MARKET LIVE: Sensex, Nifty volatile; broader indices underperform

 The Indian markets fluctuated between gains and losses after making a steady start on Tuesday.

The S&P BSE Sensex hovered around 38,000 levels. The index hit an intra-day high and low of 38,236 and 37,860, respectively. IndusInd Bank (down 4%) was the top Sensex laggard, followed by ONGC, Axis Bank, and ICICI Bank (all down 2%). On the other hand, TCS rose 2 per cent while Reliance Industries gained 1 per cent.

The trend among Nifty sectoral indices was largely negative, led by Nifty PSU Bank index, down 2 per cent.

In the broader market, the S&P BSE MidCap index was trading at 14,738.75, up 0.12 per cent while the S&P BSE SmallCap was trading at 14,860, down 0.02 per cent. 

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01:15 PM 

Strides Pharma hits a fresh 52-week high; stock gains 14% in one week

The stock of the pharmaceutical company has rallied 14 per cent in the past one week after its subsidiary, Strides Pharma Global Pte Ltd, received approval from the United States Food and Drug Administration (USFDA) for Butalbital, Acetaminophen, and Caffeine tablets, used to treat tension ((or muscle contraction) headache. READ MORE 

markets, stock market, sensex, nifty, shares, growth, profit, economy, gain

01:05 PM 

NEWS ALERT :: SBI Card ties up with American Express

>>  SBI Card and American Express have entered a strategic partnership to offer a mix of global benefits and exclusive privileges for discerning consumers in India. With this partnership, SBI Card`s top end premium products – SBI Card ELITE and SBI Card PRIME will be available on American Express’ global network.

via BSE filing

12:57 PM 

Chemcon Speciality Chemicals, CAMS IPO: Check allotment status here

The bumper response to the intial public offers (IPOs) of Chemcon Speciality Chemicals and Computer Age Mamagement Services (CAMS), has raised hopes for their stellar listing at the bourses, likely on October 1. The allotment of shares for these two IPOs has been finalised and investors may check the status either on the BSE website or on Link Intime India. CHECK HERE

12:47 PM 

SBI Cards: Analysts see more upside given distribution network, biz model

The stock of State Bank of India subsidiary has staged a steady northward journey since its listing on March 16, 2020. After a minor blip on May 22, when it touched its 52-week low of Rs 495 apiece, the stock is up an impressive 72 per cent including today’s intra-day gain, ACE Equity data show. In the past two months, the stock has rallied 15 per cent from on the BSE as against a 5 per cent rise in the benchmark S&P BSE Sensex. READ MORE

12:36 PM 

Apollo Hospitals up over 2%

12:26 PM 

Sebi, not EOW, should handle mutual fund issues: Franklin Templeton

Franklin Templeton Asset Management India (FTAMIL) has said the Securities and Exchange Board of India (Sebi) -- rather than the Economic Offences Wing (EOW) – should deal with issues related to mutual fund investments. “We have the utmost respect for all statutory authorities, including EOW. However, we believe that Sebi, the specialised regulator for the securities market, is best placed to handle any issues related to mutual fund investments,” Templeton said in a note to unitholders on Monday. READ MORE

Franklin Templeton MF

12:13 PM 

Top losers on BSE at this hour

COMPANY PRICE(RS) CHG(%)

VODAFONE IDEA 9.73 -5.90

ALOK INDUSTRIES 20.60 -4.63

BANK OF BARODA 41.70 -3.81

SYNGENE INTL. 566.25 -3.72

BHARTI INFRATEL 178.95 -3.69

» More on Top Losers

12:01 PM 

IndusInd Bank trades over 3.5% lower

11:49 AM 

37,300 level crucial for Sensex. A dip below this can trigger a correction

After gaining since the past few sessions, the markets witnessed choppy trade on Tuesday with the benchmark indices - the S&P BSE Sensex and the Nifty50 - failing to hold on to gains in intra-day deals. The trend among Nifty sectoral indices was largely negative, led by Nifty PSU Bank index, down 2 per cent. Experts said investors are hoping that the US lawmakers reach an agreement regarding a stimulus package. . Will the markets be able to hold on to higher levels going ahead or will they succumb to profit booking? READ MORE 

Markets roar back after Budget shock; Sensex zooms 917 pts, Nifty at 11,980

 

11:42 AM 

Hero MotoCorp gains 3%, hits over 2-year high on Co's demand forecast

Shares of Hero MotoCorp hit an over two-year high of Rs 3,196 on the BSE on Tuesday after rising 3.5 per cent on expectation of improving demand, going forward. The two-wheeler manufacturer's stock was trading at its highest level since December 27, 2018. In the past three months, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has outperformed the market by surging 27 per cent, against 9 per cent rise in the S&P BSE Sensex. READ MORE

Hero MotoCorp

MARKET LIVE: Sensex surges 600 points, reclaims 37k; India VIX cools off 7%

 Benchmark indices were ruling nearly 2 per cent higher in Friday's noon deals, on the back of across-the-board gains.

The S&P BSE Sensex rose 650 points to 37,200 levels, and the Nifty50 index was testing the 11,000-mark. HCL Tech (up 5%) was the top Sensex gainer, followed by Bharti Airtel (4%), TCS and Tech Mahindra (both up 3%).

All the Nifty sectoral indices were trading in the green, led by Nifty IT and FMCG indexes, both up 1 per cent, each.

In the broader market, the S&P BSE MidCap and SmallCap indexes were also trading 1 per cent higher, each.a

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01:15 PM 

European indices sluggish at open

01:14 PM 

Bihar Elections 2020 :: Results on Nov 10

>> Phase 1: Oct 28

>> Phase 2: Nov 3

>> Phase 3: Nov 7

01:13 PM 

Bihar Elections 2020 :: Bihar polls in three phases from Oct 28

>> Maximum number of electors at one polling station reduced to 1000 from 1500

>> Polling time has been increased by an hour (7 am to 6 pm)

01:10 PM 

Even as Covid-19 rages, Indian economy's animal spirits are stabilising

Five of the eight high-frequency indicators compiled by Bloomberg News gained last month, while two were unchanged and one deteriorated. That kept the needle on a dial measuring so-called animal spirits steady at 4 -- a level arrived at by using the three-month weighted average to smooth out volatility in the single-month readings. READ MORE

01:01 PM 

NEWS ALERT :: RBI grants in-principle nod to set-up and operate Bharat Bill Payment Operating Unit to Vakrangee

Click here for details

12:57 PM 

ICICI Securities on Suven Pharma

Suven Pharma has turned ex-bonus from September 25, 2020, pursuant to the board approval granted for the issue of bonus shares in its meeting held on September 16, 2020. The record date for the same has been fixed as September 28, 2020. The board has recommended the issue of bonus shares in proportion of one bonus share (face value of Re 1 each) for every equity share held (i.e. 1:1). Consequently, the share price has changed to Rs 369/share from Rs 738/share. Accordingly, our target price has also been revised to Rs 385/share from Rs 770/share earlier. After the recent run-up, the stock offers limited upside from here on. We change the recommendation from BUY to HOLD. Our target price is based on 22x FY22E EPS (revised) of Rs 17.5. We will revisit the target price for a possible change in the next update.

12:52 PM 

Zydus Cadila gets USFDA nod for multiple sclerosis treatment drug

Zydus Cadila has received final approval from the United States Food and Drug Administration (USFDA) to market Dimethyl Fumarate delayed release capsules, (Tecfidera)in the strengths of 120 mg and 240 mg, Zydus Cadila, part of Cadila Healthcare group, said in a regulatory filing. READ MORE

12:43 PM 

Granules India up 5% on USFDA approval for generic Aleve PM tablets

Shares of Granules India gained 5 per cent at Rs 377 on the BSE on Friday after US health regulator USFDA gave its approval for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC). The company today announced that the US Food & Drug Administration (US FDA) has approved its Abbreviated New Drug Application (ANDA) for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC), generic equivalent of Aleve PM Tablets, 220 mg/25 mg, of Bayer HealthCare LLC. READ MORE

pharmacy, drugs, medicine, pharma companies, pharmaceuticals, vaccine, coronavirus, covid, testing

12:37 PM 

BROKERAGE VIEW | Emkay Global on Indian IT sector

We see a limited read-through from Accenture's results for Indian technology companies in general due to business mix differences (Indian peers’ exposure to the Consulting business is much lower than that of ~55% for ACN). ACN's Q4 performance and guidance came lower than expectations largely due to the weakness in

Consulting. Sustained healthy momentum in outsourcing business revenue and booking augurs well for Indian peers. Nifty IT index gained ~30%/~60%/~20% in last 3M/6M/CYTD and current valuations largely capture the improving demand environment, in our view. Uncertainties around the outcome of US elections, healthcare crisis and slowing global growth will keep the optimism in check and may weigh on stocks.

