The benchmark indices are trading near record highs taking cues from their Asian peers.
The S&P BSE Sensex is trading at its record high and has touched 36,896.63 led by rise in Maruti Suzuki, ITC and Infosys. The Nifty 50 index, too, is at a fresh near-6 month high, touching 11,138.90 so far in intra-day trade.
Among sectoral indices, the Nifty Metal index has risen over 1.5% higher led by rise in the shares of National Aluminium Company and Hindalco Industries.
CEMENT STOCKS FIRM
Shares of cement companies have rallied up to 13% on the BSE in early morning trade after ACC reported a better-than-expected consolidated net profit of Rs 3.29 billion for the June 2018 quarter. The company had profit of Rs 3.26 billion in year ago quarter. READ MORE HERE
KEY RESULTS
Among key results, Asian Paints, GlaxoSmithKline Pharmaceuticals, ICICI Prudential Life Insurance Company and Info Edge (India) are likely to announce their June 2018 quarter earnings later today.
GLOBAL MARKETS
In the Asian markets, Shanghai shares seemed to get a boost from news Beijing would adopt a more "vigorous" fiscal policy, including company tax cuts. Chinese blue chips rose 1.6 per cent to a one-month high, while MSCI's broadest index of Asia-Pacific shares outside Japan added 0.47 per cent. Japan's Nikkei edged up 0.5 per cent even as a disappointing reading on local factory activity suggested the threat of a trade war was starting to bite.
OIL PRICES
Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.
Brent crude oil was down 10 cents (0.14 per cent) at $72.96 a barrel, after settling down 1 cent on Monday. US crude was down 9 cents (0.13 per cent) at $67.80 a barrel. The contract fell 37 cents the previous day.
(with Reuters inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
11:19 AM
FII ACTIVITY TREND
DATE BUY VALUE
( CR) SALE VALUE
( CR) NET VALUE
( CR)
23-JUL-2018 4410.52 4151.15 259.37
20-JUL-2018 4654.79 4344.52 310.27
19-JUL-2018 3480.53 3796.22 -315.69
18-JUL-2018 4642.55 4546.87 95.68
17-JUL-2018 4113.54 4787.53 -673.99Provisional Figures» More
11:18 AM
COMPANY ANALYSIS Havells: Strong show in core operations seen as key driver of growth
Havells kicked off FY19 on a strong note, clocking 40 per cent revenue growth during the June quarter (Q1), led by its electrical consumer durables (ECD) segment. While the Lloyd air-conditioners (AC) business also surprised positively, others supported growth, too. READ MORE
11:17 AM
Motilal Oswal Securities on ACC
We believe that ACC will continue narrowing its profitability gap with peers, led by a higher proportion of premium sales, optimization of sales and rationalization of fixed cost. Any efforts toward capacity addition will be an added advantage.
We value ACC at 9x (30% discount to peers vs present discount of 45%) to arrive at a target price of Rs 1,633 (+25% upside). Upgrade to Buy.
11:15 AM
IIFL on cement sector
With Q1FY19 Ebitda/tonne likely to be lower YoY by Rs222 and impact of cost increases likely to reflect in the next 2 quarters with less than adequate price increases so far, we expect FY19 profitability to be muted for the industry. Though the news flow is likely to be positive in the near term, as producers attempt to pass on cost increases, news flow is likely to turn negative due to the high base for demand growth from 3QFY19.
11:03 AM
INTERVIEW Wealth management industry is likely to grow at 10-15% over next 5 years, says Nitiin Rao, CEO, Reliance Wealth Management
How have the investing trends among the wealthy changed over the last two-three years? What is the road ahead?
