MARKET WRAP: Sensex settles 158 points lower at 35,876; YES Bank surges 32%

All that happened in markets today

10:46 AM

Valuation of Indian equities still remain expensive, says Credit Suisse

The valuation for Indian equities remain expensive and some de-rating is warranted, given the general elections in April-May, said a note by foreign brokerage Credit Suisse.

 

The benchmark Nifty is trading at a 12-month forward price-to-earnings multiple of 17.1, versus the 10-year average of 15.3. READ MORE

10:37 AM

YES Bank zooms 30% as RBI finds no divergence in reporting NPAs

Shares of YES Bank has zoomed 30 per cent to Rs 220 on the National Stock Exchange (NSE) in intra-day trade, after the private sector bank said the Reserve Bank of India (RBI) has not found any divergence in the asset classification and provisioning done by the lender during financial year 2017-18. The stock recorded its sharpest intra-day rally since its listing on July 12, 2005. READ MORE

10:24 AM

Jet Airways falls over 5% ahead of December quarter earnings

Shares of Jet Airways fell as much as 5.44 per cent to Rs 215.05 apiece on the National Stock Exchange (NSE) in the early trade on Thursday ahead of its December quarter earnings due later in the day.

 

Apart from this, a resolution plan for Jet Airways has been delayed over issues linked to due diligence in fresh equity investments, promoters’ interests, lenders’ perspective, regulatory hurdles and government concerns, sources in the know said. Industry watchers are drawing parallels with suspense thrillers while waiting for the “climax or anti-climax’’, as an official put it. READ MORE

10:10 AM

Karur Vysya Bank hits lower circuit on weak Q3 results

Shares of private sector lender Karur Vysya Bank on Thursday tumbled 20 per cent to hit its lower circuit limit of Rs 63.40 apiece on BSE. The company on Tuesday posted a 70 per cent decline in its net profit at Rs 21.20 crore for October-December quarter of FY19 as bad loans spiked. The private sector lender had clocked a profit of Rs 71.49 crore in the year-ago period. READ MORE

10:04 AM

Market check

9:53 AM

Bata India: Investor confidence rises after better-than-expected Q3 numbers

The stock of footwear major Bata India surged about 27 per cent in the past three months and hit its 52-week high on Wednesday, before closing at Rs 1,271.4 apiece, up 6.9 per cent. The stock also outperformed the BSE FMCG index that has risen a meagre 0.9 per cent in the past three months.

 

Factors such as improving earnings visibility have turned investors bullish. Better-than-expected December quarter (Q3) numbers, announced on Tuesday, reinforced investor confidence about the company’s prospects. READ MORE

9:35 AM

With debt exposure at Rs 56,000 cr, MFs' infra bets come under IL&FS cloud

The mutual fund (MF) industry’s bid to optimise yields on debt portfolios have led them to load up on exposure to the infrastructure space.

 

However, experts say that the recent instance of IL&FS’ special purpose vehicle (SPV) denying repayment to bondholders, coupled with challenges in Essel group’s infra investments, doesn’t bode well for the MFs’ infra bets. READ MORE

9:25 AM

STOCK IMPACT

YES Bank jumps over 25% in early trade after it said the RBI has not found any divergence in asset classification and provisioning

9:19 AM

Sectoral trend on NSE

9:18 AM

NEWS ALERT

0.36% equity of YES Bank worth Rs 170 cr trades in multiple block deals

9:18 AM

Opening gainers and losers on S&P BSE Sensex

9:16 AM

Market at open

At 9:15 AM, the S&P BSE Sensex was trading at 35,996, down 38 points, while the broader Nifty50 was ruling at 10,333, down 15 points.

9:14 AM

Event calendar

(Image source: Geojit Financial Services)

9:12 AM

Derivative insights :: Geojit Financial Services

Nifty index futures closed 37.05 points lower at 10,823.40 on Wednesday. Open interest rose by 5.15 lakh contracts and the total open interest at the end of the day was 2.22 crore contracts. The premium rose marginally to 29.75 from previous day's close of 29.05. Nifty PCR OI moved lower to 1.28 from 1.35. Meanwhile, Nifty Put Option open interest (OI) declined by 0.12% whereas nifty call option open interest rose by 5.20%. India VIX closed lower at 15.73 from previous day's close of 15.75.

9:08 AM

IDBI Capital on JK Paper

We remain positive on JK Paper owing to its strong brand recall in organized copier and coated paper segments, superior pricing power compared to industry peers, backward integrated operations with in-house pulp manufacturing plant and inorganic expansion by acquisition of Sirpur paper.

We have tweaked our earnings estimates slightly upwards post robust 3QFY19, particularly on margins front. We expect JK Paper to clock in Net Sales/EBITDA/PAT CAGR of 7.3%/15.8%/ 14.3% over FY18-21E. Maintain BUY with a price target of Rs226 (earlier Rs221) based on SOTP valuation of JK Paper (4.5x EV/EBITDA to FY21E earnings) and Sirpur paper (4x EV/EBITDA to FY21E earnings).