MARKET: Sensex slips 422 pts amid a sell-off in RIL; Nifty ends at 11,203

Topics Markets | Coronavirus | YES Bank

Volatility index, India VIX, rose nearly 2 per cent to 24.09 levels.
The domestic stock market ended Wednesday's highly volatile session in the negative territory as investors booked profit in the recent outperformers such as Reliance Industries (RIL), and information technology (IT) counters. 

The S&P BSE Sensex ended 422 points or over 1 per cent lower at 38,071 levels with RIL (down nearly 4 per cent) being the top loser, and IndusInd Bank (up 4.5 per cent) the biggest gainer.  

Further, RIL was also the major contributor to the Sensex's loss, followed by HDFC Bank, TCS, Infosys, and HDFC. 

NSE's Nifty settled at 11,203, down 98 points or 0.86 per cent. Volatility index, India VIX, rose nearly 2 per cent to 24.09 levels. 

The sectoral trends on the NSE remained mixed. Nifty Pharma advanced the most - up over 3 per cent to 10,441 levels while Nifty PSU Bank index gained over 1.5 per cent to 1,419 points. Nifty Auto, on the other hand, fell over 1 per cent 7,330 levels. 

In the broader market, the S&P BSE MidCap index ended at 13,763 levels, up 0.68 per cent while the S&P BSE SmallCap gained over 0.4 per cent to 12,972 points. 

BUZZING STOCKS

Shares of auto major, Maruti Suzuki India (MSIL), ended 1.6 per cent lower at Rs 6,185.60 apiece on the BSE after the company reported a consolidated loss of Rs 268.3 crore for the June quarter of FY21 (Q1FY21) as compared to profit of Rs 1,376.8 crore reported in the corresponding quarter last year. READ MORE

Shares of Dr Reddy’s Laboratories hit a record high of Rs 4,334 on the BSE after the company reported a better-than-expected net profit of Rs 579 crore in April-June quarter (Q1FY21), on the back of strong revenue growth. The stock ended at Rs 4,300, up over 6 per cent. 

Tata Coffee ended over 12 per cent higher at Rs 93 on the BSE after the company reported robust performance for the April-June (Q1FY21) quarter. The Tata Group company's consolidated net profit increased by 77 per cent to Rs 62 crore on the back of strong volumes growth, as against Rs 35 crore profit clocked in the previous year quarter. READ MORE

Shares of Nestle India ended 3 per cent lower on the BSE on Wednesday after the fast-moving consumer goods (FMCG) major announced its June quarter numbers for the fiscal year 2020-21. For the quarter under review, Nestlé India on Tuesday reported an 11.14 per cent increase in net profit at Rs 486.60 crore for the quarter ended June 2020, helped by an increase in sales. READ MORE

Global markets

European shares edged up slightly on Wednesday after mixed earnings reports, but a resurgence of Covid-19 cases kept investors cautious while they waited to hear from the US Federal Reserve. 

In Asia, Japan’s Nikkei fell on a rising yen and weak start to the earnings season. But the MSCI world equity index, which tracks shares in 49 countries, was up around 0.1 per cent and mixed corporate earnings saw MSCI’s main European Index rise around 0.3 per cent. 

In commodities, oil prices climbed after a surprise drop in US crude inventories was enough to offset concerns about US fuel demand amid record increases in Covi-19 infections in some states.

(With inputs from Reuters)

3:44 PM IST

3:43 PM IST

3:36 PM IST The S&P BSE Sensex slipped 422 points or over 1 per cent to settle at 38,071 while NSE's Nifty ended at 11,203, down 98 points or 0.86 per cent. 

