Benchmark indices ended higher on Monday lifted by consumer stocks such as index heavyweight ITC, after the Goods and Services Tax (GST) Council cut tax rates on scores of items while keeping the cess on cigarettes unchanged during its weekend meeting.
The S&P BSE Sensex ended at a record high of 36,719, up 222 points. The index had hit an intra-day high of 36,749.69. The broader Nifty50 index settled at 11,085, up 75 points.
Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC. The Nifty PSU Bank index also ended 2.4% higher led by Bank of Baroda and Punjab National Bank.
GST RATE CUT IMPACT
Shares of paint, consumer durables and footwear companies have rallied by up to 10 per cent on the BSE, after the GST Council on Saturday reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.
Among items on which GST was reduced include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol.
RESULTS CALENDAR
Among key results, Asian Paints, Bharti Infratel, Hero MotoCorp, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, ITC, HCL Technologies and Reliance Industries are likely to announce their June 2018 quarter earnings later this week.
GLOBAL MARKETS
Asian shares dipped on Monday while the dollar fell after US President Donald Trump criticised the Federal Reserve's monetary policy and amid reports Japan's central bank could wind back its massive fund purchases.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent on Monday. Japan's Nikkei stumbled 1.3 per cent while South Korea's Kospi index slipped 0.8 per cent.
OIL PRICES
Oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.
Brent crude dropped 10 cents, or 0.1 per cent, to $72.97 a barrel. US West Texas Intermediate (WTI) futures declined 8 cents, or 0.1 per cent, to $68.18 a barrel.
(with wire inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
04:24 PM
MARKET COMMENT Jayant Manglik, President, Religare Broking
Nifty settled with decent gains today and inched closer to its record high. The news of GST Council reduced on list of over 100 items and simplification of return filing brings in some cheer. Selective index majors from FMCG, auto, realty and metal fuelled the rally which further supported by rebound in banking pack. Besides, some relief was also witnessed on broader front.
Both Nifty and Bank Nifty have reached closer to their immediate and crucial hurdle of 11100 and 27100 respectively and a decisive breakout will trigger fresh surge ahead. But, we're in expiry week so volatility tends to remain high. We suggest maintaining positive yet cautious approach in the key indices, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk
03:45 PM
Nifty FMCG index ends 2.46% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
GODREJ CONSUMER 1344.75 1287.05 57.70 4.48
ITC 284.15 274.00 10.15 3.70
GODREJ INDS. 605.00 591.85 13.15 2.22
HIND. UNILEVER 1690.90 1655.85 35.05 2.12
TATA GLOBAL 243.00 238.60 4.40 1.84
03:41 PM
Nifty sectoral gainers of the day
03:39 PM
BSE Sensex: ITC, Vedanta, Maruti Suzuki, Adani Ports among top gainers of the day
03:32 PM
Market at close
The S&P BSE Sensex ended at 36,719, up 222 points while the broader Nifty50 index settled at 11,085, up 75 points.
03:11 PM
Tobacco / Cigarette-related stocks surge
COMPANY NAME LATEST HIGH LOW CHG
() CHG(%) VALUE
( CR) VOLUME
ITC 283.80 286.50 276.00 10.35 3.78 37.09 1307010
GODFREY PHILLIPS 756.40 759.70 695.30 58.70 8.41 2.97 39290
VST INDS. 2817.00 2992.85 2616.15 319.10 12.77 5.89 20925
INDIAN WOOD PROD 705.00 705.00 695.00 5.00 0.71 0.05 646
NTC INDS. 32.50 32.50 30.50 0.65 2.04 0.00 216
GOLDEN TOBACCO 43.40 43.40 43.40 -2.25 -4.93 0.00 209
03:07 PM
LKP Securities on Bandhan Bank
Despite micro-loans being unsecured in nature, bank has maintained sound asset quality with the gross NPAs and net NPAs at 1.3% & 0.6% respectively (Q1FY19).
