10:30am Havells under pressure
Shares of Havells India slipped as
much as 6.66 percent intraday after brokerage UBS downgraded the stock to
sell from neutral, citing rich valuations and elusive growth recovery.
The brokerage cut FY15 revenue
growth guidance to around 12-14 percent from 17-20 percent earlier on weaker
than expected demand recovery, after having a meeting with the company's
management for getting business outlook.
The key message from the meet was
a clear disconnect between growth expectations on the street and actual
on-the-ground improvement, says the report.
The cut in FY15 revenue growth
guidance implies likely growth moderation in 2HFY15 (October-March), says
UBS, adding Sylvania 2H performance is also likely to be impacted by higher
pension liabilities and forex volatility in Latin America.
10:15am FII View
Gautam Chhaochharia, UBS says
Indian financials is its most preferred sector as declining interest rates
should support asset quality and earnings. “Top picks on this theme are LIC
Housing Finance, Shriram Transport, SBI and IndusInd Bank,” he adds.
“Our Nifty target for 2015-end is
9,600. Our other most preferred stocks are Asian Paints, Bharti Airtel, HDFC
Bank, ICICI Bank, Maruti, MCX, ONGC and Reliance Industries. Our least
preferred stocks are Bajaj Auto, Cipla, Hero Motocorp, HUL, Infosys, Jubilant
Foodworks and United Spirits,” says Chhaochharia.
10:00am Market Check
Equity benchmarks fell nearly a
percent in morning trade following downtrend in Asian equities. The 30-share
BSE Sensex dropped 266.23 points to 27564.87 and the 50-share NSE Nifty
slipped 76.75 points to 8278.90 weighed by banks, oil, auto, capital goods
and metals stocks.
The broader markets too were under
pressure, falling nearly a percent. About 571 shares have advanced, 1225
shares declined, and 53 shares are unchanged on the Bombay Stock Exchange.
Shares of Infosys, ICICI Bank,
Larsen & Toubro, Tata Motors, State Bank of India, ONGC, Axis Bank, Dr
Reddy's Labs, Gail India, Sesa Sterlite and NTPC lost 1-2.5 percent. Index
heavyweights Reliance Industries and ITC declined over 0.5 percent.
However, HDFC, Sun Pharma,
Mahindra & Mahindra, Hindustan Unilever and Bharti Airtel bucked the
trend, up 0.2-0.5 percent.
Major Asian stocks like Hang Seng,
Nikkei and Seoul Composite dropped more than a percent followed by Shanghai
with 0.6 percent loss that was up in morning trade. More information please
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