MARKET WRAP: Sensex gains 93 pts, Nifty ends at 11,472; ONGC surges 3%

All that happened in markets today.

12:39 PM

Polycab India hits highest level since listing, climbs 10% in two days

The stock of the largest manufacturer of Wires & Cables (W&C) was trading at its highest level since listing on April 16, 2019. It has appreciated 37 per cent against issue price of Rs 538 per share. Polycab India is scheduled to announce July-September quarter (Q2FY20) results on October 23, 2019. READ MORE 

12:39 PM

NEWS ALERT | Bajaj Auto unveils Chetak Electric scooter; stock up over 1%

12:20 PM

BPCL surges nearly 6% as reports say Saudi Aramco may bid for govt stake

Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL. READ MORE  

12:16 PM

BUZZING STOCK | GIC Housing Finance spurts over 5.65%

12:00 PM

BROKERAGE RADAR | Reliance Securities on ACC

We continue to maintain our positive stance on ACC owing to its strong penetration in rural markets (~75-80% trade segment volume) and consistent focus on premium products. Further, timely commissioning of upcoming capacities will eventually aid ACC to sustain growth momentum. Looking ahead, we expect its operating performance to remain healthy led by steady realisation and benign cost environment. As the current valuations at 11.3x and 10.4x EBITDA of CY19E and CY20E appear to be attractive, we maintain our BUY recommendation on the stock with a revised Target Price of Rs1,710 (12x CY20 EBITDA).

11:55 AM

Saudi Aramco set to pay up to $450 million in fees to IPO advisers

The oil giant is set to pay between $350 million and $450 million to a group of more than 20 banks working on its initial public offering, the people said, asking not to be identified because the information is private. The payment would represent a fee of about 1 per cent on the $40 billion Aramco is seeking to raise -- relatively low compared to other markets. READ MORE  

11:41 AM

MCX rallies 9% to hit 2-year high on strong September quarter results

Shares of Multi Commodity Exchange of India (MCX) hit a two-year high of Rs 1,108, up 9 per cent on the BSE on Wednesday after the company’s consolidated net profit doubled to Rs 72 crore in September quarter (Q2FY20), on the back of higher turnover. It had posted profit of Rs 36 crore in the year-ago quarter. The stock was trading at its highest level since October 23, 2017. READ MORE

11:31 AM

BROKERAGE RADAR | Edelweiss Securities on Wipro

Amidst strong demand and sustained momentum, Wipro continues to underperform peers on the growth front. Moreover, persistent decline in revenue in Europe and weaker-than-expected performance of the BFSI vertical warrant the lower-than-peers target multiple of 16x FY21E EPS. We retain ‘HOLD/SP’ with TP of Rs 264. 

11:25 AM

Tata won't sell Jaguar Land Rover, open to adding partners: Chandrasekaran

“We’re not going to sell,” said Natarajan Chandrasekaran, chairman of Tata Sons, the holding company in an expansive business empire that includes Tata Motors Ltd. “Auto is a core business for us. From revenue terms, auto is our largest company.” READ MORE 

11:16 AM

Exide Ind forays into e-rickshaw market, launches Exide Neo

(Source: BSE)

11:03 AM

NEWS ALERT | Supreme Court to hear the plea filed in PMC Bank case on October 18: CNBC-TV18

11:02 AM

NEWS ALERT | RBL Bank clarifies reports of co sending legal notice to Zee Ent’s independent directors

-- RBL Bank says no legal notice has been sent to the media client

10:54 AM

Mindtree surges over 2.50% ahead of Q2 nos; here's what to expect

As per analysts, FY20 is likely to remain a softer year for midcap IT on US dollar revenue growth (vs FY19 on revenue growth front). "Midcap vendors (L&T Infotech, Mindtree, NIIT Tech ) could deliver 10-13 per cent US dollar revenue growth for FY20 (vs 17-19 per cent delivered in FY19). However, valuations are reasonable with LTI and Mindtree trading at 16/13.8x FY21E EPS.NIIT Tech is trading at 15.2x FY21E EPS," wrote analysts at Centrum Broking. READ MORE  

10:43 AM

Top 5 gainers on the BSE at present

10:36 AM

Bajaj Consumer Care jumps 20% after promoters sell 22% stake

On Tuesday, Shishir-Kushagra Bajaj family, the promoters of Bajaj Consumer Care, sold nearly 22 per cent of their stake in the company for Rs 627 crore to pay-off debt and remove the pledge on stake from the banks. READ MORE