Strong NPA position is largely driven by its group-based lending model, focus on income generating loans, strong systems to track loan utilization, monitoring credit & ensuring collection, extensive risk management practices (such as lending progressively higher amounts only to members who have built up a track record of good repayment) which taken together have led to low rates of default. Going forward, with the strong growth in the assets we assume marginal increase in NPAs – gross NPAs to surge to 2.3% in FY20E from 1.3% in FY18
03:06 PM
Wall Street braces for tariff fallout as S&P 500 companies report
Tariffs are starting to bite big manufacturers and Wall Street could get another bout of caution and uncertainty from major industrial companies when a swath of reports comes in over the next week. READ MORE
03:05 PM
Motilal Oswal on Havell's India (HAVL)
We believe HAVL has built a strong business franchise, given its (a) successful development of brand, distribution and product portfolio, (b) demonstrated track record of accelerating growth via new launches, (c) healthy dividend payout and (d) robust return ratios. Maintain Buy and target price of Rs 645, with exit multiple of 38x Mar’20E EPS (10% premium to five-year average).
02:50 PM
RIL-ONGC dispute: Krishna-Godavari basin order likely in next 10 days
An international arbitration tribunal is likely to come out with its final award in the next 10 days on the dispute relating to production of migrated gas by Reliance Industries (RIL). RIL is in an arbitration dispute with the government over a penalty for allegedly drawing gas from ONGC's block in the Krishna-Godavari (K-G) basin. READ MORE
02:34 PM
Gold prices steady as U.S. dollar softens on Trump interest rate comments
Gold prices were steady on Monday near their highest since July 17 as the dollar eased to its lowest in nearly two weeks after US President Donald Trump criticised the Federal Reserve's interest rate tightening policy.
Spot gold was at $1,231.87 an ounce, up 0.03 per cent. The yellow metal gained 0.7 per cent in the previous session. READ MORE
Gold
02:18 PM
PSU banks rebound from day's low post Vijaya Bank's Q1 results
Shares of public sector undertaking (PSU) banks have moved by up to 6% on the National Stock Exchange (NSE) after Vijay Bank said its assets quality improved in June 2018 (Q1FY19) quarter.
State Bank of India (SBI), Bank of Baroda, Vijaya Bank, Bank of India, Canara Bank, Union Bank of India, Oriental Bank of Commerce, Punjab National Bank (PNB), Indian Bank, Syndicate Bank and Allahabad Bank were up more than 1% on the NSE. READ MORE
02:00 PM
Market Check
S&P BSE Sensex 36,600.50 Up 0.29%
Nifty 50 11,052.95 Up 0.39%
S&P BSE 200 4,712.49 Up 0.43%
Nifty 500 9,332.10 Up 0.50%
S&P BSE Mid-Cap 15,317.76 Up 0.80%
S&P BSE Small-Cap 15,807.54 Up 0.55%
01:45 PM
Top gainers in BSE 500:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
PC JEWELLER 96.10 81.90 14.20 17.34
BAJAJ ELECTRICAL 620.85 543.60 77.25 14.21
VST INDS. 2850.00 2497.90 352.10 14.10
UPL 621.50 550.25 71.25 12.95
L&T FIN.HOLDINGS 169.00 155.30 13.70 8.82
01:24 PM
Havells: Good beginning to FY19 should excite investors
Havells has started the financial year on a strong note clocking 40 per cent revenue growth during the June quarter. This was primarily led by its electrical consumer durables (ECD) segment while the Lloyd's air-conditioners (AC) business also surprised positively and other segments too supported. READ MORE
01:17 PM
Asian Paints, Havells India, Bata India, Bajaj Finance, HEG hit new high
Shares of Asian Paints, Havells India, Bata India, Bajaj Finance and HEG were among 10 stocks from the S&P BSE 500 index hitting their respective new highs on the BSE on Monday. Bajaj Finserv, Berger Paints, Graphite India, Relaxo Footwear and Procter & Gamble Hygiene & Healthcare too hit record highs today. READ MORE
01:01 PM
UPL surges 15% after Arysta deal; analysts see more upside for the stock
UPL has surged 15% to Rs 631 on the BSE on heavy volumes in noon deals, after the company announced the acquisition of Arysta LifeScience – the agrochemical business of US-based Platform Chemicals – for a consideration of $4.2 billion.
