MARKET WRAP: Sensex slips 394 pts amid weak global cues; RIL declines 1.7%

All that happened in the markets today

1:13 PM

NEWS ALERT :: Washington, Beijing to hold trade talks in the coming days, says Chinese commerce ministry

1:11 PM

NEWS ALERT :: RBL Bank board approves raising Rs 1,556 cr via pref issue

>> To allot 8.8 cr shares at Rs 177/sh

1:02 PM

European indices trade lower in opening deals

12:52 PM

MARKET CHECK

12:48 PM

KNR Constructions soars 17% in 3 days; analysts see 21% upside in stk price

On Tuesday, the company reported consolidated net profit of Rs 46.68 crore for the recently concluded quarter, as against profit of Rs 42.89 crore in the year-ago period. Sequentially, the profit declined from Rs 84.82 crore reported in March quarter of FY20. The profit before tax stood at Rs 59.28 crore, while revenue from operation came in at Rs 522.52 crore. READ MORE

12:41 PM

Packaging stocks in focus; Everest Kanto up 10%, Cosmo Films hits new high

Cosmo Films rose 1.82 per cent to its fresh all-time high of Rs 488.95 on the BSE after announcing its June quarter earnings (Q1FY20) yesterday. The company posted a 69.15 per cent year-on-year (YoY) increase in consolidated net profit at Rs 46.99 crore for the first quarter ended June 2020. READ MORE 

12:32 PM

BROKERAGE VIEW:: Edelweiss Securities on Tata Power

Tata Power's significant business restructuring plan (including deleveraging) along with rejig of its growth model is likely to have overarching implications from financial and ESG perspective–gradual re-rating will continue and the perception will change to growth orientation. We revise up FY22E EPS by 10 per cent and SOTP by 25 per cent as we factor deleveraging and restructuring benefits. Maintain ‘BUY’ with revised TP of Rs 75 (earlier Rs 60).

12:23 PM

RIL, HDFC contribute the most to Sensex's fall today

12:06 PM

IndiaMART InterMESH gains 4% after MOFSL initiates coverage with "BUY"

IndiaMART operates in a sweet spot, wherein high-growth SMEs fuel the top line and a subscription-based model limits the risk of default. Margins mirror the positive operating leverage from revenue growth in the business, the brokerage said in its report. READ MORE 

11:49 AM

NEWS ALERT :: Govt may invite bid for stake sale in SCI by October 15: Agencies

11:45 AM

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

11:35 AM

BUZZING STOCK:: Essel Propack up 5%

11:26 AM

Gift vouchers, trading credits: Brokers scramble to attract clients

With nearly a million accounts being opened every month, brokers are scrambling to attract investors towards their platform. Amazon gift vouchers, trading credits, and bundled offerings are some of the sops being doled out. Besides, many players have sweetened their referral programmes, incentivising their existing clients to bring new customers. READ MORE

11:17 AM

Power stks zoom as Cabinet ups lending limits for discoms; Tata Power up 8%

Currently, discoms can borrow only up to 25 per cent of their previous year’s working capital under the limits stipulated in the UDAY scheme. Borrowing were tied to discoms’ operational performance to ensure discipline. The limit, however, has now been relaxed for a one-time lending. This would help those discoms that have exhausted their borrowing limits and will assist power retailers to clear their dues to generation and transmission companies to help reduce stress in the sector. READ MORE

11:06 AM

Most sugar stocks rise in trade; Shree Renuka Sugars gains over 3%

Shares of most sugar companies were trading in the positive territory on Thursday even after the government raised the sugar cane floor price by 3.6 per cent. The Union Cabinet has approved raising the price that sugar mills must pay for sugarcane in the next season beginning October 1, to Rs 285 per 100 kg, up from 275 rupees a year earlier, said media reports. READ MORE