Sensex zooms 2,476 pts in biggest one-day percentage gain since May 2009

All that happened in the markets today

9:58 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.

9:57 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.

9:56 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%.

9:48 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

9:42 AM

Market check | Sensex advances 1,300 pts

9:37 AM

CORONAVIRUS UPDATE :: Total cases in India rise to 4,421: Govt

9:29 AM

HCL Tech advances over 6%

9:27 AM

Gujarat Alkalies trades 14% higher

9:26 AM

HDFC Bank gains 5%

9:24 AM

Laurus Labs surges over 12%

9:23 AM

Maruti Suzuki soars 4%

9:21 AM

IndusInd Bank hits 10% upper circuit

9:20 AM

Sectoral trends at NSE during Opening Trade

9:19 AM

Sensex Heatmap at Open

9:18 AM

OPENING BELL