MARKET: Sensex slips 194 pts as financials fall; Nifty Bank tanks 813 pts

All that happened in the markets today

11:21 AM

NEWS ALERT:: Farm reforms can be game-changer in adding value to the economy, says RBI Guv

11:20 AM

NEWS ALERT:: Must leverage on IT, communication to power growth, says RBI Guv

11:19 AM

NEWS ALERT:: RBI Governor Shaktikanta Das addresses CII National Council members

11:14 AM

Top losers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
TRIDENT	6.62	-5.56
INTELLECT DESIGN	142.50	-5.00
DISHMAN CARBOGEN	161.80	-4.99
HERITAGE FOODS	293.50	-4.99
ARVIND FASHIONS.	133.60	-4.98

11:02 AM

Nifty's love for 11,200 levels in July: Where are the markets headed?

If you believed that the markets have seen a secular bull run over the past few years, think again. Despite the highs and lows that the indices have made over the past few years, Nifty 50 – the benchmark index on the National Stock Exchange (NSE) – has somehow managed to hover around the 11,200 mark in July. You may call it coincidence, but exactly three years ago on July 27, 2018, the Nifty recorded a closing high of 11,278 levels before scaling up and then losing steam over the next few months. READ MORE

10:53 AM

Multiplex operators in focus; PVR, Inox Leisure up over 5% in a weak market

Shares of multiplex operators PVR and Inox Leisure were trading over 5 per cent higher in an otherwise weak market on the BSE on Monday amid expectation that cinema halls would be opened as part of 'Unlock 3'. Inox Leisure has rallied 10 per cent to Rs 265 on the BSE on back of over 5-fold jump in trading volumes. At 10:20 am, the stock was trading 8 per cent higher with a combined 1.25 million shares changing hands on the NSE and BSE. READ MORE

10:43 AM

India's stock market is barometer of economic concentration: Shankar Sharma

"India has been part of the global rally and still is much below its all-time highs. Some other markets, such as those in Taiwan, the United States, and Switzerland are way ahead. That said, there is more room for upside. I don’t think India will sit out the general uptrend in global markets. The rally will be led by global factors, rather than domestic developments. While the pace of the up-move may differ as compared to global markets, directionally we will track global peers." READ MORE

10:33 AM

BROKERAGE VIEW:: Prabhudas Lilladher on ITC

Rating: BUY | CMP: Rs 200 | TP: Rs 262

We believe ITC would be one of the key beneficiary of an uptick in consumer demand and is inching towards double digit EBIDTA margins in FMCG business over next 2-3 years. ITC trades at 14.0x Sept22 EPS, ~60% discount to our coverage universe with 5% dividend yield (80% payout) and 7.1% PBT CAGR over FY20-23. Maintain BUY with target price of Rs 262 on SOTP (valuing cigarette business at 15xSept EPS, 58% of SOTP value). Significant re-rating depends upon reduced aversion to tobacco stocks globally and clarity on SUTI stake sale. 

10:31 AM

BROKERAGE VIEW:: Prabhudas Lilladher on Mphasis

Rating: BUY | CMP: Rs 1,118 | TP: Rs 1,302

Deal pipeline was the highlight for the quarter- New deal wins highest ever at $259mn, +29% QoQ, +72% YoY. It includes a large deal win of US$105mn. In addition, the company signed another large deal of $216mn deals in July, from an existing non-banking client. TTM order intake stood at US$823mn vs US$715mn in the last qtr. We have been highlighting Mpahsis investments into sales engine & their focus on scaling the select accounts which is now yielding into strong deal wins. We expect a strong deal flow to continue which will provide pivot for growth in FY21/22E.We have increased our estimates by 2.6%/1% for FY22/23E & now it trades at 15.3x/14x at EPS of Rs.73/80 respectively. We now assign 17X (earlier 13X) (Sep-22) earnings multiple & arrive at changed TP of Rs.1302 (earlier: Rs. 943). Upgrade to Buy from Accumulate.

10:29 AM

BROKERAGE VIEW:: YES Securities on AU Small Finance Bank

RATING: REDUCE | TARGET PRUCE: Rs 700

• Though management expects collections to further improve in July‐August, we believe delinquencies could spike as certain applications/occupations in retail portfolio may take longer time to revive.
• Downgrade from BUY to Reduce as the recent sharp rerating (trades at 4.6x FY22 P/ABV) assumes a rather smooth sailing through the pandemic. Equity raising (not factored by us) could support price.

10:25 AM

BROKERAGE VIEW:: YES Securities on ICICI Bank

RATING: BUY | TARGET PRICE: Rs 500

Maintain BUY with an upgraded TP of Rs500. Revise EPS/ABV estimates upwards on stronger PPOP show and capital raise. Earnings metrics to bounce back in FY22. Core bank trades at 1.3x FY22E P/ABV; insurance and AMC subs will continue to accrete value (Rs 118/share now)

Risk to our call: Prolonged Covid episode and its deeper impact

10:23 AM

BROKERAGE VIEW:: ICICI Securities on Biocon

RATING: HOLD | TARGET PRICE: Rs 429

Biocon Limited (Biocon) reported a healthy Q1FY21 performance recovering from the weak performance in Q4FY20. Recovery was driven by biosimilars that grew

59.6% QoQ. Consolidated revenues grew 14.6% to Rs16.7bn (I-Sec: Rs14.9bn), adjusted EBITDA margin was down 530bps to 24.7% (I-Sec: 23.3%) and adjusted

PAT dropped 27.6% to Rs1.5bn (I-Sec: Rs1.6bn). Lower margin and operational performance was due to decline in profit share in the biosimilars segment and

flattish performance in the research services. New launches and continuous recovery hereon would aid margin improvement in the coming quarters. Reiterate HOLD with a revised target price of Rs 429/share (earlier: Rs 416/share).

10:22 AM

BROKERAGE VIEW:: ICICI Securities on ITC

RATING: ADD | TARGET PRICE: Rs 220

Our FY22 earnings estimates are largely unchanged; modelling revenue / EBITDA / PAT CAGR of 8 / 7 / 4 (%) respectively over FY20-22E. Maintain ADD with a DCF-based target price unchanged at Rs220. At our target price, the stock will trade at 17x P/E multiple Mar’22E. Key downside risk is tax hikes much ahead of inflation leading to volume pressure (on cigarettes) as price elasticity is still unfavourable.

10:18 AM

MARKET UPDATE:: India VIX rises 4%

10:10 AM

Rupee opening

Rupee opens higher at 74.71/$ vs Friday's close of 74.83 against the US dollar