Banks, RIL help lift Sensex 403 pts; Bajaj duo gain up to 8%, Tata Steel 4%

The BSE MidCap and SmallCap indices settled 1.5 per cent and 1.7 per cent higher, respectively

9:17 AM

OPENING BELL :: Sensex jumps 180 points

9:10 AM

COMMODITY CHECK

9:08 AM

Sensex Heatmap | Top gainers & losers in pre-open trade

9:07 AM

Pre-open session :: Nifty tops 16,500

9:07 AM

Pre-open session :: Sensex gains 25 points

8:57 AM

MOFSL on Cadila Health

CDH has received emergency use authorization (EUA) for its plasmid DNA COVID19 vaccine ZyCoV-D. The latter is the first COVID-19 vaccine approved in India for adolescents in the 12-18 years age group.

The management expects to start supplying the vaccine in India from Oct’21. Based on our conservative estimates, we expect CDH to ramp-up production to ~40m doses from Oct’21. We expect a 75:25 split between the government and private channel and a blended price of ~INR320/dose for FY22.

We factor in an opportunity (NPV of INR12/share) from the COVID-19 vaccine in our estimates for CDH. We continue to value CDH’s base business at 25x its 12-

month forward P/E. We arrive at a combined TP of INR670/share. We maintain our Buy rating.

8:55 AM

Sharekhan on Capital Goods

8:53 AM

Sharekhan on SRF

Indian fluorochemical market expected to clock a 14% CAGR over CY20-CY25E. SRF’s aggressive capex plan of ~Rs. 3,800 crore (majority on chemicals) over FY22E-FY23E would drive a 22% CAGR in revenue and 200 bps improvement in margin over FY21-FY24E for specialty chemicals segment.

SRF holds a 40-45% domestic market share in NTCF; which is poised for structural margin upcycle given capacity closures in China. Thus, recent surge in margin of technical textile (best ever EBIT margin of 27.1% in Q1FY22) is likely to sustain for next 4-6 quarters.

Continuous investment in high-growth specialty chemical space, structural margin improvement in technical textiles and potential recovery in refrigerants business would drive a strong 23% CAGR in PAT over FY21-FY24E along with RoE of 20.4%.

We maintain a Buy on SRF with a revised PT of Rs. 10,600. Favourable dynamics of Indian specialty chemicals space would support premium valuations (stock is trading at 30.4x/24.2x FY23E/FY24E EPS

8:52 AM

Kotak Securities on Capital Goods

The monetisation of Rs6 tn worth of assets under the National Monetisation Pipeline envisaged over FY2022-25 covers a dominant share of the current stock of sellable assets owned by the Centre. The quantum amounts to a modest 14% of the proposed outlay for the Centre into infrastructure assets and 5% of the total infrastructure spending envisaged over NIP over such a timeframe. Funding the country’s massive infrastructure deficit requires creating enabling conditions for attracting a lot more long-term private capital.

8:47 AM

Osho Krishan of Anand Rathi is bullish on these two insurance players

BUY ICICI PRU LIFE | TARGET: 740 | STOP LOSS: 640

 

ICICI PRU LIFE is in a secular uptrend and is placed above all its major exponential moving averages on the daily chart, suggesting inherent strength in the counter. Also, the stock is placed well above the mean and is hovering near the upper band of the Bollinger, affirming the bullish stance, followed by the technical indicator MACD, which is placed in a comfort zone post positive crossover above its signal line. The stock looks lucrative at current levels and has the potential to test the uncharted territory in the coming future. READ MORE

8:45 AM

Top stocks to watch today

New listing: Two new companies -- Aptus Value Housing Finance and Chemplast Sanmar -- are eyeing market debuts today. However, market fatigue and investors' distance from broader markets may result in a tepid listing, believe analysts.

 

Maruti Suzuki: The Competition Commission of India (CCI) on Monday imposed a fine of Rs 200 crore on the company for anti-competitive practices related to how it forced dealers to discount cars. READ MORE

8:41 AM

Bulk deals on the BSE as on Monday

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8:40 AM

Bulk deals on the NSE as on Monday

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8:38 AM

FII/DII activity on Monday

8:34 AM

Oil Check

Oil prices dipped in the morning of Asia trading hours, with international benchmark Brent crude futures fractionally lower at $68.71 per barrel. U.S. crude futures shed about 0.1% to $65.59 per barrel.