Indices end near day's high, Sensex up 558 pts; UltraTech Cement jumps 7%

All that happened in the markets today

4:12 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"Indian benchmark indices closed up by around 1.4 per cent, with Auto and IT constituents contributing the most to the gains. Some of the stocks rallied on the basis of their earnings results with operating margins and earnings visibility being the key notables. Globally, there was an expectation that the US Fed would continue with its dovish policy stance, which would ensure liquidity, especially into emerging markets like India. Liquidity has been a key driver for the market performance, and the Fed decision is likely to be greeted positively. The advice to remain cautious remains and investors must accumulate only quality stocks."

3:44 PM

SECTOR WATCH:: Nifty Auto gains the most

3:43 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 558 points or 1.47 per cent to settle at 38,493 while NSE's Nifty ended at 11,300, up 169 points or 1.52 per cent.

3:28 PM

BROKERAGE VIEW:: Centrum Broking on Biocon

The management has guided that company would continue to bring 3 products each fiscal until FY23E and beyond that two products each fiscal. The key concern at this point would be unexplainably low market share in the key products like Pegfilgrastim and Trastuzumab, we closely watch this scenario and feel if the market share in these products could touch low-mid double digits in coming 8 to 12 months and along with ramp-up in Insulin Glargine the earnings could be impressive. We maintain Buy with the target price of Rs 498 (SOTP based). We have valued each business segment separately.

3:22 PM

BUZZING STOCK:: Infosys gains nearly 1.7%

3:14 PM

BUZZING STOCK:: Thyrocare Technologies jumps 14%

3:05 PM

MARKET CHECK :: Nifty nears 11,300

3:04 PM

TCS, HDFC contribute the most to Sensex's 500-point rally today

2:54 PM

NEWS ALERT :: Tata Motors appoints Thierry Bolloré as new chief Executive Officer of JLR w.e.f September 10

>> Bolloré succeeds Prof Sir Ralf Speth, who will take up the previously announced position of Non-Executive Vice Chairman of Jaguar Land Rover plc

Via BSE filing

2:48 PM

MARKET CHECK

2:44 PM

UltraTech Cement surges 7% on strong operational performance in Q1

Shares of UltraTech Cement moved higher by 7 per cent to Rs 4,136 on the BSE on Tuesday after the company reported better-than-expected operational performance in the April-June quarter of FY21 (Q1FY21). The company reported a consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 2,353 crore, as against an average analyst estimate of Rs 1,702 crore. READ MORE

2:40 PM

Tractor growth, partnership with Japan's Kubota key triggers for Escorts

A better-than-expected June quarter performance and expectations of steady growth for FY21 led to the 2.2 per cent gain for the Escorts stock. The outperformance was due to a better product mix and lower expenses which resulted in higher realisations and margin expansions. The gains on the operating front came despite the 14 per cent year-on-year fall in tractor volumes. Agri machinery (tractors) is the largest of the three segments Escorts is in and accounts for 80 per cent of its revenues. READ MORE

2:28 PM

BROKERAGE VIEW:: Emkay Global Financial Services on Nippon Life

RATING: HOLD | TARGET PRICE: Rs 280

We cut FY21/22 PAT estimates by ~3.5%/2.7% and roll forward our valuation to Sept’22E. Maintain Hold with a revised TP of Rs 280 (Rs 271 earlier), corresponding to 29x P/Sept’22E EPS with 24% RoE by FY23E. The key risk to our call is another sell-off in the market impacting AUMs negatively.

2:20 PM

RESULT IMPACT:: Ultratech Cement jumps over 6% post June quarter nos

>> Net profit slips 37.8% YoY to Rs 796.3 crore; 

 

>> Revenue down 33.2% YoY to Rs 7,633.8 crore; 

 

>> EBITDA falls 29.7% YoY to Rs 2,074.6 crore