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Mumbai | New Delhi: Oil majors Reliance Industries, IndianOil, HPCL and BPCL are on a debt-raising spree and have raised Rs 78,000 crore in short-term debt using commercial papers (CPs) in nine weeks to pay for costly crude purchased before oil prices crashed, while sales revenue has fallen drastically during the lockdown.

State-owned firms are

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Bulls aim for 9,000 at weekly expiry
The market could test the 9,000 resistance in the very near term, provisional options data for April 9 expiry showed after Tuesday’s monster 9% Nifty rally to 8,792.

The open interest put call ratio (PCR) for April 9 expiry jumped to 1.5 on Tuesday from 0.82 on Friday as bulls sold more put options while bears cut their outstanding call positions.

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Mumbai: Hindustan Unilever, the bluest of the blue chips that helped cement India’s mass equity culture pioneered by Reliance Industries, Tuesday crossed ₹5 lakh crore in market value, reinforcing its growth-leader credentials within the Anglo-Dutch major’s global operations. HUL became the fourth company to cross the threshold, after Reliance
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Buy Bharti Airtel, target price Rs 590: CLSA
CLSA has maintained buy rating on Bharti Airtel with Rs 590 target price. The stock ended down1.8 per cent at Rs 461.60 on Wednesday while the BSE Sensex closed 173.25 points down (-0.58 per cent) at 29,893.96.

Bharti Airtel Ltd., incorporated in 1995, has a market cap of Rs 251828.53 crore.

Investment Rationale

Even without the current traffic

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Buy JSW Steel, target price Rs 180: Edelweiss

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Sebi opens doors for Mauritius based funds to get preferential Cat I FPI license
Market regulator the Securities and Exchange Board of India(Sebi) has opened the doors for Mauritius based funds to get preferential category I foreign portfolio investor(FPI) license. Until now, only the off-shore funds coming from jurisdictions that are Financial Action Task Force(FATF) complaint were allowed to obtain a category I license.
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Lockdown coming at end of fiscal means a washed out fourth quarter for insurers
Mumbai: Insurers are likely to have their worst fiscal fourth quarter in nearly a decade as their key catchment period of the last ten days towards the fiscal year end ended up being a washout with the national lockdown.

Sale of policies towards the end of March almost came to a halt with few walking into bank branches to purchase policies to save

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Asian shares step back, oil rebounds in volatile trade
SYDNEY/WASHINGTON: Asian stocks stepped back on Wednesday after two sessions of sharp gains as investors turned wary on getting too optimistic about the coronavirus while death tolls were still mounting across the globe.

Not helping sentiment was wild volatility in the oil market, where prices rebounded in early Asia after sliding on Tuesday

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DHFL not to make any payment to lenders, bondholders
New Delhi: Dewan Housing Finance Corporation (DHFL) on Tuesday said it will not make any interest or principal payment to lenders as well as bond holders as the company is under resolution process.

The Corporate Insolvency Resolution Process (CIRP) was initiated against the debt-ridden company as per the provisions of the Insolvency and Bankruptcy

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ET Intelligence Group: The potential revenue loss for the top five information technology (IT) companies in the March 2020 quarter due to the Covid-19 pandemic may be capped at 2 per cent or around $300 million (approximately Rs 2,200 crore), shows an ET Intelligence Group analysis.

Historically, these companies have posted 1 per cent-2.5 per cent

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Buy United Spirits, target price Rs 560: Edelweiss

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Wipro to announce Q4 results on April 15
New Delhi: IT major Wipro on Tuesday said it will announce its fourth-quarter and FY20 results on April 15.

There are speculations that announcement of corporate earnings for March quarter could be delayed given the ongoing lockdown amid COVID-19 outbreak.

"meeting of the Board of Directors will be held on April 15, 2020, inter alia, to

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Buy ITC, target price Rs 200: Phillip Capital
Phillip Capital has upgraded rating on ITC to buy and revised target price to Rs 200 from Rs 215. The stock ended down 1.6 per cent at Rs 178.60 on Wednesday while the BSE Sensex closed 173.25 points down (-0.58 per cent) at 29,893.96.

ITC Ltd., incorporated in 1910, has a market cap of Rs 219539.25 crore.

Investment Rationale

Inexpensive consumer

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Buy Biocon, target price Rs 350: Edelweiss

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On expected lines, Indian equity market staged a strong relief rally on Tuesday. NSE Nifty made a healthy start to the day and continued to add gains as the session progressed. The benchmark index finally settled with a massive gain of 708.40 points or 8.76 per cent at 8,792.20.

The market has now started to show initial signs of a short term

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Buy UPL, target price Rs 450: HSBC
HSBC has maintained buy rating on UPL and cut target price to Rs 450 from Rs 680. The stock ended down 1.1 per cent at Rs 320.10 on Wednesday while the BSE Sensex closed 173.25 points down (-0.58 per cent) at 29,893.96.

