MARKET WRAP: Sensex ends at new closing high of 40,469.78; pvt banks rally

All that happened in markets today.

2:40 PM

MARKET CHECK | ICICI Bank hits new high

2:37 PM

Despite whistle-blower 'distraction' Infosys getting large deals: Nilekani

“Customers are supportive, we have proactively reached out” to clients, Chairman Nandan Nilekani said on a call with analysts on Wednesday. Despite the “distraction” the company has complete focus on the business, he said, adding that Parekh informed him about a “large deal” recently. READ MORE

Nandan Nilekani

2:28 PM

BROKERAGE RADAR | HDFC Securities on Titan

Growth continues to elude most big-box jewellers in 2Q as the double whammy of gold price spurt and customs duty hike keep fresh jewellery purchases at bay. (Most de-grew by -5 to -15% in 2Q). Ergo, contextually, Titan’s 2Q performance seems reasonable. That said, street doesn’t seem to have fully calibrated itself to growth pangs in the category (Jewellery) as Titan continues to trade near peak valuations. We largely maintain our FY20/FY21 EPS estimates and DCF-based TP of Rs 1170/sh (implied P/E of 42x Sept-21E EPS). Reiterate NEUTRAL. 

2:19 PM

Earnings Alert | Cipla Q2 results

-- Net profit at Rs 471.3 cr, up 25% YoY

-- Revenue at Rs 4,396 cr, up 9.6% YoY

-- EBITDA at Rs 909.5 cr, up 29.5% YoY

-- EBITDA margin at 20.7%, up 320 bps

2:12 PM

NEWS ALERT | Nifty hits 12,000; retreats later

1:56 PM

Varun Beverages zooms 26% in three days on healthy Q3 results

Varun Beverages reported a robust performance in Q3, delivering a topline growth of 49.2 per cent and a net profit growth of 83.7 per cent. The results were supported by strong volume growth of 60.4 per cent. The company reported robust volume growth as domestic organic growth up by 17.5 per cent and internationally it grew 27 per cent. READ MORE 

1:52 PM

BUZZING STOCK | Snowman Logistics jumps over 8%

1:42 PM

MARKET CHECK | Sensex hits fresh record high

1:32 PM

Index Contributors at this hour

1:19 PM

Corporate credit growth slows as banks prefer PSUs, top-rated cos

The second-quarter results of the Indian banks, which are sitting on a mountain of bad debt, shows that they are cautious while giving out loans to stressed companies and sectors as they burnt their fingers in the past. Besides, bankers said very few companies are launching large projects which would require high capital from them. READ MORE

1:07 PM

Aurobindo Pharma trades near 52-wk low as Hyd units come under US FDA lens

Shares of Aurobindo Pharma dipped 5 per cent to Rs 448, in otherwise firm market, on the BSE on Wednesday after the US health regulator (US FDA) issued ‘Form 483’ with four observations for its Hyderabad facilities. The stock of the drug firm was trading close to its 52-week low of Rs 435 touched on October 11, 2019 in the intra-day trade. READ MORE

12:47 PM

Sun Pharma climbs over 5% on deal with AstraZeneca, pares gains later

Shares of Sun Pharma surged as much as 5.37 per cent to Rs 453 on the BSE on Wednesday after the company announced it has entered into a licensing agreement with AstraZeneca UK Ltd. (AstraZeneca) to introduce certain novel ready-to-use (RTU) infusion oncology products in China. The agreement, it said, will help to bring cost-effective and quality drugs to patients in China. READ MORE

12:30 PM

Fitch raises India's FY20 fiscal deficit to 3.6% of GDP on sluggish growth

Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY20 Union Budget due to weak goods and services tax (GST) and corporate income tax collections.

 

"At Fitch Solutions, we are revising our forecast for India's central fiscal deficit to come in at 3.6 per cent of GDP in FY20 (April–March), from 3.4 per cent previously, reflecting our view for a larger slippage versus the government's 3.3 per cent target. READ MORE

12:15 PM

Nilekani assures action if whistleblower allegations proved; Infosys up 4%

Infosys Ltd advanced 3.7 per cent to Rs 721.50 apiece in the intra-day trade on the BSE on Wednesday after the non-executive chairman Nandan Nilekani, during the company's concall, pacified investor concerns saying the company would take action if the allegations against it are substantiated.

 

"While I will not comment on the merits of the allegation at this time, the company will take action if the allegations are substantiated," Nilekani told investors. READ MORE

12:01 PM

Top gainers and losers on BSE at this hour