MARKET: Indices end flat, Nifty settles at 11,222; PSBs, FMCG stocks fall

All that happened in the markets today

SI Reporter New Delhi

Markets continue to rally on RBI policy fillip; Sensex rises 164 points

The trend among Nifty sectoral indices was largely negative, led by Nifty PSU Bank index, down over 2 per cent.

2:04 PM

BROKERAGE VIEW | ICICI Securities on Supreme Industries

RATING: BUY | TARGET PRICE: Rs 1,650

Supreme Industries’ sharp business recovery post easing of lockdown restrictions depicts its strong supply chain networks and deep rural penetration. We change our rating from HOLD to BUY and value the company at 35xFY22E earnings with a revised target price of Rs 1,650/share.

1:54 PM

GMM Pfaudler freezes at 5% upper circuit after declining 42% in 2 weeks

Shares of GMM Pfaudler were locked in the 5 per cent upper circuit band at Rs 3,821 on the BSE on Tuesday, rebounding 11 per cent from its early morning low of Rs 3,458 a piece. The stock reversed its recent correction when it fell over 40 per cent in the past two weeks. The stock of the company which manufactures glass-lined equipment for the pharmaceutical and chemical industries, has fallen below its offer-for-sale (OFS) price of Rs 3,500 per share. READ MORE

1:47 PM

BROKERAGE VIEW | Edelweiss Securities on Welspun India

With consumers continuing to loosen their purse strings in the US and lower inventory levels at global retailers driving restocking, we revise up WLSI’s utilisation estimates and thus FY21/22E EBITDA 3%/1%. The company’s valuations had contracted given the uncertainty triggered by Covid. However, a sharper-than-expected normalisation and the company’s leadership during this phase compel us to revise up target multiple to 7.0x EV/EBITDA (FY22E)--its pre-Covid five years’ average. Hence, we revise up TP to Rs 75 (Rs 48 earlier). We maintain ‘BUY’.

1:39 PM

TOP SECTORAL LOSER:: Nifty PSU Bank index dips 3%

1:31 PM

NEWS ALERT | Bharti Airtel to hold press conference at 1:30 pm tomorrow: CNBC TV18

1:30 PM

European indices trade lower in early deals

1:23 PM

Sept Auto Sales :: Emkay Global expects upward trajectory to continue in Tractors, PVs and 2Ws

1:15 PM

Strides Pharma hits a fresh 52-week high; stock gains 14% in one week

The stock of the pharmaceutical company has rallied 14 per cent in the past one week after its subsidiary, Strides Pharma Global Pte Ltd, received approval from the United States Food and Drug Administration (USFDA) for Butalbital, Acetaminophen, and Caffeine tablets, used to treat tension ((or muscle contraction) headache. READ MORE

markets, stock market, sensex, nifty, shares, growth, profit, economy, gain

1:05 PM

NEWS ALERT :: SBI Card ties up with American Express

>> SBI Card and American Express have entered a strategic partnership to offer a mix of global benefits and exclusive privileges for discerning consumers in India. With this partnership, SBI Card`s top end premium products – SBI Card ELITE and SBI Card PRIME will be available on American Express’ global network.

via BSE filing

12:57 PM

Chemcon Speciality Chemicals, CAMS IPO: Check allotment status here

The bumper response to the intial public offers (IPOs) of Chemcon Speciality Chemicals and Computer Age Mamagement Services (CAMS), has raised hopes for their stellar listing at the bourses, likely on October 1. The allotment of shares for these two IPOs has been finalised and investors may check the status either on the BSE website or on Link Intime India. CHECK HERE

12:47 PM

SBI Cards: Analysts see more upside given distribution network, biz model

The stock of State Bank of India subsidiary has staged a steady northward journey since its listing on March 16, 2020. After a minor blip on May 22, when it touched its 52-week low of Rs 495 apiece, the stock is up an impressive 72 per cent including today’s intra-day gain, ACE Equity data show. In the past two months, the stock has rallied 15 per cent from on the BSE as against a 5 per cent rise in the benchmark S&P BSE Sensex. READ MORE

12:36 PM

Apollo Hospitals up over 2%

12:26 PM

Sebi, not EOW, should handle mutual fund issues: Franklin Templeton

Franklin Templeton Asset Management India (FTAMIL) has said the Securities and Exchange Board of India (Sebi) -- rather than the Economic Offences Wing (EOW) – should deal with issues related to mutual fund investments. “We have the utmost respect for all statutory authorities, including EOW. However, we believe that Sebi, the specialised regulator for the securities market, is best placed to handle any issues related to mutual fund investments,” Templeton said in a note to unitholders on Monday. READ MORE