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

All that happened in the markets today

9:25 AM

PVR trades flat with negative bias

The company's board has approved the issue of equity shares of face value of Rs 10 each by way of a rights issue to the eligible shareholders for an amount aggregating up to Rs 30,000 lakhs. The price of rights issue is set at Rs 784 apiece. The issue will open on July 17 and close on July 31.

9:23 AM

Bandhan Bank advances 4% on healthy deposit growth in Q1

9:22 AM

Bajaj Finance trading in the green post Q1 biz update

9:21 AM

Sectoral trends on NSE at Open

9:20 AM

Sensex Heatmap at Open

9:19 AM

Opening Bell

9:18 AM

Opening Bell

9:12 AM

NEWS ALERT :: Sun Pharma’s arm Taro Pharma gets US FDA nod for Butalbital, Acetaminophen & Caffeine Capsules

>> Acetaminophen helps to decrease pain from headache, caffeine helps increase effects of acetaminophen & Butalbital, a sedative helps to decrease anxiety & cause sleepiness & relaxation

9:06 AM

Top gainers and losers on the S&P BSE Sensex at Pre-open

9:05 AM

Markets at Pre-open

9:04 AM

Markets at Pre-open

9:01 AM

NEWS ALERT :: Alkem Labs gets US FDA approval for Deferasirox tablets

>> These tablets are oral iron chelator, which are used to reduce chronic iron overload during blood transfusions

8:59 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on Alembic Pharma

CMP: Rs 897 | TP: Rs 975 (+9%) | Reco: Neutral

>> We raise our earnings estimate by 8%/7% over FY21/FY22 to factor new launches and better traction from approved products. We also raise our PE multiple to 20x from 17x to factor increased dosage offerings in US Generics and the benefit of renewed strategy in the DF segment. Accordingly, we revise our price target to INR975 (from INR705 earlier) on a 20x 12M forward basis. The stock has appreciated by ~60% over the past six months and captures a lot of near-term positives; hence, we await a better entry point. Maintain Neutral.

8:55 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on AU Small Fin Bank

CMP: Rs 567 | TP: Rs 675 (+19%) | Reco: Buy

>> AUBANK reported a steady operating performance for FY20, even as COVID-19 provisions dented earnings. Although asset quality remains stable, trends in

collection efficiency remain key to assessing the overall impact of moratorium, which would keep asset quality under watch. Deposit growth, however, has held strong, enabling the bank to maintain strong surplus liquidity. We estimate loan growth trends to remain soft at 15% in FY21, while credit cost could increase to

1.7% in FY21E (in addition to 52bp of COVID-19 provisions made in 4QFY20) as we build-in higher slippages. Maintain Buy, with TP of INR675 (3.5x FY22E BV). 

Sanjay Agarwal, MD & CEO, AU Small Finance Bank. Photo: Kamlesh Pednekar

8:50 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on Shriram Transport

CMP: Rs 698 | TP: Rs 925 (+33%) | Reco: Buy

>> Like other vehicle financiers, SHTF has also witnessed meaningful improvement in collections, partially driven by the strategy of aggressively following up on taking part collections. SHTF’s targeted segments – Used CV and Driver-cum-operators – are relatively less impacted at present, aided by the BS-VI transition and migrant labor issues at large fleet operators.

>> SHTF is well-placed in terms of liquidity, with 9–10% of the balance sheet being liquid assets. A rights issue of INR15b would improve the leverage ratio and provide confidence to debt investors and rating agencies. On a large base, near-term AUM growth is likely to be muted, led by moderation in disbursements. We reiterate Buy, with TP of INR925 (1x PBV).