12:29 PM 

Wrong idea in market that we are not professionally run: Top UTI AMC exec

Thirteen years after it was first mooted, UTI AMC is set to hit the market with an initial public offering of Rs 2,160 crore that will enable its five shareholders to offload 30.75 per cent, valuing the AMC at over Rs 7,000 crore. READ MORE

Global sell-off, lockdown fear: 5 reasons why Sensex tanked 1,115 pts today

 Indian stock markets crashed on Thursday, the last day of F&O expiry for September series, as potential second wave of Covid-19 in the UK and Europe, and concerns over delay in economic recovery soured sentiment. The S&P BSE Sensex plunged 1,172 points in the intra-day deals on the BSE, while Nifty50 index tanked 342 points on the NSE. The markets were at their lowest since July 1, 2020.

The S&P BSE Sensex ended the day at 36,554 levels – down 1115 points, or nearly 3 per cent. Nifty50, on the other hand, ended at 10,806 levels, down 326 points or around 3 per cent.

Here’s what dragged markets lower:

Global sell-off: Global shares slid and the dollar rose on Thursday on investor concern about another economic hit from the coronavirus pandemic. The MSCI World index slipped 0.6 per cent, its fifth day in the red out of the last six, and hovering near a two-month low. Asia-Pacific shares outside Japan fell 1.93 per cent, chalking up their worst day in two months after economic warnings from US Federal Reserve (US Fed) officials. In Europe, the STOXX Europe 600 was down 1 per cent.

After a summer lull in much of Europe and the UK, the infection rate has begun to rise sharply, with a number of countries including Britain introducing tougher rules to help limit the spread of the virus, Reuters reported.

F&O expiry: Volatility index – India VIX – jumped 12 per cent in the intra-day trade to hit a high of 23.5 level on the last day of Futures and Options (F&O) expiry for the September series. Rollover in Nifty and Nifty Bank stood at 54 per cent and 58 per cent, respectively on Wednesday, as per reports. In index options front, there was a fresh build-up in 11,100-11,300 strikes; whereas, 10,950-11,100 put options added fresh positions, rollover data show.

The markets, according to analysts at Geojit Financial Services, entered the final expiry day with Nifty having seen the lowest rollover in the last six months at 53.82 per cent. Bank Nifty rollover at 57.86 per cent, however, was above last month’s rollover at a similar stage.

Sell off in heavy-weights: Index heavy-weights like Infosys, Reliance Industries (RIL), TCS, ICICI Bank, HDFC Bank, Bajaj Finance, HDFC and ITC contributed the most towards Sensex’s fall. Infosys, RIL, TCS, and ICICI Bank each contributed over 100 points towards the slide. Information Technology (IT) stocks were the biggest losers on the NSE today with the Nifty IT index sinking 4.5 per cent as investors booked profit after a sharp rally in the current financial year.

Add to it, financial stocks such as IndusInd Bank, RBL bank, ICICI Bank, and State Bank of India (SBI) tanked up to 7 per cent after global rating agency S&P cautioned that the banking systems in emerging markets like India, Mexico, and South Africa will be slower to recover to 2019 levels and it will happen only beyond 2023. READ MORE

Lockdown fears resurface: Prime Minister Boris Johnson has announced a slew of coronavirus restrictions for England in the wake of a fresh spike in the number of Covid-19 infections. These new measures may last for six months, if there is no improvement in the pandemic situation, Boris Johnson told UK Parliament on September 22. Investors fear that more such restrictions could be put in place across major global economies as the cases continue to rise.

Meanwhile, India on Wednesday recorded 89,688 coronavirus cases, taking its total caseload to 5,730,184. Prime Minister Narendra Modi chaired a high-level virtual meeting with chief ministers and health ministers of Maharashtra, Andhra Pradesh, Karnataka, Uttar Pradesh, Tamil Nadu, Delhi and Punjab on Wednesday and asked states to reassess if lockdowns of one or two days are effective in containing Covid-19.

“It is possible that we may see more corrections. Scotland and the UK have said they are contemplating a lockdown. Fears that more economies may close down is creating more nervousness in the market. All this is collectively bothering the market, which is on the lookout for reasons to correct,” said Abhimanyu Sofat, head of research at IIFL Securities in a note.

Adding: “If we see markets weakening further, it could add more jitters. I see strong support at 10,800 if the market were to weaken from here. Cyclicals will be hammered further. People have stocked up on defensive stocks, and that pack which has stayed resilient, may also feel the heat. Stability in the global markets could be the only savior right now.”

Pace of economic recovery: Investors fretted over recovery in the Indian economy after a finance ministry official said that the government was reassessing its earlier optimism about a V-shaped economic recovery as people are spending less owing to extreme uncertainty induced by the Covid-19 pandemic.

Most ratings agencies have revised further downwards their projections for India’s gross domestic product (GDP) for 2020-21 since the government released the data for the first quarter, which showed the biggest contraction of 24 per cent on record. READ MORE

MARKET LIVE: Indices fall again, Sensex down 300 pts; autos, PSBs drag

 The Indian markets slipped again moments after staging a recovery from the day's trough in Tuesday's noon deals.

The S&P BSE Sensex was down over 300 points and below the 38,000-mark, which it had briefly reclaimed. The index hit an intra-day low of 37,531 earlier in the session. The broader Nifty50 index, meanwhile, fell below the 11,200-mark. Larsen & Toubro and ONGC (both down 2%) were the top Sensex laggards. On the other hand, IT stocks HCL Tech, Tech Mahindra, and TCS rose 1 per cent each.

The trend among Nifty sectoral indices was largely negative, led by Nifty Auto index, down 1.7 per cent. On the other hand, Nifty IT and Nifty Pharma indexes were trading 1 per cent higher each.

The broader market, on the othe hand, languished, with the S&P BSE MidCap and SmallCap indexes trading 0.9 per cent lower, each.

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02:47 PM 

IPO Update :: Chemcon IPO subscribed 8.48x till 2:45pm; CAMS IPO subscribed 1.32x; Angel Broking subscribed 0.45x

02:41 PM 

Nifty Bank breaks below 21,000-mark

02:40 PM 

MARKET CHECK | 5 gainers on the BSE at this hour

02:31 PM 

Maruti slips nearly 3%

02:26 PM 

Dow Jones Futures dip 100 pts

02:19 PM 

Double-digit sales dip in anti-infective segment to weigh on Alkem Labs

For the trailing twelve months ended August, the company sales are down nearly eight per cent, while the Indian pharmaceutical market declined by just over two per cent during that period. The reason for this has been that sales in the anti-infective segment, in which Alkem has a leadership position, have been declining by double digits. READ MORE

02:19 PM 

Sensex slips 300 pts

02:08 PM 

Rupee closing

Rupee ends lower at 73.58/$ vs Monday's close of 73.38 against the US dollar

02:03 PM 

Markets at 2 pm

02:01 PM 

IPO Alert :: CAMS subscribed over 1x on Day 2 till 1:45 pm

01:58 PM 

IPO Alert :: Chemcon Speciality Chemicals subscribed over 8x on Day 2 till 1:45 pm

01:54 PM 

IPO Update :: Angel Broking IPO subscribed 44% till 1:45 pm

01:47 PM 

SBI, IndusInd Bank: Are bank stocks a good bet in the current market?

Bank stocks tumbled in Monday's trade after Financial Crimes Enforcement Network (FinCEN) leaks said almost all Indian banks could be part of the suspicious transactions. Between 2010 and 2017, several transactions went through Indian banks that were flagged as top-secret ‘Suspicious Activity Reports’ or SARs by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terror financing, drug dealing, and financial fraud READ MORE

MARKET LIVE: Sensex dips 100 pts; realty, metal stocks decline, IT gains

 The domestic benchmark indices turned volatile in Monday's late morning deals after starting the expiry week of the September series derivative contracts on a flat note. 

The S&P BSE Sensex hovered around 38,760 levels and the Nifty50 index slipped below 11,500-level. Tech stocks were the top gainers in the Sensex pack, led by HCL Tech (up 4%). TCS, Tech Mahindra, and Infosys were also up 1 per cent each.

The trend among the Nifty sectoral indices was mixed, with Nifty Metal index (down 1.6%) offsetting the gains in Nifty IT index (up 1.9 per cent).

In the broader market, the S&P BSE MidCap index was trading flat while the SmallCap index was up 0.5 per cent.

 

New listing

Route Mobile debuted at the bourses today at Rs 717 per share, a premium of 105 per cent from its issue price of Rs 350 per share. READ MORE

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01:09 PM 

MARKET CHECK

01:00 PM 

NEWS ALERT :: SpiceJet announces six new flights

12:57 PM 

Brokerage industry's revenues expected to reach Rs 23,000 cr in FY21: Icra

According to investment information firm ICRA, the domestic capital markets have witnessed an unexpected surge lately in stark contrast to the overall economic outlook.

 

And while broking yields continue to be under pressure, given the competitive dynamics as well as product mix (increase in non-delivery volumes as well as the rising share of index options), the healthy growth in turnover more than offset the impact on broking income. READ MORE

12:43 PM 

MARKET CHECK

12:38 PM 

Birla Corp slips 9% after HC bars Harsh Lodha from MP Birla group companies

Shares of Birla Corporation (Birla Corp) dipped 9 per cent to Rs 662 on the BSE in the intra-day trade on Monday after the Calcutta High Court (HC) on Friday restrained Harsh Vardhan Lodha from holding any office in M P Birla group entities. The stock of cement & cement products company recorded its sharpest intra-day fall since March 23, 2020, when it had tanked 20 per cent on the BSE. READ MORE  

Market, shares, stock market

12:28 PM 

Most global investors cautious of equities after sharp rally: Raychaudhuri

The market rally since March 2020 lows has been led mostly by foreign institutional investors. MANISHI RAYCHAUDHURI, head of Asia Pacific equity research, BNP Paribas, tells Puneet Wadhwa the reason for India being such an FII favourite is the breadth of stocks and sectors that the market offers. READ MORE

12:17 PM 

Deepak Fertilisers, GSFC: Will Farm Bills' passage boost fertiliser stocks?

