Friday, December 27, 2024 | 11:19 AM ISTEN Hindi

Indices snap 8-day rally; Sensex slips 236 pts post FM's stimulus measures

All that happened in the markets today

SI Reporter New Delhi

(Photo: Kamlesh Pednekar)

12:09 PM

Top gainers on the BSE at this hour

11:59 AM

BROKERAGE VIEW | YES Securities on V-Mart Retail

RATING: BUY | TARGET PRICE: Rs 2,400

The early onset of winters coupled with an uplift in consumer sentiment in the festive season has raised hopes of a return to positive growth trajectory in 3Q itself. Company’s efforts on inventory liquidation resulting in fresh inventory, timely vendor payments resulting in better procurement and restoration of employee salaries have placed it in a strong position to grow ahead of the market in the near and medium term. We reiterate our BUY rating with a TP of Rs 2,400 based on 40x FY23E earnings.

11:54 AM

BROKERAGE VIEW | Emkay Global Financial Services on JK Cement

RATING: BUY | TARGET PRICE: Rs 2,090

We raise FY21/22/23 EBITDA estimates by 5.3%/2.3%/2.8% on higher realization assumptions. We expect the company to benefit from the efficiency (lower coal and power consumption) of the new plants and cost saving initiatives (upgradation of Kiln III at Nimbahera and 15MW WHRS at Mangrol plant). JKCE has benefitted from timely capacity additions in grey and white segments and it further plans to increase capacities in the Central region. We maintain Buy with a TP of Rs2,090 (12x/11x Dec’22E EV/EBITDA for white/grey segments). Key risk could be significant pressure on cement demand, which may affect sales volume and cement prices.

11:51 AM

NEWS ALERT | Moody's ups India GDP forecast for CY20 and CY21

-- Revises India GDP forecast for CY20 to 8.9% contraction from 9.6% contraction earlier estimate

11:48 AM

BROKERAGE VIEW | LKP Securities on private sector banks

2QFY21 results indicated private bank’s earnings recovery from Covid faster than anticipated. Private banks witnessed healthy NII growth (~16% YoY) as NIMs remain stable. Non-interest income bounced back from 1QFY21 low. A contained operating expenses led to PPoP growth of ~14.5% YoY. The advance growth was driven by retail loans, which expanded 2% – 6% for most of the banks. HDFC Bank reported consumer loan disbursement at 90% of pre-Covid level. SME loan too grew strongly by 5% - 10% sequentially led by ECGS. As the collection efficiencies improved along with lower stress formation, the banks’ management believes the worst is behind us and is gearing up for growth in 3QFY21 onwards.

11:46 AM

BROKERAGE VIEW | Anand Rathi Shares on Exide Industries

RATING: BUY | TARGET PRICE: Rs 188

We expect revenue to grow 26% in FY22 and the margin to expand to 14.1%. Accordingly, we expect strong Rs8.8bn earnings, leading to an EPS of Rs10.4. We maintain a Buy rating, with a TP of Rs188 (15x FY22e), including Rs31 a share of Exide Life Insurance.

Risk: Less-than-estimated growth in FY22.

11:44 AM

BROKERAGE VIEW | ICICI Securities on Aarti Industries

RATING: BUY | TARGET PRICE: Rs 1,235

Q2 revenues were a beat amid strong volume growth though margins were lower amid higher fixed cost, lower specialty chemicals margins. Aarti has reiterated flattish net profit guidance for FY21 and strong double-digit growth from FY22. Leveraging core knowledge of benzene-based derivatives, the company is continuously expanding product basket towards value-added products up the value chain. In pharma, strong growth expected from developed markets backed by integrated models and new launches. Margins are also expected to improve due to the incremental addition of high-value products. We like the company’s leadership position and strong visibility on the order book. We assign BUY with a TP of Rs 1,235 (22x of FY23E EPS of Rs 56.1).

11:40 AM

All you wanted to know about channel patterns

A channel is a combination of trendlines that helps traders identify the price move and even assists in determining the target levels to optimise profitability. It is a line drawn on respective highs or lows of trendlines to exhibit the price movement. Over the years, trendlines have facilitated in showing the support and resistance levels to build a profitable trading model. Types -- Ascending Channel is a formation pictured as an upward sloping trendline. READ MORE

11:33 AM

Ahead of Dhanteras

11:21 AM

Goldman Sachs sees Nifty50 at 14,100 levels by December 2021

Even as markets are at the cusp of entering Samvat 2077 at record highs, foreign brokerages are turning bullish on Indian equities and see more headroom over the next one year. Goldman Sachs, in a report dated November 11, has pegged December 2021 Nifty50 target at 14,100 – up nearly 11 per cent from the current levels. READ MORE

11:10 AM

Top losers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
LINDE INDIA	841.00	-4.52
APOLLO HOSPITALS	2109.15	-3.88
LIC HOUSING FIN.	313.35	-3.24
ALOK INDUSTRIES	24.90	-3.11
COAL INDIA	122.25	-2.90

» More on Top Losers

11:02 AM

Nifty Bank tumbles over 400 pts

10:55 AM

New issuers advance listing plans, look to cash on market resurgence

The initial public offering (IPO) market is ready for a breakthrough as companies advance their listing plans to cash in on the boom in the secondary market.

Sources say half a dozen issuers are looking at launching their offerings in the next four to six weeks to raise as much as Rs 10,000 crore. READ MORE

10:47 AM

Aurobindo Pharma rallies 6% as Q2 net profit rises 26% YoY to Rs 805.65 cr

Shares of Aurobindo Pharma, the Hyderabad-based pharma company, surged as much as 5.88 per cent to Rs 858.80 apiece on the BSE on Thursday, a day after the company reported a 26 per cent increase in consolidated net profit at Rs 805.65 crore for the second quarter ended September 30 (Q2FY21). The company had posted a consolidated net profit of Rs 639.53 crore in the same quarter last fiscal. READ MORE