MARKET WRAP: Sensex gains 220 pts, ends above 40K as PSBs, IT stocks rally

All that happened in markets today.

2:24 PM

BROKERAGE RADAR | ICICI Securities on Hindustan Zinc (HZL)

In line with the company’s guidance, we also downward revise our FY20 volume guidance. For FY20E, we downward revise our zinc and lead sales volume by ~3% and ~7%, respectively, while for FY21E we downward revise our zinc and lead sales volume by ~5% and ~6%, respectively. The recent uptick in zinc and lead prices on the LME augurs well for HZL. We value the stock at 6x FY21E EV/EBITDA and arrive at a target price of Rs 235, maintaining HOLD recommendation on the stock.

2:16 PM

NEWS ALERT | MRF Board to consider issue of NCDs on Nov 8: CNBC TV18

2:11 PM

MARKET CHECK | Top 5 gainers on the BSE at present

1:57 PM

Vodafone Idea reaches out to lenders for debt revamp as losses mount

Vodafone Group Plc’s Indian venture, reeling under $14 billion of net debt, mounting losses and dwindling subscribers, has approached creditors for better payment terms to revive the sinking carrier, people with direct knowledge of the matter said. READ MORE

1:48 PM

Market check

1:41 PM

India's economic slowdown will reverse in coming quarters: Mukesh Ambani

“As a businessman and as an investor, I am all in, in terms of investing in this country,” Ambani said.

 

“If you look at what happened, yes, there has been a slight slowdown but in my view it’s temporary,” said he. “All the reform measures that have been taken in the last few months will show the outcome. I am quite sure that in the coming quarters this will reverse,” he said. READ MORE

Reliance Industries Chairman Mukesh Ambani

1:31 PM

NEWS ALERT | GoM on e-Pharmacy to meet today & deliberate on proposed regulatory mechanism: sources to CNBC TV18

-- Draft rules for the same were released in 2018

1:26 PM

PSU banks gain; SBI, Canara Bank, Bank of Baroda and PNB rise 3%

Shares of public sector undertaking (PSU) banks were in focus, rising up to 12 per cent in the intra-day deals on Wednesday. The counters extended their past three days' upmove on the National Stock Exchange (NSE), after the State Bank of India (SBI) reported a good set of numbers for September quarter (Q2FY20). READ MORE 

1:10 PM

Indoco Remedies jumps 12% post Q2 results

12:57 PM

SBI expects corporate slippages to reduce to less than Rs 12,000 cr: Analyst Meet

Retail slippages to Rs 20,000 crore by FY21. 

12:54 PM

MARKET CHECK | Top 5 losers on the BSE at present

12:46 PM

BUZZING STOCK | M&M trades near day's high

12:43 PM

NEWS ALERT | Govt against JP Associates' proposal in Jaypee homebuyers' case: sources to CNBC TV18

-- Govt to argue against resolution proposal submitted by JP Assoc

-- Transactions of Jaypee Infratech (JIL) and Jaiprakash Associates (JAL) show companies have diverted funds

-- MCA official told CNBC TV18, govt can't risk with 25,000 homebuyers; will ensure NBCC's bids gets approved

12:24 PM

BROKERAGE RADAR | Emkay Global Financial Services on Hindustan Zinc

We roll over valuation to the average of FY21/22E EBITDA and value the stock at 6x FY21/22E EV/EBITDA. The stock is trading at 5.9x/4.9x FY21/22E EV/EBITDA est. Maintain Hold with a TP of Rs 242 (10 per cent upside). We move from UW to EW in EAP.

12:23 PM

Market check