MARKET WRAP: Sensex surges 835 pts, Nifty reclaims 11K; Nifty IT up over 3%

All that happened in the markets today

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12:43 PM

Granules India up 5% on USFDA approval for generic Aleve PM tablets

Shares of Granules India gained 5 per cent at Rs 377 on the BSE on Friday after US health regulator USFDA gave its approval for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC). The company today announced that the US Food & Drug Administration (US FDA) has approved its Abbreviated New Drug Application (ANDA) for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC), generic equivalent of Aleve PM Tablets, 220 mg/25 mg, of Bayer HealthCare LLC. READ MORE

pharmacy, drugs, medicine, pharma companies, pharmaceuticals, vaccine, coronavirus, covid, testing

12:37 PM

BROKERAGE VIEW | Emkay Global on Indian IT sector

We see a limited read-through from Accenture's results for Indian technology companies in general due to business mix differences (Indian peers’ exposure to the Consulting business is much lower than that of ~55% for ACN). ACN's Q4 performance and guidance came lower than expectations largely due to the weakness in

Consulting. Sustained healthy momentum in outsourcing business revenue and booking augurs well for Indian peers. Nifty IT index gained ~30%/~60%/~20% in last 3M/6M/CYTD and current valuations largely capture the improving demand environment, in our view. Uncertainties around the outcome of US elections, healthcare crisis and slowing global growth will keep the optimism in check and may weigh on stocks.

12:29 PM

Wrong idea in market that we are not professionally run: Top UTI AMC exec

Thirteen years after it was first mooted, UTI AMC is set to hit the market with an initial public offering of Rs 2,160 crore that will enable its five shareholders to offload 30.75 per cent, valuing the AMC at over Rs 7,000 crore. READ MORE

12:27 PM

HCL Tech surges 6%

12:18 PM

ALERT :: Sensex at day's high

12:15 PM

Broader markets outrun benchmarks

12:12 PM

MARKET CHECK :: Indices gain momentum

12:07 PM

Bharti Airtel gains 5% after falling 11% in 2 trading sessions

Till Thursday, stock of Bharti Airtel has corrected 32 per cent from its all-time high level of Rs 612 touched on May 20, 2020, due to investor concerns on mobile tariff hike delay. In comparison, the S&P BSE Sensex has rallied 20 per cent during the same period. READ MORE

11:58 AM

NEWS ALERT :: SC allows for issue of spectrum sale under IBC to be decided by NCLAT in the case of Aircel

>> Ranjit Kumar for Aircel Monitoring Committee to SC says Resolution plan has been approved, matter pending before NCLAT

>> Kumar says, SC had directed for Spectrum sale under IBC to be decided by NCLT, may be modified for issue to be decided by NCLAT.

>> Govt: Not opposed to NCLAT deciding the issue of Spectrum sale under IBC.

>> CoC for R.Comm: R.Comm insolvency is pending before the NCLT, have no issue with SC verdict.

Alert: Aircel Monitoring Committee had moved SC to seek clarity if NCLAT can decide the issue.

11:51 AM

IT stocks -- TCS, Infosys, HCL Tech -- among top contributors to Sensex's gain today

11:46 AM

Accenture Q4FY20 earnings: Five key takeaways for the Indian IT companies

Stressed verticals

Analysts at Nomura note that Accenture's weakness is restricted to stressed verticals such as retail, manufacturing, travel, and energy, which contributed nearly 20 per cent of revenues for the company at the end of FY20. READ MORE

IT service firms, workplace, office space, commercial, rent, employees, staff, tech, saas, data, privacy

11:36 AM

Investment in IndusInd Bank stocks a value bet, but tread with caution

The prolonged correction in banking stocks has tempted investors to look at underperformers. IndusInd Bank, despite its massive recovery from its all-time low of Rs 235 a share, is one such candidate thanks to its 65 per cent year-to-date underperformance. READ MORE

11:27 AM

New entrants unlikely to impact gas distrbution players till FY23

Draft regulations by the Petroleum and Natural Gas Regulatory Board (PNGRB), for third parties, has once again put the spotlight on competition. These norms, drafted by the oil and gas regulator, pertain to transportation tariffs for third parties that use the city gas and compressed natural gas (CNG) distribution network of existing players. READ MORE