3:23 PM IST

3:12 PM IST

3:05 PM IST (Via BSE filing)

3:04 PM IST >> Total revenue from operations at Rs 2,863.85 crore

3:01 PM IST

2:50 PM IST

2:42 PM IST

2:41 PM IST Sales drop will be one of the biggest in the Indian industry, be it automotive or engineering manufacturing industry, said Srinivasan.   However, he said that the market is opening up gradually after the lockdown. He expects the market to overcome the supply chain problem during the second quarter of the year. READ MORE

2:35 PM IST Auto major Maruti Suzuki on Wednesday reported a consolidated loss of Rs 268.3 crore for June quarter of FY21 (Q1FY21) as compared to profit of 1,376.8 crore reported in the corresponding quarter last year. The company attributed the outbreak of Covid-19 pandemic and the consequent lockdown announced to contain it for adversely impacting its numbers. READ MORE 

LIVE UPDATES

SECTOR WATCH:: Nifty Pharma rallies over 3%


MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex slipped 422 points or over 1 per cent to settle at 38,071 while NSE's Nifty ended at 11,203, down 98 points or 0.86 per cent. 

MARKET CHECK:: Top 5 losers on the BSE at this hour


BUZZING STOCK:: IndusInd Bank gains over 5%


NEWS ALERT :: Kiran Koteshwar resigns as SpiceJet's CFO w.e.f September 1, 2020

(Via BSE filing)

March Quarter Result :: SpiceJet reports standalone net loss of Rs 807 crore

>> Total revenue from operations at Rs 2,863.85 crore


INDEX LOSER:: RIL tumbles 4%


MARKET CHECK:: Sensex extends fall


MARKET CHECK


Market is opening up gradually, Q2 looks much better: TVS Motor Chairman

Sales drop will be one of the biggest in the Indian industry, be it automotive or engineering manufacturing industry, said Srinivasan.
 
However, he said that the market is opening up gradually after the lockdown. He expects the market to overcome the supply chain problem during the second quarter of the year. READ MORE

Maruti Suzuki reports consolidated loss of Rs 268.3 crore for June quarter

Auto major Maruti Suzuki on Wednesday reported a consolidated loss of Rs 268.3 crore for June quarter of FY21 (Q1FY21) as compared to profit of 1,376.8 crore reported in the corresponding quarter last year. The company attributed the outbreak of Covid-19 pandemic and the consequent lockdown announced to contain it for adversely impacting its numbers. READ MORE 


UPDATE :: Markets sharply lower; Nifty hovers around 11,200


Dr Reddy's Labs rallies 4% to hit a record high on healthy Q1 numbers

Shares of Dr Reddy’s Laboratories hit a record high of Rs 4,224, up 4 per cent on the BSE on Wednesday after the company reported a better-than-expected net profit of Rs 579 crore in April-June quarter (Q1FY21), on the back of strong revenue growth. The pharmaceutical company had posted a profit of Rs 663 crore in the year-ago period. The stock surpassed its previous high of Rs 4189.35, touched on June 10, 2020. READ MORE 


June Quarter Result :: Maruti Suzuki reports net loss of Rs 249 crore

>> Revenue at Rs 4,107 crore

>> EBITDA loss at Rs 863 crore


MARKET UPDATE :: Sensex extends decline, down over 300 pts


Rupee Closing

Rupee ends higher at 74.80 per US dollar vs Tuesday's close of 74.84/$

COMMENT :: Rahul Gupta, Head of Research- Currency, Emkay Global

The USD/INR spot is trading in a very narrow range of 74.75-75. Today's US Fed policy will provide some clarity over the trend. We don't expect a rate action by the Fed today. If the-policy turns out to be ultra-easy, then we can see some fall in the dollar index and may get reflected in USD/INR spot. However, in our view, the policy will be a reiteration of past measures. So, 74.50 will keep acting as crucial support while 75 will act as immediate resistance. Unless 75 breaks, we will see the spot trading in between 74.50-75

Insurance companies turn net buyers of equities after eight years

Insurance companies have turned net buyers of Indian equities after eight years. So far this year, domestic institutional investors (DIIs) have purchased stocks worth Rs 80,000 crore, of which mutual funds (MFs) account for Rs 33,700 crore, implying net buying by insurers.
 
