MARKETS: Sensex gains 484 pts as IT, financials rally; Nifty ends at 9,314
All that happened in the markets today
 "Options trading gathers steam in Q2; share of cash in average volumes falls")
In the broader market, the S&P BSE MidCap index rose nearly a per cent to 11,671 levels
8:54 AM
BROKERAGE VIEW :: Motilal Oswal Financial Services on RIL
CMP: Rs 1,363 | TP: Rs 1,589 (+17%) | Buy
>> The size of the deal justifies the higher magnitude of valuation RJio has garnered in just 3.5 years since its launch. This valuation is over ~20% higher than the current enterprise value of BHARTI, a prominent name in the Indian telecom space.
>> The Facebook deal at this valuation has strengthened our conviction in the digital business. We have revised RJio’s TP to INR750 based on lower net debt as per the capital reorganization and additional deleveraging from the FB deal and other internal sources. We have revised our TP to INR750 using the DCF Method, with implied EV/EBITDA of 14x/11x on FY21/22
>> The size of the deal justifies the higher magnitude of valuation RJio has garnered in just 3.5 years since its launch. This valuation is over ~20% higher than the current enterprise value of BHARTI, a prominent name in the Indian telecom space.
>> The Facebook deal at this valuation has strengthened our conviction in the digital business. We have revised RJio’s TP to INR750 based on lower net debt as per the capital reorganization and additional deleveraging from the FB deal and other internal sources. We have revised our TP to INR750 using the DCF Method, with implied EV/EBITDA of 14x/11x on FY21/22
8:49 AM
NEWS ALERT | Aurobindo Pharma gets US FDA nod for Pantoprazole Sodium Injectable: CNBC TV18
>> Drug is used to treat abdonimal issues
8:46 AM
BROKERAGE VIEW :: Goldman Sachs on Titan
Downgrades to 'sell' from 'neutral', Target price at Rs 738 (from Rs 803)
>> See significant impact on earnings as GDP growth slows down
>> Only 35% of jewellery sales relating to wedding category is resilient
>> Slower store additions, lower returns, higher valuation, key reasons for downgrade.
>> See significant impact on earnings as GDP growth slows down
>> Only 35% of jewellery sales relating to wedding category is resilient
>> Slower store additions, lower returns, higher valuation, key reasons for downgrade.
8:36 AM
NEWS ALERT | Fitch cuts 2020 global growth forecast to -3.9% from -1.9%
8:35 AM
Nifty outlook and stock recommendation by CapitalVia
As per weekly option data, handful of put writing on lower strikes ranging from 8,800 to 9,200 is seen which shows Nifty would witness firm support in sub 9,000 zone. 9,000 will act as support as maximum put OI is placed here. But Nifty likely to face stiff resistance at 9,500 as maximum call OI is placed here. We can witness weakness only if Nifty breaks level of 9,000. Therefore, traders should try to create long position keeping close eye on 9,000. READ MORE
8:35 AM
NEWS ALERT | Fitch cuts India's FY21 GDP growth forecast to 0.8% from 2%
8:27 AM
FII/FPI & DII trading activity on NSE, BSE and MSEI
8:26 AM
Rupee Alert
Source: Bloomberg
8:25 AM
Oil check
>> At 8:23 am, Brent Crude futures were trading 2 per cent higher at around $21/bbl
8:19 AM
SGX Nifty indicates negative start for indices
>> At 8:18 am, the index was at 9,127.30 level, down 61.00 points or 0.66 per cent.
8:13 AM
Asian market check
Source: Reuters
8:12 AM
Wall Street surges on more stimulus, oil rebound
Source: Reuters
7:57 AM
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First Published: Apr 23 2020 | 7:40 AM IST
