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

All that happened in markets today.

12:11 PM

BROKERAGE RADAR | Reliance Securities on ICICI Bank

We continue to like the Bank for its increased conservatism, relatively low residual corporate stress, strong liability franchise and inexpensive valuation. Marginally tweaking our estimates and raising our target multiple to 2.4x (from 2.1x earlier) for standalone ABV, we maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs 570, which including the value of subsidiaries implies 3.1x of FY21 P/ABV.

12:03 PM

Polycab India rallies 8% to hit new high, zooms 65% against issue price

Shares of Polycab India continued their upward march, hitting a new high of Rs 889, up 8 per cent in the intra-day deals on Wednesday. The stock has surged 24 per cent in the past two weeks, after reporting a healthy September quarter results. In comparison, the S&P BSE Sensex has gained 4 per cent during the same period. READ MORE 

11:45 AM

Bond vigilantes worry too much: Veteran banker shrugs off fiscal concerns

Ashok Gautam is betting that India will achieve its fiscal-deficit target this year. That makes him something of a rare breed among investors in the nation’s bond market. Gautam, a banker for nearly thirty-five years, is counting on Prime Minister Narendra Modi’s administration’s past fiscal-track record, which shows it can generate funds to plug revenue gaps. That, he said, would remove a major impediment to a debt rally, which could see the benchmark 10-year yield slip to near a three-year low as the Reserve Bank of India cuts rates further. READ MORE 

11:34 AM

NEWS ALERT | Tax rate for full year to be less than 25% due to Deferred Tax Credit: Petronet LNG

-- Power sector contributed to volume growth

-- Capex is at Rs 450 cr for the year

11:26 AM

BROKERAGE RADAR | Nirmal Bang Research on DCB Bank

CMP: Rs 176

 

Target: Rs 242

 

Recommendation: BUY

 

DCB has surpassed its inflection point in terms of a gradual and continuous reduction in its cost to income ratio as the benefit of over 2x increase in branches post FY15 becomes visible. Although the economic slowdown and run-down of corporate book shall impact the bank during FY20, we remain positive from FY21 perspective, given DCB’s strong presence in the SME and Retail space with no baggage of any legacy asset quality issues. We maintain BUY on the stock and upgrade the target price to Rs. 242 (at 2x of FY21E Adj. BV).

11:26 AM

Index Contributors at this hour

11:11 AM

News Impact | IndiGo rises over 5% on reports airline places order for 300 Airbus planes

11:02 AM

NEWS ALERT | Cochin Shipyard bags order worth Rs 175.7 cr for water metro project in Kochi: CNBC TV18

10:54 AM

BEML surges 10%, hits 52-week high on report govt plans divestment

Shares of BEML surged 10 per cent to hit a fresh 52-week high of Rs 1,108 on the BSE on Wednesday on report that the government has started the divestment process of the state-owned commercial vehicles' company. READ MORE

10:24 AM

Petronet LNG climbs over 6% as Q2 net profit surges 90% YoY

The company's net profit during July-September period stood Rs 1,089 crore, up 90 per cent against Rs 572.89 crore posted in the year-ago period. Revenue from operations, however, slipped to Rs 9,361.18 crore from Rs 10,745.34 crore in the second of the previous fiscal year. READ MORE 

10:18 AM

BHEL zooms 14% on reports CLSA upgrades to 'Buy' on divestment plan

State-owned Bharat Heavy Electricals Ltd (BHEL) zoomed 14 per cent to Rs 61.30 apiece on the BSE on Wednesday after global brokerage firm CLSA upgraded the stock to 'Buy' from 'Sell' owing to the benefits that the company could reap due to government's stake sale.

 

According to reports, the brokerage sees "limited risk" in the stock and believes READ MORE

10:08 AM

NEWS ALERT | Govt may issue EoI for 26% stake sale in BEML, reports CNBC TV18

-- Defence MInistry, DIPAM held meeting on stake sale on direction of PMO

-- Cabinet nod not required for stake sale

Alert: Govt currently holds 54.03% stake in BEML

10:04 AM

HDFC Life Insurance hits new high after multiple block deals

Shares of HDFC Life Insurance hit a new high of Rs 634, up 4 per cent on the BSE in the early morning deals on Wednesday after nearly 5 per cent of total equity of insurance company changed hands through block deals. The stock bounced back 10 per cent from its opening low of Rs 575 on the BSE. It surpassed its previous high of Rs 626, touched on October 23, 2019. READ MORE

9:47 AM

NPS' debt assets in AAA-rated papers up by 1.83 percentage point to 37.87%

The National Pension System’s (NPS’) debt assets in AAA-rated papers has increased by 1.83 percentage point to 37.87 per cent, in the one-year period ended September 30, 2019. Over a three-year period, AAA-rated assets have surged 4.8 percentage points.

 

Conversely, assets in AA- and below-rated papers have reduced 87 basis points (bps) in the past year and shrunk by 3.5 percentage points in the past three years. READ MORE

9:24 AM

Petronet LNG climbs over 5% post Q2 nos