Sensex ends 214 pts higher amid broad-based buying; Asian Paints gains 4%

All that happened in the markets today

2:10 PM

Rupee closing

Rupee ends higher at 74.84/$ vs Thursday's close of 75.03 against the US dollar

1:56 PM

Va Tech Wabag rallies 20% as Co's board to consider fundraising next week

For the quarter ended March 2020, Va Tech Wabag reported profit before tax (PBT) of Rs 45.23 crore, up 186 per cent against Rs 15.82 crore in the March 2019 quarter. Revenue from operations stood at Rs 785.06 crore, up 15.5 per cent against Rs 679.25 crore in the year-ago period. The net profit of the company came in at Rs 30.47 crore, down 25.2 per cent against Rs 40.77 crore in June 2019 quarter. READ MORE 

1:44 PM

MPC minutes show panel's hawkish turn on inflation, sovereign bonds decline

The yield on the new 5.77% 2030 bond rose five basis points to 6%, after gaining 18 basis points in the previous two weeks. Traders are watching for demand at Rs 300 billion bond sale on Friday after last week’s auction of the new benchmark 10-year paper had to be rescued by underwriters. READ MORE

1:31 PM

Kamath committee recommendations will be out by September 6: RBI Governor

The guidelines on the KV Kamath committee recommendations will be out by September 6, Reserve Bank of India (RBI) governor Shaktikanta Das said in a television interview on Friday. READ MORE

1:21 PM

European indices trade with slim gains in early deals

1:07 PM

Sanofi India gains 5%, hits 52-week high; stock soars 8% so far in August

For June quarter, the company reported a net profit of Rs 136.3 crore as against a net profit of Rs 97.4 crore for the corresponding period of the previous fiscal. Revenue from operations stood at Rs 710.5 crore for the quarter under consideration. It was Rs 747.9 crore for the same period year ago, it added. READ MORE

12:56 PM

Market share, valuation: 5 reasons why CLSA is bullish on SBI amid Covid-19

India's largest public sector bank, State Bank of India (SBI), is firming its position as analysts' favourite in the banking sector amid the Covid-19 pandemic. Despite the potential instability in the financial sector due to fear of spurt in non-performing assets (NPA), global brokerage CLSA sees SBI as "a deep value opportunity", as it believes the bank is relatively better positioned on asset quality post Covid-19, and is driven by high government / PSU share in loan book. READ MORE

12:45 PM

V-Mart Retail gains in trade; stock advances 26% in three sessions

Shares of V-Mart Retail advanced over 16 per cent to Rs 2,250 on the BSE on Friday as compared to around 1 per cent rise in the benchmark S&P BSE Sensex. At 12:16 PM, the stock was trading nearly 13 per cent higher at Rs 2,178. With today's rally, the stock has gained 25.8 per cent in three sessions. For the quarter ended June 2020, V-Mart reported a loss of Rs 33.64 crore as against net profit of Rs 17.60 crore during the previous quarter ended June 2019. Sales declined 82.77 per cent to Rs 78.06 crore during the period as against Rs 453.05 crore in the year-ago period. READ MORE

12:40 PM

NEWS ALERT :: NCLT Mumbai allows initiation of bankruptcy proceedings against Anil Ambani over Rs 1,200 cr personal guarantee to SBI

>>  Sec 60(2) clearly provides for proceedings to be launched Vs personal guarantors, running parallel to CIRP 

 

>> Fallacious to assume that no action can be taken against guarantors until Resolution Plan accepted

 

>> RP to be appointed, SBI to take necessary action

(Via CNBC TV18)

12:34 PM

Expert View :: Yash Gupta, Equity Research Associate, Angel Broking on Max Health

Listing of Max Healthcare Institute Ltd - Max Healthcare and Radiant merged their healthcare business to create the second largest healthcare chain in India by revenue after Apollo Hospitals. Max Healthcare will be led by Abhay Soi and backed by KKR&Co., who are well known as a global investment company. Revenue for the merged entity for FY 2020 is 4,026 Crores and it will be the second largest private hospital chain after Apollo Hospitals. Currently Max Healthcare has 17 Facilities with total bed capacity of 3,400 with Major facilities in the NCR region. Abhay Soi and KKR will be the promoters of Max Healthcare with controlling stakes of 52% and 23.3% respectively. We expect Max Healthcare to do well under the leadership of Abhay Soi and KKR

12:34 PM

BUZZING STOCK:: Whirlpool of India zooms 6%

12:28 PM

Centre turns down Sebi request to tap phones in insider trading cases

The Centre has rejected the Securities and Exchange Board of India’s (Sebi’s) proposal for being granted the powers to tap phone calls to book those doing insider trading. The government authority concerned is learnt to be of the view that access to the details of phone calls should be used in only cases such as threats to national security, terror financing, and money laundering. READ MORE

12:15 PM

Don't see much upside in mid, smallcaps from here: Vinay Khattar, Edelweiss

"The broader market which consists of mid and large-cap segments began to suffer beginning 2018 given developments such as the IL&FS crisis, broader macroeconomic structure, among others. Now, after two years, markets have rebounded strongly. That said, we believe mid and small-caps have reached reasonable valuations post this rally and we don't see much upside, except in sector-specific plays like the diagnostics, information technology (IT) and pharma, and the sectors where government policies have been announced," Khattar said. READ MORE

12:06 PM

Strides Pharma shares zoom 8% on US FDA approval for Ursodiol tablets

Shares of Strides Pharma Science rose 8.16 per cent to Rs 614.65.on the BSE on Friday after the company received the approval of US health regulator (US FDA) for Ursodiol Tablets used for treatment of patients with primary biliary cirrhosis (PBC). PBC is a progressive disease of the liver caused by a buildup of bile within the liver that results in damage to the small bile ducts that drain bile from the liver. READ MORE

11:54 AM

BROKERAGE VIEW::Geojit Financial Services on Cochin Shipyard

RATING: BUY | TARGET PRICE: Rs 445

Given improvement in order book visibility, capacity expansion and strong execution capabilities, we continue to maintain our positive view on the stock. We

value CSL at a P/E multiple of 10x on FY22E with a target price of Rs445 and maintain BUY rating.