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

All that happened in markets today.

9:46 AM

BROKERAGE RADAR | Anand Rathi Research on HDFC Bank

Going forward, with healthy balance sheet growth and superior asset quality and management, we believe the bank is well poised to deliver consistently with margin leadership and robust return ratios. We continue to remain positive on the company over medium-to-longer term perspective and maintain our BUY rating on the stock with a target price of Rs.1410 per share.

9:43 AM

BROKERAGE RADAR | Edelweiss Securities on SRF

We believe revenue momentum in the chemicals segment is likely to sustain along with a gradual pickup in margins. Rolling forward the valuation to December 2021, we are raising the SoTP-based target price to Rs 3,105 (from Rs 2,979 earlier). We maintain ‘HOLD’ given limited upside potential, and believe that any correction in the stock price should be used as a buying opportunity.

9:41 AM

Momentum picks by ICICI Securities

9:26 AM

Torrent Power trades over 3% higher as Q2 PBT grows 6%

9:24 AM

Gujarat Gas gains around 2% post Q2 results

9:23 AM

RESULTS IMPACT | Titan Co slumps 7% post muted Q2 nos

9:21 AM

Sectoral gainers and losers on the NSE

9:21 AM

Top losers and gainers on the S&P BSE Sensex

9:19 AM

OPENING DEALS

At 09:17 am, the S&P BSE Sensex was trading 55 points or 0.14 per cent lower at 40,193 while NSE's Nifty50 was trading at 11,901, down 16 points or 0.14 per cent. 

9:04 AM

Top gainers and losers on S&P BSE Sensex during Pre-open

9:04 AM

Market at Pre-open

9:03 AM

Market at Pre-open

9:03 AM

Rupee Opening Alert

Rupee opens lower at 70.79/$ vs Tuesday's close of Rs 70.68/$

8:59 AM

NSE seeks cut in tax on capital market transactions to boost investment

Speaking at an event to celebrate the exchange’s 25th anniversary, Vikram Limaye, managing director and chief executive officer, NSE, said several taxes, including the securities transaction tax (STT) and the goods and services tax (GST), are hurting investor participation.

 

“Incidence of multiple taxes — from the STT, the capital gains tax, stamp duty, and the GST — on capital market transactions is affecting the competitiveness of Indian markets compared to peers. A streamlined tax structure would significantly enhance the attractiveness of our markets and wider participation would enhance liquidity across securities,” Limaye said. READ REPORT HERE

Vikram Limaye, MD & CEO of NSE

8:54 AM

BROKERAGE RADAR :: Reliance Securities on SRF

2QFY20 for SRF was dominated by the robust growth and profitability of chemicals segment and we expect a large part of growth to be driven by chemicals business, going forward. The newly commissioned capacity of HFC and agrochemical intermediate as well as an upcoming capacity of a specialty product in the segment are expected to ramp-up owing to strong traction in specialty chemicals and domestic market of refrigerants. Factoring in the benefit of lower tax

rate in 2QFY20, we raise our earnings estimate by 7% for FY20E, while keeping our EBITDA estimate largely unchanged. Our estimates for FY21E remain largely unchanged as well. We expect SRF’s revenue/earnings to clock 11%/22% CAGR over FY19-21E. We maintain our HOLD recommendation on the stock with an SOTP-based Target Price of Rs2,908, which implies 2% downside from the current level.