Stock Market News - HUL, Maruti Suzuki, Yes Bank down, IDBI Bank Slumps

HUL, Maruti Suzuki top losers - Tata Steel shares are trading lower after global brokerage firm Goldman Sachs maintained a buy call on the stock with a target price of Rs 480.

IDBI Bank Slumps After Rating Update Shares of the private lender fell 8.6 percent intraday to Rs 27 apiece. Credit rating firm S&P placed 'BB' long-term and 'B' short-term foreign currency issuer credit ratings of the bank on CreditWatch with negative implications, according to an exchange filing. The update was on account of the uncertainty regarding the bank's ability to meet its capital requirement in the next three months, the filing added.

Talwalkars Better Value Fitness Hits Lower Circuit Shares of the operator of fitness centers were locked in the lower circuit after it fell 5 percent to Rs 8.15 each. M.K. Dandekar & Co. resigned from the post of statutory auditors on Aug. 16, according to an exchange notification. Auditors cited that failure to receive satisfactory responses for their queries raised from the management during the audit of the company’s accounts.

NEWS ALERT | 

1. Have approached lenders with resolution plan: CG Power

2. Targeting Coal India's growth at 7-7.5% in the coming year: Coal Secy to CNBC TV18

-- Coal India grew at 7% in FY19

-- FY20 MoU target for Coal India at 660 mt

-- Addressing the issue of long gestation period to operationalize coal mines

-- Total coal production in FY19 at 730 mt

3. Expect commercial mining to pick up steam after Nov 2019: Coal Secy

-- Cabinet has approved commercial coal mining; no legal changes needed

-- Have cleared 27 coal mines for auction and 15 for coal mines for allotment

Rupee opens 4 paise lower at 71.52 against US dollar - The rupee on Wednesday opened 4 paise lower at 71.52 against the US dollar amid a rise in crude oil prices. The domestic unit on Tuesday spurted by 54 paise, its biggest single-day gain in more than five months, to close at a one-week high of 71.48 against the US dollar, boosted by positive sentiment over the fiscal situation.

The Reserve Bank's decision to transfer a record Rs 1.76 lakh crore dividend and surplus reserves to the government revived the rupee, forex traders said.

CATCH ALL THE MARKET UPDATES - 

• Cipla gains over 2%
• HDIL dips over 5%
• IDBI Bank sheds 5%
• DHFL slips in trade
• Tata Steel dips over 2%
• Bharti Airtel slips 0.6%
• Coal India dips over 1%
• J&K Bank soars over 10%
• HDFC Life slips over 2%
• Britannia Industries gains
• Dilip Buildcon gains over 2%
• HCL Tech trades in the green
• Reliance Nippon Life zooms 6%
• Tata Motors keeps up the upmove
• Hindustan Unilever slips in trade
• Wipro trades flat with positive bias
• Amara Raja Batteries slips in trade
• Aurobindo Pharma trades 2% higher
• Jubilant Life Sciences gains nearly 4%
• Brigade Enterprises hits a 52-week high
• Nahar Industrial Enterprises falls over 7%
• Hero Motocorp trades with marginal gains
• Coffee Day Enterprises locked in 5% lower circuit band
• Talwalkars Group stocks hit lower circuits as auditor resigns

Vadilal Industries surges 22% in 4 days post Q1 results, hits 52-week high - Shares of Vadilal Industries were trading higher for the fourth straight day, up 4 percent at Rs 682 on the BSE on Wednesday after the company reported a good set of numbers for the April-June quarter (Q1FY20). The stock was trading at its 52-week high levels. In the past four trading days, it has rallied 22 percent, as compared to a 3 percent rise in the S&P BSE Sensex.

Coffee Day Falls On Report Of TPG In Early Acquisition Talks Shares of the Bengaluru-based company snapped its seven-day gaining streak. Coffee Day’s shares hit a lower circuit of 5 percent to trade at Rs 82.85 apiece. Private equity firm TPG is in exploratory talks to buy the company, reported Economic Times, citing two people in the know of the development.

Source

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