RIL, HDFC Bank help indices end 4-day losing streak; Sensex gains 748 pts

All that happened in the markets today

9:24 AM

YES Bank gains 2.5% after Moody's upgrade

>> Moody's has upgraded YES Bank’s long-term foreign currency issuer rating from “Caa1” to “B3” as equity capital raise of Rs 15,000 crore has bolstered its solvency.

9:22 AM

BUZZING STOCK:: Exide Industries jumps 5.5%

9:21 AM

All sectoral indices on the NSE trade in the green

9:20 AM

Gainers and losers on the S&P BSE Sensex

9:18 AM

OPENING BELL

At 09:16 AM, the S&P BSE Sensex was trading 213 points or 0.58 per cent higher at 37,152 while NSE's Nifty was ruling at 10,963, up 71 points, or 0.65 per cent. 

9:08 AM

Top gainers and losers on the S&P BSE Sensex at Pre-open

9:05 AM

Markets at Pre-open

9:03 AM

BROKERAGE VIEW:: ICICI Securities on VST Industries

VST has a wide presence at lower price point cigarettes. With a continuous increase in taxes & duties, the consumer market now has been largely concentrated at 64 & 69 mm cigarettes. Moreover, the gap between ITC & VST’s (at lower end) prices led to market share gains for the latter. The possibility of curbs on illicit cigarettes due to supply disruptions could also help drive volume growth for the company. We retain our positive stance valuing it at 20x FY22 PE with a target price of Rs 4,450/share and BUY recommendation.

9:02 AM

BROKERAGE VIEW:: Centrum Broking on Ambuja Cement

We have used SOTP valuation to arrive at the fair price of ACEM (based on replacement cost), and arrive at a target price of Rs 228/sh. At our TP the stock trades at an EV/EBITDA of 7.4x CY21 earnings. ACEM’s clinker capacity addition will address its current clinker shortage issues. Additionally, improvement in capacity utilisation will aide cost savings (~Rs 50/tonne). Additionally, cost savings measures with new railway siding in Rajasthan will only boost/maintain earnings (even in challenging times). A healthy balance sheet (cash of Rs70bn CY21E) and debt-free status only adds comfort. Maintain BUY.

8:57 AM

BROKERAGE VIEW:: Emkay Global on Tata Communications

RATING: BUY | TARGET PRICE: Rs 950

Operating performance in global data services (GDS) was strong, and management sounded confident on revenue growth. We estimate EBITDA CAGR of 11% and FCF generation of Rs 55bn over FY21-23E. We resume coverage with a Buy rating and a SoTP-based TP of Rs 950.

8:55 AM

BROKERAGE VIEW:: Prabhudas Lilladher on Thyrocare Technologies

Rating: SELL | CMP: Rs 677 | TP: Rs 307

COVID regime has changed the business mix for THYROCAR and impacted its profitability because of 1) lower gross margin at 53% (v/s 72% YoY) due to use of high-cost reagents for COVID test, 2) aggressive pricing for COVID test and 3) increased employee cost at 16% of sales (v/s 11% YoY and 13% QoQ). We remain negative on the entire diagnostic chain due to possible structural change in the coming years and expensive valuation at Mcap/sales of 10.3x, PE of 60x (FY21E) and 40x (FY22E). We maintain SELL recommendation and retain TP of Rs 307 based on 18x of FY22E.

8:53 AM

BROKERAGE VIEW:: ICICI Securities on Tata Chemicals

The company is likely to complete value added capex such as soda bicarb, agro science and salt as per original timeline, while there was a delay of 12-18 months in soda ash and cement capacity. We believe the company’s focus remains on the specialty portfolio, which should likely inch up in the years to come, resulting in an improvement in operating margins. We value the company on a SOTP basis and arrive at a target price of Rs 285 including the investment portfolio value. We have a HOLD recommendation on the stock.

8:48 AM

BROKERAGE VIEW :: Morgan Stanley on Tata Motors

Maintains 'Equal-weight', Target price: Rs 113

>> JLR is seeing V-shaped recovery in volumes

>> Sequential earnings momentum is strong

>> High leverage, geo-political risks, and EV disruption keeps us EQ

8:42 AM

BROKERAGE VIEW :: Fitch on Telcos

>> Indian telcos' rvenues grew stronger

>> Companies liekly to weather Covid-19-slowdown

>> Expect industry's mobile segment EBITDA to grow 25-30% YoY

>> Robust growth will be driven by tariff hikes, feature phone user migration to 4G, and high monthly data usage 

8:38 AM

NEWS ALERT :: JLR US sales for the month of July fall 18% YoY

>> Jaguar USA & Land Rover USA sales also slip 18% each YoY, reports CNBC TV18.