HDFC Bank, RIL help Sensex settle 478 pts higher; Nifty ends at 11,385

All that happened in the markets today

1:46 PM

Consumer durable stocks rally in trade; Butterfly Gandhimathi zooms 15%

Shares of consumer durable companies, including household appliance manufacturers, witnessed sharp rally on Tuesday. The S&P BSE Consumer Durables index surged as much as 2.23 per cent during the trade. Among individual stocks, Butterfly Gandhimathi Appliances zoomed 15 per cent to Rs 157.90 on the BSE during the day. At 01:15 PM, the stock was trading 12 per cent higher at Rs 153.85. In comparison, the benchmark S&P BSE Sensex was ruling 0.64 per cent higher at 38,293.77 levels. READ MORE 

1:31 PM

Indigo, SpiceJet are on a breakout and ready to fly higher, charts suggest

Shares of Interglobe Aviation, the paremt company of IndiGo gained over 5 per cent in noon deals on Tuesday, a day before the airline starts operating its Hyderabad-Aurangabad flight. The coronavirus-enforced lockdown in late March had led to the suspension of domestic as well as international flights and services were partially restored only in May-end. READ MORE

1:22 PM

MARKET CHECK:: Top 5 gainers on the BSE at this hour

1:05 PM

Birlasoft leaps 18%, hits 52-week high as it inks pact with Microsoft

Birlasoft helps customers in manufacturing to accelerate their Industry 4.0 adoption; in BFSI to leverage Open APIs and automate both front-office and backoffice transformation; in Energy & Utilities sector to enhance field collaboration and real-time service excellence, optimize operations and improve asset performance; and in Life Sciences vertical to innovate faster, provide rich insights to achieve commercial excellence, and automate drug discovery and pharmacovigilance processes.  READ MORE

12:55 PM

Mukesh Ambani is on a shopping spree in race against Amazon

The Indian billionaire is looking to acquire several local online retailers to help expand product offerings, people familiar with the matter said, as he races to build his e-commerce platform and compete against Amazon.com Inc. Reliance Industries Ltd, Ambani’s oil, retail and telecommunications conglomerate, is in various stages of negotiations to either buy out or purchase stakes in Urban Ladder, an online furniture seller, Zivame, a lingerie maker, and Netmeds, which delivers medicine, the people said, asking not to be identified as the talks are confidential. There’s no certainty the deliberations may result in a deal, they added. READ MORE 

12:43 PM

BUZZING STOCK:: Grasim Industries surges over 8%

12:42 PM

NEWS ALERT :: Axis Bank cuts MCLR by 10bps

12:30 PM

'Bond market investors are likely to chase yields in the coming months'

Bond markets have remained incredibly stable despite the record size of weekly borrowings. I do see market appetite waning in the second half of this fiscal. The RBI may need to step in with larger purchases soon to keep yields from rising. This size of weekly auction can be absorbed in the market only if there is confidence on low yields, else negative sentiments become self-fulfilling. I don’t think the RBI will let that happen – they have enough tools to anchor expectations and hold yields at, or near, current range. READ FULL INTERVIEW HERE

12:21 PM

Despite 58% rally from March low, analysts still upbeat on this stock

For the quarter ended June 2020, the company reported around 50 per cent decline in its net profit at Rs 320.06 crore due to disruptions caused by the Covid-19 pandemic. Its total income increased by just 2.8 per cent to Rs 4,144.70 crore during the period. Still, most brokerages are optimistic on the stock and have raised their target prices by up to 40 per cent. Reason - adequate capital, diversified liabilities, cash buffers, and attractive valuations. READ MORE 

12:12 PM

Nifty Realty index in focus, up 3%

12:06 PM

SBI Cards hits 52-week high as it raises Rs 500 crore via debt instruments

"The company has approved the allotment of 5,000 Fixed Rate, Unsecured, Rated, Taxable, Redeemable, Senior, Non-Convertible Debentures ("NCDs") of the face value of Rs 1,000,000 each, at par, under Series 21, aggregating to Rs 500 crores on private placement basis," it said in a regulatory filing. READ MORE

12:06 PM

Vedanta falls 6% as HC refuses to allow reopening of Sterlite copper plant

Shares of Vedanta Limited dipped 6 per cent to Rs 120.20 on the BSE after the Madras High Court refuesd to allow reopening of Sterlite copper smelting plant in Tamil Nadu's Thoothukudi. A division bench of Justices T S Sivagnanam and V Bhavani Subbaroyan pronounced the verdict, seven months after reserving orders in the case. The court refused to stay the Tamil Nadu government's order shutting down Sterlite Copper plant in Thoothukudi. READ MORE

11:55 AM

BROKERAGE VIEW:: YES Securities on Cochin Shipyard

RATING: BUY  | TARGET PRICE: Rs 429

Given a healthy order backlog, CSL has shipbuilding revenue growth visibility till FY23 with planned execution of Rs 65bn from IAC. It stands to benefit from indigenous defence manufacturing, which would result in faster clearances & timely executions of new projects. The government’s focus on development of inland and coastal waterways infra is expected to spur the demand of ships for CSL over the long term. Expect EBITDA growth of 18% in FY21E-23E, however higher depreciation & lower other income would lead to 7% EPS CAGR.  We expect CSL to yield benefits in the long term from ongoing investments of ~Rs28bn. Our estimates remain unchanged. Retain BUY with DCF based TP of Rs429 (Assumptions: Sales CAGR of 4.5% over FY20-FY30E, NOPAT margin: 9.3%, CoE: 12%, Invested capital turns: 2x).

11:50 AM

BROKERAGE VIEW:: ICICI Securities on Greaves Cotton

Overall auto engine volumes may remain sluggish in the medium term due to BS-VI transition and economic slowdown amid Covid-19. While Bestway acquisition would expand E-3W base, new product launches in high-speed E-2W vehicles at Ampere and new business initiatives (CNG engines, aftermarket, B2C business) may provide much-needed growth uptick in the long term. We build revenue, PAT CAGR of -4.6%, -7.4%, respectively in FY20-22E. We value GCL (base business at 12.5x on FY22E, Ampere at 1.5x P/sales on FY22E) at Rs 80/share and maintain the HOLD rating.

11:47 AM

BROKERAGE VIEW:: Emkay Global on United Breweries

RATING: BUY | TARGET PRICE: Rs 1,225

We cut FY21E earnings but retain FY22/23 estimates. UBL is well-placed to emerge stronger and gain share from the competition. Cost reduction and reduced competition along with volume recovery can drive strong margin gains. We maintain Buy with a TP of Rs 1,225.