Customers have become more aware of investment avenues in general and mature investors have also understood the correlation between distribution costs and the degree of complications in normal investment products. Coupled with the emergence of direct mutual fund investments and investment advisory practices, a trend has been seen where mature investors have moved towards low-cost investment or advisory/transaction fee-based investment practices READ MORE HERE
Nitin Rao, CEO at Reliance Wealth Management Nitin Rao, CEO at Reliance Wealth Management
11:01 AM
L&T Technology Services rallies 14% on strong Q1 results
Shares of L&T Technology Services (LTTS) have rallied 14% to Rs 1,485 per share on the BSE in early morning trade after the company reported a more-than-double net profit of Rs 1,981 million in June quarter (Q1FY19). The L&T group company had profit of Rs 980 million in the year ago quarter. READ MORE
10:45 AM
Cement shares rally as ACC June quarter earnings beat estimates
Shares of cement companies have rallied up to 13% on the BSE in early morning trade after ACC reported a better-than-expected consolidated net profit of Rs 3.29 billion for the June 2018 quarter. The company had profit of Rs 3.26 billion in year ago quarter. READ MORE
10:17 AM
Telecom stocks on a roll
COMPANY LATEST() CHG() CHG(%) VOLUME
REL. COMM. 13.55 0.32 2.42 1917448
IDEA CELLULAR 56.10 3.45 6.55 907429
TEJAS NETWORKS 276.00 21.30 8.36 51801
BHARTI AIRTEL 363.05 5.45 1.52 23743
TATA COMM 569.10 3.55 0.63 1158
» More
10:14 AM
Anand Rathi on Page Industries
Driven by product launches, network expansion and operating-cost controls, strong ~20% revenue growth and ~30% PAT growth emerge from Page Industries’ FY18 annual report analysis. The company continued to generate positive operating cashflow and its OCF/ EBITDA grew to ~85% in FY18, from ~73% the year prior, driven by greater profit growth and better working-capital management.
10:10 AM
Sensex heat map
10:07 AM
DERIVATIVE WATCH
NIFTY OPTIONS WATCH
· Additions in OI were seen in 11100, 11000 strike Puts while liquidation was seen at 11000, 11100 strike Calls indicating market is likely to remain positive in the near term.
· Highest OI build-up is seen at 11100 strike Calls and 10800 strike Puts, to the tune of 3.42mn and 5.76mn respectively.
FII AND VIX
· FIIs were net buyers in Cash to the tune of 259.37 Cr. and were net sellers in Index Futures to the tune of 603.54 Cr.
· India VIX decreased by 3.92% to close at 13.00 touching an intraday high of 13.62.
(Source: Nirmal Bang)
10:05 AM
Edelweiss on ACC
With current cement prices being higher than Q2CY18 average, we see limited risk to our CY18E EBITDA. We believe, the pan-India player will benefit from the imminent rise in the industry’s clinker utilisation and, hence, retain CY19 estimates. Maintain ‘BUY’ with target price of Rs 1,817 (12x CY19E EV/EBITDA). Any effort by ACC to increase capacity (organic or inorganic expansion) will boost sentiments further.
10:04 AM
Edelweiss on Bajaj Auto
We remain concerned about the price war spreading to other segments (especially premium) where players like Hero do not have much to lose. We prune BJAUT’s FY20E EPS ~7% to account for lower realisation and margin. We also cut our valuation multiple to 16.0x (5% premium to long-term historical average) from 17.5x to factor in the price war risk. Maintain ‘HOLD’ with revised target price of Rs 2,899 (Rs 3,300 earlier).
09:47 AM
Street cheers L&T Finance's clean-up act; net interest income up 51%
Shares of L&T Finance on Monday recovered the entire 10 per cent it had lost in the past six months, on Monday following strong June 2018 quarter (Q1) results announced late-Friday. Yet, analysts see further upside as its balance sheet clean-up will support earnings growth. READ MORE
09:47 AM
Stocks in news
· Syngene International extended R&D Agreement with Baxter Healthcare till 2024.
· PNB received Rs 2,816 crore capital infusion from Indian government.
· Allahabad Bank received Rs 1,790 crore capital infusion from Indian government.
· Fitch revised UPL outlook from stable to negative.
· Essel Propack started first phase of commercial production of laminated tubes in Assam.
· Indian Energy Exchange to consider stock-split on Aug. 9.
· Vedanta: Ground water around the company’s copper plant contaminated
(Source: IIFL report)
09:46 AM
IIFL on Hindustan Zinc
It has maintained its guidance of higher mined metal output for FY19 and also maintained its CoP target of US$950-975/ton despite the increase in employee costs. The management mentioned that they are on track to increase output to 1.2mtpa on mined metal in FY20.
