MARKET WRAP: Sensex ends 224 pts lower on global cues, fall in bank stocks
Banks were the top losers on Monday, with Nifty PSU Bank index falling over 3%, while Nifty Bank index slipped over 1%
 "Stock market")
11:15 AM
Sector consolidation likely to benefit IndiGo and SpiceJet
Despite the weak macro environment and severe competitive intensity in the aviation sector, Interglobe Aviation (IndiGo) and SpiceJet stocks gained 3.5–6.5 per cent over the last two trading sessions.
On the other hand, delay in announcing its June quarter results and a stretched balance sheet saw Jet Airways share price shrinking over 11 per cent last week. While headwinds in the form of high oil prices (and hence, air turbine fuel), weak rupee and competitive pressures remain. READ MORE
11:01 AM
It will be biz as usual at HDFC Bank despite Sukthankar leaving: analysts
Shares of HDFC Bank opened 2% lower at Rs 2,075 on the BSE, after the country’s largest private sector lender said its deputy managing director, Paresh Sukthankar, has tendered his resignation. The announcement came in on Friday after market hours. The stock, however, recovered partially as trade progressed.
Analysts had expected the stock to see a knee-jerk reaction to the development. Most suggest the fall can be bought into from a long-term perspective. READ MORE
10:45 AM
Nifty IT index hits new high; Infosys at record high of Rs 1,400 on the NSE
Shares of information technology (IT) companies are in focus on Monday, with the Nifty IT index hitting new high after the Indian rupee slipped to a record low of 69.53 per dollar in the early trade on Monday. It has opened at 69.49 per dollar on today versus 68.83 Friday.
Among individual stocks, Infosys hit a record high of Rs 1,400, up 1% on the NSE in early morning trade. The stock surpassed its previous high of Rs 1,392 touched on July 25, 2018 in intra-day trade. READ MORE
10:35 AM
Anant Bajaj, managing director of Bajaj Electricals, passes away
Anant Bajaj, managing director (MD) of Bajaj Electricals, passed away on Friday after a heart attack. He was 41. Bajaj, the only son of company chairman Shekhar Bajaj, took over as MD in June. An alumnus of Harvard Business School, Anant Bajaj was associated with the firm for nearly 20 years, becoming joint MD in 2012. READ MORE
STOCK IMPACT
10:30 AM
INTERVIEW OF THE DAY FPIs' participation in IPOs has reduced as MFs have got bigger: Khaitan
Deal-making this year has become more challenging with increasing market volatility. Sunil Khaitan, India head, global capital markets, Bank of America Merrill Lynch, shares his view on the outlook and trends on the primary market with Samie Modak READ MORE
Deal-making this year has become more challenging with increasing market volatility. Sunil Khaitan, India head, global capital markets, Bank of America Merrill Lynch, shares his view on the outlook and trends on the primary market with Samie Modak READ MORE
Sunil khaitan, India head, Global Capital Markets,Bank of America Merrill Lynch
10:21 AM
TOP BSE LOSERS
» More on Top Losers
| COMPANY | PRICE() | CHG() | CHG(%) | VOLUME |
|---|---|---|---|---|
| INDIA CEMENTS | 109.80 | -7.15 | -6.11 | 353136 |
| BAJAJ ELECTRICAL | 569.75 | -35.85 | -5.92 | 55273 |
| HEG | 4115.55 | -220.15 | -5.08 | 29937 |
| RELIANCE NAV.ENG | 19.01 | -1.00 | -5.00 | 374304 |
| 8K MILES | 336.00 | -17.65 | -4.99 | 2660 |
10:20 AM
ICICI Securities on Coal India
The sharp improvement in the company’s profitability in Q1FY19 reaffirms our view of significant earnings improvement YoY in FY19 (I-Sec: 134% growth) as recent price hike and implementation of evacuation facility surcharge, along with various cost control measures, helps CIL fully recover from the impact of various cost increases.
10:19 AM
Elara Capital on APL Apollo Tubes
We believe the company will retain its leadership position in the industry on the back of aggressive volume growth and better product mix, which will drive earnings. We expect a 24% EBITDA CAGR over FY18-20E to Rs 5.7bn. Increased profitability coupled with higher cashflow and minimal capex will aid in deleveraging. We continue to value the company at 11x FY20E EV/EBITDA with a target price of Rs 2,455. We reiterate Buy
We believe the company will retain its leadership position in the industry on the back of aggressive volume growth and better product mix, which will drive earnings. We expect a 24% EBITDA CAGR over FY18-20E to Rs 5.7bn. Increased profitability coupled with higher cashflow and minimal capex will aid in deleveraging. We continue to value the company at 11x FY20E EV/EBITDA with a target price of Rs 2,455. We reiterate Buy
10:18 AM
ICICI Securities on Dr Lal Pathlabs
We remain positive on long term outlook of Dr Lal considering its strong brand franchise in the organized market with sustainable growth, expansion potential, healthy free cash flow generation and strong return ratios.
