Sensex gains 227 pts, ends above 44K, Nifty settles at 12,938; M&M up 11%

All that happened in the markets today

11:57 AM

IRB Infra InvIT completes second fund raising round by securing Rs 510 cr

Country's first infrastructure investment trust IRB Infra INVIT on Wednesday said it has completed the second installment of its fund raising programme by securing Rs 510 crore.

 

Infrastructure Trust - Private InvlT, has successfully closed 2nd tranche of fund raising by way of Rights Issue of Units amounting to Rs 510 crore, the company said in an official statement. READ MORE

11:46 AM

MARKET CHECK

11:38 AM

Mahindra & Mahindra to make new K2 series tractors; stock hits 52-week high

Shares of Mahindra & Mahindra (M&M) hit a 52-week high of Rs 675, up 6 per cent on the BSE in the intra-day deals on Wednesday after the company said it will make new K2 series tractors in Telangana. The stock surpassed its previous high of Rs 666 touched on September 22, 2020. READ MORE 

File photo: The logo of Mahindra and Mahindra is seen at a showroom in Mumbai

11:28 AM

This hottest India internet stock is surging on back of startup investments

Info Edge India Ltd. climbed to a record on Tuesday and is the top gainer this month on the National Stock Exchange’s 10-member IT index. The company runs Naukri.com, the nation’s leading job-hunting platform, and has investments in at least 23 startups, according to its website. It owns about a fifth of Zomato, the largest Indian web-based food delivery platform that counts Jack Ma’s Ant Group among investors. READ MORE

11:15 AM

HDFC twins, Bajaj group stocks have more upside ahead, charts suggest

HDFC Bank Ltd (HDFCBANK): The stock is comfortably trading around the recent all-time high of Rs 1,414.80. The overall trend is highly optimistic with bulls showing significant interest in the range of Rs 1,250 to Rs 1,350 levels. With this surge and firm positive sentiment, the trend is heading towards Rs 1,700 levels in the coming sessions. The support comes in at Rs 1,300 levels. The stock has entered the overbought condition of the Relative Strength Index (RSI), yet the price is not exhibiting any weakness. READ MORE 

11:05 AM

Larsen & Toubro advances 4% on winning new order from Tata Steel

The order comprises of 41 units of Komatsu HD785-7 (100 Ton Dump Truck), three units of Komatsu WA900-3E0 (9 Cum Wheel Loader) and two units of Komatsu D275A-5R (410HP Crawler Dozer). The scope includes supply of equipment and full maintenance contract for 60,000 hours of equipment operation, it said. READ MORE

10:54 AM

Recovery in toll collections, order flows driving IRB Infra's prospects

Infrastructure developers continue to see improving prospects led by rising toll collections, pick-up in execution and good order flows. India's largest road toll operator, IRB Infrastructure Developers' performance for the quarter ending September (Q2), too, saw benefits from sharp increase in toll collections that touched pre-Covid level across portfolio by September end. READ MORE

10:43 AM

Market Comment :: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Market's resilience continues supported by positive economic data, better than expected corporate results, promising vaccine news & sustained FII  inflows ( all time monthly high of above Rs 38000 cr in November so far). DIIs have been selling heavily recently but FII inflows are over powering this. As expected and recommended, banks particularly large private sector banks are doing very well. Bank Nifty surged by 22% this month. Presently, there is more value in mid-small-caps

10:34 AM

Bank of Baroda, PNB, SBI among top gainers in PSB space

10:25 AM

Adani Gas zooms 37% in two days; stock hits fresh record high

The trading volumes on the counter more-than-doubled with a combined 10 million equity shares changing hands on the NSE and BSE till 10:00 am. In comparison, the S&P BSE Sensex was trading flat at 43,959 points. In the past month, the stock has rallied 82 per cent, against a 10 per cent rise in the benchmark index. READ MORE 

10:16 AM

Morgan Stanley sees Sensex at 50,000 in 2021, raises index EPS

Morgan Stanley expects the benchmark Sensex top the 50,000 milestone by end of next year. The brokerage believes the economic growth cycle is not fully priced in. It has revised upwards the earnings per share (EPS) estimate for Sensex. Earlier, the brokerage had a target of 37,300 for June 2021. READ MORE

10:05 AM

Rupee Opening

Rupee opens lower at 74.49 per US dollar vs Tuesday's close of 74.46/$

9:58 AM

BROKERAGE VIEW | Centrum Broking on Ashoka Buildcon

RATING: BUY | TARGET PRICE: Rs 95 

We expect tepid core earnings (without other income) for ABL over FY21/22 due to muted revenue growth over FY20-22. Our EPS upgrade of 48.4%/26.3% in FY21/22E is largely led by higher interest income from subsidiaries which in turn is largely non-cash. That said, unadjusted valuations at 8.3x FY22E core earnings are inexpensive and restrict downside. Completion of SBI-M exit from ACL/monetisation of ACL remains a key stock trigger. Maintain Buy with SOTP based price target of Rs 95.  

9:56 AM

BROKERAGE VIEW | Nirmal Bang Securities on Mahanagar Gas

RATING: BUY | TARGET PRICE: Rs 1,072 

We maintain BUY rating on Mahanagar Gas (MGL) with our blended DCF-based target price (TP) of Rs 1,072 as the stock is attractive at current valuation post the recent fall in the stock. We have raised our earnings estimate for FY21E by 80.5% based on the 1HFY21 beat. MGL reported 2QFY21 PAT at Rs 1.44bn, down 46.7% YoY, but was 51.8%/21.91% beat vs NBIE/street estimate.

9:53 AM

BROKERAGE VIEW | YES Securities on Spandana Sphoorty Financial

RATING: BUY | TARGET PRICE: Rs 1,000 

Current collection efficiency of 93% in October is one of the highest in the industry and non-paying borrowers at 5-6% of AUM among the lowest. By augmenting the Covid provision buffer by Rs1.1 bn in Q2 (cumulative Rs3.3 bn, 6.1% of on-BS portfolio), the co. has insulated itself from the currently visible risk, and thus sees no more provisions if collection trends improve. Without the additional provision, the annualized RoA/RoE stood at 10%/26% for the quarter, as operating cost remained well controlled. We continue to remain positive on the stock and have upgraded price target to Rs 1,000 (earlier Rs 880) as our earnings estimates witness upward revisions (largely from better growth and cost assumptions).