Indices end at yet another peak, Sensex up 315 pts; BSE Midcap outperforms

All that happened in the markets today

12:31 PM

NEWS ALERT :: Embassy Office Parks to acquire Embassy TechVillage for a total enterprise value of Rs 9,782.4 cr

>> To acquire via acquisition of shrs of Embassy Office Ventures, Vikas Telecom & Sarla Infra in Embassy TechVillage. Board also approves raising up to Rs 8,000 cr from institutional investors

Click here for details

12:22 PM

Q2 review :: India Inc gains despite Covid-19 disruptions

In comparison, these firms had reported a combined net profit of Rs 11,200 crore in Q1 FY21 and a combined net loss of Rs 450 crore in Q4 FY20. Not surprisingly, equity investors are bidding-up stock prices across sectors and the broader market is now more valuable than pre-Covid levels. READ MORE

12:15 PM

BROKERAGE VIEW | Axis Securities on Persistent Systems

RATING: BUY | TARGET PRICE: Rs 1,334 

BFSI is one of the  fastest growing vertical and has seen robust demand for digital transformation and cloud. Healthcare and Pharma vertical has also  seen robust demand after the global pandemic. We believe better vertical mix will help Persistent Systems to generate long term  sustainable growth. Strong demand across verticals, healthy deal pipeline and better execution gives us confidence about the future  growth potential of Persistent Systems. We are assigning 17x PE multiple to its FY23 EPS of Rs 78.0 to revise our target upwards to  Rs 1,334. 

12:07 PM

NEWS ALERT :: Pfizer sues Dr Reddy's & Aurobindo Pharma for violating patent for cancer drug IBRANCE in the US, reports CNBC TV18

12:00 PM

BPCL declines 5% amid profit booking after govt receives EoI for divestment

According to a Business Standard report, neither Reliance Industries nor its partner Saudi Aramco put in a bid to pick the government's stake. Russian state-owned Rosneft, which part owns Nayara Energy, the promoter of erstwhile Essar Oil refinery at Vadinar, is also believed to have kept out of the race, the report suggested. READ MORE

11:48 AM

Leaders and laggards :: Sectors that did well in Q2, and those that didn't

Banking, oil and gas, pharma, tyres, cement, and FMCG (except tobacco) were among sectors to register a good performance for the quarter ended September. While lenders benefitted from the Supreme Court moratorium on loans, pharma companies gained from a general uptick in demand for medicines and health supplements owing to Covid-19. READ MORE

11:36 AM

Q&A | Banking sector a good long-term bet despite expensive valuation: Satish Menon

In the last quarter, we have been advising to add exposure in the banking sector as valuation was at seven year-low, and uncertainty from moratorium was reducing. The Supreme Court’s verdict on the moratorium case is expected to be in line with the government’s proposal and market expectations. Today valuation-wise they are not that cheap, but it is still attractive supported by a bounce in credit growth and reporting of lower NPAs than feared two quarters back. It is a good value buy for the long-term. READ MORE 

11:28 AM

NEWS ALERT :: NMDC revises prices of iron ore

Click here for details

11:22 AM

Eveready Industries rallies 9% on strong September quarter results

In Q2FY21, the company's standalone operating EBITDA (earnings before interest, taxes, depreciation, and amortization) expanded to 20.3 per cent from 9.1 per cent in Q2FY20 due to a better turnover mix towards more profitable segments of batteries and flashlights. This, coupled with lower employee cost, lower distribution cost, lower promotional spends and lower overheads as the various establishments of the company continued to be run in a restricted manner in the Covid-19 environment, enhanced profitability. READ MORE

11:15 AM

BROKERAGE VIEW | ICICI Securities on Indoco Remedies

RATING: BUY | TARGET PRICE: Rs 335

While FY21 growth in the domestic market is likely to be subdued due to Covid-19, exports are likely to deliver robust growth on the back of strong pipeline and visible launch schedule as reflected in the upbeat management guidance. Normalisation of exports dispatches is likely to improve operating leverage as well. With better visibility, we expect the company to maintain consistency and to generate strong FCF. We maintain BUY and arrive at a revised target price of Rs 335 based on ~16x FY23 EPS of Rs 21.

 

11:11 AM

BROKERAGE VIEW | Anand Rathi Shares on Ashoka Buidcon

Notwithstanding the early-rains and continuing Covid’19-impact, Ashoka’s Q2 revenue marks its return to growth, and suggests of even better times ahead. With execution efficiencies returning to normal, inflows are the other key deliverable and management expects to make more progress in H2 on this front. A well-set balance sheet and some progress on the SBI-Macquarie exit are good auguries. Its proven execution capabilities and a well-set balance sheet impel us to retain our Buy rating, with a TP of Rs 127.

11:01 AM

NEWS ALERT :: Fire breaks out on the sixth floor of MTNL building at Kidwai Bhawan, reports ANI

>> Cooling operation underway with the help of 15 fire tenders. More details awaited.

10:56 AM

ITC is set to hit Rs 240 levels in the medium-term. Stay invested for gains

After rallying 9 per cent last week, ITC is consolidating on Tuesday with the stock trading 0.5 per cent lower in a strong market. At 10:06 AM, shares of the company stood at Rs 187.85 on the BSE, down 0.42 per cent against a 0.7 per cent rise in the benchmark S&P BSE Sensex. The stock has been a laggard over the past few months, rallying 26 per cent from the March 2020 low as compared to 64 per cent rise in the S&P BSE Sensex. READ MORE 

10:47 AM

Avenue Supermarts in focus; stock surges 6%, nears record high

In the past month, the share price of Avenue Supermarts has zoomed 25 per cent, against a 10 per cent rise in the S&P BSE Sensex. While announcing the September quarter (Q2FY21) results on October 17, the company’s management said that month-on-month sales have improved during this quarter – August was better than July and September was better than August. READ MORE

10:36 AM

India's all-time high share market sparks talk of further upside for stocks

Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Asset Management are among a number of prominent names talking up prospects for the country’s shares in recent days. India traders marked Diwali, the Hindu festival of lights, by watching the S&P BSE Sensex Index rally to record highs last week, helped in part by a solid third-quarter earnings season. READ MORE