Indices end at record high for 2nd day, Sensex gains 680 pts, tops 43K

All that happened in the markets today.

12:20 PM

BROKERAGE VIEW | IDBI Capital on Ashok Leyland

RATING: HOLD | TARGET PRICE: Rs 86 

We increase our volume/revenue estimates for FY21E/FY22E factoring strong beat and steady demand recovery. We introduce our FY23 estimates and anticipate volume growth of 25% each factoring higher demand for tippers as infrastructure activities picks up, recovery in export markets and availability of financers for fleet operators. We anticipate revenue growth of 27%/24% respectively for FY22E/FY23E with EBITDA margin of ~10.8%. We revise our rating to HOLD (earlier REDUCE) and change our TP to Rs 86 (earlier Rs 53) based on PER of 20x FY23E EPS.

12:14 PM

BROKERAGE VIEW | HDFC Securities on Aditya Birla Fashion and Retail

RATING: REDUCE | TARGET PRICE: Rs 140 

ABFRL’s 2Q performance recovery lagged that of peers (ex-department chains) as both anchors – Madura and Pantaloons – limped their way back to recovery. Margin delivery improved and was better than expected (0.2% vs HSIE: -14%) but still in the red (pre-IND-AS116) as management continued its tight leash on costs. Net debt/equity has remained elevated since Mar-20 as the retailer had to soothe vendor nerves (reduction in payables). We have built in the recent Rs 15 bn fundraise from Flipkart + Rights issue proceeds in our forecasts and maintain our REDUCE recommendation with a DCF-based target price of Rs 140/sh, implying 12x Sept-22 EV/EBITDA (Post IND-AS).

12:13 PM

Equity scheme investors to breathe easy as banking, financial firms rally

Equity mutual fund (MF) investors can expect better performance from their schemes as banks and financial companies are back to being rally leaders from being laggards for the better part of the current calendar year. Top stocks in the financials space are the No. 1 bet for MF managers. READ MORE

12:02 PM

BUZZING STOCK:: Bajaj Finance at day's high, up 7%

11:53 AM

NEWS ALERT | Election Commission to brief media at 1 PM

11:52 AM

Dr Lal PathLabs, Thyrocare slip on profit booking on Covid vaccine optimism

Shares of diagnostics companies like Dr Lal PathLabs and Thyrocare Technologies slipped 8 per cent on the BSE on Tuesday on Covid-19 vaccine optimism.

The stock of Dr Lal PathLabs plunged 8 per cent to Rs 2,096, while Thyrocare Technologies dipped 7 per cent to Rs 1,052 on the BSE today. In comparison, the S&P BSE Sensex was up 1 per cent at 43,059 points, at 11:17 am. READ MORE

11:43 AM

Amazon vs Future Retail :: How can we injunct regulators from deciding?, Delhi HC observes

>> Regulator will decide as per their own consideration

11:43 AM

Amazon vs Future Retail :: Harish Salve seeks ad-interim injunction at this stage against Amazon from writing to regulators

>> These transactions are time sensitive, if banks are not paid as per timelines, transaction would be dead, he adds.

>> Says the emergency arbitrator order is persuasive at best, not binding. 

 

>> Amazon is indulging in writing to CCI, SEBI to withhold clearance. My applications are pending for approval, Salve argues

11:40 AM

Consistent revenue recovery key for Bosch to be seen as decent investment

A weak September quarter showing weighed on the share price of Bosch, the country’s largest auto component player. The stock shed 1 per cent even as the benchmark indices rose 1.68 per cent and hit their all-time highs, owing to higher costs and lower margins. Though revenues have recovered from the dip during the June quarter, the overhang for the stock was the weak margin performance. READ MORE

11:39 AM

Adani Gas, SRF: 44 stocks in Nifty500 can see profit booking, RSI show

Markets have been on a roll over the past few sessions, buoyed by the outcome of the US presidential polls and then fuelled by Pfizer's announcement that its experimental Covid-19 vaccine was more than 90 per cent effective based on initial trial results. The S&P BSE Sensex gained 400 points in intraday trade and breached the 43,000 level for the first time.

 

The broader Nifty50 index also topped the 12,550-mark.  As the Sensex and Nifty scaled record peak levels, a number of stocks have entered an overbought condition as per the Relative Strength Index (RSI). READ MORE

11:27 AM

Amazon vs Future Retail :: Amazon is indulging in falsehood by claiming that they were unaware of the deal until Sep, says Salve

>> Biyani agreed to consolidate the retail biz & sell to RIL for cash. Resolution was passed in Aug in which a scheme was proposed for transfer of assets, Salve says

11:26 AM

Amazon vs Future Retail :: Amazon admitted before the CCI that they have no control over FRL, says Harish Salve

>> Salve says Amazon is not a Future Retail shareholder

>> Amazon never revealed that they invested in FCPL to acquire control over FRL.

>> Salve argues that Amazon India came to invest in India & that FDI in multiband retail is not allowed under Indian law.

 

>> Amazon invested in Future Coupons. Future Coupons entered into Shareholders agreement with FRL, Amazon not a party to this agreement.

>> Amazon knew, as early as June 2020, that Future was in conversation with Reliance Ind, Salve says. 

 

>> There were also informal communications between Amazon, Rel Ind. Rel Ind would not proceed with sounding off Amazon on a deal this size.

Alert: Harish Salve is representing Future Retail

11:19 AM

Equitas SFB hits highest level since listing on healthy Q2 numbers

Net interest income (NII) grew 32 per cent year-on-year (YoY) to Rs 461 crore against Rs 351 crore in Q2FY20. The asset quality of the bank also improved with gross non-performing assets (NPAs) falling to 2.48 per cent of the gross advances at the end of Q2FY21 from 2.88 per cent a year ago. Net NPA declined to 1 per cent from 1.62 per cent in the previous year quarter. Gross and net NPA stood at 2.64 per cent and 1.39 per cent in the June quarter. READ MORE

11:09 AM

Bihar Election Results :: Tally at 11:00 am

11:01 AM

ALERT :: Nifty hits a high of 12,584