Sensex ends choppy day 42 pts up; Asian Paints jumps 8%, Tata Steel down 4%

On a weekly basis, both, the Sensex and the Nifty50 indices slipped around 1 per cent each

8:49 AM

BROKERAGE VIEW :: Antique Stock Broking on Tata Power

Reco: Buy | TP: Rs 122

With transfer of renewable assets, TPWR has reassessed its deferred tax balance, including unrecognized deferred tax assets on capital losses and booked a gain of INR1.3bn. This coupled with lower finance charges yielded TPWR a net profit of INR3.93bn, down 2% YoY (estimate of INR2.2bn). Besides, better-than-expected RE segment and Odisha DISCOMs translated in overall beat.

The past capital allocation was driven by 39% in coal/CGPL, 32% in regulated business and 29% in renewables. The path ahead will have 49% of regulated business (with 31% coming from T&D) and 32% in renewables. Based on the current capital allocation, we use SOTP to value regulated, generation and other businesses at INR122/share till FY23E, by discounting FCFEs or PE multiples for asset-light business. Risks: Delay in debt restructuring/poor exit multiples in InvIT, and systemic slowdown in RE space.

8:48 AM

BROKERAGE VIEW :: Antique Stock Broking on Jindal Steel & Power

Reco: Buy | TP: Rs 533

Steel profits would be aided by the ramp up of volumes at Angul and higher steel prices with a value added product mix of rails, plates and structural products. Leverage levels would continue to improve driven by operational free cash flows and calibrated capex outlay. Benefit of low cost iron ore inventory from Sarda mines would continue in 1QFY22 and captive iron ore from Tensa mines (~25% of requirement) would enable the company to capture the upside from higher steel prices. We increase our FY22/FY23 steel realization assumptions by 7-8% leading to a 11-12% increase in EBITDA estimate.

We maintain our BUY rating with a SOTP of Rs 533 per share (484 earlier) based on a multiple of 5.5x FY23E EV/EBITDA for the steel business and free cash flow to equity-based valuation for the power business.

8:44 AM

Top stocks to keep on radar

Vedanta: The company reported a consolidated net profit of Rs 6,432 crore in the March quarter against a loss of Rs 12,521 crore in the corresponding period last year on the back of increased sales.

 

UPL: The firm on Wednesday reported a 73.59 per cent YoY growth in consolidated net profit at Rs 1,361 crore for March quarter 2020-21. The company's net profit stood at Rs 784 crore in the year-ago period. READ MORE

8:41 AM

'Any level between Rs 45,000-Rs46,000 is ideal for investing in Gold'

Gold market is yet to rally on this news and will regain its shine when inflation risk resurfaces. Any level between Rs.45000- Rs.46000 is ideal for investing in physical gold. If prices gets lower around Rs.46650 during Akshaya Trithya 2021, we would recommend investors to buy. We expect gold prices to trend higher from here on. READ MORE

8:39 AM

Bulk deals on the NSE as on Wednesday

Click here for complete list

8:37 AM

Bulk deals on the BSE as on Wednesday

Click here for complete list

8:35 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

8:33 AM

Rupee check

Source: Bloomberg

8:32 AM

Brent crude drops 0.5%

8:30 AM

SGX Nifty alert

>> At 8:29 AM, the index was at 14,681, down 15 points from Wednesday's close.

8:29 AM

Asian markets trade higher

The trend was firm among Asian indices as well. Japan's Nikkei shot up 1.3 per cent, while South Korea's Kospi and Australia's ASX 200 traded over half a per cent up in early Friday trade.

8:28 AM

Wall Street ends higher on Thursday

Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labor market data.

 

All three major US stock indexes notched solid gains, with the S&P 500 enjoying its biggest percentage gain in over a month. Overall, the Dow Jones rose 1.29 per cent, the S&P 500 gained 1.22 per cent, and the Nasdaq added 0.72 per cent.

8:17 AM

Good morning, readers! Welcome to the Business Standard live blog.

Catch all the live market updates here.