MARKET WRAP: Sensex up 288 pts, ends above 39K; mid, small-caps outperform

All that happened in the markets today

2:05 PM

Rupee Closing

Rupee ends at 73.64 per US dollar vs Monday's close of 73.48/$

2:03 PM

SECTOR WATCH:: IT stocks trade higher

COMPANY	LATEST(rs)	CHG(%)
WIPRO	310.20	0.99
INFIBEAM AVENUES	82.90	0.73
TCS	2532.25	1.60
FIRSTSOUR.SOLU.	71.35	3.26
HCL TECHNOLOGIES	808.10	1.66

1:59 PM

NEWS ALERT :: Max India approves capital reduction plan

Click here for details

1:54 PM

NEWS ALERT :: Cabinet meeting begins

1:49 PM

Tata Motors DVR hits over 6-month high, soars 63% in six weeks

Shares of Tata Motors Differential Voting Rights (DVRs) continued their northward movement, hitting an over six-month high of Rs 63.95, up 5 per cent in intra-day trade on the BSE on Tuesday. The stock of the Tata group company was trading at its highest level since February 24, 2020. In the past six-weeks, it has rallied 63 per cent, as against 3 per cent rise in the S&P BSE Sensex. READ MORE

1:40 PM

PVR Q1 loss at Rs 226 cr as revenue nil from core movie exhibition business

Multiplex operator PVR Cinemas suffered a consolidated loss after tax of Rs 226 crore in the first quarter (April to June) of the current financial year as compared to a profit of Rs 18 crore during the corresponding period of last year. The revenues in Q1 FY21 totalled Rs 55 crore as compared to Rs 887 crore in Q1 FY20 due to the outbreak of COVID-19 and consequent lockdown. READ MORE

1:35 PM

BROKERAGE VIEW | ICICI Securities on Granules India

RATING: BUY | TARGET PRICE: Rs 430

After achieving critical mass in commoditised but important products over the last few quarters, the company has been steadily expanding its reach into formulations with a vertically integrated model. This bodes well at a time when the generic supply script globally is likely to be rewritten in the post-pandemic era, which would be more conducive for vertically integrated players such as Granules. We like the company’s clear vision to play on its strength of economies of scale and gradually expand into more complex products/forms to improve margins. Sustained margin expansion is likely to support FCF generation despite brownfield capex lined up till FY23E. We assign a BUY rating to the stock with a target price of Rs 430 (16x of FY23E EPS of Rs 26.6).

1:27 PM

European indices open mixed

1:18 PM

MARKET CHECK :: Indices see sharp slide; Nifty up just 30 pts

1:12 PM

Minda Industries raises over Rs 242 crore through rights issue

Auto components maker Minda Industries on Tuesday said it has raised over Rs 242 crore by way of a rights issue to existing investors. On June 29, the board of directors of Minda Industries approved issuance of equity shares by way of a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding Rs 250 crore. READ MORE 

 

1:05 PM

Hexaware Technologies hits 52-week high ahead of closure of delisting offer

The reverse book building (RBB) process of Hexaware Technologies, the first delisting offer by a private equity player in India opened on Wednesday, September 9, 2020. The company has fixed a floor price of Rs 264.97 per equity share for the delisting offer which will close today, September 15, 2020. The last date for announcement of counter offer is September 17, 2020. READ MORE

12:56 PM

BROKERAGE VIEW | Axis Securities on CCL Products

RATING: BUY | TARGET PRICE: Rs 283 

The company has guided for a double-digit volume growth in FY21 aided by superior product mix and improving utilization levels. We believe CCLP is well placed to recoup it lost volumes in H2FY21 led by client addition and rising trend of in-home coffee consumption aided by peak coffee season in H2. In the domestic business also CCLP targets Rs 120-130cr revenues in FY21 as against earlier estimate of Rs. 100cr led by increased offtakes. However capping of MEIS benefits up to Rs. 2 Cr could be a key near term risk to our earnings estimates, but we believe that the Government would come up with an alternative scheme to incentivise

exports and thereby not hurt the export growth opportunity in the current market conditions.

12:51 PM

Equity mutual funds spur Bank Nifty surge in August, shows data

Despite the uncertainty surrounding loan restructuring, August was a good month for financial stocks. The Bank Nifty index rose 10 per cent during the month, outperforming the benchmark Nifty, which gained 2.8 per cent.

 

Domestic fund managers seem to have spurred the sharp upmove. The Edelweiss Fund Insight report shows that banks and financial stocks were among the top buys for fund houses in August. READ MORE

12:41 PM

MARKET CHECK

12:35 PM

HDFC AMC: Regulatory changes another headache apart from slowing business

The Securities and Exchange Board of India (Sebi) has clarified that it will engage in consultations with asset management companies (AMCs) before implementing the new asset allocation norms pertaining to multi-cap funds. Among the two listed players — HDFC AMC and Nippon AMC — the former could be at greater risk if these norms are implemented in their current form. READ MORE