UPL Ltd., incorporated in 1985, has a market cap of Rs 24457.10 crore. Investment Rationale

Covid-19 remains a blind spot for now

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Mumbai: The stock market soared 9 per cent on Tuesday — its biggest one-day gain since May 2009 — as early signs of Covid-19 cases peaking in countries hit hard by the pandemic boosted confidence among investors. The fall in death toll in New York, which has seen the most number of cases in the US, fuelled an overnight rally on Wall Street and in
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Bulk Block Deals: UBS Principal Capital Asia laps up IndusInd Bank shares
Mumbai: Companies such as IndusInd Bank, Cox - Kings and Reliance Capital saw bulk deals in Tuesday’s trade.

For the day, the 30-share Sensex jumped 8.97 per cent or 2,476.26 points to close at 30,067.21, while 50-share Nifty rose 8.69 per cent or 702.10 points to close at 8,785.90. It was the highest-ever point-wise gain for both the

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Buy Varroc Engineering, target price Rs 520: Citigroup
Citigroup has maintained buy rating on Varroc Engineering with a target price of Rs 520. The stock ended down 1.4 per cent at Rs 126.55 on Wednesday while the BSE Sensex closed 173.25 points down (-0.58 per cent) at 29,893.96.

Varroc Engineering Ltd., incorporated in 1988, has a market cap of Rs 1706.04 crore.

Investment Rationale

Varroc has been

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The Indian stock market is poised for ‘outsized’ returns if the yield on the trailing 12-month Nifty earnings over the 10-year government bond yield is anything to go by.

The trailing 12-month Nifty earnings yield has turned higher than the government bond yield for the first time since 2009 by 10 basis points, said Spark Capital. There have been

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NSE penalises over 50 brokers for failing to comply with new derivatives rules
MUMBAI: The National Stock Exchange (NSE) has penalised over 50 brokers for failing to comply with the new derivative market rules that were introduced by the capital markets regulator later in March in an attempt to tamp down wild bets, said atleast two brokers privy to the development.

The exchange has fined these brokers in the range of Rs 3

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ET Intelligence Group: After an overweight stance for eight years in a row, the fund managers focusing on emerging markets (EMs) have turned neutral to Indian equities following rising uncertainty over the country’s economic growth amid the Covid-19 pandemic. India has a weight of 9.1 per cent in the MSCI EM index. A neutral stance means fund
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Kotak, HDFC Banks report surge in Q4 deposits, advances
Mumbai: Private sector lenders HDFC Bank and Kotak Mahindra Bank outperformed their peers on deposits and advances in the March quarter that was marked by flight of deposits, beginning of a national lockdown to combat Covid-19 and a regulatory moratorium on loans repayment.

HDFC Bank’s deposits grew 24 per cent year on year (YoY) to Rs 11.46 lakh c

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CRISIL downgrades Mercedes-Benz India by a notch
CRISIL Ratings downgraded premium car manufacturer Mercedes-Benz India Pvt. Ltd (MBIL) by a notch citing production cuts and weaker demand amid COVID19 outbreak.

The Indian arm of global rating company S-P cut the creditworthiness to AA+ with negative outlook from triple-A/negative on long term bank credit facilities upto Rs 1,500 crore.

“Given

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Buy Sun Pharma, target price Rs 450: Edelweiss

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Buy Sobha, target price Rs 438: CLSA
CLSA has maintained buy rating on Sobha with a target price of Rs 438. The stock ended up 9.9 per cent at Rs 176.10 on Tuesday while the BSE sensex closed 2476.26 points up (+8.97 per cent) at 30,067.21.

Sobha Ltd., incorporated in 1995, has a market cap of Rs 1670.24 crore. Investment RationaleDue to the lockdown, sales and construction at all

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Dow Jones gains on signs of coronavirus slowdown
NEW YORK: Wall Street fell on Tuesday, as a drop in oil prices steepened in the latter stages of the session and erased early gains built on tentative signs that coronavirus outbreaks in some of the biggest U.S. hot spots may be leveling.

The S-P initially appeared poise to add to a 7% jump on Monday, after health officials said the pandemic

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Recessions usually lead to Darwinian conclusions — some survive them, while many don’t. But those that do have all the key attributes of the fittest — strong balance sheets and adequate cash reserves. And their owners might want to own more of themselves through buybacks.

Companies such as ITC, Maruti, Eicher, Bajaj Auto, ACC, Cummins, M-M,

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Buy HDFC Bank, target price Rs 1,150: Motilal Oswal

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F O: Good signs of relief for the bulls, market bounce may sustain
By Chandan Taparia

Nifty started the week on a positive note on Tuesday on the back of favourable cues from global bourses. After many days, the bulls became active from early trade and continued to pull the market higher, as the session progressed. It was a perfect bear market rally on the back of strong short covering seen in many index

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