MARKETS: Indices end flat; Sensex slips 37 points, Nifty settles at 13,114

All that happened in the markets today

10:28 AM

NEWS ALERT :: Alembic Pharma receives US FDA nod to study its oral Covid-19 vaccine

>>  The company announced approval of its Investigational New Drug (IND) application by the US Food and Drug Administration (FDA) to study its oral DHODH inhibitor for SARS-CoV-2 infection.

>> The company announced that initial study shall evaluate single ascending doses of RP7214 in healthy volunteers and that dosing is expected to commence in early December 2020

Click here for details

10:21 AM

Sensex slips 200 pts

10:14 AM

BROKERAGE VIEW | Edelweiss Securities on India Grid Trust

RATING: BUY | TARGET PRICE: Rs 115 

The PKTCL 2 acquisition was not on the radar and hence a surprise—a positive one. This pushes up IndiaGrid’s AUM closer to Rs 147bn. The company is on track to achieve ~INR2000bn in AUM by FY21. Out of the framework agreement, NERSS and KTL (INR55–60bn combined) are still to be acquired over the next six months. We observe that IndiaGrid would hit the 67% debt-ceiling limit post-NERSS/KTL acquisition. Nevertheless, a fund-raise could be in the offing for future growth. 

 

Meanwhile, given our house view that lower interest rates are likely to stay for the next few quarters, the circumstances look favourable for the IndiGrid stock performance. This along with some regulatory changes and PGCIL InvIT listing could lead to its further re-rating. Retain ‘BUY’ with a target price of Rs 115.

10:07 AM

Rupee opening

Rupee opens higher at 73.45/$ vs Tuesday's close of 73.68 against the US dollar

10:02 AM

Tata Motors rises 4%, hits 10-month high post November domestic sales

Shares of Tata Motors rose 4 per cent to 10-month high of Rs 186.75 on the BSE on Wednesday after the company reported 26 per cent year on year (YoY) growth in total domestic sales at 47,859 units in the month of November 2020. It had sold total 38,057 units in domestic market. READ MORE 

9:53 AM

BROKERAGE VIEW | ICICI Securities on city gas distribution companies

CNG stations run by OMCs not being treated as third party is a big relief in the medium term for CGD companies; mainly IGL and MGL. We may witness some competition in the long term but it will not have any material impact on financials. Given the run-up in stock prices, we have a HOLD rating on IGL and MGL. Gujarat Gas has relatively lower contribution of CNG to total volumes and industrial PNG segment will support its long term volume growth. We have a BUY rating on Gujarat Gas. Although Gail will gain from unified tariff structure, we have a HOLD rating on the stock due to subdued performance from gas trading segment due to high prices, US LNG volumes and volatility in petchem segment.

9:44 AM

SECTOR WATCH:: Nifty Metal index in focus, up 1%

9:38 AM

BUZZING STOCK | The Phoenix Mills surges 5.5%

>> The company and few of its SPVs have signed a non-binding term sheet with GIC Private Equity (PE) for the formation of a retail-led mixed-use platform. 

9:31 AM

Pfizer trades in the green

>> Parent firm as applied for approval for its Covid-29 vaccine in the EU

9:30 AM

Dr Reddy's gains around a per cent after it starts clinical trials of Sputnik V

9:26 AM

Eicher Motors trades flat

9:23 AM

Hero MotoCorp up 1% post Nov sales figures

9:20 AM

Sectoral trends at Open

9:19 AM

Sensex Heatmap at Open

9:18 AM

Opening Bell