UPL, on Friday, said that its wholly-owned subsidiary, UPL Corporation, has signed a definitive agreement with Platform Specialty Products Corporation to acquire Arysta LifeScience Inc. and its subsidiaries for a cash consideration of about $4.2 billion. READ MORE
12:45 PM
GST rate cut triggers rally in footwear, paint, consumer durable stocks
Shares of paint, consumer durables and footwear companies rallied by up to 10 per cent on the BSE on Monday after the GST Council reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.
Among items on which GST was reduced on Saturday include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium-ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol. READ MORE
12:24 PM
HDFC Bank slips after Q1 earnings
HDFC Bank fell 1.02% to Rs 2167.85 on BSE after net profit rose 18.17% to Rs 4601.44 crore on 18.85% increase in total income to Rs 26367.04 crore in Q1 June 2018 over Q1 June 2017. READ MORE
12:15 PM
Sebi norms: Infosys, TCS among 291 listed firms asked to split CMD post
Reliance Industries, Infosys, TCS and Bharti Airtel are among the 291 listed companies that will have to appoint a non-executive chairperson on their boards by April 1, 2020, to comply with regulator Sebi's directive and most of these firms will need to split the roles of chairman and managing director for compliance. READ MORE
12:11 PM
Kotak Securities on Asian Paints
GST rate cuts should be a meaningful earnings kicker for the paints companies in our view, anti-profiteering guidelines notwithstanding. Earnings upside would flow from the indirect benefits of these rate cuts in the form of accelerated (a) share gains from the unorganized players, and (b) premiumization. Prima facie, we believe this rate cut would drive a 10-15% earnings upside for the paints companies on an annualized basis; FY2019 impact would be lower, given part-year benefits accrual
12:00 PM
Markets at Noon
S&P BSE Sensex 36,592.93 Up 0.26%
Nifty 50 11,042.55 Up 0.29%
S&P BSE 200 4,708.16 Up 0.34%
Nifty 500 9,313.00 Up 0.29%
S&P BSE Mid-Cap 15,260.84 Up 0.42%
S&P BSE Small-Cap 15,772.26 Up 0.32%
11:52 AM
South Indian Bank tanks 18% on weak Q1 results
Shares of South Indian Bank have tanked 18% to Rs 18.45 per share, also their 52-week low on the BSE, after the private sector lender reported a sharp 77% year on year decline in its net profit at Rs 230 million in June quarter (Q1FY19). The bank had profit of Rs 1.01 billion in the corresponding quarter in the previous fiscal. READ MORE
11:37 AM
Equirus Securities on DCB Bank
We expect DCBB to attain 14% RoE on a sustainable basis by FY21E assuming no further dilution. We cut FY19/FY20 PAT estimates by 5.5%/7.9% and roll over to a Sep’19 target price of Rs 185 (Mar’19 target price : Rs 205) at 2.1x/1.9x Sep’19/Sep’20 ABV of Rs 88/98. Retain ADD.
