Bull-run enters 6th day; Sensex soars 617 pts, Nifty ends above 15,100

Weightage-wise, Infosys (up 3 per cent), Reliance Industries, ICICI Bank, M&M, and TCS contributed around 408-points towards overall gains on the index

11:48 AM

Affle India surges 21% in 2 days, hits new high post Dec quarter results

Shares of Affle India hit a new high of Rs 4,582, up 10 per cent, on the BSE in Monday's intra-day trade after the company reported a strong performance for the quarter ended December 2020 (Q3FY21) with consolidated revenue from operations grew 59 per cent year-on-year (YoY) at Rs 150.50 crore. In the past two days, the stock has surged 21 per cent. READ MORE

11:46 AM

NEWS FLASH :: RBI announces Rs 20,000 crore OMOs on Feb 10

>> 10-year bond yield at 6.01% vs 6.0715% on Friday

11:40 AM

BROKERAGE VIEW:: UBS on Tata Motors

Rating: Neutral | TP: Rs 360

-- We upgrade Tata Motors (TTMT) to Neutral from 'Sell' as management has continued to demonstrate much stronger-than-expected cost controls and margin improvements at Jaguar Land Rover (JLR), despite low volumes. We believe strong FCF generation at JLR will lead to significant balance sheet deleveraging. We now expect JLR to be in a £500m net cash position by FY23, compared with £1.8bn net debt previously.

-- We significantly upgrade our domestic business forecasts on the back of a faster-than-expected truck recovery and further upgrades in our India truck forecasts as a result of government's infra spending push. We are however Neutral on the stock – given the lack of a strong electric vehicle (EV) pipeline at JLR and rising competitive intensity in the space. JLR's volume growth continues to underperform its German peers. TTMT's P/B valuation is now back above its long-term mean, at levels seen prior to the start of balance sheet concerns for the company. Our forecasts are in line with upper end of consensus estimates.

 

-- We significantly upgrade our FY21/22/23 domestic truck volume forecasts from -40%/+80%/+30% to -30%/+100%/+30%. We now expect the industry to return to 10-year average vols in FY22 and close to the FY19 peak by FY23. Tata Motors PV business has clearly recovered much more strongly with Q2/Q3 vols up 112%/89% YoY. Driven by strong operating leverage, we raise our FY22/23 EBITDA margin estimates from 6.5%/8.2% to 8.7%/10.1%. 

11:34 AM

RBI plans Rs 3 trillion in sovereign bond purchases to cap yield at 6%

India’s central bank will target to buy more than Rs 3 trillion ($41 billion) of sovereign bonds in the year starting April 1 to cap benchmark yields at about 6 per cent, according to a person familiar with the matter. The Reserve Bank of India has so far bought about Rs 2.5 trillion of net debt in the current financial year. The figure will be as high as Rs 3 trillion by end-March as authorities are keen to shrink the spread between the 10-year bond yield and repo rate to around 150 basis points from more than 200 basis points, the person said, asking not to be identified discussing private deliberations. READ MORE

11:23 AM

Top gainers on the BSE at this hour

Company	PRICE(rs)	CHG(%)
Bajaj Electrical	1065.90	15.68
Graphite India	408.25	14.81
HEG	1192.40	11.83
VRL Logistics	228.40	11.47
Gujarat Gas	419.10	10.36

11:12 AM

Adani Enterprises hits 52-week high as arm acquires 23.5% stake in MIAL

Shares of Adani Enterprises hit a fresh 52-week high of Rs 683, up 7 per cent on the BSE, in the intra-day trade on Monday after Adani Airports completed acquisition of 23.5 per cent stake in Mumbai Airport. READ MORE

11:10 AM

NTPC on loss caused to power project at Tapovan Vishnugad

An avalanche near Tapovan in Uttarakhand has damaged a part of our under construction hydropower project Tapovan Vishnugad (520 MW) in the region. While rescue operations are on, damage caused is being assessed. Appropriate insurance cover is available for the loss/damage caused. 

(Source: BSE filing)

11:04 AM

NEWS FLASH :: Brent oil climbs above $60/bbl for first time in a year

>> Prices touch intraday high of $60.05/bbl

10:55 AM

Sector Watch :: BSE Auto jumps 2.5%, best sectoral gainer

>> M&M, Tata Motors, Maruti top index contributors

10:52 AM

Blackstone in the final leg of talks to buy out Embassy Industrial Parks

US-based private equity (PE) giant Blackstone is in the final leg of talks to buy out PE major Warburg Pincus and Bengaluru-based property developer Embassy from their warehousing joint venture (JV), known as Embassy Industrial Parks, said sources in the know.

 

Though the JV was looking to monetise the business at an enterprise value of Rs 1,700-1,900 crore in an earlier round of talks with investors last year, the deal could happen close to the price range, said sources. READ MORE

10:42 AM

SECTOR WATCH:: Auto stocks outperform

10:34 AM

Gujarat Gas shares surge 14% on strong December quarter results

Revenues increased 12.9 per cent year-on-year (YoY) to Rs 2,829 crore as sales volume jumped 22.9 per cent YoY. Gross margins improved Rs 1.2/scm YoY to Rs 7.8/scm. Ebitda (earnings before interest, taxes, depreciation, and amortisation) was at Rs 614.8 crore, up 65.9 per cent YoY. READ MORE

10:24 AM

M&M rallies 10%, nears record high on strong operational performance in Q3

In Q3FY21, the company said its consolidated profit after tax or PAT (after EI & NCI) was at Rs 704 crore, an increase of 252 per cent year on year (YoY). The key drivers were capital allocation actions, a 220 bps increase in standalone operating margins on the back of a 20 per cent growth in tractor volumes and a 12 per cent revenue increase in the auto business. READ MORE

10:13 AM

Oil will return to a starring role in India

Oil’s importance to India’s needs is not necessarily a risk since energy security goes both ways. India is unabashedly reliant on oil and is a key buyer of crude from big suppliers like Saudi Arabia and Iraq, while the OPEC producers equally depend on India’s appetite for Middle East grades. The relationship is mutually beneficial and the ties between India and top producers are only getting closer. READ MORE

10:03 AM

Rupee Opening

Rupee opens higher at 72.86 per US dollar vs Friday's close of 72.92/$