Bulls lift indices to new closing peak; Sensex up 458 pts; pharma stks gain

The Nifty Pharma index edged up 3 per cent, followed by gains in the Nifty PSB index (up 2.3 per cent), and the Nifty Pruvate Bank index (up 2 per cent)

9:27 AM

Tata Motors extends gains, up over 3.5%

9:26 AM

V-Mart trades flat on fixing issue price for QIP

>> The company has set the issue price for its QIP at Rs 2,450 per share.

9:24 AM

HDFC trades weaker post Q3 nos

9:23 AM

Dr Reddy's Labs advances 5% as Russia's Sputnik V shows over 90% efficacy in Phase-III trials

>> Russia's Sputnik V vaccine showed 91.6 per cent efficacy in the phase 3 trials. Its India partner, Dr Reddy's Laboratories has said that it would apply for emergency approval in March and that it aims to launch the vaccine in the same month.

9:21 AM

Sectoral trends on NSE

9:20 AM

Sensex Heatmap :: Financials, auto see profit-booking

9:19 AM

Opening Bell :: Nifty tops 14,700

9:17 AM

Opening Bell :: Sensex hits record high of 50,231 in early deals

9:08 AM

Commodity Heatmap

9:06 AM

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

9:05 AM

Markets at Pre-open

9:03 AM

Markets at Pre-open

9:00 AM

BROKERAGE VIEW :: ICICI Securities on Shree Cement

TP: Rs 31,000 | Reco: Buy

>> Shree Cement reported healthy EBITDA growth of 28.2% YoY to Rs 1,089 crore driven by improved sales volume (up 14.6% YoY to 7.16 MT) and lower production costs. This, along with fall in the depreciation charge led to PAT growth of over 102% for the quarter. The company aims to double its total capacity over the next seven years. Current total cement capacity is at 44.4MT (including UAE), which will increase to 50 MT by end of FY21 with commissioning of 6 MT cement capacity at Odisha and Maharashtra.

>> The company also recently announced 3.5-4 MT clinker capacity expansion entailing capex of ~| 1000 crore at Raipur. It is likely to get commissioned by September 2022E. With expected sharp pick-up in infra and real estate, we expect the growth momentum to remain strong and expect revenue CAGR and PAT CAGR of 12.8% and 19.9%, respectively, during FY20-23E.

8:57 AM

BROKERAGE VIEW :: HDFC Securities on IOC

TP: Rs 107 | Reco: Add

>> We maintain ADD on IOC with a target price of Rs 107, owing to an expected recovery in demand for petroleum products and, subsequently, refining margins in FY22/23. Reported EBITDA/APAT were 18/8% above our estimates, owing to higher GRM of USD 1.26/bbl (HSIE: USD 0.8/bbl), higher-than-expected throughputs, a higher-than-expected other income, offset by higher-than-expected tax outgo and finance cost. Refining and marketing business’ inventory gains were Rs 9.2bn and Rs 17.1bn. Adjusting for inventory gains and forex gain, core EBITDA comes to Rs 66bn.

8:55 AM

BROKERAGE VIEW :: HDFC Securities on Ajanta Pharma

TP: Rs 2,250 | Reco: Buy

>> Ajanta’s Q3 revenue grew by 15% YoY driven by strong performance in branded markets and Africa Institutional business. Despite normalisation in fixed costs (at pre-Covid levels), EBITDA margin came higher at 32% (+372bps YoY) driven by improvement in gross margin (+344bps YoY). We believe Ajanta is poised to re-rate as: a) it’s high exposure to branded business (~70% of revenue) offers good growth visibility with superior margins; b) rising scale in the US (USD 80mn, doubled in 2 years) will lead to meaningful improvement in profitability; c) with conclusion of major capex cycle (INR 16bn+ in the past 6 years, internally funded) and plant opex reflecting in P&L, operating leverage benefits are expected to drive strong earnings growth of 15% CAGR, core-ROCE expansion of ~465bps to 29% and FCF generation of ~INR 14bn over FY21e-FY23e.