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

All that happened in the markets today

1:02 PM

PLI scheme, outsourcing to aid Dixon Technologies' growth trajectory

Dixon Technologies gained 7 per cent on Tuesday on multiple brokerage upgrades after the company’s subsidiary received approval to manufacture mobile phones under the government’s production-linked incentive (PLI) scheme. The scheme offers incentives up to 6 per cent spread over five years for an investment of Rs 200 crore. READ MORE

12:49 PM

BSE Smallcap index trades flat with a negative bias

12:40 PM

MARKET UPDATE:: Infosys, HDFC Bank, and ICICI Bank top contributors to Sensex's fall today

12:34 PM

Covid-19 impact: CRISIL downgrades Thomas Cook India's rating to A+

The continued travel restrictions and negative customer sentiments have severely impacted leisure and corporate travel, and the foreign exchange (forex) business. This may lead to operating losses during fiscal 2021 and substantially reduce the net free cash (over Rs 200 crore reported as on March 31, 2020), CRISIL said in a statement. TCIL is part of Prem Watsa controlled Fairfax Financial Holdings Ltd (Fairfax) group. READ MORE

12:24 PM

Jet Airways hits 5% upper circuit for 5th straight day; up 27% in one week

Shares of Jet Airways (India) were locked in the upper circuit for fifth straight day, up 5 per cent at Rs 36.45 on the BSE on Wednesday on hopes for the revival. In the past week, the stock has gained 27 per cent, as compared to a 1 per cent rise in the S&P BSE Sensex. READ MORE  

 

12:16 PM

Tepid response to Federal Mogul OFS, bids received for less than 10% shares

The Rs 415-crore offer for sale (OFS) launched by MNC firm Federal-Mogul Goetze got a cold shoulder, with investors subscribing to less than 10 per cent of the shares on offer. The 12.14-million share offering got bids for just 114,734 shares. Meanwhile, Federal-Mogul’s shares hit the 5 per cent down-limit for the third day in a row. READ MORE

12:04 PM

NEWS ALERT :: WPI Inflation in September comes in at 1.32% vs 0.16% in August

12:01 PM

Tide turning for bonds after RBI's liquidity bonanza, signs of recovery

The yield on India’s benchmark 10-year bond fell about 13 basis points over the past month to 5.9%, making it Asia’s best performer, with the bulk of its decline coming in after the Reserve Bank of India announced steps including doubling the size of its bond purchases in a policy address last week. READ MORE

11:51 AM

Dixon Tech, Sonata Software, Redington: Time to bet on these midcap stocks

Redington (India) Limited (REDINGTON): After conquering the 200-days moving average (DMA), the stock has entered into a consolidation range of Rs 105 to Rs 124 levels. The sentiment remains bullish with 50-DMA and the 100-DMA making a positive crossover with 200-DMA. The upward breakout may see a rally towards Rs 135 and then Rs 140 levels, as per the daily chart. READ MORE

11:40 AM

NEWS ALERT :: Bench hearing the interest waiver case to assemble at 12 Noon

Alert: 33 other cases need to be heard by the Justice Bhushan-led bench before hearing the interest waiver case. Interest waiver case hearing could be delayed to 1-2pm.

11:36 AM

Jindal Stainless, Jindal Stainless (Hisar) rally up to 35% in 3 days

Shares of iron & steel products companies were in focus at the bourses with Jindal Stainless and Jindal Stainless (Hisar) rallying up to 35 per cent in the past three days after the government imposed provisional countervailing duty (CVD) on stainless steel flat products imported from Indonesia. Jindal Stainless hit a 52-week high of Rs 58.25, after surging 10 per cent on the BSE in an otherwise weak market on Wednesday. In the past three days, the stock has zoomed 35 per cent from the level of Rs 43.25, hit on October 9. READ MORE

11:23 AM

Buybacks for FY21 cross last yr's tally after announcements from TCS, Wipro

Including the buybacks announced by the two IT giants, this year’s buyback tally stands at Rs 28,430 crore — 42 per cent more than 2019-20. In the last financial year, buyback activity had slumped 64 per cent, following the introduction of 20 per cent tax. Despite widespread demands, there has been no roll-back of the buyback tax. But a change in the dividend tax structure this financial year has once again tilted the scale back in favour of buybacks as a vehicle to reward shareholders, especially promoters READ MORE

11:13 AM

How City Union Bank, Federal Bank have sustained investor interest

The underpinning similarity between Federal Bank and City Union Bank (CUB) is their years of establishment as banks which span over several decades.

 

Despite their regulatory classification as old private sector banks, despite the disagreement between bank chiefs over it, the other similarity lies in their ability to chart a strong trajectory and to harvest their deep rooted connection with the small and medium enterprise (SMEs). READ MORE

11:04 AM

BROKERAGE VIEW :: Angel Broking on Karnataka Bank

>> Karnataka Bank reported a mixed set of numbers for Q2FY21. Advance largely remained stable YoY and QoQ, growth primarily comes from retail and mid-size corporate. Management Indicated for FY21 advance would remain stable, retail and mid-size corporate book would grow but the large corporate book to decline. NII grew at a healthy rate of 15% YoY and 7% QoQ, compared to stable advance growth. Sequentially NIM improved 19 bps and YoY jumped by 26bps to 3.08%. Improvement in NIM primarily led by a decline in the cost of funds. PAT grew at 12.8% YOY & plunged 39.2% QOQ to Rs119.4 cr

>> Banks Moratorium book declined from 51.12% in Q1FY21 to 11.40% in Q2FY21. The aggregate COVID-19 provision of Rs 97.99 crore has been continued in Q2FY21. The COVID provision is less compared to other banks. Currently, Karnataka Bank is trading at 0.22x of trailing book value, Which is lower compared to the historical average. Almost no growth in advance for the last 6 quarters, low CAR ratio, and Moderate RoE for Many quarters could be the reason for depressed valuation. The stock would consolidate till the investor get clarity on restructuring percentage from the moratorium book.

11:03 AM

Top losers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
WIPRO	356.10	-5.23
HIMATSING. SEIDE	116.60	-4.07
NTPC	79.60	-3.75
COFORGE	2693.80	-3.60
NCC	31.30	-3.40