Nifty ends below 10,000-mark as Sebi order on shell firms hurts sentiment

All that happened in Tuesday's session

2:14 PM

JM Financial on Hindalco

 

Cost competitiveness in Hindalco's India operations driven by higher coal security, quick ramp–up of new capacities and stable margins at Novelis with higher proportion of automotive products in the mix continues to drive an upward earnings trajectory for the consolidated entity. Consistent earnings delivery, deleveraging of Balance Sheet via FCF generation and stable aluminium prices remain triggers for further re-rating. 

 

We ascribe a multiple of 6.5x FY19 EV/EBITDA to Indian aluminium business to arrive at SOTP (sum of the parts) fair value of Rs 300 per share. Maintain BUY.

1:54 PM

Top Sensex gainers and losers in noon deals 

Source: BSE

1:19 PM

Bajaj Auto rallied over 3% to Rs 2988 after the country’s fourth biggest two-wheeler maker announced a partnership with UK’s Triumph Motorcycles to jointly make mid-capacity motorcycles for Indian and global markets.

 

"We hope to bring to bear upon global markets the individual strengths of the partners including brand position and perception, design and development technology, quality and cost competitiveness and worldwide distribution," Bajaj Auto said in statement.

1:08 PM

Markets check

At 1:00 pm, the Sensex was trading at 32,091, down 181 points, while the broader Nifty50 was ruling at 10,004, down 53 points. 

12:49 PM

Sebi bans trade in suspected shell companies

 

Market regulator Securities and Exchange Board of India (Sebi) has directed stock exchanges to initiate action against 331 firms that it suspects are shell companies and are listed on the bourses. HERE IS THE FULL LIST

11:39 AM

Block deal

 

Bharti Infratel was the top Nifty loser and dipped over 5% after more than 3% of the total equity of telecom services provider changed hands in multiple block deals. CLICK HERE TO READ MORE

11:13 AM

Should you opt for Bharat 22 ETF?

 

Read here what Mayuresh Joshi of Angel Broking has to advise. 

10:47 AM

New kid on the block 

 

Sintex Plastics Technology hits upper circuit of 5% on debut. READ MORE 

10:30 AM

Volatility index

India VIX rose over 6% to its one-month high of 13-mark. 

Source: NSE

10:07 AM

Broader markets underperform 

The BSE Midcap and the BSE Smallcap indices shed morning gains to slip 0.8% each. 

10:04 AM

Markets check

Benchmark indices wiped off early gains. At 10:00 am, the Sensex was trading at 32,111, down 162 points, while the broader Nifty50 was ruling at 10,007, down 42 points.  

9:52 AM

Irdai directs LIC to reduce stakes in Larsen & Toubro, ITC to 15% by December 2018. CLICK HERE TO READ FULL REPORT 

 

L&T and ITC were trading flat in today's trade. 

 

9:45 AM

Hindalco hits 52-week high

 

Hindalco has gained 7% to Rs 245, also its 52-week high on BSE in early morning trade, after its overseas subsidiary, Novelis Inc reported a four-fold jump in net income at $101 million for the first quarter of FY18 (Q1FY18).  The company had posted net income of $24 million in the corresponding period of previous year. CLICK HERE FOR FULL REPORT

9:33 AM

Sectoral trend: Banking stocks trade in red

Source: NSE

9:30 AM

EDELWEISS RESEARCH ON TATA STEEL

 

We remain upbeat on the stock as: 1) consolidated EBITDA/t is likely to sustain at Rs 8,000-8,500 on higher share of domestic shipments and improved profitability in TSE post restructuring; 2) better probability of resolution of pension liabilities; and 3) Rs 40-45bn free cash flow accretion over FY18-19. 

 

Factoring in Q1FY18 performance, we revise up FY18/19E EBITDA by 9%/4%. Maintain ‘BUY’ with revised SoTP-based TP of Rs 720 (Rs 650 earlier), implying an exit multiple of 6.5x FY19E EBITDA — at a discount to peers’ 7.0x average