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

All that happened in the markets today

In the broader market, the S&P BSE MidCap and SmallCap indexes ended 0.05 per cent and 0.04 per cent higher, respectively. (Photo: Kamlesh Pednekar)

10:41 AM

NEWS ALERT :: Govt extends deadline to submit EoI for BPCL's privatisation to Nov 16

Alert: Last date to submit EoI bid was today

10:38 AM

ALERT :: Dow Jones Futures sink 200 pts after first US Presidential debate

10:36 AM

BROKERAGE VIEW | ICICI Securities on Prestige Estates Projects

RATING: BUY | TARGET PRICE: Rs 291

While Covid-19 has impacted operations in H1FY21 across segments, with gradual improvement expected from H2FY21, we remain bullish on the company’s long-term prospects. We believe that PEPL can clock rental income of Rs11.6bn in FY23E (estimated EV of Rs127bn) which acts as a cushion to consolidated FY22E net debt levels of Rs88bn. We upgrade our rating on PEPL to BUY from ADD with a revised target price of Rs 291/share (earlier Rs 250) as we roll forward to March 2022 DCF based NAV. Any potential stake sale to fully or partially reduce debt in its rental/hotels business is a key trigger for the stock.

10:34 AM

BROKERAGE VIEW | Edelweiss Securities on India Grid

RATING: BUY | TARGET PRICE: Rs 115

The stock is likely to do well in the near to medium term due to lower G-sec yield arbitrage and is a safe-haven play with potentially strong growth prospects. Hence,

we maintain ‘BUY’ with TP of Rs 115. Our estimates now incorporate Jhajjar acquisition. The stock is available at the internal rate of return (IRR) of nearly 10.6 per cent (with framework assets).

10:32 AM

Panacea Biotec locked in 5% lower circuit on receiving warning letter from US FDA

10:30 AM

BROKERAGE VIEW | Edelweiss Securities on Prince Pipes

RATING: BUY | TARGET PRICE: Rs 281

PPFL is poised for higher growth spurred by robust agri demand, government’s infra push, demand shift to organised players and healthy rural & semi-urban demand. We also perceive strong rerating potential led by rising market share, brand & distribution heft, healthy cash flow, debt reduction, easing corporate governance issues along with recent tie-up with global leader Lubrizol.

Despite being among the top-5 players, the huge valuation discount (nearly 40% to Supreme, nearly 70% to Astral) compared to leaders entails re-rating potential riding strong FCF (FY21-22E: Rs 2bn) and balance sheet (D/E: 0.3x in FY20). We reiterate 'BUY’ with TP of Rs 281 based on 24x FY22E EPS (nearly 20% discount to industry leader— SIL).

10:26 AM

OMC stocks come under pressure over muted demand, weak refining margins

Stocks of domestic oil marketing companies (OMCs) have come under pressure since late July over concerns on demand, inventory losses led by soft crude prices, and weak refining margins. Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil (IOC) have corrected up to 22 per cent since their highs of July, while the Sensex has risen over five per cent in this period. READ MORE

10:15 AM

VA Tech Wabag soars 7% on allotment of 5 mn shares to Rekha Jhunjhunwala

Shares of VA Tech Wabag surged 7 per cent to Rs 204.65 on the BSE in the intra-day trade on Wednesday after the company allotted 5 million equity shares to Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala on preferential basis. READ MORE

10:06 AM

Welspun Corp hits 5% upper circuit on receiving orders worth Rs 1,400 crore

Shares of Welspun Corp hit an upper circuit limit of 5 per cent at Rs 113.70 apiece on the BSE on Wednesday, a day after the company announced it has received multiple orders of approximately 147 kilometre-tonne (KMT) valuing close to Rs 1,400 crore. "These orders would be executed from India and will help boost the mill utilisation for our India facilities. The inflow of orders is not only from the domestic Oil & Gas (O&G) and Water business but also from exports. This indicates our strong positioning in all the markets," Welspun Corp said in the press release. READ MORE

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10:05 AM

Rupee Opening

Rupee opens at 73.81 per US dollar vs Tuesday's close of 73.85/$

9:59 AM

MARKET UPDATE:: Sensex dips 100 points

9:52 AM

RIL gains 1% as General Atlantic to invest Rs 3,675 cr in Reliance Retail

Shares of Reliance Industries (RIL) advanced 1 per cent ato Rs 2,268 on the BSE in the early morning trade on Wednesday after General Atlantic, a leading global growth equity firm, said it will invest Rs 3,675 crore in Reliance Retail Ventures Limited (RRVL) for 0.84 per cent equity stake. The stock of RIL was trading higher for the fourth straight day and has gained 4 per cent during the period. It hit a record high of Rs 2,368.80 on September 16, 2020. READ MORE