MARKET WRAP: Sensex gains 95 pts, Nifty ends at 11,227; FMCG stocks advance

All that happened in the markets today

2:19 PM

BROKERAGE VIEW | Centrum Broking on ITC

RATING: BUY | TARGET PRICE: Rs 353

We believe ITC’s cigarette business will undoubtedly continue to remain the cash cow; however, it’s actually the food business that will trigger re-rating for the company. We expect FMCG segment revenue to increase to 12.3% by FY23E and reiterate our Buy rating with DCF based 2 years TP of Rs 353 (implying 23.6x FY23E EPS). Key risks are a sharp increase in any form of taxation, higher leaf tobacco prices, and prolonged/ intermittent local lockdowns by states.

2:14 PM

BROKERAGE VIEW :: Anand Rathi on Sudarshan Chemicals

Target price: Rs 585 | Reco: Buy

>> One of the largest pigment manufacturers in its home market (with a 35% market share) and the fourth-largest globally, Sudarshan’s strong brand equity, leading position, regular capacity additions and focus on high-margin products have been its key strengths. We believe that the exit of global players (BASF, Clariant), coming capex (Rs8bn over FY20-23), product launches and focus on the global market will be its future growth drivers. We initiate coverage on Sudarshan Chemicals with a Buy at a TP of Rs585 (22.3x FY23e EPS). The auto-sector slowdown and ban on single-use plastic would trim its short-term performance.

2:06 PM

Rupee Closing

Rupee settles at 73.77 per US dollar vs Tuesday's close of 73.85/$

2:04 PM

Ramco Systems freezes at 5% upper circuit on order win from logistics major

Shares of Ramco Systems were locked in the upper circuit limit of 5 per cent at Rs 426 on the BSE on Wednesday after the company said it has signed up an agreement with a "Global top 5 logistics major" for modernising and transforming its multi-country Payroll operations on the company’s global payroll platform. READ MORE

1:55 PM

HDFC twins, HUL top contributors to Sensex's gain

1:53 PM

NEWS ALERT :: Current Account Surplus for April-June period in FY21 stands at $19.8 bn, says RBI

1:46 PM

Tech Mahindra up 2.6%

1:44 PM

IPO ALERT :: UTI AMC IPO subscribed 43% so far on Day 2 till 1:30 pm

1:37 PM

European indices trade largely lower in early deals

1:34 PM

CV financiers: Favourable valuations, but unpredictable fundamentals

Analysts at Prabhudas Lilladher indicate that collection efficiencies have rebounded to 80 per cent in September compared to 65 per cent last month. Consequently, there is a 15 per cent month-on-month improvement in disbursements as well, though 70 per cent of these disbursements are largely towards existing customers. Fresh loans disbursed could help customers meet intermittent working capital needs crucial to restart their business hit by lockdown. READ MORE

1:27 PM

Nifty FMCG index up 1.7%

1:22 PM

IPO ALERT :: Mazagon Dock IPO subscribed 3.4x so far on Day 2 till 12:45 pm

1:15 PM

NEWS ALERT :: EU may levy tariff on steel import from India, reports Bloomberg

1:05 PM

HUL trades over 2.5% higher

12:58 PM

Hind Zinc may use NCD funds as dividends to help Vedanta delist: analysts

Hindustan Zinc Ltd (HZL), a subsidiary of Vedanta Limited, has raised Rs 3,520 crore through issuance of non-convertible debentures (NCDs) which analysts feel could indirectly fund the delisting of Anil Agarwal-led metal and mining company. “HZL being a listed entity cannot raise funds and use it for its parent. It is against regulations. READ MORE