Financials lift indices; Sensex ends 504 pts up ahead of US poll outcome

All that happened in the markets today

1:58 PM

Sun Pharma trades flat ahead of Q2 nos

1:53 PM

Zydus Cadila files investigational new drug application for coronavirus

Drug firm Zydus Cadila on Tuesday said it has filed the investigational new drug (IND) application for ZYIL1, positioned for management of critically ill COVID-19 patients. "Following up on its initiatives to fight COVID-19 with diagnostics, vaccines and therapeutics, the company is now focussing on cutting edge research to bring targeted therapies... it has filed the IND application of ZYIL1, a novel oral small molecule," the company said in a regulatory filing. READ MORE

1:42 PM

Franklin Templeton Mutual Fund's six shut schemes generate Rs 438 crore

Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 438 crore from maturities, pre-payments and coupon payments in the second half of October. This amount takes the total cash flows received to Rs 8,741 crore since closing down of the schemes in April, the fund house said in a statement. Franklin Templeton MF had closed six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market. READ MORE

1:37 PM

BROKERAGE VIEW | JM Financial on Jindal Steel & Power

The company is fully focused on reducing consol. debt to below Rs 150bn before embarking on any capex plans (Net debt EBITDA to be at 2.1x FY23E). We roll forward to FY23, arriving at our fair value of Rs 260/sh (vs Rs 220/sh earlier) and upgrade rating to BUY (from HOLD earlier). Pick up in construction activity in 2H leading to higher long product prices and resumption of old iron ore stock dispatch from Sarada mines remain near term triggers for the name.

1:35 PM

Realty stocks trade under presure

1:29 PM

L&T trades over 2% higher

1:20 PM

Q2 RESULTS | Muthoot Fin reports profit of Rs 931 cr vs Rs 908.5 cr (YoY)

-- Revenue at Rs 2,821 cr vs Rs 2,397.4 cr (YoY)

1:18 PM

Top losers on the BSE at this hour

1:07 PM

BROKERAGE VIEW | HDFC Securities on Bandhan Bank

RATING: BUY | TARGET PRICE: Rs 377 

BANDHAN’s earnings were ahead of estimates on account of lower-than- expected provisions (a recurring theme across banks this quarter). The bank fared exceptionally in terms of collection efficiency and deposit traction. We have increased our earnings estimates as we build lower provisions (although they remain elevated, given the inherent risks associated with microfinance and higher growth. Maintain BUY with a target price of Rs 377.

1:02 PM

Contribution to the S&P BSE Sensex's gain today

1:00 PM

BROKERAGE VIEW | Geojit Financial Services on Hero MotoCorp

RATING: BUY | TARGET PRICE: Rs 3,345 

As expected, company benefited primarily from improved demand from the rural areas, while growth rates remained on the lower side in semi-urban and urban areas. Nonetheless, company’s YTD sales figures look encouraging and should improve further with the festive season. At current price levels, the valuation looks attractive. Hence, we upgrade our rating on the stock to BUY with a revised target price of Rs. 3,345 based on 19x FY22E adj. EPS.

12:49 PM

Indian companies prefer commercial paper route to raise cash, shun banks

Indian companies are increasingly preferring the commercial paper (CP) route to raise working capital, while shunning banks. And this is only going to increase with the liquidity-supportive measures announced by the Reserve Bank of India (RBI), say experts. Issues of CPs — those that mature in less than a year —have increased since the nationwide lockdown was announced in March-end, but corporate bonds have not seen such a commensurate rise even as banks’ incremental lending continues to fall. READ MORE
 

12:37 PM

Biden good for emerging markets; dollar to gain from Trump win: Analysts

Aside from which candidate ultimately wins, analysts believe what is even more important for the markets is whether the elections will see a clear ‘sweep’, where the winning party also takes both chambers of the Congress. In such a scenario, more decisive policies could be pursued, in contrast to a situation where both chambers block each other and stall economic progress. Also, this would allow for a meaningful stimulus package that could become a catalyst for a stronger market. READ MORE 

12:27 PM

Coal India is bleeding but govt keeps pressuring to declare large dividends

Coal India Limited (CIL) is bleeding its cash reserves. As the first ever auctions for coal mines without any restrictions on sale of coal began on November 2, it is a sobering thought. The haemorrhaging also has implications for whether CIL will end up practically defunct like another public sector behemoth, BHEL, or whether it would manage to retain its dominance, like Life Insurance Corporation. READ MORE 

12:17 PM

BROKERAGE VIEW | Emkay Global on Zee Entertainment

RATING: HOLD | TARGET PRICE: Rs 200

We are baking in growth in ad revenues from Q4FY21. We continue to highlight that any upside in this stock hinges on delivery on guidance, especially in terms of cash generation and governance. Maintain Hold rating with a TP of Rs 200 (11x Sep’22E EPS).