Market watchers say this buying has provided heft to the market at a time when foreign portfolio investor (FPI) flows have been choppy and MF investments have moderated owing to a slowdown in investor flows into equity schemes. READ MORE

MARKET CHECK


IPO UPDATE:: Mindspace Business Parks REIT offer subscribed 3.65x so far on Day 3


Jet Airways loss widens to Rs 5,536 crore in 2018-19 over surge in expenses

The full service carrier, which shuttered operations in April last year, had a loss of Rs 766.13 crore. These figures are for standalone comprehensive losses.
 
In 2018-19, the airline's total income declined to Rs 23,314.11 crore from Rs 23,958.37 crore in the year-ago fiscal, according to a regulatory filing. READ MORE

June Quarter Result :: Dr Reddy's Labs reports profit of Rs 579 crore

>> Revenue at Rs 4,418 crore

>> EBITDA at Rs 1,162.2 crore 

>> EBITDA margin comes in at 26.3%

Covid-19 provisioning erodes 25% operating profits of top 5 pvt banks in Q1

With the additional provisioning in Q1, total Covid-19 provisioning of this set of lenders, as of June 2020, stood at 0.7 per cent of their total advances, on aggregate level, more than double in the previous quarter (around 0.3 per cent). However, provisioning has gone up, it is likely to remain higher in the near term. READ MORE

IndiGo to report June quarter result today; here's what analysts expect

Analysts at Motilal Oswal Financial Services expect de-growth in revenue passenger kilometer (RPK) – a metric that shows the number of kilometers traveled by paying passengers -- by 88 per cent YoY/QoQ at Rs 260 crore due to ban on air travel. Additionally, it expects yields to decline by 10 per cent YoY and 2 per cent sequentially to Rs 370 crore. READ MORE

June Quarter Result :: Colgate Palmolive's net profit grows to Rs 198 crore

>> Revenue comes in at Rs 1,040.6 crore

>> EBITDA margin comes in at 29.6%

>> EBITDA improves to Rs 308 crore from Rs 299.8 crore YoY


Nifty PSU Bank index rallies 4% ahead of PM Narendra Modi's review meeting

Shares of public sector banks were in focus on Wednesday ahead of Prime Minister Narendra Modi's scheduled meeting with the chief executives of state-owned and private banks. Nifty PSU Bank index gained as much as 3.7 per cent in an otherwise subdued market in the intra-day trade today, while Nifty Bank index added 1 per cent. READ MORE

India's business outlook worsening, RBI may cut rates again

The outlook for India's reeling economy has worsened again as business activity slows and Covid-19 infections soar, and will probably prompt the Reserve Bank of India to cut interest rates again soon, a Reuters poll of economists suggests. The latest findings echo recent criticism of New Delhi's $266 billion economic rescue package, which does not include new spending, tax breaks or cash support, suggesting more will be needed to turn the economy around. READ MORE

BUZZING STOCK:: Adani Gas zooms 8%


MARKET CHECK:: Top 5 gainers on the BSE at this hour


BROKERAGE VIEW:: Anand Rathi Shares on Aarti Drugs

As a prominent partner of pharma companies seeking to diversify supplies from China, Aarti’s Q1 sales grew 34% y/y. A better product mix and higher realisations on key APIs (prices rose 10-15%) led to a 772bp gross-margin expansion. The EBITDA margin swung to a record 24.6% (a 1,110bp expansion). Absolute EBITDA grew 145% to Rs 1.3bn. The better operating performance and lower tax rate rocketed adj. PAT 281% to Rs 855m. On such a strong Q1, we raise our FY21e/22e/23e EPS 43.5%/ 29.5%/28.9%. We expect revenue/PAT to clock 18.9%/34.5% CAGRs over FY20-23. We retain our Buy rating, with a higher target of Rs 2,090.

