HDFC Bank, Infosys help Sensex settle 259 pts higher, Nifty ends at 11,605
All that happened in the markets today
 "BSE Sensex")
M&M (up over 4 per cent) ended as the top Sensex gainer, followed by Bajaj Auto (up 3.4 per cent). (Photo: Kamlesh Pednekar)
11:57 AM
NEWS ALERT | Tourism can be an engine for growth: RBI Guv Shaktikanta Das
11:53 AM
Indoco Remedies surges 28% in 4 days post USFDA nod for Apixaban tablets
Shares of Indoco Remedies gained 5 per cent to Rs 282 on the BSE in the morning trade on Wednesday, thereby surging 28 per cent in the past four trading days after getting approval from the US health regulator for blood-thinning drug Apixaban tablets. The stock of the pharmaceutical company was trading close to its 52-week high level of Rs 285, touched on April 13, 2020. READ MORE
11:49 AM
NEWS ALERT | India is on the threshold of a big opportunity to break into global supply chains: RBI Governor Shaktikanta Das
-- Covid will leave long lasting scars on productivity levels around the world
-- Impediments to global value chain were identified post global finance crisis
-- India has tremendous scope to capitalise new opportunities which current opportunity has opened up
-- India's participation in global value chain is quite low and has scope for improvement
-- Impediments to global value chain were identified post global finance crisis
-- India has tremendous scope to capitalise new opportunities which current opportunity has opened up
-- India's participation in global value chain is quite low and has scope for improvement
11:39 AM
NEWS ALERT | Recovery is not yet fully entrenched: RBI Governor at FICCI NECM
-- Uptick noticed in June and July seems to have levelled off now for some sectors
-- Despite substantial increase in govt borrowing programme, surplus liquidity conditions have facilitated non-disruptive mobilisation of resources
-- Despite substantial increase in govt borrowing programme, surplus liquidity conditions have facilitated non-disruptive mobilisation of resources
11:37 AM
NEWS ALERT | High-frequency indicators point to a trough in economic indicators. RBI Governor Shaktikanta Das
-- RBI stands battle ready and whatever measures are required will be taken up
11:29 AM
BROKERAGE VIEW:: Prabhudas Lilladher on SpiceJet
Rating: HOLD | TARGET PRICE: Rs 53
Although the limited scale of operations remains insufficient to cover all costs thereby putting further pressure on the finances, SJET continues to look at new revenue streams like increasing cargo operations and charter operations (including wide-body long haul charters). Also, SJET continues to negotiate with Boeing regarding compensation for the grounded Boeing 737 Max. We shall keep a close eye on payment terms and the actual flow of compensation. We expect FY21 capacity to decline by 51% YoY while FY22/FY23 capacity is likely to be 86%/91% of FY20 capacity. We value the stock at 7x FY23 adj. EV/EBITDAR (earlier Sept-22) and arrive at a target price of Rs 53. Upgrade to Hold from Sell.
Although the limited scale of operations remains insufficient to cover all costs thereby putting further pressure on the finances, SJET continues to look at new revenue streams like increasing cargo operations and charter operations (including wide-body long haul charters). Also, SJET continues to negotiate with Boeing regarding compensation for the grounded Boeing 737 Max. We shall keep a close eye on payment terms and the actual flow of compensation. We expect FY21 capacity to decline by 51% YoY while FY22/FY23 capacity is likely to be 86%/91% of FY20 capacity. We value the stock at 7x FY23 adj. EV/EBITDAR (earlier Sept-22) and arrive at a target price of Rs 53. Upgrade to Hold from Sell.
11:27 AM
BROKERAGE VIEW:: Edelweiss Securities on Solar Industries
RATING: HOLD | TARGET PRICE: Rs 1,026
Covid-19 impacted Solar Industries’ (SOIL) Q1FY21 performance as lockdown and labour availability took a heavy toll on construction activities in the country. Though offtake from Coal India (CIL) and international operations supported volumes, housing & infra and institutional sales dipped 30-50% YoY. Factoring pick up in construction & infra activity and significant potential in SOIL’s defence business (which continues to lag due to delay in order inflow), we have revised up FY22E EPS by 4% while maintaining ‘HOLD’. The revised target price is Rs 1,026 (30x FY22E EPS; Rs 984 earlier).
Covid-19 impacted Solar Industries’ (SOIL) Q1FY21 performance as lockdown and labour availability took a heavy toll on construction activities in the country. Though offtake from Coal India (CIL) and international operations supported volumes, housing & infra and institutional sales dipped 30-50% YoY. Factoring pick up in construction & infra activity and significant potential in SOIL’s defence business (which continues to lag due to delay in order inflow), we have revised up FY22E EPS by 4% while maintaining ‘HOLD’. The revised target price is Rs 1,026 (30x FY22E EPS; Rs 984 earlier).