11:15 AM
TOP CONTRIBUTORS TO SENSEX'S GAIN
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
ITC 284.65 11.20 4.10 347813.84 10.69
BHARTI AIRTEL 354.10 8.55 2.47 49541.78 1.83
ASIAN PAINTS 1428.00 31.10 2.23 64377.67 1.61
NTPC 158.50 3.20 2.06 32672.63 1.15
ADANI PORTS 377.45 7.55 2.04 34393.92 0.97
HIND. UNILEVER 1682.60 26.40 1.59 120191.15 2.49
CLICK HERE FOR MORE
11:13 AM
Market check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,553.21 +56.84 +0.16
S&P BSE SENSEX 50 11,546.06 +16.61 +0.14
S&P BSE SENSEX Next 50 31,503.73 +127.17 +0.41
S&P BSE 100 11,233.73 +20.42 +0.18
S&P BSE Bharat 22 Index 3,351.81 +23.46 +0.70
11:00 AM
Motilal Oswal on Bajaj Auto
10:55 AM
Angel Broking on YES Bank
We expect YES Bank to grow its advances at CAGR of 32% over FY2018-20E. Improvement in CASA, rating up-gradation and in-house priority sector lending would support NIM going forward. At CMP, YES trades at 2.4x FY20E P/ABV, which we believe is attractive considering growth prospects, hence, we recommend BUY with a target price of Rs 435 over the next 12 months
10:54 AM
CHART CHECK Voltas
On a monthly chart, the stock has formed a Hammer Candlestick with the support of 490 level which is a 38.20% Fibonacci retracement level of its previous rally from 287.15 levels to 675.30 levels which is a classic reversal setup and shows a bullish reversal movement in the counter.
Apart from this, after giving a healthy correction from its 664.70 level, the stock has paused its downside movement near to its previous bottom from where the stock had witnessed a good upside movement.
10:53 AM
Prabhudas Lilladher on HDFC Bank
HDFC Bank saw a marginal blip in earnings growing at only 18% YoY to Rs46.0bn (PLe: Rs47.1bn) mainly on back of margin pressure which fell by 20bps QoQ and MTM loss on investments. It has already raised capital of Rs85.0bn from its promoter bank HDFC Ltd and will shortly do Rs150bn preferential allotments, which help further augment capital for loan growth of 20-22% and improve liquidity for the bank.
We have factored the capital raise of Rs250.0bn in our estimates for FY19E, which has led to increase in ABV by 18/15% for FY19/FY20E. Retain BUY with increased target price of Rs2,492 (from Rs2,251) based on 4.2x Mar-20 ABV.
The S&P BSE Sensex ended at a record high of 36,719, up 222 points. The index had hit an intra-day high of 36,749.69. The broader Nifty50 index settled at 11,085, up 75 points.
Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC. The Nifty PSU Bank index also ended 2.4% higher led by Bank of Baroda and Punjab National Bank.
GST RATE CUT IMPACT
Shares of paint, consumer durables and footwear companies have rallied by up to 10 per cent on the BSE, after the GST Council on Saturday reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.
Among items on which GST was reduced include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol.
RESULTS CALENDAR
Among key results, Asian Paints, Bharti Infratel, Hero MotoCorp, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, ITC, HCL Technologies and Reliance Industries are likely to announce their June 2018 quarter earnings later this week.
GLOBAL MARKETS
Asian shares dipped on Monday while the dollar fell after US President Donald Trump criticised the Federal Reserve's monetary policy and amid reports Japan's central bank could wind back its massive fund purchases.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent on Monday. Japan's Nikkei stumbled 1.3 per cent while South Korea's Kospi index slipped 0.8 per cent.
OIL PRICES
Oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions.
Brent crude dropped 10 cents, or 0.1 per cent, to $72.97 a barrel. US West Texas Intermediate (WTI) futures declined 8 cents, or 0.1 per cent, to $68.18 a barrel.
(with wire inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
04:24 PM
MARKET COMMENT Jayant Manglik, President, Religare Broking
Nifty settled with decent gains today and inched closer to its record high. The news of GST Council reduced on list of over 100 items and simplification of return filing brings in some cheer. Selective index majors from FMCG, auto, realty and metal fuelled the rally which further supported by rebound in banking pack. Besides, some relief was also witnessed on broader front.