The margins would be under pressure in near term due to higher operational costs of Kolkata national reference lab; however, we expect improvement FY20 onwards with volume pick up. We largely maintain our estimates and retain BUY rating on the stock with revised target price of Rs1,066/share (earlier Rs1,015).
The margins would be under pressure in near term due to higher operational costs of Kolkata national reference lab; however, we expect improvement FY20 onwards with volume pick up. We largely maintain our estimates and retain BUY rating on the stock with revised target price of Rs1,066/share (earlier Rs1,015).
10:15 AM
Edelweiss on Voltas
Operating performance came in stronger than expected with revenue/EBIDTA growth of 11/17% led by better UCP performance and higher-than-expected project margins. Key highlights: 1) In our view, with rising share of inverter ACs (50% of market), Voltas’s growth/market share of ~7%/23.5% reflects its improving position in inverters ACs (40% of secondary sales for Voltas). 2) The Projects business continues to gain traction with new projects at decent margins driving profitability; we expect this trend to sustain given robust infra opportunities in domestic market.
Our ‘’BUY/Sector Outperformer rating and target price of Rs 685 (cooling business valued at ~38x PE) factors in Voltas’s sustained competitive edge (brand/reach) in room ACs despite intense competition. This complements its entry into a bigger white goods market through the VoltBek JV
Operating performance came in stronger than expected with revenue/EBIDTA growth of 11/17% led by better UCP performance and higher-than-expected project margins. Key highlights: 1) In our view, with rising share of inverter ACs (50% of market), Voltas’s growth/market share of ~7%/23.5% reflects its improving position in inverters ACs (40% of secondary sales for Voltas). 2) The Projects business continues to gain traction with new projects at decent margins driving profitability; we expect this trend to sustain given robust infra opportunities in domestic market.
Our ‘’BUY/Sector Outperformer rating and target price of Rs 685 (cooling business valued at ~38x PE) factors in Voltas’s sustained competitive edge (brand/reach) in room ACs despite intense competition. This complements its entry into a bigger white goods market through the VoltBek JV
10:15 AM
MUST READ Q1 results: Mid-cap stocks see upward revision in 12-month price targets
The consensus 12-month price targets for several mid-cap companies have increased following better-than-expected first quarter earnings. Nearly 174 stocks on the BSE 500 index have seen an upgrade in their target price during the last three month.
Around 65 stocks have seen an increase of more than 10 per cent. This upgrade in the mid-cap stocks comes as a relief since the segment has witnessed an intense selling pressure between February and June this year. READ MORE
10:00 AM
Market Check
> More on BSE Indices
| INDEX | LATEST | PREVIOUS | CHANGE | CHANGE(%) |
| BSE SENSEX | 37593.50 | 37869.23 | -275.73 | -0.73 |
| BSE 500 | 15312.05 | 15423.22 | -111.17 | -0.72 |
| BSE MID-CAP | 16073.65 | 16210.78 | -137.13 | -0.85 |
| BSE SMALL-CAP | 16610.40 | 16784.20 | -173.80 | -1.04 |
| S&P BSE LARGECAP | 4403.00 | 4432.23 | -29.23 | -0.66 |
9:58 AM
HDFC Bank Concall
Aditya Puri of HDFC Bank says 'There will no more be a Deputy Managing Director's post in HDFC Bank'
Aditya Puri of HDFC Bank says 'There will no more be a Deputy Managing Director's post in HDFC Bank'
9:55 AM
MARKET REACTION It will be biz as usual at HDFC Bank despite Sukthankar leaving: analysts
HDFC Bank is not new to attrition and several top management personnel have left in the past five years to join competitors but that hasn’t affected the performance of the bank which goes to show it is a very system driven bank. Growth and asset quality continues to be stable. There are clear cut leadership transition responsibilities defined and usually replacement happens very seamlessly READ MORE
HDFC Bank is not new to attrition and several top management personnel have left in the past five years to join competitors but that hasn’t affected the performance of the bank which goes to show it is a very system driven bank. Growth and asset quality continues to be stable. There are clear cut leadership transition responsibilities defined and usually replacement happens very seamlessly READ MORE
9:51 AM
HDFC Bank Concall
HDFC Bank's Aditya Puri: I will not be the only one who will be choosing the successor. Have yet to start with process of appointing a successor
HDFC Bank's Aditya Puri: I will not be the only one who will be choosing the successor. Have yet to start with process of appointing a successor
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First Published: Aug 13 2018 | 8:15 AM IST
