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Stock Market News - Titan slips 1%, YES BANK, ONGC Top Gainers

Titan slips 1% after Morgan Stanley downgrades the stock to 'equal weight' - Titan Company shares dipped 1.5 percent to Rs 1,308 in early morning trade on the BSE on Thursday after global brokerage firm Morgan Stanley downgraded the stock from 'Overweight' to 'Equal Weight'. The financial services firm cited its reluctance to push multiples beyond current levels and less room for positive surprises from Titan in coming quarters as the reasons for the downgrade.


YES BANK, ONGC Top Gainers - Yes Bank, ONGC shares are among the biggest gainers jumping up to 1.5%. HCL Tech, Bajaj Auto shares were among the biggest losers in the Sensex, shedding up to 1% in the morning trade. 

Blockbuster listing: IndiaMart Intermesh shares list at 22% premium to the IPO price- 
IndiaMart Intermesh made a blockbuster debut on the exchanges on Thursday, as the shares listed at a 21% premium to issue price. IndiaMart Intermesh which operates Indiamart.com online listing platform for small and medium businesses in India, listed at Rs 1,180 on BSE, implying a premium of 21.27% as compared to its issue price of Rs 973. IndiaMart Intermesh IPO which opened for subscription during June 24-26, received a stellar response and was subscribed 36.21 times, receiving bids for more than 9.74 crore shares against issue size of 26.92 lakh shares. 

Rupee Opens: The Indian rupee gained in the early trade on Thursday. It has opened higher by 9 paise at 68.82 per dollar versus previous close 68.91.


CATCH ALL MARKET UPDATES - 

1  IndusInd Bank climbs 2.3%
2  APL Apollo Tubes rises over 2%
3  Dabur slips 0.8%
4  NBCC gains nearly 3%
5  Adani Enterprises gains over 2%
6  Wockhardt gains over 1%
7  MT Educare hits 10% lower circuit
8  Corporation Bank zooms 10% on BSE
9  Cummins India trades over 2% lower
10  Cox & King locked in 5% lower circuit, hits a 52-week low
12  Allahabad Bank gains over 3% on reports of possible PSU recapitalization


McLeod Russel dips over 3% on ratings downgrade by Icra -- Rating agency Icra has downgraded McLeod Russel India's ratings on Rs 1,031 crore fund-based and non-fund based bank facilities to "default" or "D" category from B-/A4. It said that the rating revision factored in McLeod's recent delays in meeting debt obligations. The stock declined 4.9 percent to hit a record low at Rs 13.90. ICRA downgraded the company’s credit rating to default for borrowings worth Rs 1,031.09 crore. 

Uniply Industries gains 5% in early trade - Uniply At Over Nine-Month High Shares of the plywood maker extended gains for the sixth consecutive trading session. The stock rose 5 percent intraday to trade at over a nine-month high at Rs 66.95. Uniply Industries’ promoters agreed to sell 20.7 percent to Kuwait-based Markab Capital, the plywood maker said in its exchange filing. 

Dish TV gains over 1% -- The promoters of direct-to-home (DTH) service provider Dish TV will be exiting the business by selling their stake to Airtel Digital TV, the DTH arm of telecom giant Bharti Airtel, according to a news report by Business Standard. Dish TV Gains On Report Warburg, Bharti Airtel to Buy Stake Shares of Dish TV rose as much as 4 percent to Rs 32.50. 

DHFL gains over 3%-- Lenders to crisis-hit Dewan Housing Finance Corporation (DHFL), in the process of finalizing a resolution plan, have discussed broad contours of a “binding agreement” that would lay down conditions for the promoters, led by Chairman and Managing Director Kapil Wadhawan

Corporation Bank Jumps Over 10%  - On Heavy Volumes Shares of Corporation bank extended gains for the third consecutive trading session. The stock rose as much as 12.9 percent to Rs 28.80. Trading volume was 11 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.


Share Market | Rupee | Titan | Yes Bank | ONGC | Dish TV | DHFL

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