Sensex, Nifty end lower after last hour selloff; India VIX climbs 5%

All that happened in the markets today

12:06 PM

Result impact | Karur Vysya slips over 1% post Q4 nos

12:03 PM

NEWS ALERT| Karur Vysya Q4 result

- Net Profit comes at Rs 60 crore, up 18.6% y-o-y

- Net interest income comes at Rs 619.2 crore, down 3.7% q-o-q

11:59 AM

MARKET CHECK

11:47 AM

Dish TV slips over 6%

11:45 AM

Elara Capital on Oil & Gas sector

Extant marketing margin strong, but competition risk emerging

 

Oil marketing companies (OMC) have run-up 10-32% since our report Buy OMC on historical low valuation dated 26 October 2018, on recovery in gasoline (or motor spirit [MS]) and diesel (high speed diesel  [HSD]) margin with the fall in crude prices and the INR strengthening. However, we believe there is limited upside to OMC for the next 12 months, as 1) OMC at current price factors in a ROE in the range of 16.4-17.9% for FY21 vs our estimate of 14.7-19.8% (we assume ~USD 6.0/bbl GRM in FY21E and INR 2.8/liter MS & HSD gross margin) with FY15-19 average ROE of 23.5% (due to higher USD 6.2-7.2/bbl average GRM earned in the past, wherein for every USD 1.0/bbl GRM impact, OMC ROE will rise by ~2.5%), 2) Reliance is gaining market share in retail MS and HSD aggressively during a +INR 3/liter margin environment, implying OMC retail margin would be capped at INR 2.8/liter, and 3) global refining capacity addition in 2019 would be higher at 1.8mmbpd from earlier estimate of 1.6mmbpd, due to delay in some capacity addition anticipated in 2018.

11:40 AM

NEWS ALERT | Name of Jyothy Laboratories Limited will be changed to Jyothy Labs Limited: CNBC TV18

11:34 AM

Equirus Securities on VIP Industries

During FY19, VIP doubled its Bangladesh capacity (~10% of volumes). The company is looking to further double the capacity during FY20. We believe that increasing capacity in Bangladesh is a good move and would aid margins going into FY21E.

 

Key risks: RM cost inflation, lower demand and currency volatility.

11:33 AM

Equirus Securities on Jyothy Laboratories

Risk-reward continues to be favorable for JYL. Hence, we maintain our LONG rating with a Jun’20 TP of Rs 211 set at 35x TTM EPS of 6. Key risks: Lower-than-expected demand and higher RM costs.

11:27 AM

NEWS ALERT | Monsoon onset over Kerala likely on June 6: MeT department

11:23 AM

Union Bank of India plunges nearly 10% as Q4 net loss widens to Rs 3,370 crore

Shares of Union Bank of India plunged as much as 9.65 per cent to Rs 71.60 apiece in the intra-day trade on Wednesday after the state-run lender said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The company had registered a net loss of Rs 2,583.38 crore in the same quarter of the preceding fiscal. READ MORE

11:07 AM

DHFL slips 5% in trade

11:07 AM

Tata Steel rises 1.6%

10:57 AM

Nifty PSU bank down almost 1%

10:55 AM

Zee Entertainment dips almost 6%

10:55 AM

IIFL Securities on BHEL

Last close: Rs64

Target price:  Rs 65.2

Stop Loss: Rs63.4

Recommendation: Buy

The stock has been under pressure for the past two trading sessions and finally formed a bullish belt hold pattern on the daily chart. BHEL has also witnessed decent rise in traded volumes. Positive crossover on the RSI indicates momentum is likely to get extended further. Hold long positions with mentioned stop loss on closing basis.