Buzzing: Shares of ACC fell more than 3 percent in the early trade on Wednesday despite company reported better numbers for the quarter ended March 2019.
Its profit jumps 38.3 percent to Rs 346 crore versus Rs 250.1 crore, while revenue rises 8.1 percent to Rs 3,919.1 crore versus Rs 3,624.6 crore, YoY.
Market opens: Benchmark indices opened higher on Wednesday with Nifty trading above 11,600 level.
At 09:17 hrs IST, the Sensex is up 131.49 points at 38696.37, while Nifty is up 36.20 points at 11612.20. About 470 shares have advanced, 179 shares declined, and 20 shares are unchanged.
Coromandel International, IOC, HPCL, BPCL, Indiabulls Housing, IndusInd Bank, Gail Zee Ent, HDFC, JSW Steel, RIL, Eicher Motors are among major gainers on the indices, while UltraTech Cement, ACC, ITC, Sun Pharma and Tata Global Beverage are trading lower .
On the sectoral front, bank, auto, energy, infra and IT are trading higher.
Rupee Opens: The Indian rupee opened lower by 19 paise at 69.81 per dollar on Wednesday versus previous close 69.62.
Market at pre-open: Indian indices are trading higher in the pre-opening with Nifty above 11,600.
At 09:02 hrs IST, the Sensex is up 92.17 points or 0.24% at 38657.05, and the Nifty up 37.10 points or 0.32% at 11613.10.
HDFC Bank, Coromandel International are trading higher in the pre-opening session, while ACC and Tata Global Beverage are trading lower.
Brokerages View: Source- CNBC-TV18
Morgan Stanley on Tata Global
Underweight call, target at Rs 165 per share
Q4 earnings growth affected by one-off losses from associates
Deutsche Bank on Tata Global
Hold rating, target at Rs 240 per share
Sales below estimates, operating performance above estimate
India business started yielding results & reported a value growth of 11% YoY
Morgan Stanley on ACC
Overweight call, target at Rs 1,691 per share
Volumes & realisations in-line with expectations
Higher than expected energy & freight costs led to an EBITDA miss
CLSA on ACC
Maintain buy call, target at Rs 2,000 per share
Realisation miss led by mix deterioration & a clear cost disappointment
Strong growth in east impacted net realisations due to inferior market mix
Deutsche Bank on ACC
Buy Rating, target at Rs 1,830 per share
Reported a weak Q1 result with EBITDA up 8% YoY
Forecast 19% CAGR in EBITDA & 24% in EPS over CY18-20
Jefferies on Lupin
Underweight call, target at Rs 680 per share
OAI status for Indore unit-ii delays clearance by 6-9 months
It’s the 3rd facility to receive OAI in past 2 months
Credit Suisse on L&T
Maintain outperform, target at Rs 1,700 per share
Inflows could almost touch Rs 2 lakh crore in FY19, ahead of Rs 1.7 lakh crore guidance
CLSA on ICICI Securities
Buy Call, target cut To Rs 310 from Rs 360 per share
Profit of Rs 120 crore aided by one-off interest on a tax refund
Asian markets trade higher: Equity markets in Asia rose on Wednesday morning after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 14.50 points. Nifty futures were trading around 11,609 -level on the Singaporean Exchange.
Wall Street ends higher: The S&P 500 index and the Nasdaq registered record closing highs after a broadbased rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown.
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