MARKET: Sensex surges 593 pts amid broad-based buying; Nifty ends at 11,228

All that happened in the markets today

11:44 AM

BROKERAGE VIEW | Axis Securities on Biocon

RATING: BUY | TARGET PRICE: Rs 474 

Biocon has a strong pipeline of biosimilars to be launched over next 3-5 years across various markets. Given its record, the biosimilar products have good potential to garner market share despite the competition. We recommend to BUY with a target price of Rs 474.

11:39 AM

Commodity Heatmap :: Sharp slide in Silver, slips below Rs 58,000/kg

11:32 AM

UPDATE :: Nifty back above 11,200-mark

11:26 AM

Sharp surge :: Nifty PSU Index gains 3%

11:17 AM

Escorts hits new high as Co starts commercial production of Kubota tractors

Shares of Escorts rallied 7 per cent to Rs 1,284.45, also its record high on the BSE on Monday after the company announced the commissioning of manufacturing operations of a joint venture (JV) with Kubota Corporation on Friday, September 25, 2020. The stock surpassed its previous high of Rs 1,280, touched on September 18, 2020. READ MORE

11:08 AM

MARKET CHECK

11:01 AM

BROKERAGE VIEW | LKP Securities on ZEEL

RATING: BUY | TARGET PRICE: Rs 268 

We believe that revenues and EBITDA are bottomed out in Q1 and will witness a significant improvement hereon. We expect a 600 bps improvement from Q1 levels to FY 21E. Zee’s multiples over the last 12-15 months were depressed considering promoter group issue (pledge shares) and balance sheet concerns (rising inventories and receivables).With Q1 results all of these concerns are allayed due to which we expect Zee’s multiples to expand. Our FY 22E price target of ₹268 is based on a PE multiple of 15x as compared to a historical PE of 25x-30x. 

10:54 AM

BROKERAGE VIEW | Edelweiss Securities on Bajaj Electricals

RATING: BUY | TARGET PRICE: Rs 600

 

We believe BJE will be a key turnaround story as its EPC pain—on both balance sheet and valuation multiple—subsides. This would benefit profitability owing to a gradual expansion in margins and a decline in interest cost. Despite recent improvements in BJE’s cash flow, we remain cautious on retention/project receivables, evident in our conservative valuation framework. Incremental deterioration of the balance sheet from EPC business remains an overarching risk to our call.

10:47 AM

Interest Waiver Case :: Matter will be heard and decided on Oct 5, says SC

>> SC observes, Govt has urged that decision will be finalized in 2-3 days
 

>> Govt is directed to file its reply by Friday, so that decision of Govt is communicated to all sides.

 

10:45 AM

Interest Waiver Case :: Govt needs 3 more days; decision making at advanced stage, says Solicitor General

>> Matter has received due consideration from the Govt

>> Complex issue, various economic issues need to be considered.

10:42 AM

NEWS ALERT :: SC begins hearing in interest waiver case

10:27 AM

Surya Roshni shares rally 10% on order wins worth Rs 273 crore

Shares of Surya Roshni rallied 10 per cent to Rs 212.85 on the BSE on Monday after the company received orders worth Rs 273 crore from state-owned oil & gas companies. The stock was also trading close to its 52-week high of Rs 214, hit on September 21, 2020. “The company has obtained orders aggregating to Rs 272.86 crore (excluding GST) for the supply of coated API line pipes to GAIL (India) and Indradhanush Gas Grid (IGGL) for North-East gas grid pipe line project,” Surya Roshni said in a exchange filing. READ MORE

10:19 AM

PVR, Inox Leisure gain as cinema halls to reopen in West Bengal from Oct 1

"To return to normalcy, Jatras, Plays, OATs, Cinemas & all musical, dance, recital & magic shows shall be allowed to function with 50 participants or less from 1 Oct, subject to adherence to physical distancing norms, wearing of masks and compliance to precautionary protocols," the chief minister said on Twitter. READ MORE

10:10 AM

LVB slips 6% as shareholders vote against reappointment of top brass

Shares of Lakshmi Vilas Bank (LVB) slipped 6 per cent to Rs 18.10 on the BSE in intraday trade on Monday, after a large section of shareholders of ailing private sector lender voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors at the recent annual general meeting (AGM). READ MORE

10:04 AM

Rupee Opening

Rupee opens at 73.64 per US dollar vs Friday's close of 73.61/$