Tuesday, December 24, 2024 | 01:27 AM ISTEN Hindi

Sensex dips 474 pts from day's high, ends at 38,757; BSE SmallCap jumps 4%

All that happened in the markets today

SI Reporter New Delhi

NSE's Nifty ended at 11,440, down 24 points, or 0.21 per cent. (Photo: Kamlesh Pednekar)

12:50 PM

NEWS ALERT :: RITES Board To Consider Share Buyback On September 18

12:44 PM

Nifty Realty index in focus, up 4%

12:33 PM

IDBI Capital on Infosys post its acquisition of GuideVision

We believe that Infosys has done this acquisition for enhancement of its ServiceNow capabilities in Europe. While the acquisition would have an insignificant impact on Infosys’s financials, it enhances its Cobalt offerings portfolio.

12:28 PM

BROKERAGE VIEW:: Centrum Broking on Shree Cement

RATING: SELL | TARGET PRICE: Rs 15,822

We value SRCM at Rs15,822/mn tonne (from Rs 15,343 earlier) based on replacement cost method assigning 50% premium. We factor only the clinker based capacity. We feel SRCM is likely to shift its focus back on the volumes and new capacity expansion will be announced post attaining healthy capacity utilisation. The stock currently trades at an EV/tn of Rs16.2bn (FY22E capacity), which is at a premium in our view, we maintain our Sell rating on the stock. At our target price, the stock trades at 13.5x EV/EBITDA March 2022E earnings.

12:26 PM

BROKERAGE VIEW:: Centrum Broking on PNC Infratech

RATING: BUY | TARGET PRICE: 228

Despite a sharp rise in execution in FY20, PNC has kept it balance sheet lean with robust cash generation and wcap in check. We expect PNC’s earnings will rebound sharply in FY22 driven by strong OB and improved growth visibility. Maintain Buy.

12:25 PM

NEWS ALERT :: Supplementary Demand for Grants provides for Rs 20,000 cr towards PSB Recap

>> Recap to be done via govt securities

12:24 PM

BROKERAGE VIEW:: Motilal Oswal Financial Services on ICICI Securities

RATING: BUY | TARGET PRICE: Rs 625

While distribution income has been weak this quarter, we attribute this to lower MF AUM, coupled with the impact of the lockdown on Non-MF Distribution. This segment is likely to pick up gradually over the next few quarters. The plan to implement cost-cutting is on track – we expect the C/I ratio to decline 440bp to 52% over FY20–23E. This should result in a 19% PAT CAGR over this period. We increase our estimates by ~15% to factor strong revenue growth. Maintain Buy, with TP of Rs 625 (24x FY22E EPS).

12:22 PM

BROKERAGE VIEW:: ICICI Securities on Dairy sector

We maintain Heritage as our top pick in the dairy sector with a BUY rating. While we remain structurally positive on Hatsun, we need more comfort on valuations to turn bullish. Hence, we give a HOLD rating for Hatsun. Parag is likely to be impacted in the near term due to: higher share of value-added products, and higher B2B / HoReCa sales. Hence, we maintain our HOLD rating on Parag too.

12:20 PM

BROKERAGE VIEW:: ICICI Securities on BHEL

Execution challenges and high level of receivables (nearly Rs 35,332 crore, down 6.6%, YoY) are key concerns and could hamper medium term growth prospects. However, transformation strategy to optimise operational cost and initiatives like utilisation of manufacturing facilities & industrial land are likely to help diversify in non-power business and provide long term revenue visibility. We revise our target price to Rs 35 (15x FY22EPS) and maintain our HOLD recommendation.

12:14 PM

NEWS ALERT :: S&P cuts India FY21 GDP forecast to -9% from -5%, reports CNBC TV18

12:10 PM

Explained | Multi-cap funds and the latest Sebi directive

What are Multi-Cap Funds?

A multi-Cap fund is a type of equity mutual fund that invests in companies across all three market capitalisation (m-cap) i.e. large-caps, mid-caps, and small-caps. As per Sebi's circular dated October 6, 2017, the top 100 companies in terms of market capitalisation (m-cap) form the large-cap universe. The 101st to 250th company in terms of full m-cap come under the mid-cap category and the 251st company onwards form the small-cap basket. READ MORE