Most fertiliser stocks were trading in the negative territory on Monday, a day after Rajya Sabha passed two key farm bills amid ruckus by opposition members and farmer protests. The Upper House passed by voice vote the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020. The bills have already been passed by Lok Sabha and will now go to the President for his assent before they are notified as laws. READ MORE

12:07 PM 

Nucleus Software hits record high, stock zooms 132% in 2 months

Shares of Nucleus Software Exports were locked in the 10 per cent upper circuit band at Rs 664.70, also its record high, on the BSE on Monday in an otherwise subdued market. In the past two months, the stock of the IT software products-company has zoomed 132 per cent after it reported strong earnings for the quarter ended June 2020 (Q1FY21). In comparison, the S&P BSE Sensex was up 3.8 per cent during the period. READ MORE

IT service firms, workplace, office space, commercial, rent, employees, staff, tech, saas, data, privacy

11:57 AM 

MARKET UPDATE:: Sensex continues to trade flat

11:50 AM 

BROKERAGE VIEW | HDFC Securities on ITD Cementation

RATING: BUY  | TARGET PRICE: Rs 68

ITD numbers were better than expectation on account of execution beat and cost controls. Labour availability has improved to 70-80% of pre-COVID level. Order backlog is robust at Rs 126bn (4.4x FY20 revenue) aided by FYTD21 order wins of Rs 13.5bn. Besides, ITD is L1 in orders worth Rs 15bn (total order book at Rs 141bn). Although, NWC days and consolidated net debt (Rs 3bn vs Rs 1.8bn at FY20-end) have increased QoQ, balance sheet remains robust. We maintain BUY on ITD with an unchanged target price of Rs 68/sh, (1) given large order book (~4.4x FY20 revenue), (2) strong balance sheet and (3) bottom valuation (6.8x 2 yr fwd EPS). 

MARKET LIVE: Indices at day's low, Sensex plunges 300 pts; India VIX up 4%

 The Indian markets added to their morning losses to trade nearly one per cent lower in Thursday's noon deals.

The S&P BSE Sensex dipped 300 points points to 38,988 levels and the Nifty50 index fell below the 11,550-mark. Tata Steel and Bajaj Finserv (both down 2%) were the top Sensex laggards, followed by ICICI Bank, Bajaj Finance, and Powergrid (all down 1%) each.

The trend among Nifty sectoral indices was largely negative, with Nifty Metal index, down 1.8 per cent, leading the list of losers.

In the broader market, the S&P BSE MidCap and SmallCap indexes were trading flat.

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01:15 PM 

INTERVIEW:: Alex Tedder, CIO, Head of Global & Thematic Equities, Schroders Investment Management

"There are three distinct pockets of investment opportunities arising from the crisis. First, and perhaps most surprisingly, the crisis has served to re-enforce the growth in a number of industries for companies that were already benefiting from structural tailwinds. Most visibly perhaps, our reliance on technology has been amplified by the crisis, with strong growth in demand for enterprise software and cloud-based applications."

Alex Tedder

01:09 PM 

NEWS ALERT :: China continues to be in illegal occupation of approx 38,000 sq km in the UT of Ladakh, says Defence Minister Rajnath Singh

>> The situation this year is very different both in terms of scale of troops involved & no. of friction points

>> We do remain committed to peaceful resolution of the current situation

>>  At the same time, we remain prepared to deal with all contingencies

01:01 PM 

NEWS ALERT :: IRCON International bags order worth Rs 1,900 cr

>>  lrcon International Limited has secured Railway Electrification Works for various routes of 2251 Route Kilo meter (RKM) worth approx. Rs.1900 Crore on competitive bidding basis among PSUs from the Ministry of Railways, Government of India.

>> The tenure for execution of the projects varies from 15 to 20 months from the date of signing of Agreement with the Zonal Railways

 

12:49 PM 

SpiceJet: Seasonally weak Q2 could add to company's accumulated losses

The reduction in aviation turbine fuel (ATF) prices, for the second time in September, came as a breather. Yet, InterGlobe Aviation (IndiGo) and SpiceJet closed 0.3-1.6 per cent down in trade on Wednesday. Given that the cut in ATF prices followed price hikes in June, July, and August, gains remained limited. READ MORE

12:40 PM 

INTERVIEW:: Naveen Kulkarni, chief investment officer (CIO) at Axis Securities

"The market is at an interesting juncture where it is building a healthy recovery. However, it has been quite sceptical about the recovery in the banking sector as the challenges of collections continue to persist. Q2FY21 will provide a better picture of the state of corporate earnings and recovery. Q1FY21 indicated that the Indian corporates have managed to cope with Covid-19 challenges better than expectations." READ MORE

NAVEEN KULKARNI, CIO at Axis Securities

12:27 PM 

NEWS ALERT | SC dismisses plea by SBI seeking vacation of stay on personal Insolvency and Bankruptcy Proceedings against Anil Ambani: CNBC TV18

-- SC directs for HC to consider the issue on October 6, says SBI at liberty to seek modification of stay order.

12:23 PM 

Laurus Labs hits fresh record high on expectation of strong earnings

Shares of Laurus Labs hit a fresh record high of Rs 1,387.50, up 3 per cent on the BSE on Thursday on expectation of strong earnings in July-September quarter (Q2FY21). The stock of the pharmaceutical company was trading higher for the ninth straight day, ralling 17 per cent during the period. In the past three months, it has surged 171 per cent, as against 16.6 per cent gain in the S&P BSE Sensex. READ MORE

Labs, Science, Laurus

12:15 PM 

Dr Reddy's, Biocon, Torrent Pharma: What charts indicate for these stocks

Most pharma stocks have witnessed a huge upside so far in the calendar year 2020 (CY20). On a year-to-date (YTD) basis, the Nifty Pharma index has rallied over 45 per cent (as of Wednesday's close) as against nearly 5 per cent drop in the benchmark Nifty50 index, ACE Equity data show. READ MORE  

v

12:05 PM 

Dow Jones Futures tank 450 pts

11:54 AM 

Market at day's low

MARKET LIVE: Sensex at day's high, up 200 pts; M&M, Bajaj Auto top gainers

 A broker monitors share prices while trading at a brokerage firm in Mumbai. (File photo: Reuters)

The Indian markets moved higher in Wednesday's noon deals after spending majority of the session range-bound.

The S&P BSE Sensex gained 200 points at 39,250 levels and the Nifty50 index was surpassed the 11,550-mark. Mahindra & Mahindra (up 5%) was the top Sensex gainer, followed by Bajaj Auto (up 3%). Besides, HDFC Bank, Sun Pharma, and Reliance Industries also climbed 1 per cent each..

Aurobindo Pharma shot up 4 per cent after the company announced its collaboration with Council of Scientific and Industrial Research to develop vaccines to protect against Covid-19.

The trend among Nifty sectoral indices was largely positive, led by Nifty Auto index, up 2 per cent.

In the broader market, the S&P BSE MidCap and SmallCap indexes were trading 0.2 per cent higher, each.

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02:21 PM 

P&G Health declines 6% on profit booking post June quarter results

Shares of Procter & Gamble (P&G) Health slipped 6 per cent to Rs 5,330 on the BSE in the intra-day trade on Wednesday on profit booking. The company reported 10.8 per cent year on year (YoY) growth in net profit at Rs 48.90 crore for June quarter. READ MORE

02:15 PM 

NEWS ALERT :: Russia based-RDIF likely to supply 10 cr Covid-19 vaccine doses to India, reports Reuters

02:09 PM 

Rupee closing

Rupee ends higher at 73.52/$ vs Tuesday's close of 73.65 against the US dollar

02:07 PM 

Recovery from intra-day lows in today's session

COMPANY DAY'S LOW(RS) DAY'S HIGH(RS) LATEST(RS) RISE(%)

RADICO KHAITAN 409.00 467.00 461.25 12.78

INDOSTAR CAPITAL 260.55 292.50 285.00 9.38

I T D C 233.30 256.45 253.75 8.77

TVS MOTOR CO. 431.00 471.70 467.25 8.41Click here for the full list

02:04 PM 

MARKET CHECK:: Top 5 gainers on the BSE at this hour

01:49 PM 

MARKET UPDATE:: Sensex at day's high

01:47 PM 

BROKERAGE VIEW:: Prabhudas Lilladher on PVR

Rating: ACCUMULATE | TP: Rs 1,435

We continue to maintain our positive stance on the multiplex space and retain our ACCUMULATE rating on PVR by raising our target EV/EBITDA multiple to 12x (earlier 10x; LPA is 12x) as 1) recent rights issue of Rs3bn evades near term liquidity concerns and 2) reduction in fixed opex burn to Rs220-250mn per month indicates that cash drain will be lower till the time multiplexes are shut. Further, Tenet’s collection of US$200mn so far and PVR Lanka’s SPH/ATP ratio of 60% odd does not indicate any structural behavioral changes in content or F&B consumption pattern, reducing the skepticism on valuation. Maintain ACCUMULATE, with a revised TP of Rs 1,435. 