Both Nifty and Bank Nifty have reached closer to their immediate and crucial hurdle of 11100 and 27100 respectively and a decisive breakout will trigger fresh surge ahead. But, we're in expiry week so volatility tends to remain high. We suggest maintaining positive yet cautious approach in the key indices, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk
03:45 PM
Nifty FMCG index ends 2.46% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
GODREJ CONSUMER 1344.75 1287.05 57.70 4.48
ITC 284.15 274.00 10.15 3.70
GODREJ INDS. 605.00 591.85 13.15 2.22
HIND. UNILEVER 1690.90 1655.85 35.05 2.12
TATA GLOBAL 243.00 238.60 4.40 1.84
03:41 PM
Nifty sectoral gainers of the day
03:39 PM
BSE Sensex: ITC, Vedanta, Maruti Suzuki, Adani Ports among top gainers of the day
03:32 PM
Market at close
The S&P BSE Sensex ended at 36,719, up 222 points while the broader Nifty50 index settled at 11,085, up 75 points.
03:11 PM
Tobacco / Cigarette-related stocks surge
COMPANY NAME LATEST HIGH LOW CHG
() CHG(%) VALUE
( CR) VOLUME
ITC 283.80 286.50 276.00 10.35 3.78 37.09 1307010
GODFREY PHILLIPS 756.40 759.70 695.30 58.70 8.41 2.97 39290
VST INDS. 2817.00 2992.85 2616.15 319.10 12.77 5.89 20925
INDIAN WOOD PROD 705.00 705.00 695.00 5.00 0.71 0.05 646
NTC INDS. 32.50 32.50 30.50 0.65 2.04 0.00 216
GOLDEN TOBACCO 43.40 43.40 43.40 -2.25 -4.93 0.00 209
03:07 PM
LKP Securities on Bandhan Bank
Despite micro-loans being unsecured in nature, bank has maintained sound asset quality with the gross NPAs and net NPAs at 1.3% & 0.6% respectively (Q1FY19).
Strong NPA position is largely driven by its group-based lending model, focus on income generating loans, strong systems to track loan utilization, monitoring credit & ensuring collection, extensive risk management practices (such as lending progressively higher amounts only to members who have built up a track record of good repayment) which taken together have led to low rates of default. Going forward, with the strong growth in the assets we assume marginal increase in NPAs – gross NPAs to surge to 2.3% in FY20E from 1.3% in FY18
03:06 PM
Wall Street braces for tariff fallout as S&P 500 companies report
Tariffs are starting to bite big manufacturers and Wall Street could get another bout of caution and uncertainty from major industrial companies when a swath of reports comes in over the next week. READ MORE
03:05 PM
Motilal Oswal on Havell's India (HAVL)
We believe HAVL has built a strong business franchise, given its (a) successful development of brand, distribution and product portfolio, (b) demonstrated track record of accelerating growth via new launches, (c) healthy dividend payout and (d) robust return ratios. Maintain Buy and target price of Rs 645, with exit multiple of 38x Mar’20E EPS (10% premium to five-year average).
02:50 PM
RIL-ONGC dispute: Krishna-Godavari basin order likely in next 10 days
An international arbitration tribunal is likely to come out with its final award in the next 10 days on the dispute relating to production of migrated gas by Reliance Industries (RIL). RIL is in an arbitration dispute with the government over a penalty for allegedly drawing gas from ONGC's block in the Krishna-Godavari (K-G) basin. READ MORE
02:34 PM
Gold prices steady as U.S. dollar softens on Trump interest rate comments
Gold prices were steady on Monday near their highest since July 17 as the dollar eased to its lowest in nearly two weeks after US President Donald Trump criticised the Federal Reserve's interest rate tightening policy.
Spot gold was at $1,231.87 an ounce, up 0.03 per cent. The yellow metal gained 0.7 per cent in the previous session. READ MORE
Gold
02:18 PM
PSU banks rebound from day's low post Vijaya Bank's Q1 results
Shares of public sector undertaking (PSU) banks have moved by up to 6% on the National Stock Exchange (NSE) after Vijay Bank said its assets quality improved in June 2018 (Q1FY19) quarter.
