Sensex gains 180 pts, broader indices outperform; Glenmark Pharma soars 27%

All that happened in the markets today

10:11 AM

BROKERAGE VIEW:: YES Securities on Bajaj Electricals

RATING: BUY | Target Rs 493 | Upside 19.9%

We have cut our FY21/FY22 estimates by 55.7%/19.4% factoring slower recovery in demand and accounting for revenue loss during lockdown. We maintain our Buy rating on the stock for a revised target price of Rs492, valuing the company at 26x FY22E P/E.

Valuations: Valuations attractive at 21.7x FY22e P/E. Sharp earnings recovery coupled with improvement in return ratios, balance sheet and rising share of CP business would lead to valuation re‐rating

10:07 AM

BROKERAGE VIEW:: HDFC Securities on IRB Infra

IRB delivered in-line revenue with EBITDA beat of 16% and APAT miss of 25%. IRB-GIC deal is now concluded. Rs 37 bn of proceeds realised till date have been utilised towards IRB-GIC INVIT SPVs’ debt reduction to the tune of Rs 30bn making them FCF positive with no funding support requirement envisaged. Further, 1st tranche of Rs 65 bn payment to MSRDC for MP expressway completed with Rs 55bn debt drawdown (of Rs 66bn sanctioned) and Rs 10bn equity. We maintain BUY with an SOTP based TP of Rs 142/Sh.

10:05 AM

BROKERAGE VIEW:: Prabhudas Lilladher on Cadila Healthcare

Rating: REDUCE | CMP: Rs 362 | TP: Rs 329

Q4FY20 earnings were higher than our estimate considering 1) US growth of 5% QoQ (PLe 7% decline QoQ) due to stock-up and seasonality effect of Tamiflu 2) Consumer Wellness reported a growth of 21% YoY, while adjusted growth would have been 10%YoY. We change our rating to REDUCE (earlier SELL) and derive a new TP of Rs329 (Rs263) based on 18x PE (earlier 15x) of FY22E. We upgrade CDH on the back of 1) improved guidance for US market led by new products 2) biosimilar launch in India and EM's 3) resolution of Moraiya facility by end of CY-20 and 4) better control on overheads. The recent run-up in stock price is supported by news flow related to supply of HCQS and Remdesivir In-Licensing agreement, however both would be unprofitable ventures in pandemic.

10:02 AM

Rupee Opening

>> Rupee opens at 76.17 per US dollar vs Friday's close of 76.19/$

10:00 AM

Deleveraging, lower capex and ARPU rise to aid RIL's earnings growth

Reliance Industries' (RIL's) stock surged 6.2 per cent in trade on Friday and closed at its lifetime high of Rs 1,759.50 after the company announced it had become net-debt free post the slew of investments in Jio Platforms and the completion of its rights issue. On the back of a price surge, the stock has more than doubled since its lows in March. READ MORE

9:53 AM

Indiabulls Housing Finance locked in 20% upper circuit on multiple bulk deals

>> Morgan Stanley Asia (Singapore) Pte bought 45,22,602 shares of the company at Rs 184.76 per share. iShares Emerging Markets Dividend UCITS ETF bought 25,69,494 shares in company at Rs 189.51 per share and iShares Emerging Markets Dividend ETF bought 45,58,746 shares in company at Rs 189.51 per share.

9:49 AM

Glenmark Pharma gains 15% on launch of Favipiravir, a potential Covid drug

Till 09:17 am, a combined around 116,000 equity shares had changed hands and there were pending buy orders for 8.9 million equity shares on the NSE and BSE, the exchange data shows.

 

“The company has received manufacturing and marketing approval from India’s drug regulator, making FabiFlu the first oral Favipiravir-approved medication in India for the treatment of COVID-19,” Glenmark Pharma said in a statement. READ MORE

 

9:44 AM

NEWS ALERT :: L&T Hydrocarbon Engg signs MoU with KBR Refinery & Petchem Projects

(Via BSE filing)

9:41 AM

STOCK ALERT :: RIL hits m-cap of $150 bn intra-day, first Indian co to do so

9:39 AM

Result Impact | PNB gains 2%

9:36 AM

MARKET CHECK :: Sensex extends gains to 400 pts

9:34 AM

Bajaj Consumer Care up 4%

>> Equity Intelligence India has bought 8.6 lakh shares or 0.6% of the total equity at Rs 146.7 per share.

9:33 AM

Info Edge adds 1%

>> The company will consider raising funds via QIP at its board meeting today

9:31 AM

Cipla jumps over 5%

>> India's Drug Regulator on June 20 gave permission to Hetero and Cipla to manufacture and market antiviral drug remdesivir for "restricted emergency use" on hospitalised COVID-19 patients, reports said.

9:30 AM

HDFC gains 1.5%

>> Mortgage lender HDFC on Friday said its board has approved to raise up to Rs 14,000 crore in tranches through various means.