Costs pressures have not eased as linkage coal supply has been lower than contracted and carbon costs have remained high. We expect zinc prices to bounce back from current levels due to dwindling inventory levels. Post the sharp correction we upgrade our rating to Buy with a revised target price of Rs.318
09:44 AM
TOP CONTRIBUTORS TO SENSEX'S GAIN TODAY
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) CONTRIBUTION
(POINTS)
HDFC BANK 2167.90 10.15 0.47 210795.90 24.74
MARUTI SUZUKI 9846.55 149.40 1.54 61497.20 24.64
HIND. UNILEVER 1705.20 18.60 1.10 60825.93 16.48
H D F C 1974.00 7.40 0.38 193778.42 14.49
INFOSYS 1361.00 5.25 0.39 218668.11 13.02
09:35 AM
Sebi warns heads of asset management companies against 25 malpractices
The Securities and Exchange Board of India (Sebi) has written to the heads of asset management companies (AMCs), warning against 25 malpractices committed by the Rs 23-trillion industry. The regulator, in a four-page letter dated July 9, has also warned fund houses against breaches and demanded corrective measures. READ MORE
09:22 AM
Nifty sectoral trend
09:21 AM
BSE Sensex gainers and losers
09:17 AM
Market at open
At 9:16 AM, the S&P BSE Sensex was trading at 36,817, up 98 points while the broader Nifty50 was ruling at 11,114, up 29 points.
09:01 AM
Markets at pre-open
Index Current Pt. Change % Change
S&P BSE SENSEX 36,882.41 +163.81 +0.45
S&P BSE SENSEX 50 11,658.66 +61.00 +0.53
S&P BSE SENSEX Next 50 31,963.12 +27.83 +0.09
S&P BSE 100 11,350.97 +52.27 +0.46
S&P BSE Bharat 22 Index 3,392.18 +22.01 +0.65
(Source: BSE)
08:56 AM
Commodity watch: Oil prices fall as oversupply concerns weigh
Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.
Brent crude oil was down 10 cents, or 0.14 percent, at $72.96 a barrel by 0037 GMT, after settling down 1 cent on Monday. U.S. crude was down 9 cents, or 0.13 percent, at $67.80 a barrel. The contract fell 37 cents the previous day READ MORE
08:55 AM
Global markets China's bond yields jump, yuan falls on policy stimulus bets
Chinese government bond yields jumped and the offshore yuan hit its weakest level in more than a year on Tuesday after China's cabinet said it would pursue a more vigorous fiscal policy and as traders bet on further easing in monetary conditions READ MORE HERE
08:50 AM
Top trading ideas by Anand Rathi Research: Buy Sterlite, Aurobindo Pharma
SUN PHARMACEUTICAL INDUSTRIES: BUY
TARGET: Rs 590
STOP LOSS: Rs 545
The stock has provided a breakout from the falling trend line resistance with a buy crossover in its momentum indicator MACD on the hourly charts. With this breakout, the stock seems to have completed a wave 4 correction and wave 5 up seems to have ensued, hence we recommend buying this stock for the target of 590 with a stop loss of 545 READ MORE HERE
08:48 AM
Kotak Securities on Arvind
We believe that Arvind being a major player in branded apparel business and having long history in textiles business would be benefited by rising disposable income, growth in retail sector and increasing preference towards branded apparels. We believe that the demerger of branded apparel and engineering business would unlock value of each of the businesses post listing. We initiate coverage on the stock with BUY recommendation and SOTP based target price of Rs 500
08:45 AM
UBS on real estate sector
RERA implementation has been slow and awareness is much lower than we had expected. This may imply that demand may take longer to recover, but favourable supply-side dynamics are already visible. The top 10 developers are gaining share strongly in both launches and sales. Despite 7% outperformance, we believe our preferred property stocks are not pricing in the accelerated market-share gains ahead. Reiterate Buy on Godrej, Oberoi, and Prestige
08:41 AM
Today's picks: From Bajaj Auto to ITC, hot stocks to watch on Tuesday
ITC
Current price: Rs 284
Target price: Rs 288
Keep a stop at Rs 282 and go long. Add to the position between Rs 286 and Rs 287. Book profits at Rs 288 READ MORE
08:40 AM
Investment in P-notes plunges to more than 9-year low of Rs 836.88 bn
Investments through participatory notes into Indian capital markets plunged to more than nine-year low of Rs 836.88 billion at June-end amid stringent norms put in place by the watchdog Sebi to check misuse of these instruments READ MORE
08:39 AM
MUST READ Sebi probes sharp fall in the midcap stocks amid unfair trade allegations
The market regulator Securities and Exchange Board of India (Sebi) has begun a preliminary investigation into the crash in share prices of small- and mid-cap companies in recent months. Sources say the regulator is probing the abrupt price movement in close to 70 stocks, following red flags raised by its surveillance system CLICK HERE FOR MORE
The S&P BSE Sensex is trading at its record high and has touched 36,896.63 led by rise in Maruti Suzuki, ITC and Infosys. The Nifty 50 index, too, is at a fresh near-6 month high, touching 11,138.90 so far in intra-day trade.
