Sensex tumbles 581 pts from record peak, ends 214 pts down; Nifty holds 17K

The Nifty Realty index jumped 5 per cent today while the Nifty Metal index slipped 1.8 per cent

12:14 PM

August Auto Sales :: Ashok Leyland shares move sharply higher as sales rise 141% YoY

12:07 PM

ALERT :: Eicher Motors VE Commercial vehicle sales grow 94% YoY

>> Stock up 3% on NSE

12:04 PM

Ami Organics' Rs 570 crore IPO kicks off: Should you apply?

At the higher price band of Rs 610, Ami Organics is demanding a P/E multiple of 41.2x (to its FY21 EPS of Rs 14.8), which is at discount to the peer average of 48.3x. The company is commanding a premium of 24-27 per cent or Rs 162 per share in the grey market over the issue price, helped by strong financial performance and the positive market mood. "Ami Organics is one of the key players in pharma intermediates of APIs having application in high growth therapeutic areas. The company's operations look well-managed with an ROCE of 25 per cent and ROE of 32 per cent in fiscal 2021. Owing to a strong product portfolio and market share, we may see interest from investors having a long-term perspective," Manan Doshi, co-founder at UnlistedArena.com said. READ MORE

11:49 AM

ALERT :: Ramco Systems wins order from Draken International

>> Ramco Systems announced that it will implement its Aviation M&E MRO Suite V5.9 at Draken International for contract adversary air (ADAIR) services to the defense industry, across its global operations in both CONUS and OCONUS locations. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations as well as a scalable software platform that will support the company’s rapid expansion plans.

11:29 AM

Axis Bank shares surge 11% in 5 days. What's fuelling the rally?

Axis Bank shares hit a fresh 52-week high of Rs 819 apiece on Wednesday after they rallied 4.2 per cent on the BSE in the intra-day trade. At 10:50 AM, the stock of the private lender was trading at Rs 810 per share, up 3 per cent, as compared to a 0.26 per cent gain in the benchmark S&P BSE Sensex. A combined 10.61 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report. Including today's intra-day gain, the stock has surged 11 per cent on the BSE in the past 5 trading sessions relative to around 3 per cent gain in the Sensex index. READ MORE

11:08 AM

India's market capitalisation to GDP ratio hits 13-year high of 122%

The listed companies in India are worth 122 per cent of India’s latest annualised gross domestic product (GDP) — the highest since December 2008, when it had hit an all-time high of around 150 per cent. The ratio was 112 per cent at the end of June and 103 per cent at the end of March.

 

India’s current market capitalisation (m-cap) to GDP ratio is nearly 55 per cent higher than the 15-year median ratio of 79 per cent. READ MORE

10:51 AM

Around 18 unicorns to hit street with $11-12 bn IPOs in 2 years: Bofa

The fast swelling unicorn universe in the startup ecosystem is set to witness a flurry of share sales as around 18 large startups are set to hit primary markets to raise USD 11-12 billion over the next 24 months, according to a Wall Street brokerage. The domestic startups have created around 60 unicorns, having USD 1 billion valuations or more, and 20 of them this year alone. Many reports predict that the number will cross the 100-mark this year, going by the massive fund inflows into startups. READ MORE

10:35 AM

NEWS ALERT :: IHS Markit India Aug Manufacturing PMI shrinks MoM

>> Comes in at 52.3 vs 55.3 in July

10:29 AM

Likhita Infrastructure shares soar 8% on Rs 146 crore order win

Shares of Likhita Infrastructure soared over 8 per cent to Rs 406.60 on the BSE in Wednesday's intraday session after the company, post-market hours, said it secured an order worth Rs 145.86 crore from Indradhanush Gas Grid Limited (IGGL). In the past two sessions, the stock has gained nearly 13 per cent. The value of the total outstanding order book as of August 31 stood at approximately Rs 1,020 crore. READ MORE

10:18 AM

Shoppers Stop shares surge 6% as it sells Crossword Bookstore for Rs 42 cr

"The company has closed the sale of a controlling stake of its 100 per cent subsidiary, Crossword Bookstores Limited Dinesh Gupta, Aakash Gupta and Family (owners of Agarwal Business House), Pune, pursuant to the share purchase agreement between Shoppers Stop and ABH signed on August 31, 2021. The business of Crossword Bookstores is valued at Rs 41.6 crore," the retail chainstore said in an exchange filing. READ MORE

10:01 AM

New milestones on the bourses :: Sensex nears 57,900

9:49 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The almost incredible market rally continues lifting the Sensex and Nifty above the 57000 and 17000 marks respectively. What stands out in the recent rally of above 400 points on the Nifty is the outperformance of high quality stocks. It is important to appreciate the fact that the eight stocks - RIL, HDFC Bank, HDFC, Infosys, ICICI Bank, TCS, Bajaj Finance and Bharti Airtel- which have been doing well recently account for 50.7 percent weight in the Nifty. Therefore spike in these stocks can lift the Nifty disproportionately. The underperformance of the mid- and small-caps, particularly the removal of the froth in the segment, is desirable even when the market is racing to lofty valuations.

 

FPIs resuming buying ( Rs 3881 cr yesterday) is indicative of the lack of clarity even in smart money. They have been selling in the cash market for most of July  and August on fears of high valuation but have been forced to come back on fears of losing the momentum in the market.

 

Q1 GDP growth rate at 20.1 percent is on expected lines. The impressive pick up capital formation at 55.3 percent augurs well for growth for the rest of the year.

9:40 AM

Tourism Finance Corporation of India climbs 3% as firm to mull fund raising

>> The company on September 3 will consider fund raising.

9:39 AM

Likhita Infra surges 7% on Rs 146 crore order win

>> The company has received order worth Rs 145.86 crore from Indradhanush Gas Grid (IGGL) for laying & construction of steel gas pipeline and terminals along with associated facilities for section 5 & 9 of North-East Gas Grid (NEGG) Project.

9:37 AM

Maruti declines 1% as firm flags chip shortage

>> India's biggest car maker Maruti Suzuki said on Tuesday that its vehicle production in September will tumble by 60 per cent due to a chip shortage.