State Bank of India (SBI), Bank of Baroda, Vijaya Bank, Bank of India, Canara Bank, Union Bank of India, Oriental Bank of Commerce, Punjab National Bank (PNB), Indian Bank, Syndicate Bank and Allahabad Bank were up more than 1% on the NSE. READ MORE
02:00 PM
Market Check
S&P BSE Sensex 36,600.50 Up 0.29%
Nifty 50 11,052.95 Up 0.39%
S&P BSE 200 4,712.49 Up 0.43%
Nifty 500 9,332.10 Up 0.50%
S&P BSE Mid-Cap 15,317.76 Up 0.80%
S&P BSE Small-Cap 15,807.54 Up 0.55%
01:45 PM
Top gainers in BSE 500:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
PC JEWELLER 96.10 81.90 14.20 17.34
BAJAJ ELECTRICAL 620.85 543.60 77.25 14.21
VST INDS. 2850.00 2497.90 352.10 14.10
UPL 621.50 550.25 71.25 12.95
L&T FIN.HOLDINGS 169.00 155.30 13.70 8.82
01:24 PM
Havells: Good beginning to FY19 should excite investors
Havells has started the financial year on a strong note clocking 40 per cent revenue growth during the June quarter. This was primarily led by its electrical consumer durables (ECD) segment while the Lloyd's air-conditioners (AC) business also surprised positively and other segments too supported. READ MORE
01:17 PM
Asian Paints, Havells India, Bata India, Bajaj Finance, HEG hit new high
Shares of Asian Paints, Havells India, Bata India, Bajaj Finance and HEG were among 10 stocks from the S&P BSE 500 index hitting their respective new highs on the BSE on Monday. Bajaj Finserv, Berger Paints, Graphite India, Relaxo Footwear and Procter & Gamble Hygiene & Healthcare too hit record highs today. READ MORE
01:01 PM
UPL surges 15% after Arysta deal; analysts see more upside for the stock
UPL has surged 15% to Rs 631 on the BSE on heavy volumes in noon deals, after the company announced the acquisition of Arysta LifeScience – the agrochemical business of US-based Platform Chemicals – for a consideration of $4.2 billion.
UPL, on Friday, said that its wholly-owned subsidiary, UPL Corporation, has signed a definitive agreement with Platform Specialty Products Corporation to acquire Arysta LifeScience Inc. and its subsidiaries for a cash consideration of about $4.2 billion. READ MORE
12:45 PM
GST rate cut triggers rally in footwear, paint, consumer durable stocks
Shares of paint, consumer durables and footwear companies rallied by up to 10 per cent on the BSE on Monday after the GST Council reduced tax rates from 28 per cent to 18 per cent on a range of daily use products and appliances.
Among items on which GST was reduced on Saturday include footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium-ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol. READ MORE
12:24 PM
HDFC Bank slips after Q1 earnings
HDFC Bank fell 1.02% to Rs 2167.85 on BSE after net profit rose 18.17% to Rs 4601.44 crore on 18.85% increase in total income to Rs 26367.04 crore in Q1 June 2018 over Q1 June 2017. READ MORE
12:15 PM
Sebi norms: Infosys, TCS among 291 listed firms asked to split CMD post
Reliance Industries, Infosys, TCS and Bharti Airtel are among the 291 listed companies that will have to appoint a non-executive chairperson on their boards by April 1, 2020, to comply with regulator Sebi's directive and most of these firms will need to split the roles of chairman and managing director for compliance. READ MORE
12:11 PM
Kotak Securities on Asian Paints