Oil rises after surprise drop in US inventories offsets demand concerns

Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere. Brent crude futures were up by 14 cents, or 0.3 per cent, at $43.36 a barrel by 0326 GMT, after dropping 0.4 per cent on Tuesday. READ MORE

Cement stks extend gains on strong performance by sector majors in June quarter

Shares of cement makers continued on an upward trajectory and gained up to 4 per cent in an otherwise subdued market on Wednesday, after sector majors UltraTech Cement, ACC, and Ambuja Cements reported strong operational performances in the April-June quarter. JK Lakshmi Cement, UltraTech Cement, HeidelbergCement India, Dalmia Bharat and JK Cement were up in the range of 2 per cent to 4 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.39 per cent or 152 points at 38,341 at 10:53 am. READ MORE 


BROKERAGE VIEW:: ICICI Securities on Marico

Though growth prospects in Saffola edible oil & foods remain strong, it contributes only 20% to sales. A large part of portfolio (hair oils) remains a saturated category with limited growth opportunity. Also, edible oil remains a low margin category with extensive competition. The stock is trading at 37x FY22E earnings. We maintain HOLD with a revised TP of RS 380.

BROKERAGE VIEW:: Prabhudas Lilladher on UltraTech Cement

Rating: BUY | CMP: Rs 4,136 | TP: Rs 4,675

The major positive surprise came on the cost reduction and its sustainability going forward. Sustainable reduction of 10% in fixed overheads, higher operating leverage and lower coal costs would help keep costs under control. Hence, we upgrade EBITDA estimates by 10%/8% for FY21e/FY22e to factor in higher realisations and lower costs. We remain bullish on UTCEM due to its dominant size (with capacity of 112mnt and market share of 22%) and highly efficient operations. We reiterate BUY with revised TP of Rs 4,675, EV/EBITDA of 14x FY22E.

BROKERAGE VIEW:: Prabhudas Lilladher on NIIT Technologies

Rating: BUY | CMP: Rs 1,767 | TP: Rs 2,190

Led by strong commentary, we raise NIIT Tech US dollar revenue growth assumption to 2%/16.7%/14.7% for FY21/FY22E/23E (vs -3%/11%/10.8% earlier). NIIT Tech is poised to show strong momentum in FY22 and could outpace peers by a wide margin. We assign 20X multiple for NIIT Tech (earlier 15X) 10% discount to LTI multiple as NIIT Tech growth momentum will surpass everyone in FY22 & concentrated share float ( Baring holds 70.3% in NIIT Tech) can also lead to steeper P/E multiple increases for the stock. We arrive at a TP of Rs 2,190 (earlier Rs 1,533) valued at 20X Sep-20 EPS of Rs.109. At CMP, the stock trades at 20x/17x/15x FY21/22/23E EPS. Reiterate BUY.

BROKERAGE VIEW:: Edelweiss Securities on IndusInd Bank

We reiterate that the interpretation of moratorium accounts as the superset of future problem loans is inappropriate. The deposit franchise has shown signs of stabilisation, but sustainability is key. Our prognosis on systemic asset quality remains bleak and IIB remains at bottom-third of our coverage in terms of proximity of reported net worth vis-a-vis ‘true residual equity’. The capital-raising (nearly Rs 33bn, which shores up Tier 1 by 125bps) is a step in the right direction and deepens ‘equity certainty’, but uncertainty reduction (to arrive at true BV) is yet not solid enough to boost our target multiples. Retain ‘HOLD’ with a TP of Rs 540.

BROKERAGE VIEW:: Axis Securities on ITC

RATING: BUY | Target Price : Rs 243

Cigarette faster than expected recovery: Cigarette biz Revenue/EBIT declined 29%/38% respectively largely driven by over 45% decline in volumes owing to Covid-19 led lockdowns impacting its availability. Volume degrowth was much lower than what the street was expecting at 45-50% driven by resumption of manufacturing operations post mid-May and rapid scale up thereafter, sales & distribution ramp up and possible market share gains (Godfrey Phillip plant was shut for large part in Q1). Sales were also supported by launch of new variants in DSFT (mass segments) and innovative pack sizes (largely targeted at loose cigarette consumption by introducing pack of 5cigs vs standard 10cigs pack) thereby expanding target audience in key markets. EBIT Margins contracted by 970 bps YoY at 61% impacted by weak operating leverage and inferior mix.

BROKERAGE VIEW:: Emkay Global on Nestle India

RATING: SELL | TARGET PRICE: Rs 15,600

The portfolio may benefit from current consumption trends but this is already reflected in our forecasts, and upsides to growth momentum are not visible yet. Valuations at 62x CY21/54x CY22E EPS remain unattractive. Maintain Sell with a revised TP of Rs 15,600 (Rs 15,000 earlier) based on Sept-22E EPS.

