Sensex ends 222 pts higher, Nifty tops 15,150; RIL gains 4%, PSB stocks dip
On the sectoral front, Nifty PSU Bank index declined over 1 per cent on the NSE, followed by losses in the Nifty Auto index (down 0.4 per cent), and the Nifty Realty index (down 0.24 per cent)
 "MARKET LIVE: Sensex trades higher in rangebound session; metals in focus")
9:26 AM
BPCL trades in the green
>> Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) will buyout Oman Oil Company's shares in the Bina refinery project for about Rs 2,400 crore.
9:24 AM
Eicher Motors extends decline on margin concerns in Q3
>> Niche bike maker Royal Enfield may look at hiking prices from April in view of rising commodity prices, a top company official said on Wednesday.
9:22 AM
Magma Fincorp hits 10% upper circuit
>> Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in the non-banking financial company by subscribing to a Rs 3,456-crore preferential issue
9:21 AM
Sectoral trends on NSE :: PSB, realty stocks trade higher in a weak market
9:19 AM
Sensex Heatmap
9:18 AM
Opening Bell :: Nifty below 15,100
9:17 AM
Opening Bell :: Sensex extends losses into third day
9:11 AM
Commodity Heatmap
9:09 AM
Top gainers and losers on S&P BSE Sensex at Pre-open
9:07 AM
Markets at Pre-open
9:06 AM
Markets at Pre-open
9:04 AM
BROKERAGE VIEW :: MOFSL on Tata Steel
CMP: Rs 690 | TP: Rs 708 (+3%) | Reco: Neutral
>> Tata Steel (TATA) reported a strong 3QFY21, with consolidated EBITDA rising 161% YoY to INR94.6b (the highest ever) on the back of higher prices. Furthermore, net debt fell INR103b QoQ to INR884b (the lowest in the last 12 quarters), led by working capital release of INR72b.
>> We estimate 4QFY21 EBITDA to be even stronger at INR132b (+40% QoQ), with standalone EBITDA/t of INR25,780/t (the highest in 12 years). Spot steel spreads have, however, declined in the past month, and we expect further moderation on softening prices. Moreover, a structural solution for the Europe business remains elusive. Maintain Neutral.
>> Tata Steel (TATA) reported a strong 3QFY21, with consolidated EBITDA rising 161% YoY to INR94.6b (the highest ever) on the back of higher prices. Furthermore, net debt fell INR103b QoQ to INR884b (the lowest in the last 12 quarters), led by working capital release of INR72b.
>> We estimate 4QFY21 EBITDA to be even stronger at INR132b (+40% QoQ), with standalone EBITDA/t of INR25,780/t (the highest in 12 years). Spot steel spreads have, however, declined in the past month, and we expect further moderation on softening prices. Moreover, a structural solution for the Europe business remains elusive. Maintain Neutral.
8:59 AM
BROKERAGE VIEW :: MOFSL on Eicher Motors
CMP: Rs 2,899 | TP: Rs 3,275 (+13%) | Reco: Buy
>> We upgrade FY22 consol. EPS by 17% as we upgrade volumes and margins for both RE and VECV. Maintain Buy, with TP of INR3,275 (Mar’23 SOTP).
>> Eicher Motors (EIM)’s 3QFY21 performance was in-line, supported by good volume recovery in both RE and VECV. Despite cost inflation (BS6 & precious metals), EBITDA margins per unit were stable YoY. a) Good response to Meteor, b) the upcoming launch of the new Classic, and c) normalized production would support RE volume recovery going forward. VECV is also firmly on the recovery path.
>> We upgrade FY22 consol. EPS by 17% as we upgrade volumes and margins for both RE and VECV. Maintain Buy, with TP of INR3,275 (Mar’23 SOTP).
8:56 AM
BROKERAGE VIEW :: MOFSL on Titan
CMP: Rs 1,563 | TP: Rs 1,800 (+15% ) | Reco: Buy
>> Changes to the model have led to ~8% higher EPS growth forecasts for FY21E and ~2.5% each for FY22E/FY23E.
>> Store expansions continue unabated, indicating the company's and franchisees' confidence on its medium and long-term growth prospects. This would further increase the opportunity to gain from unorganized and other organized players as they are expected to struggle even further going forward
>> TTAN's medium- to long-term earnings growth opportunity is best-of-breed, which is reflected in the ~24% EPS CAGR over the past three years. There is a strong growth runway given TTAN's market share of less than 10% and the continuing struggles of unorganized and other organized peers.
>> While valuations of 67.9x/52.2x FY22E/FY23E EPS appear expensive, the long runway for profitable growth deserves premium multiples. Near term valuations
>> Changes to the model have led to ~8% higher EPS growth forecasts for FY21E and ~2.5% each for FY22E/FY23E.
>> Store expansions continue unabated, indicating the company's and franchisees' confidence on its medium and long-term growth prospects. This would further increase the opportunity to gain from unorganized and other organized players as they are expected to struggle even further going forward
>> TTAN's medium- to long-term earnings growth opportunity is best-of-breed, which is reflected in the ~24% EPS CAGR over the past three years. There is a strong growth runway given TTAN's market share of less than 10% and the continuing struggles of unorganized and other organized peers.
>> While valuations of 67.9x/52.2x FY22E/FY23E EPS appear expensive, the long runway for profitable growth deserves premium multiples. Near term valuations
appear expensive because of the impact of COVID-19 in FY21. Maintain Buy with a TP of INR1,800/share (60x FY23E EPS)
8:54 AM
Top stocks to keep on radar today
Magma Fincorp: Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in the non-banking financial company by subscribing to a Rs 3,456-crore preferential issue.
Q3 earnings: ITC, Coal India, Power Grid Corporation, ACC, Ashok Leyland, MRF and NCC are among 442 companies slated to post their December quarter numbers today. READ MORE
Topics : MARKET WRAP Markets Sensex NSE BSE stock market Nifty Nifty 50 SGX Nifty Dalal Street Wall Street ITC Coal India ACC Ashok Leyland S&P Q3 results Dow Jones
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First Published: Feb 11 2021 | 7:57 AM IST
