance and investigation functions. Other firms on the shortlist are Accenture Solutions Capgemini Technology Services India, Hewlett Packard Enterprise (India), EIT Services India and Tharavu Technologies. Read more