HDFC twins, ICICI Bank help Sensex settle 169 pts higher; Nifty tops 11,950

All that happened in the markets today

2:27 PM

UPDATE :: Nifty back above 11,900

2:18 PM

HDFC Securities on Cement sector

Cement demand surprised with a sharp recovery in 2Q against 30% YoY decline in 1QFY21. Healthy monsoon for second consecutive year bodes well for rural markets and retail cement demand outlook. Even infrastructure projects are on a recovery path, which should accelerate non-trade sales in 2HFY21. Cement prices, too, have been stable in 2Q. Thus, we raise volume and realisation estimates for our coverage universe, leading to estimates and target price upgrades. We maintain our recommendations and valuation multiples for our coverage universe. Our top picks are – UltraTech, Ambuja Cements in the large-cap space and JK Cement and Birla Corp in mid-cap space.

2:16 PM

NEWS ALERT :: Justice Bhushan-led panel has assembled after lunch

>> Panel now hearing Item No. 32. 

 

>> Interest Waiver Case is Item No. 34.

2:09 PM

Rupee Closing

Rupee settles at 73.30 per US dollar vs Tuesday's close of 73.36/$

2:09 PM

Goa Carbon slips over 10%

2:02 PM

NTPC shares slip 5%, near 52-week low after multiple block deals

Shares of NTPC slipped 5 per cent to Rs 78.20 on the BSE on Wednesday after more than three-million equity shares of the company changed hands through multiple block deals. The stock of the state-owned electric utility company was trading close to its 52-week low of Rs 74, touched on March 23, 2020. Till 01:20 pm, a combined 31 million equity shares, representing 0.3 per cent of NTPC's total equity, had changed hands on the NSE and BSE, the exchange data shows. READ MORE

1:59 PM

Only 8% Indian firms have ESG-related compensation policy: Refinitiv

Though Indian companies’ average transparency rating at 29 per cent is higher than the 26 per cent for the Refinitiv ESG (environmental, social, and corporate governance) universe, only 8 per cent of Indian firms have a policy on ESG-related executive compensation, much lower than the broader universe (25 per cent). READ MORE

1:52 PM

Edelweiss Securities on refractory industry

We believe strong pick up in steel production, improving consumption and rising prices brighten prospects of refractory players. Moreover, demand recovery in auto & white goods and anticipated pick up in construction & infra are further sweeteners. A healthy way to play the steel upcycle, in our view, is via the refractory industry.

 

We upgrade Orient refractories (ORL) to ‘BUY’ with TP of Rs 220 based on parent’s strong India focus boosting exports, huge opportunity from government’s Atma Nirbhar Bharat push, accretive potential merger, and improving steel demand-supply. We maintain ‘BUY’ on Vesuvius India (VIL) with TP of Rs 1,083.

1:41 PM

NEWS ALERT :: Justice Bhushan-led panel has risen for lunch; no indication of time for re-assembling

1:36 PM

NEWS ALERT | US apparel watchdog probes factory run by Page Industries : Reuters

-- Probe following allegations of Human Rights violations

1:31 PM

NEWS ALERT :: Justice Bhushan-led panel yet to hear 7 more cases before interest waiver case

1:22 PM

European indices trade lower in early deals

1:20 PM

BROKERAGE VIEW | MOFSL on Tata Consumer Products

RATING: BUY | TARGET PRICE: Rs 558

We expect margin expansion to moderate in the near term as high cost tea inventory, which is procured by the company will be sold in the quarters to come (3QFY21 and 4QFY21). However, once tea prices stabilise, it is likely to be higher v/s pre-Covid prices. This should aid in driving value growth for the company, which wasn’t the case over the last five years where growth in the standalone business was driven by volumes.

1:10 PM

Tata Elxsi slips into the green ahead of September quarter results announcement

1:03 PM

NEWS ALERT :: Prakash Javadekar, NS Tomar to address media on Cabinet decisions at 4 pm today