Saturday, December 28, 2024 | 02:06 AM ISTEN Hindi

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

All that happened in markets today.

SI Reporter New Delhi

Ongoing bull market phase 'longest and slowest', says Morgan Stanley

8:53 AM

BROKERAGE RADAR :: Reliance Securities on NCC

Considering FY20 is a wash-out year for NJCC due to jolt from the AP government and general slowdown on new ordering, we believe current valuations factor in all concerns. Any positive development pertaining to progress of AP orders and improved momentum in order inflow will be the near-term catalysts for the stock. Further, visible de-leveraging balance sheet and its continuous endeavour to divest non-core assets bode well for the Company. We maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs110.

8:52 AM

BROKERAGE RADAR :: Reliance Securities on Apollo Tyres

Looking ahead, we expect ATL’s performance to improve owing to likely pick-up in OEM sales and production ramp-up at Hungary plant. However, in view of near-term OEM slowdown and sluggish economic condition, we lower our revenue estimates by 6%/4% and EBIDTA estimate by 5%/+1% for FY20E/FY21E. Factoring in higher depreciation for higher capex and interest expenses for increasing debt level, we cut our EPS estimates by 20%/4% for FY20E/FY21E. We introduce our FY22E estimates and roll over our valuation to FY22E (at lower target P/E multiple of 10.5x from earlier 12x). In view of positive outlook for replacement industry in India operations and attractive valuation at 8.8x FY22E EPS, we reiterate our BUY recommendation on the stock with a revised Target Price of Rs215 (from Rs185 earlier), valuing it at 10.5xFY22E EPS.

8:48 AM

Stocks to watch: Realty stocks, Lupin, Tata Steel, Tech Mahindra, Titan Co

Here's a list of stocks that may trade actively in today's trading session -

Earnings today: Lupin, Tata Steel, Canara Bank, Indiabulls Housing Finance, and Tata Steel are among 79 companies scheduled to report their September quarter results today.

ZEEL: Zee Entertainment’s (Zee’s) Managing Director and Chief Executive Officer Punit Goenka has been reappointed to the position, effective January 1 next year, the broadcaster said on Tuesday, as lenders prepare to sell their pledged shares. READ MORE

8:45 AM

Sebi directs listed firms to tighten due diligence for demat requests

Market regulator Securities and Exchange Board of India (Sebi) on Tuesday directed listed companies, depositories and registrar and transfer agents (RTAs) to strengthen their due diligence regarding the processing of dematerialisation request of physical shares.

The transfer of securities held in physical form is not permitted from April 1, 2019. READ MORE

8:40 AM

Offshore derivatives: Sebi eases guidelines for hedging instruments

The regulator has eased conditions for hedging offshore derivative instruments (ODIs), allowing foreign portfolio investors (FPIs) to issue these instruments with derivatives as underlying if they take up separate registration specifically for ODI issuances. READ MORE

8:34 AM

High gold prices, soft jewellery demand weigh on Titan's Q2 performance

Titan reported a muted performance for the September quarter (Q2) on Tuesday after market hours because of higher gold prices and weakness in overall consumption.

This took a toll on the company’s key jewellery business, which accounts for 80-85 per cent of overall sales as well as operating profit. READ MORE

8:29 AM

BROKERAGE RADAR :: IndiaNivesh on Apollo Tyres

Due to the slowdown in the OE demand across most segments, Apollo Tyres’ Q2 FY20 consolidated revenue declined ~6% YoY. Overall contribution of OE in revenues came down drastically to ~20% (typically 30%). Low cost raw material aided margins. The increasing contribution of Hungary plant in the overall revenues will assist operating efficiencies. The management guided for a lower capex (than earlier planned) and mentioned that their debt would peak by end of FY20. They have also signalled of better volumes going forward. We believe valuations continue to remain attractive. We maintain BUY with a price target of Rs240.

8:26 AM

Technical calls by HDFC Securities: Buy Jubilant Foodworks, TCI Express

BUY JUBLFOOD (Rs 1,582)

Target: Rs 1,700

Stop-loss: Rs 1,550

The stock has been consolidating for last five trading sessions. The primary trend of the stock has been bullish, as it has been forming higher tops and higher bottoms on the weekly charts. Stock price has recently broken out above the previous top resistance placed at 1,578. The stock has also formed nice rounding bottom formation on the daily charts, indicating continuation of an uptrend. READ MORE

8:23 AM

Technical calls by Religare Broking: Buy Dr Reddy's Lab, Ramco Cements

Buy Dr. Reddy's Laboratories

Last Close: Rs 2,815.70

Initiation range: Rs 2,790-2,800

Target: Rs 2,960

Stop loss: Rs 2,710

DRREDDY has been consolidating in a range while holding firmly above the support zone of moving averages ribbon (50, 100 and 200 EMA) on the multiple time frames. Indications are now in the favor of breakout ahead. We advise initiating fresh longs in the given range. READ MORE

8:18 AM