CNBC-TV18 Market Highlights: Sensex dips 229 points, Nifty below 11850, banks offset Reliance Industries', TCS gains

Sensex heatmap at close: TCS, Reliance Industries top gainers, Yes Bank, SBI, Axis Bank top laggards##Sensex heatmap at close: TCS, Reliance Industries top gainers, Yes Bank, SBI, Axis Bank top laggards

CNBCTV18 Closing Bell: Sensex, Nifty extend losses led by banks, offset RIL, TCS gains##CNBCTV18 Closing Bell: Sensex, Nifty extend losses led by banks, offset RIL, TCS gains

The BSE Sensex settled 229 points lower, or 0.57 percent, in Wednesday's trade at 40,116. The NSE Nifty50 settled at 11,840, down 73 points, or 0.61 percent. The Nifty MidCap 100 index fell 0.68 percent, while the banking gauge, Nifty Bank nosedived 1.84 percent. Among Nifty gainers, Britannia, TCS, Reliance Industries, Nestle India and Bajaj Finserv gained by up to 5 percent. Yes Bank, GAIL, ZEEL, Adani Ports, Grasim were the top losers, falling by up to 5.68 percent.

Adani Green Energy Q2 profit at Rs 102 crore##Adani Green Energy Q2 profit at Rs 102 crore

Adani Green Energy on Wednesday posted a consolidated net profit of Rs 102 crore profit for the September quarter of 2019-20. The company reported a loss of Rs 188 crore in the year-ago period, a BSE filing said. Total income rose to Rs 711.96 crore in the second quarter from Rs 458.89 crore a year ago.

"Adani Green Energy continues to expand and invest in the renewables spectrum following the government's mission to be the world's largest renewable energy expansion programme of 175GW till 2022. The company will continue to provide reliable, sustainable, round the clock green power for India's growing power demands and needs," Chairman Gautam Adani said in a statement.

CEO Jayant Parimal said the company commissioned 450 MW of new renewable capacity in April-September of this fiscal, taking total operational portfolio to 2.4 GW.

"With a further 2.9 GW currently under construction, we will reach 5.3 GW capacity progressively over the next 2 years, contributing to the renewable energy targets of the country," Parimal added.

Shares of Adani Green were trading at Rs 96 per scrip, up 2.56 percent, on the BSE.

KEC International secures new orders of Rs 2,255 crore across its various businesses##KEC International secures new orders of Rs 2,255 crore across its various businesses

Hindalco falls 4% on lower-than-expected earnings##Hindalco falls 4% on lower-than-expected earnings

Shares of Hindalco Industries fell nearly 4 percent, extending losses to the third trading session, as the company posted weaker-than-expected earnings for July-September owing to weak aluminium prices in the quarter. The company reported a net profit of Rs 78 crore in the September quarter as against market estimate of 138 crore. The company's operating margin also contracted to 7.95 percent from 10.06 percent a year ago. Brokerage firm Edelweiss Securities, however, believes that the stock still offers a 17 percent upside with stable cash flow generation potential, especially, from its subsidiary Novelis Corp. So far today, 11.3 million shares of the company changed hands on NSE, which is 1.5 times higher than the three-month daily average volume. 

Emkay Global upgrades Ashok Leyland, raises target price##Emkay Global upgrades Ashok Leyland, raises target price

Ashok Leyland, the commercial vehicle manufacturer, received rating upgrade from brokerage house Emkay Global on expectations for an MHCV sales cycle recovery. The brokerage upgraded the stock to ‘Buy’ from ‘Sell’ and also increased the Target Price to Rs 112 from Rs 63 earlier. ​Emkay Global expects the MHCV industry to remain weak with a 30 percent fall in volumes in FY20E and sees a gradual recovery with a 7 percent CAGR over FY20-22E, driven by a low base, replacement demand, improving macros and likely implementation of a scrappage policy. READ MORE

Mahanagar Gas rises 8% as Q2 consolidated PAT above view##Mahanagar Gas rises 8% as Q2 consolidated PAT above view

Shares of Mahanagar Gas surged 8 percent to a six-month high of Rs 1,046.65, as the company reported a higher than estimated net profit for Jul-Sep at Rs 270 crore, nearly double on year. Analysts had expected the company to post a net profit of Rs 195 crore. The company surpassed estimates due to benefits from lower corporate tax. Operationally, too, the city gas distribution player recorded a robust quarter, with on-year growth in sales volumes. The company's operating margin expanded by 310 basis points on year to 34.9 percent. Trading volume in the stock so far today was significantly higher at 3.3 million shares, against the six-month average daily volume of 556,420 shares. At 1.54 pm, the stock was up 6 percent at Rs 1,027.  