01:33 PM 

More concerned for depositors, financial stability than borrowers: RBI Guv

“The primary concern in the banking system is the protection of depositors’ money. Ultimately, it is the depositors’ money that is being lent out,” governor Das said in an interaction with the governing council of the industry lobby group Federation of Indian Chambers of Commerce & Industry (FICCI). READ MORE

01:23 PM 

European indices open mixed

01:23 PM 

Aug Aviation Data :: Domestic air traffic down 76% YoY at 2.8 mn

>> Improves from 2.1 passengers in July

>> PLF stands at: SpiceJet (76%), Vistara (68.3%), IndiGo (65.5%), AirAsia (64.4%), GoAir (61%), AI (58.6%)

>> Market share: IndiGo (59.4%), SpiceJet (13.8%), AI (9.8%), Vistara (5%), GoAir (4.7%)

MARKET LIVE: Sensex at day's high, up 250 pts; IT, pharma stocks gain

 Photo: Shutterstock.com

The Indian markets were trading over half a per cent higher in Tuesday's final hour of trade, helped majorly by pharma stocks and financials..

The S&P BSE Sensex gained 270 points to 39,000 levels and the Nifty50 index was, meanwhile, reclaimed the 11,500-mark. Sun Pharma and Bharti Airtel (both up 2%) were the top Sensex gainers, followed by Bajaj Finance, IndusInd Bank, and Infosys (all up 1%).

The trend among Nifty sectoral indices was positive, led by Nifty Pharma index, up 2 per cent.

The broader market, meanwhile, continued to outperform the benchmarks, with the S&P BSE MidCap and SmallCap indexes trading 0.8 per cent and 1 per cent higher, respectively.

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02:26 PM 

MARKET CHECK :: Smallcaps outrun benchmarks

02:25 PM 

Stocks that hit 52-week high on BSE today

COMPANY PRICE(RS) 52 WK HIGH CHG(%)

ADANI GREEN 670.65 670.65 4.99

AFFLE INDIA 3025.00 3143.00 -0.91

AMBER ENTERP. 2063.60 2114.25 5.38

APL APOLLO TUBES 2818.25 2836.95 5.26

ATUL 6770.40 6790.00 4.55

» More on 52 Week High

02:19 PM 

Asian economy to shrink, first time since 1960s, thanks to Covid-19: ADB

The region’s gross domestic product will decline by 0.7 per cent in 2020, down from June’s projection of an increase of 0.1 per cent, the Manila-based bank said in a report Tuesday. A contraction this year would be the first since 1962, Yasuyuki Sawada, the ADB’s chief economist, said in a live-streamed briefing. READ MORE

02:11 PM 

MARKET UPDATE:: Sensex at day's high

02:05 PM 

Rupee Closing

Rupee ends at 73.64 per US dollar vs Monday's close of 73.48/$

02:03 PM 

SECTOR WATCH:: IT stocks trade higher

COMPANY LATEST(RS) CHG(%)

WIPRO 310.20 0.99

INFIBEAM AVENUES 82.90 0.73

TCS 2532.25 1.60

FIRSTSOUR.SOLU. 71.35 3.26

HCL TECHNOLOGIES 808.10 1.66

» More

01:59 PM 

NEWS ALERT :: Max India approves capital reduction plan

Click here for details

01:54 PM 

NEWS ALERT :: Cabinet meeting begins

01:49 PM 

Tata Motors DVR hits over 6-month high, soars 63% in six weeks

Shares of Tata Motors Differential Voting Rights (DVRs) continued their northward movement, hitting an over six-month high of Rs 63.95, up 5 per cent in intra-day trade on the BSE on Tuesday. The stock of the Tata group company was trading at its highest level since February 24, 2020. In the past six-weeks, it has rallied 63 per cent, as against 3 per cent rise in the S&P BSE Sensex. READ MORE

Jaguar Land Rover

01:40 PM 

PVR Q1 loss at Rs 226 cr as revenue nil from core movie exhibition business

Multiplex operator PVR Cinemas suffered a consolidated loss after tax of Rs 226 crore in the first quarter (April to June) of the current financial year as compared to a profit of Rs 18 crore during the corresponding period of last year. The revenues in Q1 FY21 totalled Rs 55 crore as compared to Rs 887 crore in Q1 FY20 due to the outbreak of COVID-19 and consequent lockdown. READ MORE

pvr, cinema, theatre, films, movie, films, coronavirus, multiplex

MARKET LIVE: Sensex gains 300 points; BSE SmallCap index rallies 3%

 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).

MARKET LIVE: Indices at day's low, Sensex down 100 pts; pvt banks dip

 The benchmark indices slid lower, dragged by private banks, in Friday's noon deals after remaining range-bound for majority of the session.

The S&P BSE Sensex dipped 100 points to 38,730 points while the Nifty50 index was trading below the 11,450-mark. IndusInd Bank (down 2%) was the top Sensex loser, followed by Asian Paints, PowerGrid, and HDFC Bank (all down 1%).

Max Healthcare Institute (MHIL) surged 19 per cent to Rs 132.55 on the BSE on the back of heavy block deals. READ MORE

The Nifty sectoral indices were trading largely in the red, led by Nifty Private Bank index, down 1 per cent.

In the broader market, both the S&P BSE MidCap and SmallCap indexes were trading half a per cent higher.

Results today

A total of 104 companies including IRCTC, BHEL, and Adani Green are scheduled to announce their quarterly earnings today.

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01:44 PM 

Amber Ent dips 9% in 2 days on profit booking after completion of QIP issue

Shares of Amber Enterprises India slipped 7.6 per cent to Rs 1,756 on the BSE on Friday, falling 9.4 per cent in the past two trading days on profit booking after the company completed its qualified institutional placement (QIP) issue. The stock has fallen 12 per cent from its record high level of Rs 1,997, touched in Tuesday's intra-day trade. READ MORE

durables

01:35 PM 

BROKERAGE RADAR:: MOFSL on Tata Motors

RATING: BUY | TARGET PRICE: Rs 227

We revise our estimate upward by ~84% on low base for FY22E, driven by volume upgrades in India CV/PV, and 130bp EBITDA margins for India and nearly 40bp EBIT margins for JLR. The stock trades at 2.7x FY22E EV/EBITDA and 1x P/BV. Maintain Buy, with TP of nearly Rs R227 (Sep’22E-based SOTP).

01:33 PM 

India Inc's EBITDA to shrink 24% in FY21 due to Covid disruptions: Moody's

Referring to the growth trajectory, Kaustubh Chaubal, a Moody’s Vice President and Senior Credit Officer, said the economic slowdown is exacerbating existing challenges. This is particularly so in sectors vulnerable to declining consumption and resource price volatility, such as in the automotive, oil & gas, mining, and steel sectors. READ MORE

01:31 PM 

Reserve Bank of India issues new compliance guidelines for banks

The Reserve Bank of India (RBI) on Friday issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers (CCOs) follow the best industry practices as required by supervisory expectations. Banks currently follow diverse practices in this regard, it said. "The policy should lay special thrust on building up compliance culture, vetting of the quality of supervisory and regulatory compliance reports to RBI by the top executives, non-executive Chairman and Chairman and Audit Committee of the Board (ACB) as the case may be." READ MORE

Reserve Bank of India, RBI

01:24 PM 

MARKET CHECK:: Top 5 losers on the BSE at this hour

01:16 PM 

MARKET UPDATE:: Sensex falls 100 points

01:13 PM 

5 reasons why Morgan Stanley is bullish on ICICI, Axis and HDFC Bank

“We expect earnings to inflect for large private banks in H2F21. They could provide aggressively for bad loans (unlike the banking system) and accelerate the pace of loan market share gains as the economy stabilizes. Given this, we expect re-rating and strong returns over the next one year,” noted Sumeet Kariwala, equity analyst at Morgan Stanley India, in a co-authored report with Subramanian Iyer, Rahul Gupta, and Himanshu Khona. READ MORE

01:03 PM 

Tata Elxsi, Wipro hit 52-wk highs on expectation of good earnings in Q2FY21

Wipro rallied 4 per cent to Rs 295.50, surpassing its previous high of Rs 290.65, hit on July 31, 2020. In the past three months, the stock has outperformed the market by gaining 38 per cent against 16 per cent rise in the S&P BSE Sensex. READ MORE

12:56 PM 

BROKERAGE RADAR:: ICICI Securities on AIA Engineering

RATING: BUY | TARGET PRICE: Rs 2,043

Despite the overall challenging environment, AIAE is continuing with its capex plans to fuel long-term growth. We believe volumes will normalise from FY22E. Maintain BUY with a revised target price of Rs 2,043 (previously: Rs 1,890).

