MARKET: Sensex erases day's gains, ends 52 pts lower; Bharti Airtel dips 3%

All that happened in the markets today

9:27 AM

RIL trades around 1% higher

>> The company has started preliminary talks with Facebook and private equity fund KKR, the two entities that bought stake in RIL-run Jio Platforms, to make an investment in its retail business too. The two are among the 13 that have invested over $20 billion in Jio Platforms for over a 30 per cent stake. 

9:25 AM

Bharat Dynamics plunges over 12%

>> The government is planning to sell 15 per cent stake in defence company Bharat Dynamics through an offer for sale today and tomorrow.

9:22 AM

SECTOR WATCH:: Nifty IT index gains nearly 0.5%

9:21 AM

Losers and gainers on the S&P BSE Sensex

9:19 AM

OPENING BELL

At 09:17 AM, the S&P BSE Sensex was trading 73 points, or 0.19 per cent lower at 38,343.78 levels while NSE's Nifty was trading at 11,351, down 4 points, or 0.036 per cent.

9:09 AM

Top gainers and losers on S&P BSE Sensex at Pre-Open

9:06 AM

Markets at pre-open

9:04 AM

Top stocks to watch out for today

Banks: The Reserve Bank of India-appointed (RBI-appointed) expert committee on a resolution framework for bank loans stressed on account of the pandemic has outlined parameters to deal with 26 sectors buffeted by Covid-19. The findings of the committee have been accepted by the RBI, which on Monday issued a circular detailing the financial parameters to be followed by lending institutions.

 

RIL: According to a Business Standard report, Reliance Industries has started preliminary talks with Facebook and private equity fund KKR to make an investment in its retail business too. 

 

Vodafone Idea on Monday said it will seek shareholders' approval to raise the borrowing limit to Rs 1 lakh crore, at the annual general meeting scheduled to be held on September 30. READ MORE  

9:00 AM

Stock picks by Nilesh Jain of Anand Rathi

BUY IRCTC | TARGET: Rs 1,500 | STOP LOSS: Rs 1,365

 

The counter has provided a breakout from a descending triangle formation on the daily chart. The volume activity has also supported the breakout which was at its two month high. The momentum indicator RSI has also provided a breakout from its downward sloping trend line and a buy crossover can also be seen on the MACD. READ MORE

8:57 AM

Bulk deals on BSE as on Monday

Click here for the complete list

8:54 AM

Bulk deals on NSE as on Monday

Click here for the complete list

8:52 AM

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

8:51 AM

Rupee check

Source: Bloomberg

8:40 AM

BROKERAGE VIEW:: Axis Securities on Aurobindo Pharma

RATING: BUY | TARGET PRICE: Rs 940

Investment Rationale

• Drugs shortage in US due to Covid-19 and disruption in the supply chain: ABRP being an export-oriented pharma company with a large drug portfolio, adequate manufacturing capacity, and strong compliance track record before USFDA is expected to get the benefit due to drugs shortage in the US market. Drugs shortage is expected in US market due to disruption in pharma manufacturing supply chains and increased demand for drugs, which are being used in the management of Covid-19 patients.
• Strong pipeline for new products in Oral Solids and Injectable: ABRP has planned to launch 50 new products in the US market in the current financial year which is expected to drive oral-solids business. Injectable business is expected to deliver growth from FY22, led by the company’s pipeline of 80-90 products and expanded injectable capacity in the US which will come online next year. Europe's business is expected to be stable with the launch of new products and improvements in Covid-19 situations.
• API and ARV businesses could maintain strong growth momentum going onwards: APIs manufacturers in India have seen strong demand as global and domestic clients have started to diversify the source of API from China to India in-order to de-risk their source of raw material. In India, API industry size is INR 79,800 crore (9.0% CAGR over FY20-FY24) that comprises Chinese import of INR 18,900 crore (70% of total Import) and export of INR 25,000 crore. In ARV business, ABRP has early mover advantage in TLD single-pill regimen, as there is a rapid transition of TLE to TLD.
• Valuations: We expect earnings to grow at a CAGR of 13.5% for Aurobindo over FY20-FY23E. The stock currently trades at attractive valuations of 13.1x FY22E and 11.3x FY23E earnings and EV/EBITDA multiples of 7.7x FY22E and 6.4x FY23E. We believe the current valuation has upside potential with the expectation of consistent positive revenue growth in the US each year, and strong free cash flow generation over the next two years which would help the company in becoming debt-free.
• We recommend a BUY with a target of Rs 940.

8:35 AM

Oil price falls after Saudi cuts rates amid demand uncertainty

Oil prices fell on Monday as Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and uncertainty over Chinese demand clouds the market's recovery. Brent crude was trading at $42.00 a barrel, down 66 cents, or 1.5 per cent, by 12:08 GMT, after earlier sliding to $41.51, its lowest since July 30. West Texas Intermediate US crude skidded 59 cents, or 1.5 per cent, to $39.18 per barrel after hitting $38.55, its lowest since July 10. READ MORE