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

All that happened in the markets today.

10:52 AM

ALERT :: SENSEX SURPASSES 43,000-MARK FOR THE FIRST TIME

10:50 AM

NEWS ALERT :: Delhi HC to shortly hear Future Retail (FRL) Suit against Amazon.

>> FRL likely to argue that Emergency Arbitrator Order is not applicable to it. 

 

Alert: Emergency Arbitrator had stayed the Rs 24,700 cr-Future Retail deal. 

10:48 AM

Four lessons for investors from Samvat 2076 and the road ahead for markets

India still is not out of woods as far as the Covid-19 pandemic is concerned. That said, the latest macro and micro data are encouraging. However, some key worrying points remain – asset quality at lenders, stress in micro, medium and small enterprises (MSMEs), fiscal deficit, inflation, job creation etc. A bull market, though, never requires all worrying points to be eliminated. Outcome of the US Presidential elections was a short-term worry, but all concerns have been put to rest now. READ MORE

10:48 AM

Market-capitalisation of India, world touches a new peak

Global markets have added $7 trillion in m-cap this month amid polling in the US. Meanwhile, India has added $177 billion (Rs 13 trillion) in just eight trading sessions. India surpassed its previous high of $2.22 trillion made on January 15, show Bloomberg data. READ MORE

10:37 AM

IndiGo, IRCTC: Covid-19 vaccine hope sends travel-related stocks soaring

Individually, InterGlobe Aviation-run IndiGo leaped 7.3 per cent to hit an intra-day high of Rs 1,600 on the BSE. With today's gains, the stock is up 58.2 per cent on the BSE, as against 50.6 per cent rise in the S&P BSE Sensex since March 25, ACE Equity data show. READ MORE

10:27 AM

MARKET CHECK

10:20 AM

Rupee opening

Rupee opens higher at 74.06/$ vs previous close of 74.14 against the US dollar

10:18 AM

Pfizer surges 19% as parent claims Covid-19 vaccine 90% effective

Shares of Pfizer rallied 19 per cent to its record high of Rs 5,875 on the BSE on Tuesday after its parent company Pfizer Inc said that its Covid-19 vaccine was more than 90 per cent effective, based on initial trial results. The pharmaceutical company's stock surpassed its previous high of Rs 5,273.55, touched on October 27, 2020. At 09:51 am, the stock erases its gain and was trading 7 per cent higher at Rs 5,275, against 0.7 per cent rise in the S&P BSE Sensex. The stock rallied 63 per cent from its March low of Rs 3,588. READ MORE 

10:11 AM

BROKERAGE VIEW | Centrum Broking on Emami

RATING: BUY | TARGET PRICE: Rs 444

Reduction in promoter’s pledge (40%) to zero combined with inexpensive valuation could trigger stock re-rating. Considering success of new launches and faster than expected recovery we increase FY21E/FY22E revenue and PAT estimates by 6.1%/7.7% and 22.3%/20.5%. Moreover, capturing reduction in uncertainty, we decrease WACC by 100bps to 11.5% and retain our Buy rating with DCF-based revised TP of Rs 444 (implying 28x FY22E EPS).

Key risks: amplification of Covid-19, erratic seasonality and delay in reduction of promoter pledge.

10:07 AM

BROKERAGE VIEW | Prabhudas Lilladher on Hindalco Industries

RATING: BUY | TARGET PRICE: Rs 230 

The company witnessed a strong recovery across the segments except Aerospace. All plants are operating at near full capacity with margins in guided range. Strong margins and stable volumes would help reduce debt by nearly 10% every year with Net debt/EBITDA falling below 3x by FY23. However, divestment of Aleris’ Lewisport facility came as a negative due to low valuations at US$330mn (PLe:US$600mn), ~30% below the estimated investment of ~US$500mn on the facility. While, strong margins trajectory would help in offsetting the impact of lower valuations realised on divestment of assets. Driven by strong margin outlook and comfortable B/S, we reiterate BUY with TP of Rs 230 (earlier Rs 218), EV/EBITDA of 5.5x FY22e. 

10:05 AM

BROKERAGE VIEW | Edelweiss Securities on Berger Paints

RATING: BUY | TARGET PRICE: Rs 715 

We expect Berger to sustain double-digit volume growth as things are normalising aided by market share gains from unorganised segment (~30%) and distribution

expansion, among others. We maintain ‘BUY/SN’ with revised TP of Rs 715 (Rs 625 Earlier). The stock is trading at 68.1x FY22E EPS.

10:03 AM

BROKERAGE VIEW | ICICI Securities on Amber Enterprises

RATING: BUY | TARGET PRICE: Rs 2,600 

We believe Amber is more of a long term play on major business opportunities for contract manufacturers due to ban on import of RACs and increase local sourcing of components. We tweak our revenue, earnings estimate for FY21 considering current quarter performance and model revenue, earning CAGR of 19%, 23% for FY20-23E led by improvement in EBITDA margin. We continue to like Amber for its focus on acquiring new business opportunities either through government’s Atmanirbhar scheme or shift in focus on China+1 strategy by key clients post Covid-19. We reiterate our BUY rating on the stock with an unchanged target price of | 2600 valuing the company at 35xFY22 earnings.

10:01 AM

BROKERAGE VIEW | Nirmal Bang Securities on Glenmark Pharma

RATING: BUY | TARGET PRICE: Rs 578 

We retain our earnings estimates on Glenmark and recommend a Buy with a target price of Rs 578. The key triggers for the stock going forward will be ramp-up in the US business, capital raise for its NCE subsidiary Ichnos Sciences and the launch of gSpiriva in Europe, potential partnership deal for ISB 830 and Xolair biosimilars.

9:59 AM

BROKERAGE VIEW | Nirmal Bang Securities on Ashok Leyland

RATING: BUY | TARGET PRICE: Rs 103 

New launches have been received very well in the market and going forward, the focus on ‘Project Reset’ is expected to aid the margins as the volume recovers. We have maintained our volume/revenue/EBITDA/PAT estimates and expect the same to grow at CAGR of 12.4%/18%/39.1%/68.8% over FY20-23E, driven by BS-VI cost increase and better margin outlook. We expect a revival in the CV cycle from FY22, led by economic recovery and a favorable base. We maintain our target price at Rs 103 and have valued the Auto business at 10x EV/EBITDA and HLFL at 1x P/BV. We maintain our rating as BUY.

9:53 AM

Hotel stocks gain on positive data for Covid vaccine

COMPANY NAME	LATEST	HIGH	LOW	CHG(%)
LEMON TREE HOTEL	29.75	30.30	29.35	5.68
INDIAN HOTELS CO	107.00	109.00	105.00	7.75
EIH	81.00	82.50	78.60	5.26
SINCLAIRS HOTELS	39.80	40.50	38.00	5.15