MARKET WRAP: Sensex snaps 3-day gaining streak, down 71 pts; metals drag

All that happened in the markets today

1:50 PM

Market check

1:43 PM

Sector watch | Nifty Metal index slips 0.7%; Nalco, SAIL top drags

1:30 PM

Top gainers on BSE at this hour

1:20 PM

Buzzing | Ramco Systems sees sharp gain post signing agreement with China Aircraft Services

-- Through this collaboration, Ramco will provide its integrated Aviation Suite with modules for Maintenance & Engineering, MRO Contracts, Supply Chain, and Finance to help CASL manage their end-to-end line and base maintenance, ground handling and cabin services.

 

1:13 PM

Buzzing | Bandhan Bank trading near day's low

1:03 PM

EXPERT COMMENT | Rahul Gupta, HoR - Currency, Emkay Global Financial Services on Nov WPI nos

India’s Nov WPI has surged to 3-month high of 0.58 per cent from 0.16 per cent in Oct mainly on account of higher food prices. However, it remained below the market consensus of 0.74 per cent, this indicates that few sectors including manufacturing are still under stress. Overall, inflation is picking up in the economy, amid slow growth, this can be a sign of worry for the RBI at Feb policy.

12:59 PM

BROKERAGE RADAR | Kotak Securities on Print Media

We expect print ad revenues to decline in the next 3-5 years due to a continued shift of ad spends to digital from print. R-Jio and a weak macro (especially rural economy) have accelerated this shift and amplified the impact of digital on print advertising. The medium-term outlook for other revenue streams (print circulation and radio) isn’t encouraging either. We cut estimates and fair value of Jagran Prakashan and DB Corp and maintain our cautious view.

12:58 PM

NEWS ALERT | Astron Paper & Board Mill enters into strategic partnership agreement with China-based co: BSE filing

-- The Company has entered into a "Strategic Partnership Agreement" with SHANDONG ZHONGHUI SUPPLY CHAIN MANAGEMENT CO LTD, (ABC Paper), China.

-- The agreement will be executed for the period of three year i.e up to 31st December, 2022.

-- The ABC PAPER will transfer technical knowledge and experience for upgrade of plant

12:54 PM

Navin Fluorine gains for third straight day; stock hits fresh all-time high

Shares of Navin Fluorine International were trading higher for the third straight day, up 2 per cent at Rs 960 in intra-day trade on Monday after the company announced a capex plan of Rs 450 crore at Dahej through a wholly-owned subsidiary, which is to be incorporated. The stock has rallied 8 per cent in the past three trading days, as compared to 1.5 per cent rise in the benchmark S&P BSE Sensex. In the past two months, it rallied 32 per cent against 6 per cent gain in the benchmark index. READ MORE

12:49 PM

With YES Bank approval on cards, Coffee Day-Blackstone deal almost sealed

In a major relief to Coffee Day Enterprises (CDEL), YES Bank is learnt to have softened its stance and decided to render the ‘no objection’ to the Bengaluru-based firm’s decision to sell its Global Village Technology Park to Blackstone.

 

The private sector lender has conveyed this decision verbally while a formal letter of approval is expected to reach Coffee Day Group in the next 2-3 days, highly placed sources privy to this development said.  READ MORE

12:37 PM

BROKERAGE RADAR | Motilal Oswal Financial Services on Voltas

CMP: Rs 679 | TP: Rs 785 (+16%) | Buy

 

According to Voltas’ (VOLT) management, the company is benefiting from the fallout in the US-China trade war. Due to high inventory build-up in China, VOLT was able to avail high discounts, which more than offset the import duty increase. Thus, based on the present situation, it is confident of achieving an 11% EBIT margin in the Unitary Cooling Product (UCP) segment without any price hikes. 

12:35 PM

Grasim Industries down 2%

12:32 PM

BROKERAGE RADAR | Emkay Global Financial Services on IndusInd Bank

Maintain Buy with a revised TP of Rs 1,725 and turn slight OW in EAP due to its reasonable valuations for potentially higher return ratios (2% RoA/18-19% RoE), strong retail orientation and strong capital position. However, the near-term stock performance will track the outcome of asset quality/new MD and CEO.

12:31 PM

BROKERAGE RADAR | Anand Rathi Shares on L&T Infotech

L&T Infotech expects to regain its growth momentum in H2 FY20 as client issues move behind it and the deal pipeline improves ~42% y/y (incl. large deal proposals). Management provided no details on visa investigations (sub judice) but believes that there are no integrity issues on the company’s part. We largely retain our FY20e/21e and Buy recommendation, but on the better growth outlook raise our target to Rs 1,900 (Rs 1,860 earlier).

12:30 PM

BROKERAGE RADAR | ICICI Securities on Metals

We are more constructive of steel sector in CY20. On the cycle turn (and data have turned more prospective), as loss probability reduces and RoE expectations start to scale towards 8-9%, the bottom cycle P/B metric of 0.5x will give way to 1x P/B allowing significant upside in most names. This is highlighted by target prices for our top-2 BUYs in the sector (Tata Steel, JSPL). While we are positive on NMDC, the extent of disruption as feared by many in India may not come true. We are still not completely convinced of aluminium plays and cost curve and smelter profitability is raking-up doubts.