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

All that happened in the markets today

11:17 AM

NEWS ALERT:: Govt distributed 8 cr cylinders to poor households for free during lockdown: PM Modi

11:16 AM

NEWS ALERT:: Need to focus on 5 things to bring the economy on growth path

• Intent;
• Inclusion;
• Investment; 
• Infrastructure;
• Innovation

11:14 AM

NEWS ALERT:: Decisions taken under Atmanirbhar Bharat will help economy in the long run: PM Modi

11:13 AM

NEWS ALERT:: Have given Rs 53,000 cr financial assistance to poor so far: PM Modi

11:10 AM

NEWS ALERT:: We will definitely get our growth back: PM Modi

11:09 AM

NEWS ALERT:: India has left the lockdown behind, we are now in Unlock 1: PM Modi

11:08 AM

NEWS ALERT:: Have faith in our farmers, industry leaders, SME entrepreneurs: PM Modi

11:06 AM

NEWS ALERT:: Have to take care of economy while protecting against Covid-19: PM Modi

11:04 AM

NEWS ALERT:: PM Modi addresses CII Annual Session

>> PM speaks on "Getting Growth Back" at the session

10:58 AM

MARKET CHECK:: Top 5 gainers on the BSE at this hour

10:46 AM

Adani Green surges 5%, hits record high on no material impact of Covid-19

Shares of Adani Green Energy hit an all-time high of Rs 273 and were locked in the 5 per cent upper circuit band on the BSE on Tuesday after the company said that there will be no material impact on the company’s profit due to the Covid-19 pandemic. READ MORE 

10:41 AM

Top gainers on BSE today

COMPANY	PRICE(rs)	CHG(%)
SHOPPERS ST.	196.30	19.99
IFCI	6.80	19.93
CHALET HOTELS	143.00	18.38
TRIDENT	5.80	16.70
IDBI BANK	26.85	10.27

10:25 AM

BROKERAGE VIEW:: Edelweiss Securities on MCX

Multi Commodity Exchange’s (MCX) Q4FY20 PAT of Rs 572mn came broadly in line with our estimate largely on tax write-back, even as EBITDA belied estimate. Overall `operating income grew >33% in step with ADTV growth (up >37%) with some pressure on realisation. Revenue growth was restricted due to lower other income, which along with elevated opex, dented EBITDA margin (down ~4ppt QoQ). Stepping into FY21, initial ADTV trend has been soft due to restricted exchange time on account of COVID-19—needs to be monitored. Structural growth levers—options trading, institutional participation, introduction of intangibles—are still in the slow lane. Moreover, regulatory risk (universal exchange norms) challenging MCX’s market leadership (despite >90% share) and concentration of a few commodities in volumes could cap valuation upside. Maintain ‘HOLD’ with TP of Rs 1,250 (25x FY22E P/E).

10:24 AM

BROKERAGE VIEW:: Edelweiss Securities on Coal India

The May-2020 operational numbers reported by Coal India (CIL) are broadly unchanged from April-2020. Despite economic activity picking up, offtake remained subdued as inventory at power plants continues to be high. That said, CIL has regulated production in line with muted offtake, resulting in only a marginal inventory build-up. Our FY21E sales volume already factors in a 23% YoY dip; hence, we are keeping estimates unchanged. Despite CIL’s burgeoning receivables, we like the company owing to its sizeable cash balance (Rs 370bn). Maintain ‘BUY’ with a TP of Rs 165 (exit 7.2x FY22E EPS).

10:22 AM

EXPERT COMMENT:: Nirmal Jain, Chairman, IIFL Group on Moody's downgrade of India's ratings

I can’t understand the rationale. Covid is a global problem and relatively India has been conservative fiscally. Unless they are downgrading the whole world? They have also downgraded many good companies in India as well. 

NIRMAL JAIN, chairman, IIFL