United Spirits Q1 hit by Covid-19, analysts sceptical about early recovery

The knock-on effect of the Covid-19-triggered lockdown was visible in United Spirits’ June 2020 quarter (Q1) numbers, which were announced on Monday after market hours. Although the management believes the worst is behind, analysts say the pain is far from over.
 
A 53.6 per cent year-on-year (YoY) drop in net revenue to Rs 1,030.2 crore was better than consensus estimate of Rs 930 crore. READ MORE

Nifty Bank: 9 years of outperformance wiped in 4 months due to pandemic

For nearly a decade, banks, especially private sector lenders, were the perfect stocks for investors and fund managers to pick to beat benchmark indices and generate alpha returns in their portfolios. The Covid-19 pandemic has ended this as years of outperformance by banking stocks has been wiped off over the past four months. The Nifty Bank Index has fallen 32 per cent since January, and continues to lag behind the broader market. READ MORE

Maruti Suzuki Q1FY21 preview: Brokerages see net loss of up to Rs 750 crore

According to the company's monthly auto sales data, Maruti Suzuki sold 76,599 units during Q1FY21, down 81 per cent on year-on-year (YoY) basis as compared to 402,594 units sold in Q1FY20. The Q1FY21 numbers comprise the sale of 67,027 units and 9,572 units in the domestic market and export, respectively. READ MORE

PVR, Inox Leisure: Trading ideas for multiplex stocks ahead of Unlock 3.0

PVR Ltd (PVR): After a sharp run up toward Rs 1,200 levels at the end of May, 2020, this counter has seen a decline. It started consolidating from mid-June till mid-July in the range of Rs 1,100 to Rs 920. Currently, the stock is decisively trading above its 100-DMA and also above its upper resistance level of the consolidation seen during this period. This should see buying momentum emerge gradually. READ MORE

Nestle India slips 3% post June quarter nos; here's what brokerages say

Shares of Nestle India slipped nearly 3 per cent on the BSE on Wednesday after the fast-moving consumer goods (FMCG) major announced its June quarter numbers for the fiscal year 2020-21. At 10:28 am, the stock was trading 2.5 per cent lower at Rs 16,670.50 on the BSE. It hit a low of Rs 16,618.70 during the trade against Tuesday's close of Rs 17,098.95. In comparison, the S&P BSE Fast Moving Consumer Goods index was trading flat at 11,442 levels while the S&P BSE Sensex was quoting 197 points or 0.51 per cent lower at 38,295.53 levels. READ MORE

NIIT Technologies surges 7%, nears 52-week high post June quarter results

Shares of NIIT Technologies rallied 7 per cent to Rs 1,894 on the BSE on Wednesday after reporting a healthy order intake of $ 186 million in June quarter (Q1FY21). The stock of the IT consulting & services company is trading close to its 52-week high level of Rs 2,057, touched on January 23, 2020. The company said that fresh business of $186 million was secured during the quarter, which included a large deal along with two more significant deals. A total of 11 new clients were added during the quarter. READ MORE

IndusInd Bank soars 7% on in-line June quarter result, capital raising plan

Analysts at ICICI Securities had expected the private lender's net profit to plunge 83.5 per cent year-on-year (YoY) to Rs 236.8 crore in the recently concluded quarter. Sequentially, the decline would have been 21.5 per cent from Rs 301.8 crore clocked in Q4FY20. Those at Edelweiss Securities, however, had expected the profit at Rs 433.8 crore.
 