12:50 PM 

BROKERAGE RADAR:: ICICI Securities on Blue Dart Express

RATING: SELL | TARGET PRICE: Rs 1,746

Continued competition by road, ultra price sensitive customers and a heightened belly cargo capacity will eventually help normalise margins barring an interim blip. BDE’s sustainable success can be in using this opportunity to aggressively restructure costs and try to be successful in road express. Maintain SELL. The Covid vaccine distribution story in India cannot be >Rs2bn-3bn p.a. opportunity given the price sensitive nature of market and eventual penetration of vaccines.

Granules India hits fresh record high of Rs 384; rallies 24% in 2 weeks

 Shares of Granules India hit a fresh record high of Rs 383.70, up 5 per cent on the BSE, in the intra-day trade on Thursday, gaining 24 per cent in the past two weeks on expectation of strong earnings going-ahead. In comparison, the S&P BSE Sensex was down 0.94 per cent during the same period.

The first quarter (April-June) of FY21 turned out to be the best-ever quarter for the company as it posted highest ever GPM (gross profit margin) and EBITDA (earnings before interest, taxes, depreciation, and amortization) margin in the company’s history.

This was on the back of gain in market share, new formulation launches and product optimisation. In the wake of continued good performance, analyst at KRChoksey Shares and Securities has positively revised EBITDA/PAT estimates for FY21E by 14.0 per cent/14.7 per cent.

Granules India is engaged in manufacturing of Active Pharmaceutical Ingredient (API), Pharmaceutical Formulation Intermediate (PFI) and Finished Dosage (FD).

On August 22, Granules India had announced that its subsidiary company Granules Pharmaceuticals Inc had received approval from the US Food & Drug Administration (US FDA) for Ramelteon Tablets 8 mg, a bioequivalent to the reference listed drug product (RLD), Rozerem Tablets, 8 mg, of Takeda Pharmaceuticals USA.

"Ramelteon Tablets are used for the treatment of insomnia characterised by difficulty with sleep onset. Ramelteon Tablets had US sales of approximately $33 million MAT for the most recent twelve months ending in June 2020 according to IQVIA Health," it said.

Analysts expect Granules India to post revenue growth of 15.7 per cent/15.5 per cent in FY21E/FY22E on the back of new product launches in the US from company’s US subsidiary (Granules Pharmaceuticals Inc) and rising contribution from FD with company’s focus on higher value and higher margin business segments of FD.

"The transformation from a pure API company to a front-end formulator has sweetened the company's operating profile. Besides product rationalization, benefits of backward integration and higher utilization of existing facilities are likely to boost margins. The strong demand for key products (Metformin, paracetamol, ibuprofen) due to Covid-19 has translated to a robust Q1 for Granules. Ahead, we expect launches in formulations and additional capacity in PFIs to be key growth drivers," analysts at Anand Rathi Share and Stock Brokers said company update.

At 02:57 pm, Granules India erased its early morning gains and was trading 0.6 per cent lower at Rs 363, as compared to 1.5 per cent rise in the S&P BSE Sensex. A combined 6.2 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

MARKET LIVE: Sensex zooms 600 points; RIL surges 7%, hits fresh high

 The domestic benchmark indices added to their morning gains and were trading over 1 per cent higher in Thursday's noon deals, lifted by Reliance Industries, which scaled a new lifetime.

The S&P BSE Sensex gained over 600 points to 38,828 levels and the Nifty50 index reclaimed the 11,450-mark. Reliance Industries leaped 7 per cent on reports that the company is offering to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail, to Amazon. READ MORE

Besides, Axis Bank and State Bank of India (both up 3%) were the other top Sensex gainers.

All the Nifty sectoral indices were trading in the green, led by Nifty PSU Bank index, up 2.5 per cent.

In the broader markets, the S&P BSE MidCap and SmallCap indexes were trading 1 per cent and 1.7 per cent higher, respectively.

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03:22 PM 

MARKET CHECK | Top 5 gainers on the BSE at this hour

03:07 PM 

Granules India hits fresh record high of Rs 384; rallies 24% in 2 weeks

Shares of Granules India hit a fresh record high of Rs 383.70, up 5 per cent on the BSE, in the intra-day trade on Thursday, gaining 24 per cent in the past two weeks on expectation of strong earnings going-ahead. In comparison, the S&P BSE Sensex was down 0.94 per cent during the same period. The first quarter (April-June) of FY21 turned out to be the best-ever quarter for the company as it posted highest ever GPM (gross profit margin) and EBITDA (earnings before interest, taxes, depreciation, and amortization) margin in the company’s history. READ MORE

The government is now trying to understand how long it will take before the drug’s production can start in India

03:02 PM 

RIL and Axis Bank top contributors to Sensex's 500-point rally today

02:56 PM 

ITI Ltd jumps over 12%

02:52 PM 

Buzzing Stock :: Info Edge sees sharp upmove

02:43 PM 

Heatmap: S&P BSE Sensex gainers and losers at this hour

02:43 PM 

Indians investing in US equities should avoid bubbles, fads: Rob Arnott

FANMAG-like stocks are in a clear bubble. Many trades at valuations as rich as the peak of the tech bubble, and require implausible future success to justify current prices. We’re also seeing an enormous surge in retail money, chasing the market darlings. READ FULL INTERVIEW HERE

02:34 PM 

Indiabulls Housing sells part of its stake in OakNorth for Rs 440 crore

"The company plans to conclude few other transactions on the partial stake sale in OakNorth Bank over the next few days. The divestment in OakNorth bank will result in boosting CRAR and shall free up capital to grow the loan book of the company,” said Indiabulls Housing Finance. READ MORE

02:25 PM 

MARKET CHECK

02:22 PM 

BROKERAGE VIEW :: Anand Rathi on RIL

The stock has provided breakout from a symmetrical triangle formation on the daily chart. The momentum indicator RSI has reversed from oversold territory and MACD has provided a buy crossover on the daily chart which hints that the upside momentum is likely to continue. It is also trading well above its short term and long term moving averages. Traders can accumulate the stock between 2160-2210 with a stop loss of 2040(Closing basis) for an upside target of 2500.

02:19 PM 

Expert View :: Jyoti Roy - DVP- Equity Strategist, Angel Broking on RIL

Reliance Industries stock has been on a tear and hit an all time high today ever since the announcement of investment of Rs 7,500 crore by Silver Lake in Reliance Retail Ventures Ltd. yesterday, valuing the retail business at Rs 4.21 lakh crore which is at the higher end of market expectations. This investment by Silver Lake comes on the back of the company announcing the acquisition of the Retail, Wholesale, Logistics and Warehousing Business from the Future Group on a slump sale basis for a total consideration of Rs 24,713 crore which helps the company to consolidate its leadership position in the retail business.

 

We expect the company to attract further investments in the retail business from other investors which is leading to another round of rerating for the company. We remain positive on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. Further investments in the retail business and scaling up of Jio Mart business will be key triggers for the company in the near future. Listing of the digital and retail business over the next few years would also lead to significant value unlocking for shareholders in the long run. We continue to maintain our buy rating on reliance Industries with a target of Rs 2,366.

MARKET LIVE: Indices slip into the red; Bharti Airtel down over 3%

 Indian markets slipped into the negative territory in the fag-end of the session on Tuesday. 

The S&P BSE Sensex was trading at 38,400 levels while NSE's Nifty was trading over 11,325 points. 

Bharat Dynamics plunged 13 per cent as the government is set to sell 15 per cent stake in the defence company through an offer for sale today and tomorrow at floor price of Rs 330 per share.

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03:14 PM 

MARKET CHECK:: India VIX rises over 3% to 22.73 levels

03:06 PM 

Sensex turns negative, down 76 points

03:02 PM 

Fada welcomes Kamath panel reccos, but says few dealerships will benefit

“The recommendations of the report will benefit only a small section of dealerships, as we have an average current ratio of 0.8-0.9, due to the already two-year distress we have seen. Hence, the ratio, suggested at 1, will be a difficult condition to meet,” said Vinkesh Gulati, president of Fada, which has 15,000 dealers in the country as members. READ MORE

03:02 PM 

SC decision to allow due payment over 10 yrs not enough to aid VIL: Fitch

The Supreme Court's decision to allow telcos to pay outstanding dues over 10 years will not be enough to help Vodafone Idea to stabilise its position, while Jio and Airtel are expected to strengthen their market shares through subscriber gains, Fitch Ratings has said. It further said another tariff hike of at least 20 per cent is probable in the next 12 months. READ MORE

vodafone, idea, VI

02:51 PM 

Stocks that hit 52-week high on BSE today

COMPANY PRICE(RS) 52 WK HIGH CHG(%)

ADANI GREEN 566.90 579.00 2.52

AMBER ENTERP. 1882.30 1997.40 2.42

ASTRAL POLY TECH 1288.85 1312.00 3.97

ASTRAZENECA PHAR 4264.00 4970.00 -7.08

DIXON TECHNOLOG. 9570.00 9766.25 7.24

» More on 52 Week High

02:43 PM 

MARKET CHECK

02:34 PM 

Global economy seeing V-shaped recovery, inflation may rise: Morgan Stanley

"The evidence indicates that the virus/economy equation has shifted decisively from the early days of the outbreak," they said in a note to clients, saying that the recovery has continued to gather momentum as countries get better at managing the virus. READ MORE

02:24 PM 

Shree Pushkar Chemicals freezes at 5% upper circuit as promoter ups stake

On September 7, Gautam Gopikishan Makharia has bought 197,950 equity shares representing 0.64 per cent of total equity of Shree Pushkar Chemicals & Fertilisers at price of Rs 104.18 per share on the NSE via bulk deal, exchange data show. The names of the sellers, however, could not be ascertained immediately. READ MORE

02:13 PM 

Top 5 gainers on the BSE at this hour

02:07 PM 

Rupee Closing

Rupee ends weaker at 73.59 per US dollar vs Monday's close of 73.34/$

MARKET LIVE: Sensex, Nifty range-bound; BSE Smallcap index outperforms

 The Indian markets were trading flat in Monday's range-bound session.