GST rate cuts should be a meaningful earnings kicker for the paints companies in our view, anti-profiteering guidelines notwithstanding. Earnings upside would flow from the indirect benefits of these rate cuts in the form of accelerated (a) share gains from the unorganized players, and (b) premiumization. Prima facie, we believe this rate cut would drive a 10-15% earnings upside for the paints companies on an annualized basis; FY2019 impact would be lower, given part-year benefits accrual
12:00 PM
Markets at Noon
S&P BSE Sensex 36,592.93 Up 0.26%
Nifty 50 11,042.55 Up 0.29%
S&P BSE 200 4,708.16 Up 0.34%
Nifty 500 9,313.00 Up 0.29%
S&P BSE Mid-Cap 15,260.84 Up 0.42%
S&P BSE Small-Cap 15,772.26 Up 0.32%
11:52 AM
South Indian Bank tanks 18% on weak Q1 results
Shares of South Indian Bank have tanked 18% to Rs 18.45 per share, also their 52-week low on the BSE, after the private sector lender reported a sharp 77% year on year decline in its net profit at Rs 230 million in June quarter (Q1FY19). The bank had profit of Rs 1.01 billion in the corresponding quarter in the previous fiscal. READ MORE
11:37 AM
Equirus Securities on DCB Bank
We expect DCBB to attain 14% RoE on a sustainable basis by FY21E assuming no further dilution. We cut FY19/FY20 PAT estimates by 5.5%/7.9% and roll over to a Sep’19 target price of Rs 185 (Mar’19 target price : Rs 205) at 2.1x/1.9x Sep’19/Sep’20 ABV of Rs 88/98. Retain ADD.
11:15 AM
TOP CONTRIBUTORS TO SENSEX'S GAIN
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
ITC 284.65 11.20 4.10 347813.84 10.69
BHARTI AIRTEL 354.10 8.55 2.47 49541.78 1.83
ASIAN PAINTS 1428.00 31.10 2.23 64377.67 1.61
NTPC 158.50 3.20 2.06 32672.63 1.15
ADANI PORTS 377.45 7.55 2.04 34393.92 0.97
HIND. UNILEVER 1682.60 26.40 1.59 120191.15 2.49
CLICK HERE FOR MORE
11:13 AM
Market check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,553.21 +56.84 +0.16
S&P BSE SENSEX 50 11,546.06 +16.61 +0.14
S&P BSE SENSEX Next 50 31,503.73 +127.17 +0.41
S&P BSE 100 11,233.73 +20.42 +0.18
S&P BSE Bharat 22 Index 3,351.81 +23.46 +0.70
11:00 AM
Motilal Oswal on Bajaj Auto
10:55 AM
Angel Broking on YES Bank
We expect YES Bank to grow its advances at CAGR of 32% over FY2018-20E. Improvement in CASA, rating up-gradation and in-house priority sector lending would support NIM going forward. At CMP, YES trades at 2.4x FY20E P/ABV, which we believe is attractive considering growth prospects, hence, we recommend BUY with a target price of Rs 435 over the next 12 months
10:54 AM
CHART CHECK Voltas
On a monthly chart, the stock has formed a Hammer Candlestick with the support of 490 level which is a 38.20% Fibonacci retracement level of its previous rally from 287.15 levels to 675.30 levels which is a classic reversal setup and shows a bullish reversal movement in the counter.
Apart from this, after giving a healthy correction from its 664.70 level, the stock has paused its downside movement near to its previous bottom from where the stock had witnessed a good upside movement.
10:53 AM
Prabhudas Lilladher on HDFC Bank
HDFC Bank saw a marginal blip in earnings growing at only 18% YoY to Rs46.0bn (PLe: Rs47.1bn) mainly on back of margin pressure which fell by 20bps QoQ and MTM loss on investments. It has already raised capital of Rs85.0bn from its promoter bank HDFC Ltd and will shortly do Rs150bn preferential allotments, which help further augment capital for loan growth of 20-22% and improve liquidity for the bank.
We have factored the capital raise of Rs250.0bn in our estimates for FY19E, which has led to increase in ABV by 18/15% for FY19/FY20E. Retain BUY with increased target price of Rs2,492 (from Rs2,251) based on 4.2x Mar-20 ABV.
No comments:
Post a Comment