Monday, December 23, 2024 | 06:27 AM ISTEN Hindi

Financials lead in Sensex's 522-pt rally; Nifty ends 153 pts up at 9,979

All that happened in the markets today

SI Reporter New Delhi

NSE's Nifty ended at 9,979, up 153 points or 1.56 per cent.

12:38 PM

BUZZING STOCK:: Bajaj Finance climbs 4.66%

12:28 PM

Corporation tax rate cut may save the day for Britannia in Q4, say analysts

Fast-moving consumer goods (FMCG) major Britannia Industries is expected to report a weak set of numbers for the quarter ended March 2020 (Q4FY20), owing to disruptions caused by Covid-19-induced lockdown. The company, according to analysts, may see up to 7 per cent volume decline in domestic business while revenue is likely to dip up to 4 per cent year-on-year (YoY). Reduction in corporate tax, however, is expected to drive up the net profit. READ MORE

12:15 PM

BROKERAGE VIEW:: Emkay Global Financial Services on United Spirits

TP: Rs 650 | Rating: BUY

UNSP’s performance was weak with a 20% decline in P&A volumes. Besides the lockdown impact, sales decline was steeper at 15% due to sales loss in AP, inventory correction in key brands before relaunch and reduction in credit to trade, some of which should reverse.
While Q1 will be significantly impacted by the shutdown in April, volume recovery post reopening in some markets has been encouraging. These are short-term trends and may include benefits of upstocking, but category has bounced back post previous disruptions.
The worst of the margin pressure is behind and management shared a benign input cost outlook going ahead. This, coupled with increased cost-saving focus this year, should drive further margin expansion. We forecast EBITDA growth of 13% with 200 bps expansion over FY21-23 (FY20 adjusted EBITDA of Rs14.1bn and margins of 15.9%).
While steep tax increases in Karnataka/Telangana/WB pose risk of downtrading, we see some long-term positives in increased acceptance toward online/home delivery. We cut estimates by 7-8% and maintain Buy with a revised TP Rs650, based on 40x Jun-22 EPS.

12:05 PM

MARKET UPDATE:: Bharti Airtel up 1.5%

11:53 AM

Nifty Pharma gains 2.5%, crosses 10K mark for the 1st time since Oct 2018

Shares of pharmaceutical companies continued their northward journey on Tuesday with Nifty Pharma index crossing 10,000 mark after a gap of 19 months as Aurobindo Pharma, Biocon, Cipla and JB Chemicals & Pharmaceuticals hit their respective 52-week highs on the National Stock Exchange (NSE). Glenmark Pharmaceuticals, Cadila Healthcare, Sun Pharmaceutical Industries, Aurobindo Pharma and Lupin were up in the range of 2 per cent to 5 per cent today. READ MORE