The S&P BSE Sensex hovered around 38,380 levels. Earlier, the index had fallen to 38,061 before bouncing back. The Nifty50 index, meanwhile, was holding the 11,300-mark. Hindustan Unilever and TCS (both up 2%) were the top Sensex gainers. On the other hand, Mahindra & Mahindra dipped 3 per cent.

Vodafone Idea surged 10 per cent ahead of the company's strategic announcement today.

The Nifty sectoral indices were trading mixed, with the Nifty Bank index, down 0.5 per cent, leading the list of losers.

In the broader market, the S&P BSE MidCap and SmallCap indexes were trading half a per cent higher, each.

Results today

A total of 52 companies are expected to report their earnings including CG Power, General Insurance Corporation of India, and Parag Milk Foods.

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02:34 PM 

Stocks that hit 52-week high on BSE today

COMPANY PRICE(RS) 52 WK HIGH CHG(%)

ASTRAZENECA PHAR 4059.40 4082.00 4.31

DIXON TECHNOLOG. 8860.00 8935.00 3.30

GRANULES INDIA 381.80 382.95 10.35

INDIAMART INTER. 4721.60 4770.00 15.16

SUPREME INDS. 1419.25 1425.00 2.85

» More on 52 Week High

02:28 PM 

SBI invokes personal guarantees of Bhushan Power & Steel promoter

The State Bank of India (SBI) has invoked the personal guarantees of Sanjay Singal, promoter of Bhushan Power & Steel Ltd, after the company defaulted on loans worth Rs 48,000 crore to a consortium of banks. The company's debt resolution is almost ready, with JSW Steel declared the highest bidder with Rs 19,700-crore as an offer for the company. READ MORE

02:17 PM 

Rupee Closing

Rupee ends weaker at 73.34 per US dollar vs Friday's close of 73.14/$

02:11 PM 

IPO Alert: Happiest Minds fully subscribed

02:07 PM 

Sharp rise in IRCTC

02:06 PM 

NEWS ALERT :: RBI announces Special OMO for Rs 10,000 cr on Sept 10

02:02 PM 

BROKERAGE VIEW:: HDFC Securities on Berger Paints

RATING: SELL | TARGET PRICE: Rs 460

While BRGR remains a credible No. 2 in paints; at 66x Sept-22 P/E (18% premium to APNT), risk-reward seems unfavorable. We assign a DCF-based TP of Rs. 460/sh (implying 55x Sep-21 P/E). Implied assumptions: (1) 10-year revenue CAGR: 12.6%, (2) FY20-30E/FY30-41E FCFF CAGR: 20/13.5% resp. (3) WACC: 10.5%, and (4) terminal growth: 6%, FCF/PAT conversion of ~70% over FY20-30E. Initiate with a Sell Reco.

01:57 PM 

MARKET CHECK:: Top 5 losers on the BSE at this hour

01:49 PM 

Expert View :: Yash Gupta - Equity Research Associate at Angel Broking on AllCargo delisting's floor price

Allcargo Logistics Ltd board approves delisting proposal and set floor price at ₹92.58, which is 18.8% discount to its current market price of ₹114.15.Promoter and promoter group of the company will acquire all the fully paid-up equity shares of the company having a face value of ₹2 held by the public shareholders of the Company. As per the last filling, the public holds 29.99% of paid-up equity share capital of the company. Delisting will be a positive development for the Company but the proposed delisting prices is not upto expectation of public shareholders

01:41 PM 

BUZZING STOCK:: NTPC slips nearly 3%

MARKET LIVE: Sensex surges 1,300 pts, Nifty tests 8,450; Nifty Bank up 6%

Indian equity markets surged over 4 per cent higher on Tuesday, in line with their Asian peers.
The S&P BSE Sensex index was up 1,310 points, or 4.75 per cent, at 28,850 levels. IndusInd Bank and Mahindra & Mahindra zoomed 10 per cent each while index hdavyweights ICICI Bank (up 8 per cent), and Kotak Mahindra Bank and HDFC Bank (up 6%) were other top gainers. The Nifty50 index jumped 360 points, 4.5 per cent, higher at 8,440 levels. Nifty Bank index, up 5.5 per cent, was the top sectoral gainer.
In the broader market, the S&P BSE MidCap and SmallCap indexes were also up over 2 per cent each.

GLOBAL CUES

US stocks rocketed higher on Monday, with each of the major indices rallying over 7 per cent. In Asia, Japan's Nikkei was up 2.3 per cent while South Korea's Kospi gained over 1 per cent.
In commodities, Brent crude rose 2 per cent and US crude was up nearly 4 per cent on hopes that the world’s main oil producers including Saudi Arabia and Russia could agree to cut output at a meeting on Thursday.
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09:59 AM
Nomura on M&M
We continue to value MM at a target 12x P/E multiple, based on FY22F EPS (ex-subsidiary dividends). Thus, we value the core auto business at INR272/share and investments at Rs 147/share. We think that during distress, auto sector volumes may continue to disappoint in the short term. However, lock-downs may be lifted earlier in the rural areas, which shoud benefit M&M.
Also, MM’s core auto business, MM+MVML, trades at ~8x / 6x FY21/22F EPS and on P/B it trades at ~0.85x FY20F which is the lowest level ever. We find this quite attractive given MM+MVML’s ROCE of ~22%/24% (FY21/22F) even in the bottom of the cycle, as we estimate that the company will remain profitable.
09:58 AM
Nomura on Dr Lal PathLabs
Dr Lal PathLabs is trading at 36.2x FY21F consensus EPS of Rs 37.0 and 48.4x our FY21F EPS of Rs 27.7. The valuations on consensus estimates are at 85%/9% premium to domestic peers Thyrocare and Metropolis Healthcare, respectively. The average valuation of international peers is 17.9x one-year forward consensus earnings estimates. We expect DLPL to trade at a premium to international peers given its superior longer-term growth profile and higher ROE.
09:57 AM
ICICI Securities on M&M Financial Services
We attended the business update call of M&M Financial Services (MMFS) and remain convinced that the demand recovery in the auto sector has got further
prolonged because of the Covid-19 situation in India.
Important takeaways: 1. Asset quality is likely to deteriorate given the current lockdown and the three-month moratorium on term loans 2. Demand for H&MCVs would come down further but tractors and 2W demand can pick in the coming quarters 3. MMFS has strong liquidity on its balance sheet with which it can comfortably discharge its liabilities and fixed cost obligations for the next six months 4. Rural still remains more resilient and will be the quickest to recover when a semblance of stability comes back. Our SoTP-based valuation leads to a revised target price of Rs 205 (earlier: Rs 365). Upgrade to BUY.
09:56 AM
ICICI Securities upgrades Godrej Properties to Buy
We believe that Godrej Properties GPL with its strong execution track record, healthy balance sheet (net debt of Rs11bn as of December 2019) and counter-cyclical business development strategy will emerge stronger over the medium-term. Hence, we are upgrading our rating to BUY from SELL post the 37% correction in stock price over last three months with a revised target price of Rs721/share (earlier Rs772) factoring in lower sales volumes of 30% each in FY21-22E and trimming our NAV premium to 25% from 30%.
09:48 AM
NEWS ALERT :: L&T Constructions bags order worth Rs 2,500-5,000 cr: BSE filing
>> The project involves the creation of a resilient Cloud based IT infrastructure on Infrastructure as a service (IAAS) model.
>> The project is to be implemented in 18 months followed by 3 years of warranty and 7 years of AMC during which LOT will provide Managed Maintenance Services including SLA monitoring, service impact analysis and root cause analysis for the countrywide Armed Force Next Generation Network
09:42 AM
Market check | Sensex advances 1,300 pts
09:37 AM
CORONAVIRUS UPDATE :: Total cases in India rise to 4,421: Govt
09:29 AM
HCL Tech advances over 6%
09:27 AM
Gujarat Alkalies trades 14% higher
09:26 AM
HDFC Bank gains 5%