Among sectoral indices, the Nifty Metal index has risen over 1.5% higher led by rise in the shares of National Aluminium Company and Hindalco Industries.
CEMENT STOCKS FIRM
Shares of cement companies have rallied up to 13% on the BSE in early morning trade after ACC reported a better-than-expected consolidated net profit of Rs 3.29 billion for the June 2018 quarter. The company had profit of Rs 3.26 billion in year ago quarter. READ MORE HERE
KEY RESULTS
Among key results, Asian Paints, GlaxoSmithKline Pharmaceuticals, ICICI Prudential Life Insurance Company and Info Edge (India) are likely to announce their June 2018 quarter earnings later today.
GLOBAL MARKETS
In the Asian markets, Shanghai shares seemed to get a boost from news Beijing would adopt a more "vigorous" fiscal policy, including company tax cuts. Chinese blue chips rose 1.6 per cent to a one-month high, while MSCI's broadest index of Asia-Pacific shares outside Japan added 0.47 per cent. Japan's Nikkei edged up 0.5 per cent even as a disappointing reading on local factory activity suggested the threat of a trade war was starting to bite.
OIL PRICES
Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.
Brent crude oil was down 10 cents (0.14 per cent) at $72.96 a barrel, after settling down 1 cent on Monday. US crude was down 9 cents (0.13 per cent) at $67.80 a barrel. The contract fell 37 cents the previous day.
(with Reuters inputs)
Read our full coverage on Markets
CATCH ALL THE LIVE UPDATES
11:19 AM
FII ACTIVITY TREND
DATE BUY VALUE
( CR) SALE VALUE
( CR) NET VALUE
( CR)
23-JUL-2018 4410.52 4151.15 259.37
20-JUL-2018 4654.79 4344.52 310.27
19-JUL-2018 3480.53 3796.22 -315.69
18-JUL-2018 4642.55 4546.87 95.68
17-JUL-2018 4113.54 4787.53 -673.99Provisional Figures» More
11:18 AM
COMPANY ANALYSIS Havells: Strong show in core operations seen as key driver of growth
Havells kicked off FY19 on a strong note, clocking 40 per cent revenue growth during the June quarter (Q1), led by its electrical consumer durables (ECD) segment. While the Lloyd air-conditioners (AC) business also surprised positively, others supported growth, too. READ MORE
11:17 AM
Motilal Oswal Securities on ACC
We believe that ACC will continue narrowing its profitability gap with peers, led by a higher proportion of premium sales, optimization of sales and rationalization of fixed cost. Any efforts toward capacity addition will be an added advantage.
We value ACC at 9x (30% discount to peers vs present discount of 45%) to arrive at a target price of Rs 1,633 (+25% upside). Upgrade to Buy.
11:15 AM
IIFL on cement sector
With Q1FY19 Ebitda/tonne likely to be lower YoY by Rs222 and impact of cost increases likely to reflect in the next 2 quarters with less than adequate price increases so far, we expect FY19 profitability to be muted for the industry. Though the news flow is likely to be positive in the near term, as producers attempt to pass on cost increases, news flow is likely to turn negative due to the high base for demand growth from 3QFY19.
11:03 AM
INTERVIEW Wealth management industry is likely to grow at 10-15% over next 5 years, says Nitiin Rao, CEO, Reliance Wealth Management
How have the investing trends among the wealthy changed over the last two-three years? What is the road ahead?
