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

All that happened in the markets today

10:06 AM

Rupee opening

Rupee opens lower at 73.52/$ vs Tuesday's close of 73.45 against the US dollar

10:04 AM

BROKERAGE VIEW | Prabhudas Lilladher on Cement sector

We expect EBITDA for our coverage universe to grow by 22% YoY, led by both volume growth and margin expansion. Volumes are expected to grow 6% YoY in the quarter. EBITDA/t is expected to expand by 15% YoY at Rs1,090, led by low costs and stable prices. We remain positive on the sector in wake of improved demand outlook, sustainable price discipline and reasonable valuations. Ultratech cement (UTCEM), Ambuja cement (ACEM) and JK Lakshmi cement (JKLC) remain our top picks in the sector.

9:58 AM

MARKET UPDATE :: Indices clock sharp up-move

9:54 AM

Bajaj Finance declines over 5% as Q2 business update disappoints Street

The company's assets under management (AUM) grew 13 per cent year on year (YoY) at approximately Rs 1.37 trillion as of Q2FY21 as compared to Rs 1.36 trillion as on Q2FY20. New loans declined sharply to 3.6 million from 6.5 million YoY and 5 million quarter-on-quarter (QoQ). READ MORE

9:53 AM

BROKERAGE VIEW | ICICI Securities on Vedanta

RATING: REDUCE | TARGET PRICE: Rs 120 

Power contributed ~12% of the EBITDA beat, which can be attributed to 97% Talwandi Sabo (TSPL) PAF, while sales from TSPL was only 643mn units (down 76% YoY). TSPL receivables reduced in FY20. There has been significant cost reduction in Zinc International (22% YoY and 24% QoQ) and currency depreciation of the host countries played a big part. Production at Gamsberg is still at 25kte as at June. Covid lockdown makes assessment difficult for Rajasthan assets. The delisting process is underway; US$300mn again has been extended as an intercompany loan to Vedanta resources. Downgrade to REDUCE from Hold.

9:46 AM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
ALOK INDUSTRIES	23.65	4.88
VODAFONE IDEA	8.60	-2.27
TRIDENT	7.51	-3.96
TATA MOTORS	142.40	-1.69
IDFC FIRST BANK	30.65	-1.61

9:46 AM

BROKERAGE VIEW | Edelweiss Securities on Jindal Steel & Power

RATING: BUY | TARGET PRICE: Rs 275

We find JSPL at a vantage point. On one hand, the company continues to maintain the volume momentum and, on the other, cost efficiencies owing to utilisation of iron ore fines from the dump at the Sarda mine at only transportation cost is aiding profitability. Hence, JSPL’s EBITDA/t is on a par with Tata Steel’s domestic operations. On the deleveraging front, we await further progress on Jindal Shadeed sale, which will help reduce debt further. Maintain ‘BUY/SO’ on JSPL with a TP of Rs 275/share, implying 5.8x FY22E EBITDA. The stock is trading at 4.8x FY22E EBITDA, lowest among peers. 

9:41 AM

Q2 Update :: Business back to pre-Covid levels, says Titan

>> Jewellery division did very well in Q2, with a recovery rate of around 98% (excluding sale of raw gold) in Q2, compared to the revenue of same quarter in last year.

>> Watches  division had a recovery rate of around 55% in Q2, compared to the revenue of same quarter in last year, with a recovery of ~70% in the September month.

9:35 AM

Investors turn to defensives :: Britannia Industries up over 1%

9:30 AM

Bajaj Finance sinks 4% as Co to build further provisioning

9:28 AM

Solara Active Pharma leaps over 12% on report Macquarie initiates coverage

>> Reports suggest, the global brokerage has set target price at Rs 2,100 

9:26 AM

Dixon Technologies up 3% in a weak market

>> As per reports, the company's arm Padget Electronics has been chosen as the domestic mobile phone manufacturing partner in the Production Linked Scheme.

9:25 AM

SBI slips marginally in early deals

>> The government on Tuesday appointed Dinesh Kumar Khara as chairman of State Bank of India (SBI), the country's largest lender, for three years, effective Wednesday.

9:24 AM

Reliance Industries gains 1% on ADIA's investment in RRVL

>>  Reliance Industries (RIL) on Tuesday said that the Abu Dhabi Investment Authority (ADIA) would invest Rs 5,512.50 crore into subsidiary Reliance Retail Ventures (RRVL) for a 1.2-per cent stake.

9:22 AM

Sensex extends decline, dips 100 pts