On consolidated basis, IndusInd Bank reported 64.4 per cent decline in its net profit at Rs 510.39 crore in Q1FY21, compared to Rs 1,432.54 crore in year-ago quarter. READ MORE

Top losers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
HATHWAY CABLE 42.00 -4.98
GUJ PIPAVAV PORT 75.40 -3.95
ARVIND FASHIONS. 122.20 -3.74
GMR INFRA. 22.75 -3.19
NESTLE INDIA 16639.40 -2.69
» More on Top Losers

Time to buy: Sentiment gauge says stay bullish as markets bounce back

The contrarian-gauge devised by Bank of America Merrill Lynch (BofA) is currently in the ‘neutral’ zone, indicating that there may be more steam left in the rally. In March, the reading on the risk-love indicator was that of peak panic, suggesting it was time to buy. When the reading on the gauge is ‘extremely bullish’ it is time to sell. Currently, both developed and emerging markets (EMs) are in neutral territory. READ MORE

Nifty Bank: 9 years of outperformance wiped in 4 months due to pandemic

For nearly a decade, banks, especially private sector lenders, were the perfect stocks for investors and fund managers to pick to beat benchmark indices and generate alpha returns in their portfolios. The Covid-19 pandemic has ended this as years of outperformance by banking stocks has been wiped off over the past four months. The Nifty Bank Index has fallen 32 per cent since January, and continues to lag behind the broader market. READ MORE

HDFC Q1 preview: Higher provisions, tepid credit growth could hit earnings

Housing finance company, HDFC (Housing Development Finance Corporation), is scheduled to report its June quarter earnings (Q1FY21) amid expectation of tepid loan disbursal, elevated provisioning, and contraction in net interest margin (NIM) as credit demand remained weak amid the ongoing Covid-19 pandemic. The HFC, which is scheduled to report its April-June quarter earnings for FY21 on Thursday, July 30, is also likely consider issuance of secured redeemable, non-convertible debentures, in various tranches, aggregating up to Rs 45,00 crore on a private placement basis, reports suggest. READ MORE

Rupee opening

Rupee opens higher at 74.82/$ vs Tuesday's close of 74.84 against the US dollar

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 7.97 -1.12
FUTURE CONSUMER 10.15 4.64
SUZLON ENERGY 4.54 4.85
B H E L 38.70 3.20
SOUTH IND.BANK 6.72 -1.61
» More on Most Active Volume

MARKET UPDATE:: Broader indices outperform benchmarks


Tata Coffee soars 16% as net profit grows 77% YoY in June quarter

Shares of Tata coffee soared 16 per cent to Rs 96.80 in the early morning trade on the BSE on Wednesday after the company reported robust performance for the April-June (Q1FY21) quarter. The Tata Group company's consolidated net profit increased by 77 per cent to Rs 62 crore on the back of strong volumes growth, as against Rs 35 crore profit clocked in the previous year quarter. READ MORE

MARKET UPDATE:: Sensex gives up opening gains, turns negative


Future Retail locked in 5% upper circuit


Result Impact | IDBI Bank logs second consecutive quarterly profit

>> The private sector lender posted a profit before tax (PBT) of Rs 437.97 crore for the quarter ended June 2020 (Q1FY21) on a rise in net interest income and a dip in provisions and contingencies.


Commodity heatmap :: Gold hits fresh record high on MCX


Ahead of Q1 nos | Bharti Airtel trades flat with positive bias


Result Impact | Tata Coffee surges over 11%

>> Tata Coffee Ltd on Tuesday reported a 77 per cent increase in consolidated net profit at Rs 62 crore for the quarter ended June. Its net profit stood at Rs 35 crore in the year ago period.


Maruti Suzuki trades mildly in the red ahead of Q1 results


UltraTech Cement extends gains; CLSA pegs target at Rs 5,000


RBL Bank gains post June quarter results

>> Excess provisions of Rs 460 crore led small sized private sector lender RBL Bank to report a 47 per cent decline in June quarter net profit at Rs 141 crore on Tuesday. The bank said it set aside Rs 240 crore for Covid-19 related provisions, taking the total money set aside due to possible reverses because of the pandemic to Rs 350 crore.


Result Impact | IndusInd Bank jumps over 4%

>> The private lender's standalone net profit slumped 67.84 per cent to Rs 460.64 crore on 0.65 per cent rise in total income to Rs 8,680.92 crore in Q1 June 2020 over Q1 June 2019.