11:24 AM
BROKERAGE VIEW:: Edelweiss Securities on Jindal Stainless
RATING: BUY | TARGET PRICE: Rs 55
We remain upbeat on JSL’s prospects on likely improvement in operating performance and firm balance sheet. Taking cognisance of volume growth, we have revised up FY22E EBITDA 10%. Hence, we revise our TP to Rs 55 (earlier Rs 45). The stock is trading at an undemanding 4.1x FY22E EBITDA. We maintain ‘BUY/SO’.
We remain upbeat on JSL’s prospects on likely improvement in operating performance and firm balance sheet. Taking cognisance of volume growth, we have revised up FY22E EBITDA 10%. Hence, we revise our TP to Rs 55 (earlier Rs 45). The stock is trading at an undemanding 4.1x FY22E EBITDA. We maintain ‘BUY/SO’.
11:23 AM
BROKERAGE VIEW:: ICICI Securities on Apollo Hospitals
RATING: BUY | TARGET PRICE: Rs 1,936
We remain positive on AHEL’s long-term outlook considering its strong brand and pan-India presence in the hospital segment, margin expansion also supported by cost control, and 13.5% EBITDA CAGR over FY20-FY23E. Maintain BUY.
11:21 AM
BROKERAGE VIEW:: ICICI Securities on Shree Cement
RATING: BUY | TARGET PRICE: Rs 25,800
With likely demand recovery post monsoons, SRCM may continue to gain market share backed by non-trade volume push in the North, strong demand in the East, and higher YoY utilisation in the South. This may offset the impact of the recent seasonal price fall and costs increases on overall EBITDA. Risk-reward is favorable post the recent stock price correction, in our view. We maintain our FY21E-FY22E EBITDA (~15% ahead of consensus) with an unchanged target price at Rs 25,800/share (17x FY22E EV/E). Maintain BUY.
With likely demand recovery post monsoons, SRCM may continue to gain market share backed by non-trade volume push in the North, strong demand in the East, and higher YoY utilisation in the South. This may offset the impact of the recent seasonal price fall and costs increases on overall EBITDA. Risk-reward is favorable post the recent stock price correction, in our view. We maintain our FY21E-FY22E EBITDA (~15% ahead of consensus) with an unchanged target price at Rs 25,800/share (17x FY22E EV/E). Maintain BUY.
11:19 AM
RIL: Street's extreme reliance on single stock a cause for concern
The Indian stock market’s extreme reliance on just a single stock almost makes top-heavy US equities look healthy. A 164 per cent surge in Reliance Industries (RIL) — India’s largest stock by market capitalisation — accounted for about 43 per cent of the benchmark Sensex’s rally since equities bottomed on March 23. In comparison, the so-called FAANG stocks in the US made up 22 per cent of the S&P 500’s surge during the same period, according to the data compiled by Bloomberg. READ MORE
11:05 AM
Adani Ent up 6% on report it shows interest in rebuilding New Delhi rly stn
The Rail Land Development Authority (RLDA) has invited online bids from private players to redevelop the station into an integrated commercial, retail, and hospitality hub. RLDA is currently working on 62 stations in a phased manner, while its subsidiary, Indian Railway Stations Development Corporation, has taken up another 61 stations. In the first phase, RLDA has prioritised prominent stations like New Delhi, Tirupati, Dehradun, Nellore, and Puducherry for redevelopment. READ MORE
10:53 AM
» More on Top Gainers
Top gainers on BSE at this hour
| COMPANY | PRICE(rs) | CHG(%) |
|---|---|---|
| GRINDWELL NORTON | 589.05 | 6.71 |
| FORCE MOTORS | 1217.00 | 6.53 |
| SOMANY CERAMICS | 180.25 | 6.31 |
| TAKE SOLUTIONS | 48.90 | 5.50 |
| M & M | 647.00 | 5.44 |
10:45 AM
Stuck with an investment in ITC? Here's how the stock looks on the charts
At ITC’s annual general meeting recently, Chairman Sanjiv Puri admitted that the focus on ESG (environmental, social and governance) investing had created headwinds for tobacco stocks globally. The stock of the company that projects itself as a diversified conglomerate with a portfolio of cigarettes, hotels, agri-commodities, paperboards and specialty paper, and fast moving consumer goods, has been a massive underperformer at the bourses thus far in calendar year 2020 (CY20). READ MORE
10:37 AM
MARKET UPDATE:: Sensex inches higher
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First Published: Sep 16 2020 | 7:42 AM IST