Customers have become more aware of investment avenues in general and mature investors have also understood the correlation between distribution costs and the degree of complications in normal investment products. Coupled with the emergence of direct mutual fund investments and investment advisory practices, a trend has been seen where mature investors have moved towards low-cost investment or advisory/transaction fee-based investment practices READ MORE HERE
Nitin Rao, CEO at Reliance Wealth Management Nitin Rao, CEO at Reliance Wealth Management
11:01 AM
L&T Technology Services rallies 14% on strong Q1 results
Shares of L&T Technology Services (LTTS) have rallied 14% to Rs 1,485 per share on the BSE in early morning trade after the company reported a more-than-double net profit of Rs 1,981 million in June quarter (Q1FY19). The L&T group company had profit of Rs 980 million in the year ago quarter. READ MORE
10:45 AM
Cement shares rally as ACC June quarter earnings beat estimates
Shares of cement companies have rallied up to 13% on the BSE in early morning trade after ACC reported a better-than-expected consolidated net profit of Rs 3.29 billion for the June 2018 quarter. The company had profit of Rs 3.26 billion in year ago quarter. READ MORE
10:17 AM
Telecom stocks on a roll
COMPANY LATEST() CHG() CHG(%) VOLUME
REL. COMM. 13.55 0.32 2.42 1917448
IDEA CELLULAR 56.10 3.45 6.55 907429
TEJAS NETWORKS 276.00 21.30 8.36 51801
BHARTI AIRTEL 363.05 5.45 1.52 23743
TATA COMM 569.10 3.55 0.63 1158
» More
10:14 AM
Anand Rathi on Page Industries
Driven by product launches, network expansion and operating-cost controls, strong ~20% revenue growth and ~30% PAT growth emerge from Page Industries’ FY18 annual report analysis. The company continued to generate positive operating cashflow and its OCF/ EBITDA grew to ~85% in FY18, from ~73% the year prior, driven by greater profit growth and better working-capital management.
10:10 AM
Sensex heat map
10:07 AM
DERIVATIVE WATCH
NIFTY OPTIONS WATCH
· Additions in OI were seen in 11100, 11000 strike Puts while liquidation was seen at 11000, 11100 strike Calls indicating market is likely to remain positive in the near term.
· Highest OI build-up is seen at 11100 strike Calls and 10800 strike Puts, to the tune of 3.42mn and 5.76mn respectively.
FII AND VIX
· FIIs were net buyers in Cash to the tune of 259.37 Cr. and were net sellers in Index Futures to the tune of 603.54 Cr.
· India VIX decreased by 3.92% to close at 13.00 touching an intraday high of 13.62.
(Source: Nirmal Bang)
10:05 AM
Edelweiss on ACC
With current cement prices being higher than Q2CY18 average, we see limited risk to our CY18E EBITDA. We believe, the pan-India player will benefit from the imminent rise in the industry’s clinker utilisation and, hence, retain CY19 estimates. Maintain ‘BUY’ with target price of Rs 1,817 (12x CY19E EV/EBITDA). Any effort by ACC to increase capacity (organic or inorganic expansion) will boost sentiments further.
10:04 AM
Edelweiss on Bajaj Auto
We remain concerned about the price war spreading to other segments (especially premium) where players like Hero do not have much to lose. We prune BJAUT’s FY20E EPS ~7% to account for lower realisation and margin. We also cut our valuation multiple to 16.0x (5% premium to long-term historical average) from 17.5x to factor in the price war risk. Maintain ‘HOLD’ with revised target price of Rs 2,899 (Rs 3,300 earlier).
09:47 AM
Street cheers L&T Finance's clean-up act; net interest income up 51%
Shares of L&T Finance on Monday recovered the entire 10 per cent it had lost in the past six months, on Monday following strong June 2018 quarter (Q1) results announced late-Friday. Yet, analysts see further upside as its balance sheet clean-up will support earnings growth. READ MORE
09:47 AM
Stocks in news
· Syngene International extended R&D Agreement with Baxter Healthcare till 2024.
· PNB received Rs 2,816 crore capital infusion from Indian government.
· Allahabad Bank received Rs 1,790 crore capital infusion from Indian government.
· Fitch revised UPL outlook from stable to negative.
· Essel Propack started first phase of commercial production of laminated tubes in Assam.
· Indian Energy Exchange to consider stock-split on Aug. 9.
· Vedanta: Ground water around the company’s copper plant contaminated
(Source: IIFL report)
09:46 AM
IIFL on Hindustan Zinc
It has maintained its guidance of higher mined metal output for FY19 and also maintained its CoP target of US$950-975/ton despite the increase in employee costs. The management mentioned that they are on track to increase output to 1.2mtpa on mined metal in FY20.