Sectoral trends on NSE at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Sebi's new margin rules :: Retail investors to lose as Sebi, brokers tussle

The essential difference is that traders will have to maintain, or pay their full margin upfront, for trades in the cash market. They will have to put the margin down even before they sell a stock. The earlier system, which is being phased out by July 31, allowed such trades to be carried out without the full upfront margin.
 
In the event of a client default, the broker always has to make up the shortfall from its own funds in the current practice. However, the industry association ANMI (Association of National Exchanges Members, India) points out, quite correctly that there has never been any serious default in the 25-odd years of the electronic trading system. READ MORE

Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


Stocks to watch today

Maruti Suzuki India: The auto major is slated to announce its June quarter numbers later in the day. Brokerages are building in a net loss of up to Rs 750 crore for Maruti for the quarter under review led by a massive decline in volumes, as compared to a profit of Rs 1,435.5 crore reported in Q1FY20.
 
Bharti Airtel: The telecom major is set to announce its June quarter results for FY21 (Q1FY21) on Wednesday and analysts expect the company to post a loss of as much as Rs 318.9 crore as compared to Rs 5,236.9 crore loss reported in Q4FY20. Revenue growth for the quarter, however, is likely to remain flat with India non-wireless revenues traction remaining robust. READ MORE

BROKERAGE VIEW :: CLSA on IndusInd Bank

Maintains 'Buy', Target price: Rs 665

>> Ticking the right boxes on stability

>> PPoP numbers in line with expectations

>> Factor-in capital raise and expect RoE of 14%

>> Current valuation of 0.9x is demanding

BROKERAGE VIEW :: CLSA on Nestle

Downgrades to 'Sell', Target price: Rs 16,100 from Rs 16,500

>> Slow business ramp-up affects Q2 performance

>> Expect double-digit gorwth momentum to resumt in Q3

>> Factoring in a weak H1, lower our earnings estimate for CY20/21 by 5%/2%


BROKERAGE VIEW :: Citi on UltraTech Cement

Maintains 'Buy', Revised target price: Rs 5,000 from Rs 4,500

>> Producers are expected to focus on profit and margin

>> Stock is among top picks in the sector

>> Tweak EBITDA estimates slightly but continue to value at 13x EV/EBITDA

BROKERAGE VIEW :: CLSA on UltraTech Cement

Upgrades to 'Buy', Revised target price: Rs 5,000 from Rs 4,160

>> Q1 results ticked all boxed with high profitability and low debt

>> Deleveraging, cost control and sustained volume growth key positives

>> See co's risk-reward as the most attractive in the sector

>> Raise FY21-23 EBITDA target by 10-13%

Hold Nifty longs with 11,050 stop-loss: Vinay Rajani of HDFC Securities

Nifty broke out from its 5-day consolidation range of 11,050-11,240 on Tuesday and closed at the highest point of the current upswing. Nifty is in continuation of an uptrend and longs should be held with the stoploss of 11,056. Resistances are seen at 11,350 and 11,500. READ MORE

Weekly stock picks by Religare Broking: Buy Godrej Consumer, Hero MotoCorp

Buy Godrej Consumer Products Limited
 
Last Close: Rs 677.45
 
After an up move from 600 to 720 levels, GODREJCP has been trading with a corrective bias for the last three weeks. It has tested the support zone around 660 of late and indications are now in the favor of a rebound. Traders are advised to initiate fresh longs in the given range. READ MORE

Bulk deals on NSE as on Tuesday

Bulk deals on BSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil rises after surprise drop in US inventories offsets demand concerns

>> Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.

>> Brent crude was up by 24 cents, or 0.6%, at $43.46 a barrel, after dropping 0.4% on Tuesday.
 
>> US oil gained 14 cents, or 0.3%, to $41.18 a barrel, having dropped 1.4% in the previous session.

(Source: Reuters)

SGX Nifty hints at green start

>> At 8:23 am, the index was at 11,317 level, up 34 points 

Wall Street falls as pandemic hurts consumer confidence; stimulus plan underwhelms

Source: Reuters


Asian stocks under pressure, gold rallies on US stimulus impasse

Source: Reuters


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