Sensex ends 174 pts up, Nifty near 15,800; IT, pharma indices hit new peaks

Backed by firm global cues, the frontline S&P BSE Sensex hit an all-time-high of 52,641.5 while the broader Nifty50 index claimed 15,835.5-mark in morning deals

9:19 AM

Opening Bell :: Nifty hits new peak of 15,816 in early deals

9:18 AM

Opening Bell :: Sensex hits fresh record high of 52,534.65

>> Index surpasses previous high of 52,517 touched on Feb 16, 2021

9:13 AM

NEWS ALERT :: US to donate Pfizer vaccines to low, lower-middle income countries, says Joe Biden

9:12 AM

Fuel price hike :: Petrol price in Mumbai crosses Rs 102/litre

IOC, BPCL & HPCL hike petrol price by 28-29 paise & diesel by 28-30 paise today.

Petrol in Delhi at Rs 95.85 & in Mumbai, Rs 102.04/Litre.

Diesel in Delhi at Rs 86.75 & in Mumbai, it’s Rs 94.15/litre

9:08 AM

Commodity Heatmap

9:05 AM

Top gainers and losers on the S&P BSE Sensex in Pre-open

9:04 AM

Pre-open session :: Nifty nears 15,800

9:03 AM

Pre-open session

8:59 AM

Jefferies' India Financial Summit :: HDFC Bank

Key Highlights


>> HDFC Bank plansto leverage its distribution in non-urban markets and digital strengths in expandingits SME banking platform (20% of loans) where it is already among the top bankers.

>> Bank is cognisant of the asset quality risks associated with this (SME) segmentand hence will keep underwriting and collection teams tighter.

>> Management highlighted that it continues towork with the RBI to resolve the issue and at the same time build more robustplatforms. 

>> Jefferies' Outlook: We see 19% CAGR in profit over FY21-24 and maintain our Buy ratingwith a price target of Rs1,860 with the value of bank at 3.7x Mar-23E adjusted PB.Our price target for ADR is US$91, based on FX conversion of our local price targetand a 22% premium

8:57 AM

Top stocks to keep on radar

NHPC: The company reported a nearly 80 per cent YoY jump in its consolidated net profit to Rs 464.60 crore for the March 2021 quarter. Its board approved the proposal to raise debt up to Rs 4,300 crore during the financial year 2021-22.

 

SAIL: The firm reported a 26.4 per cent YoY growth in net profit at Rs 3,444 crore for the March quarter of FY21 (Q4FY21). Earnings before interest, tax, depreciation, and amortisation (Ebitda) came in at Rs 6,473 crore.

 

YES Bank: The private sector lender on Thursday received board approval for raising up to Rs 10,000 crore by issuing debt securities. READ MORE

8:54 AM

Sharekhan on VA Tech Wabag

Rating: Buy; Price Target: 435
 

Key Investment Arguments
 

• We re-initiate coverage on Va Tech Wabag Limited (VATW) with a Buy rating and price target of Rs. 435 considering attractive valuations and a strong earnings growth outlook. 
 

• Strengthened balance sheet led by robust operating and free cash flow generation allays investors concerns on future growth. 
 

• Well-funded strong order book at 3.4x FY2021 consolidated revenues provides comfort on collections and execution fronts. 

• Structural growth tailwinds owing to leading global positioning, Indian government’s spends on water supply, and impetus on industrial waste-water management.

8:52 AM

'High crude linked commodity price bodes well for GAIL's earnings'

Rating: Buy; Price Target: 196

 

Key Investment Arguments
 

• Q4FY2021 PAT of Rs. 1,908 crore (up 28.3% q-o-q) was 15.6% above our estimate, led by strong performance across commodity-linked businesses of petchem/LPG-LHC/ gas marketing supported by higher oil price. 
 

• Q1FY2022 gas transmission volume to get impacted by lockdown in April 2021-May 2021 and petchem utilisation due to maintenance plant shut down; however, high HDPE, LPG, and spot LNG prices would keep profitability strong. 
 

• Earnings growth outlook (expect a 29% PAT CAGR over FY2021-FY2023E) has improved considerably, given high profitability for petchem and LPG-LHC segments post the sharp rally in oil price to <$70/bbl. Transmission volume to grow steadily at 6-8% volume p.a.
 

• Valuation of 7x its FY2023E EV/EBITDA seems attractive, given expectation of strong earning revival and potential value unlocking from monetisation of gas pipeline assets. We maintain our Buy rating on Gail with revised price target of RS. 196

Views by: Sharekhan

8:50 AM

Eyeing recovery post unlock :: Sharekhan on Bata India

Rating: Buy; Price Target: 1905

 

Key Investment Arguments
 

• Bata India’s (Bata) Q4FY2021 business recovered to ~95% of pre-COVID levels, better than a 74% revival in Q3FY2021. Due to the quarter’s seasonality, revenue declined by 4% q-o-q. 
 

• Gross margins stood at 53.1% versus 58.8% in Q4FY2020 affected by an unfavourable mix as formals and fashion categories are yet to revive. OPM stood at 19.0% versus 22.4% in Q4FY2020. 
 

• Bata continued investing on brand-building (appointed Kartik Aryan as brand ambassador) and network expansion (opened 10 new stores and expanded its reach in the e-commerce and omni-channels). 
 

• We maintain a Buy rating on stock with a revised PT of Rs. 1,905. Stock is currently trading at 46x its FY2023E EPS and 19.8x its FY2023 EV/EBIDTA.

8:48 AM

Results today :: A total of 57 companies are slated to post their quarterly numbers today

Click here for complete list

8:44 AM

Bull spread strategy on Jubilant Food

Rationale:

 

-- We have seen long build-up in the Jubilant FoodWorks Futures till now during the June series where we have seen 13 per cent rise in the Open Interest with price rising by 3.5 per cent

 

-- The stock price has broken out on the daily line chart by surpassing the resistance level of 3,204 with higher volumes READ MORE