Prestige Bullish on Office Space Market
"We are bullish on the office space market and demand is quite steady," Irfan Razack, CMD, Prestige Estates said in an interview to CNBC-TV18.
"We are optimistic on the real estate market and working on a few deals in Mumbai," he said, adding prices have not moved upwards due to supply glut.
Market Outlook
Mahesh Nandurkar of CLSA told CNBC-TV18 that earnings growth for CLSA's coverage in Q4FY19 was 36 percent YoY as the low base of losses in the financial sector kicked in.
He said earnings missed estimates for half the stocks and also resulted in FY20 earnings downgrades for a similar number.
"Select banks, IT, cement companies, capital goods/power and property had a positive tone to results. Sectors on the weaker side include autos, staples, and pharma," he added.
Rupee Update
The rupee traded marginally higher at 69.26 a dollar against 69.27 in previous session, after the Reserve Bank cut key interest rates by 0.25 percentage point.
To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 percent and changed its monetary policy stance to accommodative, leaving space for future rate cuts.
Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy.
GIPCL starts solar power project: GIPCL has successfully commissioned 75 MW Solar Power Project at Gujarat Solar Park, Village Charanka, Dist. Patan, Gujarat, in a phased manner.
Rupee Update: The Indian rupee is trading flat at 69.25 per dollar against previous close 69.27.
Market Update: After a flat start the benchmark indices slipped with Nifty trading below 11,800 level.
At 09:47 hrs IST, the Sensex is down 158.12 points or 0.40% at 39371.60, and the Nifty down 46.90 points or 0.40% at 11796.90. About 580 shares have advanced, 864 shares declined, and 75 shares are unchanged.
Buzzing: Share price of Sagar Cements gained 3.5 percent in the early trade on Friday after company reported robust cement sales and production in the month of May 2019.
Market Opens: It is flat start for the Indian indices on Friday with Nifty around 11,850.
At 09:16 hrs IST, the Sensex is down 41.81 points or 0.11% at 39487.91, and the Nifty down 7.30 points or 0.06% at 11836.50. About 309 shares have advanced, 242 shares declined, and 22 shares are unchanged.
BPCL, HUL, RIL, Maruti Suzuki are among major losers on the Indices, while gainers are Indiabulls Housing, Yes Bank, Gail, Zee Entertainment, IndusInd Bank, Godrej Properties and Page Industries.
Among the sectors, metal, bank and IT are trading higher, while some selling seen in the energy, FMCG and pharma.
Reliance Life Insurance Company making an open offer to acquire 13.82 crore shares of Reliance Nippon Life Asset Management at Rs 230 per share. Open Offer opens on July 16 and will close on July 29.
Rupee Opens: The Indian rupee opened higher at 69.19 per dollar on Friday against previous close 69.27.
Market at pre-open: Benchmark indices are trading flat to marginally higher in the pre-opening session.
At 09:01 hrs IST, the Sensex is up 4.65 points or 0.01% at 39534.37, and the Nifty up 39.10 points or 0.33% at 11882.90.
US markets end higher: Wall Street's main indexes closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.
Asian markets trade lower: Asian share markets dithered on Friday as investors waited for concrete signs of progress in the US-Mexican trade standoff, while bracing for a US jobs report that could sway the course of interest rates there.
Brokerages View: Source: CNBC-TV18:
Citi on RBI policy
RBI made a note of significantly lower growth impulses
No special liquidity window for NBFCs
MPC seems to agree on the primacy of stimulating growth
RBI continues to see inflation comfortably below 4.0% in FY20
Nomura on RBI policy
Policy outcome looks dovish relative to expectations
Accommodative stance suggests concern about growth slowdown
RBI’s growth projections remain optimistic
Shift to accommodative stance could hint at further easing
HSBC on Airline Cos
Downgrade SpiceJet to reduce, maintain hold on IndiGo
Raise target price for IndiGo to Rs 1,580 from Rs 1,100 per share
Raise target price for SpiceJet to Rs 115 from Rs 79.50 per share
CLSA on Telecom
5G’s strong long-term promise, but limited near-term benefits
India’s exorbitant 5G spectrum cost a big drag for reasonable IRR
Deferring 5G spectrum purchase is preferred; buy Bharti Airtel
Citi on CESC
Buy Rating, target raised to Rs 891 from Rs 871 per share
Raise standalone EPS by 4% & cons EPS by 12-18% over FY20-21
Nomura on Apollo Tyres
Maintain buy call, target at Rs 247 per share
Co expects 6-7% growth in the domestic truck market over next few years
CLSA on India strategy
Consensus & CLSA expect 23% earnings growth for Nifty during FY20
Downgrade trend takes a breather
Index earnings have fared relatively well with FY19 not seeing a downgrade
CLSA on Financials
MPC cuts rate by 25 bps & softens stance
Prefer banks over NBFCs
Low inflation & a weak GDP can drive more rate cuts
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