MARKET WRAP: Sensex tanks 1,203 pts on selling in IT, banks, FMCG stocks

Equity market once again came under selling pressure on Wednesday as concerns over economic fallout due to nationwide lockdown to contain the spread of coronavirus (Covid-19) pandemic weighed on the investor sentiment. The S&P BSE Sensex lost 1,203 points or over 4 per cent to end at 28,265 while NSE's Nifty ended at 8,254, down 344 points or 4 per cent.
Meanwhile, MSCI has deferred its decision on increasing foreign inclusion factor (FIF) for the Indian markets. Many were hoping the index provider would increase India’s weight after news rules pertaining to FPI limits kicked in from April 1. This came as a surprise negative developments for the markets, which were as it facing weak trades after the opening bell.
Among Sensex stocks, Tech Mahindra (down over 9 per cent) emerged as the biggest loser on the index. TCS (down over 6 per cent), and Infosys (down 5.65 per cent) were next on the losers' list.
It was a bad day for auto stocks as well as most automakers posted dismal sales figures for March. Maruti Suzuki India Ltd (MSIL), the country's largest passenger car manufacturer, for instance, reported 47 per cent year-on-year fall in its total sales during March to 83,792 units while Ashok Leyland reported a whopping 90 per cent decline in total vehicles sales at 2,179 units in March.
As a result, Nifty Auto index ended 1.73 per cent lower at 4,649 levels with 13 out of 15 constituents ending in the red.
Nifty Bank index ended around 5 per cent lower at 18,202.50 levels. The government's proposed PSB merger scheme came into effect from today. The consolidation, that will merge 10 PSBs into four, comes at a time when the country and financial system is grappling with adverse fallout of the Covid-19 pandemic. READ MORE
In the broader market, the S&P BSE MidCap index ended over 2 per cent lower at 10,340 levels while the S&P BSE SmallCap index lost over a per cent to end at 9,507-mark.
Markets will remain closed on Thursday (April 2) on account of Ram Navami.
Global Markets
World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities. Tokyo’s Nikkei slumped 4.5 per cent after the worst plunge in factory activity in almost a decade. The pan-European STOXX 600 sank 3.2 per cent and Wall Street futures dived 3.1 per cent after a dire forecast of likely US coronavirus deaths.
Blue-chip Chinese stocks failed to hold their gains, however, though Australian shares bounced 3.5 per cent.
In commodity markets, oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in US inventories and a widening rift within OPEC heightened oversupply concerns.
(With inputs from Reuters)
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03:40 PM
CLOSING BELL
The Sensex slipped 1,203 points or over 4 per cent to 28,265.31 levels while the NSE's Nifty50 ended at 8254 points, down 344 points or 4 per cent.
03:29 PM
BSE IT index tumbles 5.6%
03:20 PM
MARKET CHECK
03:09 PM
MARKET HOLIDAY :: Markets to remain shut tomorrow on account of Ram Navami
03:06 PM
NEWS ALERT :: SBI relaxes payment obligation timeline for OTS, Rin Samadhan, General compromise Schemes by 3 months: CNBC VT18
03:05 PM
Asia's factory activity plunges as coronavirus shock deepens: Reuters
Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralyzed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.
02:57 PM
NEWS ALERT :: India's fiscal deficit in 2020-21 may shoot up to 6.2%: Fitch
>> "At Fitch Solutions, we are revising our forecast for India's FY2020/21 (AprilMarch) central government fiscal deficit to widen to 6.2 per cent of GDP, from 3.8 per cent of GDP previously (estimated by Fitch Solutions), which reflects our view that the government will miss its initial target of 3.5 per cent by a wider margin," the agency said.

02:56 PM
NEWS ALERT | PM Narendra Modi to hold talks with all CMs via video conferencing tomorrow
ANI
✔
@ANI
Prime Minister Narendra Modi to hold video conferencing with all CMs tomorrow over COVID-19.
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02:52 PM
Top losers on the BSE at this hour
02:51 PM
NEWS ALERT :: Experiencing supply chain disruptions during lockdown: Divis Labs
>> Says, even though the Company has put in place a business continuity plan, due to the restriction in the movement of goods and employees, we anticipate certain delays in the deliveries of our products to our customers. 

MARKET LIVE: Sensex gains 700 pts, Nifty tests 8,500; metals rally

The Indian equity markets were trading higher on Tuesday, tracking positive cues in the global markets and a sizable improvement in Chinese manufaturing data for March, although the increasing tally of coronavirus cases capped the gains
China’s official purchasing manufacturers’ index bounced to 52, from a record-low 35.7 in February while services PMI stood at 52.3 versus the previous 29.6 as factories began to re-open.
Among headline indices, the S&P BSE Sensex gained 710 points, or 2.5 per cent, to 29,150 levels. The Nifty50 index was up 210 points, or 2.6 per cent, at 8,495 levels. Metal stocks were the top contributors to the indices' gain today. The Nifty Metal index was up 3.5 per cent. Among individual stocks, Tata Steel was up 4 per cent while HDFC and Reliance Industries were up 2 per cent each. On the other hand, IndusInd Bank slipped another 20 per cent.
In the broader market, the S&P BSE MidCap and the S&P BSE SmallCap indexes were up over 1 per cent each.
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11:30 AM
Why are the markets punishing Bajaj Finance, Bajaj Finserv?
“Bajaj Finance is a company that is involved in consumer financing... With the 21-day lockdown, consumption has slowed down considerably, and discretionary buying is out of sight. In my view, the strong growth that the company was clocking over the past few years is not coming back for at least six months now,” says A.K Prabhakar, head of research at IDBI Capital. READ MORE

11:25 AM
MARKET CHECK | Top 5 gainers on the BSE at this hour
11:15 AM
MARKET CHECK | ONGC jumps around 5%
11:02 AM
Covid-19: Recession for world economy; India, China likely exceptions: UN
The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. With two-thirds of the world's population living in developing countries facing unprecedented economic damage from the COVID-19 crisis, the UN is calling for a $2.5 trillion rescue package for these nations. READ MORE
Economy
10:51 AM
IT stocks trade higher
COMPANY LATEST(RS) CHG(%)
INFOSYS 658.85 5.05
WIPRO 192.50 4.56
TCS 1823.50 2.67
HEXAWARE TECH. 229.85 10.03
TECH MAHINDRA 536.10 1.44
» More
10:42 AM
It is a great time to invest in stocks: Sampath Reddy, Bajaj Allianz Life
It is possible that markets may fall another 10 per cent, even 20 per cent. At the same time, it is equally possible that the correction is over and we have reached the bottom. But whatever be the situation, it is a very good opportunity to invest in equities. I am sure that three months, six months or one year down the line, markets will be far higher than the current levels. READ MORE
Sampath Reddy, CIO, Sampath Reddy, CIO, Bajaj Allianz Life Insurance
Sampath Reddy, CIO, Bajaj Allianz
10:40 AM
Top gainers on BSE
COMPANY PRICE(RS) CHG(%)
PC JEWELLER 11.55 10.00
MAHINDRA LOGIS. 227.80 10.00
KRBL 136.30 9.96
GATEWAY DISTR. 96.15 9.95
VRL LOGISTICS 154.00 9.45
» More on Top Gainers
10:34 AM
BROKERAGE VIEW:: ICICI Securities on IndusInd Bank
We attended the conference call hosted by IndusInd Bank (IIB) wherein the management indicated slowdown in loan growth, comfortable liquidity position despite deposit outflows and possibility of deterioration in asset quality. We believe the impact on asset quality may be for a short term and that it will be important to track borrower behaviour after completion of moratorium period. Working capital loans and unsecured loans like PL and credit card are at higher risk of default. Despite some concerns on stressed telecom account, higher vehicle book and uncertainty around COVID-19, we believe IndusInd Bank is a good value proposition given it is trading at 0.9x P/ABV FY21E.
Retain BUY with a target price of Rs1,268 (earlier: Rs1,796)
10:31 AM
BROKERAGE VIEW:: ICICI Securities on Dr Lal Pathlabs
The company has initiated conducting COVID-19 test at its national lab in Delhi at a price of Rs4,500. Due to lock-down across the country, the company is witnessing slowdown in both the B2B and B2C businesses since past few days. The supply chain is also disrupted but it is expected to improve in the near term. There doesn’t seem to be a structural impact in the business and expect speedy recover in volumes post normalisation. The management has started working on cost rationalisation to mitigate the impact to a certain extent. The company has been able to consistently report strong growth with incremental free cashflows in normal course of business.
Maintain BUY with a DCF-based target price of Rs1,724/share implying 40.0xFY22E EPS and 26.6xFY22E EV/EBITDA.
Key downside risks: Higher-thanexpected competition, pricing pressures and prolonged COVID-19.
10:23 AM
BUZZING STOCK:: Amara Raja Batteries up 6%

MARKET LIVE: US approves $2 trillion stimulus; Sensex surges 1,600 points

The Indian markets moved sharply higher, lifted by banks and financials, in Wednesday's afternoon trade after media reports said the US Senate leaders had reached deal with the White House on $2 trillion coronavirus stimulus package.
The S&P BSE Sensex jumped 1,619 points, or 6.03 per cent, up to 28,300 levels and the Nifty50 hovered around 8,250 levels, up 450 points, or 5.85 per cent. Nifty Bank clawed its way from the day's low to over 8 per cent higher.
Among individual stocks, Reliance Industries surged 10 per cent on report Facebook was eyeing stake in Reliance Jio. Besides, Axis Bank (up 15%), Kotak Mahindra Bank, ICICI Bank (both up 10%), and HDFC Bank (up 8%) were among the main contributors to the indices' upmove.
In broader markets, the S&P BSE MidCap index was up 2.19 per cent and the S&P BSE SmallCap index gained 1.22 per cent.
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02:12 PM
IRCTC hits lower circuit for 8th straight day, declines 58% in one month
The stock of the state-owned travel support services company hit a five-month low, and was trading at its lowest level since October 22, 2019. In the past one month, it has tanked 58 per cent, against a 30 per cent decline in the benchmark index. IRCTC had made a stock market debut on October 14, 2019. READ MORE

