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BSE Sensex and Nifty 50 benchmark indices traded lower on Friday. Photo: Reuters
- Mumbai: BSE Sensex and Nifty 50 BSE benchmarks lost more than 1% on Friday, following losses by Asian peers. Inventories in Asia have further declined, with China's weakest economic growth since the global financial crisis increasing market concerns about trade disputes, rising US interest rates and the government's free spending budget. Italy. In addition, investors were cautious about the corporate earnings season. Oil prices rose slightly, but were set for a second weekly dip in the face of rising crude inventories and worries over the death of a reputed Saudi journalist. Markets were closed Thursday because of Dussehra. Here are the latest market updates:
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10h14 IST Positive analysts on Reliance despite the challengesHDFC Titles "We expect that GRM will be under pressure due to higher oil prices and the reduction of the L-H differential. Petchem's operations could see some improvement in their margins with the stabilization of ROGC and the petroleum coke gasifiers and the commissioning of an ethane cracker. The brokerage firm maintained its "buy" on the stock.Kotak Institutional Equities "We reiterate SELL in light of our concerns over the persistence of strong investments, non-contributory C-WIP and rising debt levels, all of which hinder a sustainable improvement in rates of return and free cash flow in the future." middle term. Recent deterioration in refinery and petchem margins could compound short-term problems. "IDBI Capital "We would expect lower investment stabilization and Jio's growth trajectory before giving it a higher valuation." The brokerage downgraded the security and maintained its target price at Rs.1,200. "We expect the significant monetization of GigaFiber activity to take longer than expected due to last mile connectivity issues. Although strategic investments in Hathway and Den would help speed up the work. However, price pressure in the mobility sector could keep the ARPU at a lower level in the near term, "said the broker in a report.Morgan Stanley Analysts said that cost inflation problems existed, but that they could disappear by mid-2019. "The next step is a key issue as we are concerned that growth factors may be mitigating," MS said. CIMB believes that investment spending and the increase in net debt remain a concern, and that Q3 will record additional investments for the acquisitions of several system operators and assets of Reliance Communications Ltd. The CIMB maintained the "reduced" rating with a PR of 835 rupees.Nomura stated that the main disappointment was further delays in the gasification of petroleum coke. He keeps a PT of 1480 Rs with the "buy" rating.Of the 72 brokerages that cover the stock, 26 write "buy" or more, five "hold" and five "sell" or less; their median TIP is Rs. 1,282.50, according to Thomson Reuters data.
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9:48 am IST Mindtree shares dive 13% after second-quarter profitsMindtree shares plunged 13.15% to 850.20 rupees per share. The company recorded a 65.4% increase in its consolidated net income of 206.3 billion rupees for the September quarter, compared to a net profit of 124.7 billion rupees for the same period last year. 39, previous year. Its revenues increased by 31.8 percent to Rs. 1,755.4 crores in the current quarter, compared with Rs. 1,331.6 crores during the same period last year.Dolat Capital Market said: "Customer-specific issues are dampening overall revenue growth in the quarter, but we expect a return to growth in the near term, driven by strong demand in the BFSI and retail sectors. , which remain essential for the adoption of digital. estimates of revised EPS of 6.6% and 2.8% for fiscal years 20 and 21, respectively, taking into account the depreciation of the rupee. The brokerage maintained "Accumulate" the stock with a TP of 1,150 Rs.
If buzzwords such as digital services, artificial intelligence and bots were enough to excite investors, Mindtree shares should be in flames after its September quarter results: //t.co/FsnhkyS9Di
– Livemint (@livemint) October 19, 2018
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9:40 am IST Jet Airways shares jump 8% on share buzz for Tata SonsJet Airways shares climbed 8.18 percent to 233.90 rupees per share as a result of new reports that Tata Sons Ltd had preliminary discussions for the acquisition of a major stake. participation in Jet Airways. Tata sought the management control of Jet Airways, seeking at least 26% initially and 26% via an open offer later, the India time reported Thursday.
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9:33 am IST Update on the market: Sensex and Nifty fall by more than 1%The BSE Sensex traded at 380.88 points, or 1.10%, of 34,398.70, while the Nifty 50 lost 113 points, or 1.08%, to 10,340.05. At the start of trading, the Sensex lost up to 491 points to 34,288.25, while the Nifty 50 plunged 148.45 points to 10,304.60.The BSE MidCap index rose 0.35%, but the small cap index fell 0.43%. Among the sectoral indices for BSE, information, energy and energy technologies fell by more than 2%. The telecommunications, utilities and metal sectors led the gains.
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9:23 am IST RIL share falls more than 6% after second quarter resultsShares of Reliance Industries fell 6.59% to Rs. 1,073.15 after the company reported lower than expected earnings for the September quarter. RIL said Friday that its net profit rose 17.4 percent to Rs. 9,516 crore. The quarterly revenues of the energy-telecom conglomerate increased by 55 percent to 1.6 trillion rubles, compared with Rs. rubles the previous year. According to a Bloomberg survey of seven analysts, RIL's consolidated net sales are expected to be £ 1.41 trillion. Net profit was estimated at 9,630.20 crore, according to 10 analysts' estimates.
Investor Alert EFI: Increasing debt, interest could reduce the value they had left. Read here by @PallaviPengonda and @mis_philipose https://t.co/eLoFJXgKoG
– Brand shop at the market (@ livemint_m2m) October 18, 2018
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9:18 am IST Bank shares down 5% after RBI refusal to extend Rana Kapoor's termYes Bank Ltd dropped 4.91% to Rs 220.35 after the company announced on Wednesday that RBI had rejected its request for an extension of the term of office of the managing director and general manager, Rana Kapoor. RBI asked the bank to appoint his successor before February 1, 2019. Read more
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9:11 am IST The rupee falls slightly against the dollarThe rupee fell slightly against the US dollar, reflecting losses on local stock markets and Asian currencies. At 9:10, the national currency was trading at 73.63 dollars, up 0.18 percent from the close at 73.61 on Wednesday. The currency opened at 73.62 dollars. The 10-year return was 7.887% compared to its previous closing of 7.912%. So far this year, the rupee has fallen by 13.23%, while foreign investors have sold $ 4.51 billion and $ 8.61 billion in equity and debt markets, respectively.
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8:33 am IST Opening bell: clues to watch before trading today■ Asian markets opened with losses. Stocks dropped as climate deteriorated on issues ranging from trade concerns to China's development Reuters. Overnight, US equities closed sharply lower. The S & P 500 at 2768 is down 1.44%.■ Tata Sons Ltd had preliminary discussions to acquire a significant stake in Jet Airways (India) Ltd India time reported Thursday. Tata has sought management control of Jet Airways, the paper said.■ Reliance Jio Infocomm Ltd, a division of Reliance Industries Ltd, which disrupted mobile telephony with extremely low rates, is expected to make an encore in the broadband and cable markets, reports the report. mint.■ At the same time, Reliance Industries announced its intention to invest 2,045 crores of rupees in the 66% equity stake in Den Networks Ltd.■ Yes Bank Ltd's co-promoter, general manager and CEO, Rana Kapoor, has proposed to rival promoter Madhu Kapur to consolidate their holdings and form a group of joint developers, reports the daily mint.■ The impending slowdown in credit growth by non-bank financial corporations (NBFCs) could lead to a credit crunch in India, with overall system credit growth falling to less than 10%.■ The exodus of migrant workers from Gujarat could reduce textile production in India, reports the Business Standard. According to the report, the textile industry is concentrated in a few areas of Gujarat, Maharashtra, Tamil Nadu and Karnataka. R. Sree Ram / MintWith contributions from Reuters
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