RIL, pvt banks take Sensex 558 pts up; Nifty tops 14,650; Nifty Metal up 3%

Hindalco, L&T, Tata Steel, Divis Labs, Reliance Industries, Bajaj Finance, and SBI were the top gainers on the 50-share pack

1:45 PM

Maruti Suzuki trades flat ahead of Q4 numbers

1:30 PM

Top gainers on the BSE at this hour

1:20 PM

RBI issues guidelines for appointment of statutory auditors of banks, NBFCs

The Reserve Bank of India on Tuesday issued guidelines for appointment of statutory auditors of banks and non-banking finance companies (NBFCs), including housing finance companies. 'Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)' will be applicable for financial year 2021-22 and onwards. READ MORE

1:05 PM

Sector Watch | Nifty Pharma sole sectoral loser on NSE

> Here are the winners & losers from the pharma pack in afternoon session

1:01 PM

Auto sector woes to continue as downgrades loom under Covid shadow

The BSE Auto index has been underperforming the benchmarks over the past three months amid multiple headwinds, including weak retails, rising commodity prices, and supply disruptions. The auto index, after outperforming the benchmarks for most of FY21, is down about 9 per cent, as compared to the 2 per cent decline in the Sensex during the last three months.

 

The derating on the one-year forward price to earnings ratio has been higher, about 18 per cent since January. Most analysts believe these headwinds will remain in the near term. READ MORE

12:48 PM

Suo moto case on Covid management in SC

12:42 PM

JSPL hits 52-week high as board approves divestment in Jindal Power

Shares of Jindal Steel and Power (JSPL) jumped 3 per cent to hit a fresh 52-week high of Rs 455.95 on the BSE after the company board approved divesting entire equity interest in subsidiary Jindal Power to Worldone, a promoter group company, for Rs 3,015 crore. The equity value is an all-cash offer of Rs 3,015 crore, including 3,400 MW coal fired power plants in Chhattisgarh and other non-core assets owned by JPL. READ MORE

 

12:24 PM

Metal shares extend rally; Nifty Metal index surges 18% in 2 months

Metal stocks were on roll on the National Stock Exchange (NSE) on Tuesday with National Aluminium Company, Hindalco, Welspun Corp, Adani Enterprises, and Tata Steel rallying up to 6 per cent. The Nifty Metal index, meanwhile, surged 4.6 per cent to 4,654.5 levels in the intra-day deals and was the top performing index on the NSE. In contrast, the benchmark Nifty was up 0.7 per cent at 11:40 AM. In the past two months, the index has rallied 19 per cent at the bourses as against a 0.03 per cent decline in the Nifty50 index. READ MORE

12:13 PM

Coforge raises Rs 340 cr via non-convertible bonds

IT firm Coforge Ltd, formerly NIIT Technologies, on Tuesday said it has raised Rs 340 crore through issuance of non-convertible bonds on private placement basis.

"The board of directors of the company has approved allotment of up to 3,400 unsecured, listed, rated, redeemable non-convertible bonds of Rs 10,00,000 each aggregating up to Rs 340 crore to identified investors on a private placement basis," Coforge said in a regulatory filing.

(Text Source: PTI)

11:58 AM

Market Check | Sensex extends gains, rises 400 points

11:47 AM

Burger King, Avenue Supermarts: Time to be selective in QSR segment

Companies in the retail, hotel, realty, and financials space have borne the maximum brunt of the latest fall in the equity market as curfews and strict restrictions on movements in various states have led to a slump in business activities. Many stocks belonging to these sectors have slipped into bear market territory. Quick service restaurants (QSRs) have been in the line of fire given the developments. Given the renewed lockdowns, should you stay away from QSRs and retail plays? READ MORE

11:33 AM

Robust March quarter results drive Castrol India stock 7% higher

Shares of Castrol India surged over 7 per cent on the BSE in Tuesday's intra-day session following an impressive set of March quarter numbers. The leading lubes player on Monday reported a near doubling of net income for the quarter to March at Rs 243.6 crore as against Rs 125.2 crore a year ago, driven by robust revenue growth. READ MORE

11:24 AM

SBI Card Q4 results miss Street estimates; what should investors do now?

Its interest income declined 20 per cent year-on-year (YoY) to Rs 1,072 crore in Q4, while other income more than doubled to Rs 159 crore. The company's asset quality front worsened on a yearly and squential basis with the gross non-performing assets (GNPAs) at the end of Q4 at 4.99 per cent as against 2.01 per cent as on March 31, 2020 and 4.5 per cent at the end of Q3FY21. Net NPAs were at 1.15 per cent as against 0.67 per cent at Q4FY20. READ MORE

11:12 AM

Tech Mahindra slips post March quarter results; brokerages mixed on stock

Tech Mahindra stock received a lukewarm response from the investors on Dalal Street following a mixed set of March quarter results. The IT major's Q4 performance missed Street's estimates on the revenue and profit after tax (PAT) front although margins and deal win surprised positively. READ MORE

11:04 AM

Phillip Capital on Escorts

Though we see government’s infra push as a potential risk to our thesis, it is a low probability event, in our opinion. We expect tractor volumes to grow in Q1FY22 on a low base but thereon see weakness. Though construction equipment and railways business will continue to see momentum in the near to medium term, especially with govt focus on infrastructure, these businesses are relatively small.

We lower our volume and margin estimates for Escorts and also lower the multiple by 20% to 8x FY23 EBIT. We value the stock at Rs 990 per share and downgrade the stock to sell.