MARKET WRAP: Indices rally for 5th straight day, Sensex ends 187 pts higher

All that happened in the markets today

2:13 PM

Race for next Sebi chief hots up again as Tyagi tenure ends next month

The government had narrowed down on some of these names in February, before Tyagi’s three-year tenure was set to end on February 28. However, he was granted a six-month extension to ensure continuity at Sebi amidst the Covid-19 crisis. READ MORE

2:05 PM

Rupee Closing

Rupee ends weaker at 74.94 per US dollar vs Monday's close of 74.67/$

2:01 PM

MARKET CHECK:: Rain Industries jumps over 12%

1:57 PM

Bosch trades highest since March 2020, surges 13% in range-bound market

Bosch shares hit a four-month high of Rs 13,556, ralling 12 per cent in the intra-day trade, on the BSE on Tuesday in an otherwise range-bound market, and were trading at their highest level since March 4, 2020. At 01:29 pm, the stock of the auto ancillary company was trading 11 per cent higher at Rs 13,358 as compared to 0.38 per cent rise in the S&P BSE Sensex. READ MORE

1:49 PM

BROKERAGE VIEW:: Edelweiss Securities on Escorts

We believe Escorts will be in a better position to reap benefits of this upcycle like never before. We estimate 18% earnings per share (EPS) CAGR during FY20-23E, and further improvement in cash flow and return on capital employed (RoCEs) from these levels as well, which will continue to support the stock’s valuation. The stock is currently trading at 16x/19x (adjusting to treasury share/without treasury shares) FY22E EPS. We initiate coverage with a BUY rating with a target price of Rs 1,332 per share, valuing at 20x/24x (adjusting to treasury share/without treasure shares) on FY22E EPS.

1:38 PM

European indices trade higher in early deals

(Source; Reuters)

1:38 PM

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

1:29 PM

MARKET UPDATE :: S&P BSE Bankex index sees sharp recovery

1:22 PM

MARKET UPDATE :: S&P BSE FMCG index trades weak

1:16 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ALKYL AMINES	2315.30	2345.00	0.66
BHARAT DYNAMICS	433.70	454.25	1.55
ESCORTS	1091.25	1096.35	1.73
HIND.AERONAUTICS	1003.70	1028.00	5.51
IDBI BANK	50.45	55.75	-4.99

1:11 PM

Financials dominate large- and mid-cap universe of equity mutual funds

Stocks in the financial space dominate the large- and mid-cap universe of equity mutual funds (MFs). According to an analysis done by Edelweiss, financial stocks account for 28 per cent of the market cap of the top 100 stocks (large-caps), followed by consumer stocks at 18 per cent, technology at 14 per cent, and oil & gas at 13 per cent. READ MORE

1:00 PM

MARKET VOICE :: Shyam Sekhar

12:53 PM

BROKERAGE VIEW :: Edelweiss on Sobha

Sobha’s Q1FY21 new sales volume decreased to 0.65msf (down 39% YoY, 28% QoQ) stalled by the covid-19-induced lockdown. Given the lockdown during April and May 2020, this is a reasonable performance in our view. By value, sales (company’s share) were at INR3.9bn (down 40% YoY, 29% QoQ). Average realisation is largely stable at ~ Rs 7,500/sft. The company managed to reduce net debt for the second consecutive quarter. Enquiries in Bengaluru have returned to pre-covid-19 levels. While the health crisis may disrupt H1FY21 operations, we expect the sales momentum to improve riding the robust 14.6msf launch pipeline. Maintain ‘BUY’ with an SoTP-based target price of Rs 291

12:52 PM

BROKERAGE VIEW :: Sushil Finance on Arvind Ltd

COVID-19 has an extensive impact on the textile sector with lower volumes, tepid demand and disrupted supply chain. However, the management is confident that the sector will turn around by Q2FY21 with plants already ramping up to Capacity utilization of 45-50%. Hence, we have revised our estimates and expect the company to report sales of Rs. 8,339 Cr in FY22 with PAT & EPS of Rs.250.9 Cr and Rs.9.7.  We have assigned a PE of 5.5X and have arrived with a target price of Rs.53 (+~61%) within an investment horizon of 16-20 months.

12:51 PM

BROKERAGE VIEW :: LKP on Cochin Shipyard