Avenue Supermarts promoters plan to trim stake by February 2020 to meet Sebi rule##Avenue Supermarts promoters plan to trim stake by February 2020 to meet Sebi rule

Avenue Supermarts, which operates pan India supermarket chain DMart, has initiated preliminary discussions with merchant bankers for a stake sale by the promoters in early 2020, sources with knowledge of the matter told Moneycontrol. 

The promoters, led by veteran stock market investor Radhakishen Damani, hold 80.21 percent stake in the company. SEBI's minimum public shareholding (MPS) rule for listed companies stipulates that promoters cannot own more than 75 percent and that public shareholders should own a minimum 25 percent. “This will be a big share sale in excess of Rs 6000 crores as per the current m-cap," said one of the sources. READ MORE

Udayan Mukherjee says market has enough worries, rising on global optimism##Udayan Mukherjee says market has enough worries, rising on global optimism

The stock market is in a rebound phase supported by global money flow but, looking at macroeconomic indicators, it is difficult to say that shares can rise further, said CNBC-TV18's Udayan Mukherjee. “GDP growth and earnings growth cannot be delinked beyond a point. Therefore, I think the market has enough worries." 

“I do not think the market reacts to macro news on a weekly or monthly basis. Right now we are at the throws of some kind of liquidity pull and the mood is good on the street. The mood was very bad about a month-and-a-half back and now the mood is better," said Mukherjee. READ MORE

Q2 Earnings: Saksoft sees EBITDA improving 16% and margin 290 bps YoY##Q2 Earnings: Saksoft sees EBITDA improving 16% and margin 290 bps YoY

Here's what has so far happened in the markets today##Here's what has so far happened in the markets today

-Market benchmarks Sensex and Nifty started on a cautious note on Wednesday as weakness in global equities led by uncertainty over US-China trade deal and political unrest in Hong Kong kept investors on edge.

-At 12.50 pm, the Nifty traded 5 points lower at 11,908. The Sensex added 11 points to 40,355.

-Nifty realty index rose for a fourth straight session, gaining 0.5 percent as the government last week approved Rs 10000 crore ($1.41 billion) for a fund to help clear stalled housing projects.

-Shares of Britannia Industries were up as much as 6 percent after posting a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty.

-Yes Bank shares rose as much as 3.15 percent after the Mint reported that Hero Corporate Services chairman was in talks to buy stake in the lender.

Philip Capital expects this midcap stock to return 17% in long-term##Philip Capital expects this midcap stock to return 17% in long-term

So far this year, KEC International shares have corrected by over 10 percent and the one-year return on the stock is also negative by over 4 percent. In the last 10 years, the midcap transmission towers stock has returned over 150 percent to its investors. READ MORE

Sun TV plunges 10%, Nifty media index down 3%##Sun TV plunges 10%, Nifty media index down 3%

Sun TV on Wednesday plunged over 10 percent during the early trade after it reported a fall in advertisement revenues. Nifty media index fell by 3 percent. Sun TV on the NSE, was down 47.75 points or 9.02 percent at Rs 481.40 a share. Owing to a weak economic environment, Sun TV's Q2 advertisement revenues fell by 1.5 percent YoY to Rs 337 crore. 

ICICI Securities in its outlook on the company said that the weak macroeconomic growth clouds the ad growth outlook in the near term while content spend is expected to remain elevated.

"Subscription revenues, however, witnessed robust 16.9% YoY growth aided by strong monetisation from NTO implementation,” ICICI Securities said.

Profit after Tax (PAT) at Rs 366.5 crore was higher, aided by lower tax provisioning as it transitioned to a new tax regime while consequent adjustment was made for H1FY20 during Q2FY20.

Global gold prices steady amid doubts over US-China trade deal as dollar firms##Global gold prices steady amid doubts over US-China trade deal as dollar firms

Gold prices were little changed on Wednesday after US President Donald Trump dashed investors' hopes for a positive sign on a US-China trade deal with a speech that gave away little, while a firmer dollar limited upside for bullion. Spot gold was trading at $1,458.59 per ounce by 0356 GMT, while US gold futures rose 0.4 percent to $1,459.10 per ounce. US and Chinese negotiators were "close" to a "phase one" trade deal, Trump said in Tuesday's speech to the Economic Club of New York, but offered no new details on negotiations. READ MORE