MARKET WRAP: Sensex rises for 5th day, ends 304 pts higher; Titan gains 4%

All that happened in the markets today

12:29 PM

TCS trades flat ahead of Q2 nos

12:17 PM

Cement stocks rise; UltraTech, ACC gain 3%, Ambuja Cements hits 52-wk high

Shares of cement manufacturers were in focus, gaining up to 4 per cent on the BSE on Wednesday on the expectation of improved demand from the urban market and in infrastructure in the coming days due to relaxation of lockdown measures. Ambuja Cements hit a 52-week high of Rs 234.25, up 4 per cent on the BSE. The company said the board of directors of the company is scheduled to meet on October 22, 2020, to consider the unaudited financial results for the third quarter ended September 30, 2020 (Q3) of the corporate financial year 2020. READ MORE

12:07 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(RS)	52 WK HIGH	CHG(%)
ADANI ENTERP.	328.00	335.55	0.28
ADVANCED ENZYME	372.50	378.95	3.47
AMBUJA CEMENTS	233.75	234.25	3.70
ASIAN PAINTS	2103.20	2108.95	0.60
BERGER PAINTS	605.70	610.00	0.09

11:56 AM

Top losers on the BSE at this hour

11:46 AM

MARKET CHECK | BSE Midcap index drops over 0.5%

11:34 AM

Berger Paints, Asian Paints at record high; technicals suggest more upside

Paint-related stocks have done well at the bourses over the past few sessions. Asian Paints is scheduled to announce its July-September quarter (Q2FY21) results on October 22, 2020. The board will also consider the payment of interim dividend, if any, for the financial year ending March 31, 2021. In the past three months, Asian Paints (up 22 per cent) and Berger Paints (up 19 per cent) have outpaced the benchmark index, which gained 8 per cent during the same period. READ MORE

11:25 AM

BROKERAGE VIEW | Emkay Global on Marico

RATING: HOLD | TARGET PRICE: Rs 350 

• Marico’s quarterly update indicated strong revival in India business with robust volume growth. Parachute clocked growth ahead of medium-term aspirations (i.e., 5-6% volume growth). Saffola edible oils delivered strong volume growth in line with past few quarters (Q1 volume growth was 16%). 
• Strong growth trends in rural, driving further recovery in Parachute and VAHO and continued momentum in Saffola, can provide some upsides. However at 38x FY22E EPS, recent positives appear priced in. Maintain Hold with a TP of Rs 350.

11:16 AM

Healthcare services stocks rally; Thyrocare up 35% in 2 days post Q2 update

Thyrocare Technologies, Metropolis Healthcare, and Dr. Lal PathLabs hit their respective record highs and were up 9 per cent to 17 per cent on the BSE in intra-day trade. In comparison, the S&P BSE Sensex was up 0.72 per cent at 39,860 points at 10:49 am. READ MORE 

11:07 AM

BROKERAGE VIEW | Axis Securities on PI Industries

RATING: BUY | TARGET PRICE: Rs 2,155 

We initiate coverage on PI Industries with BUY and Target Price of Rs 2155/share with a 11% upside as we value the stock at 33x P/E on its FY23E EPS given its unique business model aided by steady growing CSM and Domestic Formulation business and higher growth in adjacent segments through inorganic acquisitions. We expect PI's Revenue/EBITDA/PAT to witness a 25/29/29% CAGR with average ROE of 15% and Asset Turn of 1.5-2.0x over FY20-23E.

10:57 AM

TCS Q2 preview: Ebit margin to see sharp expansion; buyback details eyed

Tata Consultancy Services (TCS) will kickstart the September quarter earnings of the fiscal year 2020-21 (Q2FY21) for the information technology (IT) companies as the firm is slated to announce its numbers on Wednesday, October 7. That apart, the IT major will also consider share buyback on the same day. On Monday, TCS' market capitalisation surged past the Rs 10 trillion mark for the first time and it became the second Indian firm after Reliance Industries (RIL) to achieve this milestone. READ MORE

10:44 AM

BROKERAGE VIEW | Emkay Global on Dixon Technologies

RATING: BUY | TARGET PRICE: Rs 10,937 

• MeitY has approved 16 applications under the PLI scheme, including 10 from mobile manufacturers and 6 from component makers. The government is targeting production worth Rs10.5tn over the next 5 years with a 60% contribution from exports.
   
• To achieve production targets, companies will have to incrementally invest Rs110bn over the next 5 years. As per the government, domestic value addition for Mobile phones is expected to increase to 35-40% from 15-20% and to 45-50% for electronic components.
   
• Out of Dixon’s two applications under the PLI scheme, one has been approved. Management is confident on surpassing the prescribed upper limit of annual revenues to avail the incentives, and is engaged in discussions with customers to sign agreements.
   
• Multiple customer wins can de-risk revenue concentration for Dixon in the hypercompetitive mobile phone market. We now bake in revised upper limit of revenues (higher by Rs10bn from 2nd-4th year), and upgrade FY22/23E EPS by 8%/14%. Retain Buy. 

10:35 AM

Titan Company rallies 6% after providing September quarter business update

Shares of Titan Company surged 6 per cent to Rs 1,268 on the BSE on Wednesday after the company said its jewellery business did very well in the September quarter (Q2FY21), with a recovery rate of around 98 per cent (excluding sale of raw gold), compared to the revenue of the corresponding quarter in the last year. READ MORE 

10:27 AM

Top gainers on the BSE at this hour

10:20 AM

Thyrocare Tech extends rally, surges over 14%

10:15 AM

RIL up 3% as Abu Dhabi Investment Authority picks stake in Reliance Retail

Shares of Reliance Industries (RIL) gained 3 per cent to Rs 2,287.50 on the BSE on Wednesday after the company said Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into the company's subsidiary Reliance Retail Ventures (RRVL) for 1.2-per cent stake. RIL's stock had hit a record high of Rs 2,368.80, hit on September 16, 2020. READ MORE