HDFC Bank, Infosys help Sensex settle 259 pts higher, Nifty ends at 11,605

All that happened in the markets today

2:09 PM

Rupee closing

Rupee ends higher at 73.52/$ vs Tuesday's close of 73.65 against the US dollar

2:07 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
RADICO KHAITAN	409.00	467.00	461.25	12.78
INDOSTAR CAPITAL	260.55	292.50	285.00	9.38
I T D C	233.30	256.45	253.75	8.77
TVS MOTOR CO.	431.00	471.70	467.25	8.41

2:04 PM

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

1:49 PM

MARKET UPDATE:: Sensex at day's high

1:47 PM

BROKERAGE VIEW:: Prabhudas Lilladher on PVR

Rating: ACCUMULATE | TP: Rs 1,435

We continue to maintain our positive stance on the multiplex space and retain our ACCUMULATE rating on PVR by raising our target EV/EBITDA multiple to 12x (earlier 10x; LPA is 12x) as 1) recent rights issue of Rs3bn evades near term liquidity concerns and 2) reduction in fixed opex burn to Rs220-250mn per month indicates that cash drain will be lower till the time multiplexes are shut. Further, Tenet’s collection of US$200mn so far and PVR Lanka’s SPH/ATP ratio of 60% odd does not indicate any structural behavioral changes in content or F&B consumption pattern, reducing the skepticism on valuation. Maintain ACCUMULATE, with a revised TP of Rs 1,435. 

1:33 PM

More concerned for depositors, financial stability than borrowers: RBI Guv

“The primary concern in the banking system is the protection of depositors’ money. Ultimately, it is the depositors’ money that is being lent out,” governor Das said in an interaction with the governing council of the industry lobby group Federation of Indian Chambers of Commerce & Industry (FICCI). READ MORE

1:23 PM

European indices open mixed

1:23 PM

Aug Aviation Data :: Domestic air traffic down 76% YoY at 2.8 mn

>> Improves from 2.1 passengers in July

>> PLF stands at: SpiceJet (76%), Vistara (68.3%), IndiGo (65.5%), AirAsia (64.4%), GoAir (61%), AI (58.6%)

>> Market share: IndiGo (59.4%), SpiceJet (13.8%), AI (9.8%), Vistara (5%), GoAir (4.7%)

1:12 PM

Auto stocks rally; M&M surges 5%, TVS Motor, Bajaj Auto gain 3%

Shares of automobiles companies were in focus at the bourses on Wednesday, with the Nifty Auto index, the top gainer among sectoral indices, rising 2 per cent on the National Stock Exchange (NSE) on expectation of higher demand in festival season. Among individual stocks, Mahindra & Mahindra (M&M) surged as high as 5 per cent, while TVS Motor Company, Bajaj Auto and Tata Motors up 3 per cent each. Ashok Leyland, Hero MotoCorp and Eicher Motors also gained in the range of 1 per cent to 2 per cent on the NSE. READ MORE

1:02 PM

BofA Securities, Credit Suisse, Goldman Sachs see more upside for equities

224 panelists with $646 billion worth of assets under management (AUM) participated in the survey conducted between September 3 and September 10. 199 participants with $601 billion AUM responded to the Global FMS questions and 90 participants with $181 billion AUM responded to the Regional FMS questions, BofA Securities said. READ MORE

12:49 PM

Covid-19 hits IPO filings, only 11 offer documents filed with Sebi this yr

“When the economy is not doing that well, you do not need that much of growth capital. Quite a few sectors have been badly hit. Even those companies which want to do purely secondary sales will find merit in waiting if their sectors are badly impacted due to the pandemic,” said V Jayasankar, head of equity capital markets, Kotak Investment Banking. READ MORE

12:38 PM

Reliance Ind's partly paid shares rally over 100% since listing on June 15

Shares of Reliance Industries (RIL), along with its partly paid (RIL PP) shares continued their upward movement with the market price of both these stocks hitting a fresh record high on the BSE on Wednesday. RIL's PP shares hit a new high of Rs 1,469.95, and has more-than-doubled from its closing price of Rs 689 on listing day (June 15, 2020). READ MORE

12:33 PM

BROKERAGE VIEW:: Centrum Broking on Cement sector

Cement companies in the Centrum (CBL) coverage universe reported an average EBITDA margin of 25.2% in 1QFY21 versus nearly 23.8 per cent in 1QFY20. The higher margins were backed majorly by steady realisation gains of nearly 4% YoY (despite steep fall in demand) and cost savings. Energy cost (higher base) and postponement of expenses to be booked to the latter quarters (other expenses) aided cost control. The average fall in volume was nearly 32 per cent due to the Covid impact. Effectively EBITDA on an aggregate basis fell by 28 per cent however EBITDA/tn for the coverage companies jumped 6 per cent YoY. This implies a volume decline in FY21. Volume pressure following the expected revival in 2HFY21 will imply additional supply and hence we believe it will be challenging to sustain the elevated pricing in 1QFY21. This will keep FY21 earnings muted but recovery is expected in FY22 backed by a steady revival in cement demand.

12:26 PM

Dalmia Bharat: Charting higher growth via expansions, acquisition

Investors have given a thumbs up after Dalmia Bharat announced the completion of the much awaited acquisition of Murli Industries on September 10, post market hours. Over three days, the stock is up 10 per cent and there could be more gains ahead. Dalmia Bharat had submitted a resolution/revival plan for Murli Industries' 3 million tonnes per annum (MTPA) plants under NCLT during 2017 and 2019, which has only fructified now. READ MORE

12:19 PM

NEWS ALERT | Bank credit growth remains muted: RBI Guv Shaktikanta Das