MARKET WRAP: Sensex trims losses, ends 12 pts down; Nifty closes at 11,194

All that happened in the markets today

9:28 AM

Zensar Tech trades flat

>> Zensar Technologies on Thursday posted a 6.9 per cent decline in net profit to Rs 73.3 crore for June 2020 quarter. It had reported a profit of Rs 78.7 crore in the year-ago period, Zensar Technologies said in a statement.

9:26 AM

Sun Pharma zooms 4% in a weak market

>> Taro Pharmaceuticals Ltd, a subsidiary of Sun Pharma, has resolved all cases involving the company in connection with the multi-year investigations by the Department of Justice, Antitrust Division and Civil Division into the US generic pharmaceutical industry.

9:24 AM

Wipro trades flat with a positive bias

>> IT major Wipro on Thursday said it will acquire 4C, one of the largest Salesforce partners in the UK, Europe and Middle East, for 68 million euros (about Rs 589 crore).

9:21 AM

STOCK ALERT :: Reliance Industries hits fresh record high, tops Rs 2,100-mark

9:20 AM

Sectoral trends on NSE :: Pharma index outperforms

9:19 AM

Sensex Heatmap :: SBI, ICICI Bank top drags; Sun Pharma top gainer

9:17 AM

Opening Bell

9:17 AM

Opening Bell

9:12 AM

Result Today | ITC's FMCG segment to cushion overall nos; PAT may dip 30% YoY

The company's fast-moving consumer goods (FMCG) and personal care verticals, analysts say, may perform better as the lockdown kept people indoors, thereby, boosting the demand for ready-to-eat/cook food items, and personal hygiene products such as soaps and sanitisers. READ MORE

9:06 AM

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

9:05 AM

Markets at Pre-open

9:03 AM

Markets at Pre-open

8:59 AM

Stocks to watch: RIL, Asian Paints, ITC, Biocon, Wipro, Mphasis, Lupin

RIL: Amazon.com Inc is in talks to buy a 9.9 per cent stake in the retail arm of Indian conglomerate Reliance Industries Ltd, ET Now reported on Thursday, citing sources.

 

ITC: The diversified conglomerate is slated to release its June quarter results later in the day. KR Choksey Securities expects ITC's top line (sales/revenues) to decline 26.9 per cent year-on-year (YoY) and 26.4 per cent quarter-on-quarter (QoQ) to Rs 8,407 crore.
 

Other earnings: Besides ITC, 70 other companies are expected to announce their June quarter results later in the day. The list includes names such as Asian Paints, JSW Steel, and Ambuja Cements. READ MORE 

8:59 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on Jindal Steel and Power

CMP: Rs 172 | TP: Rs 226 (+32%) | Reco: Buy

With JSP booking significant exports in 1HFY21 and an expected improvement in domestic demand in 2HFY21, we expect the company to achieve ~10% volume growth in FY21. We expect JSP to achieve ~10% EBITDA CAGR over FY20–22E to INR95.6b, driven by an expected 8% volume CAGR.

We expect JSP to reduce its net debt by INR83b (INR81/share) over FY20–22E to INR296b (incl. acceptances) through strong FCF generation, led by higher EBITDA and lower capex. We expect JSP to refinance its overseas debt maturities (~USD800m). This would elongate the debt repayment schedule, thereby reducing the strain on standalone cash flows.

Reiterate Buy, with an SOTP-based TP of INR226, based on 5.0x FY22E EBITDA for the Steel business and DCF valuation for the Power business. At CMP, the stock trades attractively at 4.5x FY22E EV/EBITDA for the Steel business.

8:56 AM

BROKERAGE VIEW :: Motilal Oswal Financial Services on Mphasis

CMP: Rs 980 | Reco: Neutral

The company announced new TCV wins of USD259m in 1QFY21 in Direct International. This is the highest ever TCV win for a quarter for Mphasis and comprises one large deal win of over USD100m TCV. ~79% of the deal wins during the quarter are into new gen services. We await further clarity on the outlook on DXC and margins in the earnings call tomorrow. Maintain Neutral.