Costs pressures have not eased as linkage coal supply has been lower than contracted and carbon costs have remained high. We expect zinc prices to bounce back from current levels due to dwindling inventory levels. Post the sharp correction we upgrade our rating to Buy with a revised target price of Rs.318
09:44 AM
TOP CONTRIBUTORS TO SENSEX'S GAIN TODAY
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) CONTRIBUTION
(POINTS)
HDFC BANK 2167.90 10.15 0.47 210795.90 24.74
MARUTI SUZUKI 9846.55 149.40 1.54 61497.20 24.64
HIND. UNILEVER 1705.20 18.60 1.10 60825.93 16.48
H D F C 1974.00 7.40 0.38 193778.42 14.49
INFOSYS 1361.00 5.25 0.39 218668.11 13.02
09:35 AM
Sebi warns heads of asset management companies against 25 malpractices
The Securities and Exchange Board of India (Sebi) has written to the heads of asset management companies (AMCs), warning against 25 malpractices committed by the Rs 23-trillion industry. The regulator, in a four-page letter dated July 9, has also warned fund houses against breaches and demanded corrective measures. READ MORE
09:22 AM
Nifty sectoral trend
09:21 AM
BSE Sensex gainers and losers
09:17 AM
Market at open
At 9:16 AM, the S&P BSE Sensex was trading at 36,817, up 98 points while the broader Nifty50 was ruling at 11,114, up 29 points.
09:01 AM
Markets at pre-open
Index Current Pt. Change % Change
S&P BSE SENSEX 36,882.41 +163.81 +0.45
S&P BSE SENSEX 50 11,658.66 +61.00 +0.53
S&P BSE SENSEX Next 50 31,963.12 +27.83 +0.09
S&P BSE 100 11,350.97 +52.27 +0.46
S&P BSE Bharat 22 Index 3,392.18 +22.01 +0.65
(Source: BSE)
08:56 AM
Commodity watch: Oil prices fall as oversupply concerns weigh
Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.
Brent crude oil was down 10 cents, or 0.14 percent, at $72.96 a barrel by 0037 GMT, after settling down 1 cent on Monday. U.S. crude was down 9 cents, or 0.13 percent, at $67.80 a barrel. The contract fell 37 cents the previous day READ MORE
08:55 AM
Global markets China's bond yields jump, yuan falls on policy stimulus bets
Chinese government bond yields jumped and the offshore yuan hit its weakest level in more than a year on Tuesday after China's cabinet said it would pursue a more vigorous fiscal policy and as traders bet on further easing in monetary conditions READ MORE HERE
08:50 AM
Top trading ideas by Anand Rathi Research: Buy Sterlite, Aurobindo Pharma
SUN PHARMACEUTICAL INDUSTRIES: BUY
TARGET: Rs 590
STOP LOSS: Rs 545
The stock has provided a breakout from the falling trend line resistance with a buy crossover in its momentum indicator MACD on the hourly charts. With this breakout, the stock seems to have completed a wave 4 correction and wave 5 up seems to have ensued, hence we recommend buying this stock for the target of 590 with a stop loss of 545 READ MORE HERE
08:48 AM
Kotak Securities on Arvind
We believe that Arvind being a major player in branded apparel business and having long history in textiles business would be benefited by rising disposable income, growth in retail sector and increasing preference towards branded apparels. We believe that the demerger of branded apparel and engineering business would unlock value of each of the businesses post listing. We initiate coverage on the stock with BUY recommendation and SOTP based target price of Rs 500
08:45 AM
UBS on real estate sector
RERA implementation has been slow and awareness is much lower than we had expected. This may imply that demand may take longer to recover, but favourable supply-side dynamics are already visible. The top 10 developers are gaining share strongly in both launches and sales. Despite 7% outperformance, we believe our preferred property stocks are not pricing in the accelerated market-share gains ahead. Reiterate Buy on Godrej, Oberoi, and Prestige
08:41 AM
Today's picks: From Bajaj Auto to ITC, hot stocks to watch on Tuesday
ITC
Current price: Rs 284
Target price: Rs 288
Keep a stop at Rs 282 and go long. Add to the position between Rs 286 and Rs 287. Book profits at Rs 288 READ MORE
08:40 AM
Investment in P-notes plunges to more than 9-year low of Rs 836.88 bn
Investments through participatory notes into Indian capital markets plunged to more than nine-year low of Rs 836.88 billion at June-end amid stringent norms put in place by the watchdog Sebi to check misuse of these instruments READ MORE
08:39 AM
MUST READ Sebi probes sharp fall in the midcap stocks amid unfair trade allegations
The market regulator Securities and Exchange Board of India (Sebi) has begun a preliminary investigation into the crash in share prices of small- and mid-cap companies in recent months. Sources say the regulator is probing the abrupt price movement in close to 70 stocks, following red flags raised by its surveillance system CLICK HERE FOR MORE
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