MARKET WRAP: Sensex down 356 pts on US recession fears; Jet Airways up 13%

All that happened in markets today

1:24 PM

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

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
INFO EDG.(INDIA)	1900.00	1926.55	7.60	0.40
REC LTD	154.35	155.10	13.35	9.47
SRF	2436.10	2476.40	-23.10	-0.94

1:14 PM

Hero MotoCorp trades lower for ninth straight day; stock nears 52-week low

Shares of Hero MotoCorp were trading lower for the ninth straight day, down 1 per cent, at Rs 2,571 in intra-day trade on the BSE on Monday. The stock is trading close to its 52-week low price of Rs 2,562, hit on January 31, 2019 in intra-day trade. READ MORE

1:01 PM

Bharti Airtel is trading over 1% lower

12:48 PM

PFC acquires government stake in REC; stocks surge up to 8%

Shares of state-owned Power Finance Corporation (PFC) and REC rallied by up to 8 per cent on the BSE in the intra-day trade on Monday after PFC announced the acquisition of the Centre’s 52.63 per cent paid-up share capital in REC. The board of directors approved the acquisition cost of about Rs 14,500 crore. READ MORE

12:38 PM

Hindalco Industries slips over 2%

12:29 PM

March sell-off by DIIs is poised to be the highest in three years

The March sell-off by domestic institutional investors (DIIs), which include mutual funds (MFs), is poised to be the highest in three years. So far this month, DIIs have sold shares worth Rs 12,825 crore, the highest since April 2016. MFs alone have pulled out Rs 6,913 crore. READ MORE

12:07 PM

Elara Capital on Bharti Airtel

We believe loss in visitor location register (VLR)-adjusted subscriber base was driven by SIM consolidation, which has accelerated post introduction of minimum recharge of INR 35 per month by both Bharti Airtel and Vodafone-Idea. We reiterate our Buy rating on Bharti Airtel with a TP of INR 520 based on 6.5x FY21E EV/EBITDA adjusted for the minority holding in Bharti Infratel, but without adjusting for the upcoming rights issue.

12:03 PM

Prabhudas Lilladher on VIP Industries

While headwinds from currency & crude volatility prevail, product premiumisation (rising share of Caprese and Carlton) and increase in production from captive facilities at Bangladesh will aid in 40bps EBITDA margin expansion over FY18-21E. We expect premium valuations (32.7x FY20E and 25.3x FY21E) to sustain given strong growth prospects, debt free BS, high return ratios (RoE/RoCE of 25.6%/36.9% in FY18; to expand by 230bps/310bps over FY18-21E), and healthy dividend pay-out (average 41% over last 5 years). Initiate with a BUY and target price of Rs579.

12:01 PM

NEWS ALERT | Time Technoplast bags an order worth Rs 210 crore; stock up 2%

12:01 PM

Edelweiss on GMR Infrastructure

GMR Infrastructure (GMR) has awarded the commercial development rights for about 9.7msf at Delhi Airport (DIAL) to Bharti Realty (Bharti) broken down into two phases of about 4.8msf each. For phase 1, Bharti will pay DIAL upfront ~INR18.4bn and an annual lease rent of about INR3.6bn through 2036 (that will be marked up by 50% for 2036–66).

Bharti has an option to secure the rights to develop additional space of about 4.8msf in phase II on similar payment terms over the next five years. We view this deal as positive for GMR since it demonstrates its ability to steadily monetise DIAL land that would also help partially fund capex worth about INR90bn earmarked for DIAL. Maintain ‘BUY’ with an SoTP-based target price of INR23/share.

11:47 AM

Reliance Securities on Subros

Strategic focus on new products, thrust on indirect exports through India-based global sourcing by major OEMs, cost saving initiatives and debt reduction augurs well for the company. Recent preferential allotment to Denso at Rs 400/share would aid the company to undertake strategic initiatives in order to cater to industry’s fast changing technological up-gradation. We expect it to record double-digit revenue growth over the next 2-3 years and margin is expected to improve from the current level. Likely improvement in asset turnover would improve Subros' return ratios and valuation multiple, going forward.

11:37 AM

Jindal Steel, SAIL, Jindal Stainless: 3 metal stocks that can slip further

The benchmark indices are ripe for profit booking, technical charts suggest. The upward rising trend line for Nifty50 at 11,550 and BSE Sensex at 38,500 indicates profit booking and now face selling pressure. Such instances evaluate the strength and reversal in other indices as well; and the Nifty Metal is one such index that is looking to reverse its trend. READ MORE

11:28 AM

S&P BSE Sensex extends losses, slides over 1%

11:25 AM

Arvind Fashions up 10% on change in circuit filter; shifts to normal segment

Shares of Arvind Fashions surged 10 per cent to Rs 1,060, its highest level since listing on the BSE, in intra-day trade after the change in circuit filter to 10 per cent from 5 per cent. READ MORE

11:15 AM

Sectoral trend on NSE