02:07 PM
European markets open higher
02:03 PM
STOCK ALERT | Reliance Industries, up 15%, records its sharpest intra-day rally in more than a decade
-- Earlier, on May 18, 2009, the stock had zoomed 24 per cent on the BSE
02:02 PM
NEWS ALERT | Parag Milk Foods' promoters repay debt worth Rs 6 crore : BSE filing
>> The outstanding loan amount now stands at Rs14.85 crores.
>> The promoters say they would repay the entire outstanding loan of Rs 14.85 crores as per the earlier announcements and release the entire lot of pledged shares.
01:49 PM
NEWS ALERT | Indian Bank announces Covid-19 emergency line: CNBC TV18
>> Indian Bank unveils credit lines for corporates, small businesses, retail customers & pensioners

01:44 PM
MARKET CHECK | Top gainers on the BSE at this hour
01:40 PM
Experts peg India's Covid-19 lockdown cost at $120 bn, call for relief plan
The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said. READ MORE

01:38 PM
NEWS ALERT | Comprehensive package will be announced soon: NITI Aayog CEO Amitabh Kant to CNBC-TV18
-- Will ensure supply chains remain intact: NITI Aayog CEO
-- Not a time to look at fiscal deficit limitations: NITI Aayog CEO
01:31 PM
MARKET UPDATE:: Banks rebound from early morning lows
-- Axis Bank up 15% at Rs 349, recovered 22% from multi-year low of Rs 285 touched in intra-day trade on the BSE
01:26 PM
NEWS ALERT | Cabinet likely to have approved Rs 12,000 cr package for avation: TV reports
01:19 PM
Top BSE500 gainers today
COMPANY LATEST PREV CLOSE GAIN(%)
METROPOLIS HEALT 1334.55 1138.65 17.20
TRENT 465.00 404.95 14.83
ICICI LOMBARD 965.15 840.55 14.82
JAMNA AUTO INDS. 27.20 23.95 13.57
AXIS BANK 343.50 303.15 13.31Click here for the full list

MARKET LIVE: Sensex jumps 900 pts as FM says economic package being readied

The Indian equity markets bounced back into the green in Tuesday's volatile trade. Volatility index, India VIX, jumped 13 per cent to over 80 levels.

Among frontline indices, the S&P BSE Sensex was up 675 points, or 2.6 per cent, at 26,650 levels. Earlier, the index had surged to as much as 27,463 levels before paring all gains and slipping into the red. The Nifty index hovered around 7,790 levels, up 180 points, or 2.4 per cent. IndusInd Bank recovered around 30 per cent from the session low. IT stocks rallied with Infosys gaining over 7 per cent. Tech Mahindra and HCL Tech were also up over 4 per cent each.
In the broader market, the S&P BSE MidCap index was up 118 points, or 1.22 per cent, while the S&P BSE SmallCap was down 92 points, or 1 per cent.
Global markets rebound
Japan's share benchmark Nikkei climbed nearly 7 per cent to its highest level in 1-1/2 weeks on Tuesday, outperforming regional peers, supported by hopes of buying by the Bank of Japan (BOJ) and public pension funds.
The Nikkei average gained 6.7 per cent to 18,026.73, its highest since March 13, by the midday break. If sustained until the close, it would be the biggest daily rise for the Nikkei since November 2016.
U.S S&P 500 stock futures last traded 3.5 per cent higher and MSCI's broadest index of Asia-Pacific shares outside Japan advanced 4.3 per cent as the Federal Reserve's promise of bottomless dollar funding eased strains in financial markets.
In addition to the Fed's unlimited QE, hopes of stock buying by the BOJ, public pension funds and buyback by listed companies supported the Tokyo market, analysts said.
(With Reuters inputs)
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12:49 PM
ALERT :: FM assures of a stimulus package to combat Covid-19
Nirmala Sitharaman
✔
@nsitharaman
Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference. @FinMinIndia @PIB_India @ANI @PTI_News
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12:33 PM - Mar 24, 2020
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12:46 PM
Sector watch :: ICRA downgrades hospitality sector from stable to negative outlook
>> Occupancies across hotels in India have crashed during March 2020, by over 40% in many cases. Cancellations are at all-time highs. Risk aversion to travel and unfamiliar surroundings is at a high. Group events felt the first impact of Covid-19, with mass cancellations impacting banqueting and allied income for hotels starting in February 2020, even before the impact of the contagion was visible in India and the Indian government sprang into action.

>> ICRA expects the travel and tourism industry to witness one of the longest tail periods of impact, potentially running into multiple quarters, following the covid-19 wave


12:44 PM
MARKET UPDATE:: Sensex extends gains after FM's tweet
12:43 PM
BROKERAGE RADAR | Emkay Global Financial Services on Engineering & Capital Goods
We compare and draw parallels between the 2008-10 financial crisis-led economic slowdown and the current Covid-19 situation in terms of capex push, and check the government’s ability to fund the infrastructure capex. We find that after the Global Financial Crisis (GFC) in 2008, the impact on our coverage companies in the ECG space was limited mostly to export revenue for 4-6 quarters. Domestic revenue did not see a major slowdown, except for the private sector capex-dependent players such as ABB, Siemens and Thermax. We maintain that the reduced infra capex will hurt larger and diversified players more than the smaller and niche players. We have a Hold rating on L&T and Buy on Cummins India, KNR Constructions and PNC Infratech.
12:40 PM
Top BSE500 gainers
COMPANY LATEST PREV CLOSE GAIN(%)
FINE ORGANIC 1801.60 1564.25 15.17
ESCORTS 633.95 551.30 14.99
HDFC LIFE INSUR. 389.20 342.55 13.62
AUROBINDO PHARMA 332.65 294.35 13.01
BRITANNIA INDS. 2410.00 2133.35 12.97Click here for the full list
12:37 PM
NEWS ALERT | FM Sitharaman to address the media at 2 pm today
-- Sitharaman to address media specifically on statutory and regulatory compliance matters

Nirmala Sitharaman
✔
@nsitharaman
Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference. @FinMinIndia @PIB_India @ANI @PTI_News
3,234
12:33 PM - Mar 24, 2020
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12:34 PM
Coronavirus outbreak: Stock exchanges activate disaster recovery sites
The move is in line with the Securities and Exchange Board of India’s (Sebi’s) guidelines on business continuity plan (BCP) and disaster recovery (DR) for market infrastructure institutions (MIIs), which includes stock exchanges, clearing corporations and depositories. The objective is to ensure exchange’s preparedness in the event of a natural calamity, so that any disruptions should not affect market integrity and investor confidence. READ MORE

12:26 PM
No trading seen in bonds in first 20 minutes of the market session
India’s bond market saw no trading in the first 20 minutes on Tuesday, and the total trading volume as of 11:30 am was just Rs 250 crore, as bond traders worked from home amid expectations of an imminent rate cut. The market now expects rate cuts of at least 50 basis points, and industry associations have called for a cut of as much as 150 basis points, as the number of coronavirus cases are rising in India and globally, bringing economic activities to a halt. READ MORE
stock, market, shares, investment, investors, trading, sensex, growth, technology
12:26 PM
BROKERAGE RADAR | ICICI Securities on HUL
The acquisition of Vwash would not make any material difference to growth. However, it has strong potential to grow into a bigger brand in the next five to 10 years. With respect to the recent outbreak of Covid-19, the personal wash category is likely to see strong growth in the next few quarters. Though the personal wash category is fully penetrated, it is expected to witness unprecedented increase in per capita consumption after increasing awareness on personal hygiene. Despite the extraordinary economic slowdown, HUL is likely to sustain robust revenue growth and strong operating margins. The company would continue to command a premium to the peers being the leader in the category. We change our recommendation from HOLD to BUY with a target price of Rs 2,310/share.
12:24 PM
BROKERAGE RADAR | Kotak Securities on Media sector
We expect a complete/partial lockdown of cinemas for a couple of months in view of Covid-19 outbreak. During this period, PVR would incur cash loss of about Rs550-600 mn per month. The company has adequate liquidity to navigate a complete lockdown of about five months and would be able to borrow more, if need be. We expect a strong bounce back in demand post Covid-19 led by (1) pent-up demand, and (2) packed line-up of movies (4QFY20/1QFY21 releases deferred would be scheduled over 2Q-4QFY21) and (3) we believe that PVR’s performance is largely linked to content quality and likely weakness in macro aftermath Covid-19 would have modest impact on PVR’s operating performance.
We recommend buying PVR on dips. We have a BUY rating with a fair value of Rs 1,800, implies 11X FY2022E EV/EBITDA.