The Indian markets were trading firm on Monday, with the Sensex and Nifty gaining over half a per cent. Meanwhile, the broader indices outperformed their benchmark peers after the Sebi tweaked rules for multi-cap mutual funds.
According to the new norms, multi-cap funds must hold at least 75 per cent of their assets in equities with 25 per cent each in large, medium and smaller companies. READ MORE
Consequently, the S&P BSE MidCap index rose 1.18 per cent while the S&P BSE SmallCap rallied over 3 per cent.
Among the headline indices, the S&P BSE was up 300 points at 39,160 levels and the Nifty50 index reclaimed the 11,550-mark. HCL Tech (4 per cent) gained the most after the company raised its guidance. Besides, Reliance Industries (up 1 per cent) hit a fresh all-time high. The HDFC twins, and IndusInd Bank were also trading 1 per cent higher.
The Nifty sectoral indices were all trading in the green, led by Nifty IT and Nifty Private Bank indexes, both up 1 per cent.
Results today
Apollo Hospitals Enterprise, Future Retail, HUDCO, and PVR are among the 446 companies scheduled to announce quarterly earnings today.
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01:15 PM
Debashis Basu | Will Sebi's fatwa for multi-cap funds work? Only the market will determine
The Securities and Exchange Board of India (Sebi) on September 11 came up with a fatwa. By January next year, multi-cap equity funds must invest a minimum of 75 per cent in equities, up from 65 per cent, with at least 25 per cent each in large-caps, mid-caps, and small-caps. This has sent shockwaves, not just through the fund industry and equity fund investors but the entire equity market. READ MORE
01:05 PM
Adani Green hits new high post Q1 results; market-cap nears Rs 1-trillion
Shares of Adani Green Energy (AGEL) were locked in 5 per cent upper circuit at Rs 638.85 -- fresh record high -- on the BSE on Monday after the company reported a profit before tax of Rs 51.27 crore during the first quarter of FY21 ended June, as against loss of Rs 131.24 crore during the same period in FY20. The total income of the company during Q1FY21 rose 30 per cent year on year to Rs 878 from Rs 675 crore in the same period last year. READ MORE
stocks, BSE Bankex
12:53 PM
BUZZING STOCK:: HCL Tech extends gains, up over 10%
12:50 PM
NEWS ALERT :: RITES Board To Consider Share Buyback On September 18
12:44 PM
Nifty Realty index in focus, up 4%
12:33 PM
IDBI Capital on Infosys post its acquisition of GuideVision
We believe that Infosys has done this acquisition for enhancement of its ServiceNow capabilities in Europe. While the acquisition would have an insignificant impact on Infosys’s financials, it enhances its Cobalt offerings portfolio.
12:28 PM
BROKERAGE VIEW:: Centrum Broking on Shree Cement
RATING: SELL | TARGET PRICE: Rs 15,822
We value SRCM at Rs15,822/mn tonne (from Rs 15,343 earlier) based on replacement cost method assigning 50% premium. We factor only the clinker based capacity. We feel SRCM is likely to shift its focus back on the volumes and new capacity expansion will be announced post attaining healthy capacity utilisation. The stock currently trades at an EV/tn of Rs16.2bn (FY22E capacity), which is at a premium in our view, we maintain our Sell rating on the stock. At our target price, the stock trades at 13.5x EV/EBITDA March 2022E earnings.
12:26 PM
BROKERAGE VIEW:: Centrum Broking on PNC Infratech
RATING: BUY | TARGET PRICE: 228
Despite a sharp rise in execution in FY20, PNC has kept it balance sheet lean with robust cash generation and wcap in check. We expect PNC’s earnings will rebound sharply in FY22 driven by strong OB and improved growth visibility. Maintain Buy.
12:25 PM
NEWS ALERT :: Supplementary Demand for Grants provides for Rs 20,000 cr towards PSB Recap
>> Recap to be done via govt securities
12:24 PM
BROKERAGE VIEW:: Motilal Oswal Financial Services on ICICI Securities
RATING: BUY | TARGET PRICE: Rs 625
While distribution income has been weak this quarter, we attribute this to lower MF AUM, coupled with the impact of the lockdown on Non-MF Distribution. This segment is likely to pick up gradually over the next few quarters. The plan to implement cost-cutting is on track – we expect the C/I ratio to decline 440bp to 52% over FY20–23E. This should result in a 19% PAT CAGR over this period. We increase our estimates by ~15% to factor strong revenue growth. Maintain Buy, with TP of Rs 625 (24x FY22E EPS).
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