MARKETS: Financials lift indices; Sensex up 282 pts, Nifty ends at 12,859

All that happened in the markets today

11:29 AM

BUZZING STOCK | Inox Wind surges nearly 13%

11:19 AM

MARKET CHECK | Sensex down over 80 pts

11:07 AM

Top losers on the BSE at this hour

11:07 AM

9 of 11 Nifty Bank constituents trade in the red

10:59 AM

Bharti Infratel gains 7% after it completes merger with Indus Towers

"The Board has allotted 757.8 million equity shares of Rs 10 each to the Vodafone group and 87.51 equity shares of Rs 10 each to PS Asia Holding Investments (Mauritius) Limited (Providence) aggregating to 28.12 per cent and 3.25 per cent, respectively in the post-issue share capital of the company," Bharti Infratel said in the filing. READ HERE

10:51 AM

BROKERAGE VIEW | ICICI Securities on Mishra Dhatu Nigam

RATING: BUY | TARGET PRICE: Rs 280 

With the current utilisation stretched through the year, Rs10bn revenue target for FY22 appears realistic. Also, as focus on indigenisation grows, the management expects to substitute high-value super alloy imports of ~Rs7bn p.a. (current revenue contribution from the same at Rs500mn-600mn p.a.). Super alloys yield higher realisations compared even to maraging steels. Maintain BUY with a target price of Rs 280/share.

10:50 AM

BROKERAGE VIEW | Centrum Broking on SpiceJet

RATING: BUY | TARGET PRICE: Rs 89 

SpiceJet’s Q2FY21 net loss was curtailed at Rs1.13bn, lower than estimate of Rs1.8bn due to lower employee costs and higher other income. Cargo revenue grew by 137% yoy to Rs3.3bn led by increased thrust on the business. Revenue declined 63%yoy to Rs10.6bn and EBITDAR came in at Rs2.4bn below estimate of Rs2.7bn. Total ASK declined 71% yoy to 2.2bn, RPK declined 76.2%yoy to 1.6bn with domestic load factor stood at 73%. Ticket yield grew by 13.7%yoy to Rs4 (down 11%qoq) while RASK on reported basis grew 21%yoy to Rs4.81 driven by higher other income. 

10:48 AM

BROKERAGE VIEW | Prabhudas Lilladher on Bharat Electronics

RATING: ACCUMULATE | TARGET PRICE: Rs 110

Given BEL’s decent 1HFY21 performance, we believe company not only maintained profitability but has very well maintained its balance sheet. Though working capital stress continued in 1H due to delay in payments from PSU’s, we expect it to improve in 2H given improvement in the overall economic activity. Based on healthy 1H and optimistic outlook we have increased our revenue/PAT estimate by 5%/9%/12% and 10%/11%/14% for FY21E/22E/23E. We have upgraded the stock to Accumulate from HOLD with revised TP of Rs 110 (earlier TP Rs 99).

10:47 AM

BROKERAGE VIEW | IDBI Capital on Wipro

RATING: ACCUMULATE | TARGET PRICE: Rs 366 

We introduce FY23 financials and forecast revenue (US$)/EPS CAGR of 6.5%/7.1% over FY21-23E. We upgrade the stock to ACCUMULATE vs. HOLD earlier with new TP of Rs 366 based on PER of 18x FY23E which is near to the top-end of the 1-yr forward PER range of 10x-21x in the last five years.

10:45 AM

BROKERAGE VIEW | Nirmal Bang Securities on Dabur India

RATING: ACCUMULATE | TARGET PRICE: Rs 555 

Going ahead, Dabur would continue to work on its core portfolio, expanding distribution and strengthening its market share. At the current market price (CMP), the stock trades at 53.9x/46.3x/41.9x FY21E/FY22E/FY23E EPS as we build in 12.1% EPS CAGR over FY20-23. We value the company at 48x September FY22 EPS, based on its strong execution and ahead-of-the-market growth in a difficult environment, arriving at a target price (TP) of Rs 555. Maintain Accumulate. 

10:41 AM

Top gainers on the BSE at this hour

10:32 AM

Gland Pharma makes decent debut, shares list at 14% premium vs issue price

Shares of Gland Pharma made a decent debut on the bourses as they listed at Rs 1,710, a 14 per cent premium against the issue price of Rs 1,500 per share on the National Stock Exchange (NSE) on Friday. On the BSE, the stock opened at Rs 1,701, 13 per cent higher against its issue price. It moved higher to Rs 1,740 later and was trading at Rs 1,728, 15 per cent above its issue price at 10:01 am. READ MORE 

10:21 AM

MARKET COMMENT :: Chris Wood of Jefferies

The near-term outlook for the US economy is obviously deteriorating given the growing reality of localised lockdowns and the continuing impasse in Washington over further fiscal stimulus. This means it makes sense to take a look again at credit risk, an area largely ignored since the spring by the Fed’s perceived underwriting of it. Still that Fed support does not extend to the high yield era in its entirety. Shorting high-yield debt is probably as good a way as any right now to hedge long cyclical equity exposure.

 

Investors can expect a further increase in the Pandemic Emergency Purchase Programme (PEPP) at the ECB monetary policy meeting on 10 December. The ECB’s actions will be designed to encourage governments to continue to run sizable budget deficits, while at the same time sending the signal that the ECB government bond buying will absorb much of that debt issuance.

Chris Wood

10:21 AM

Crypto buzz :: Currencies may outrun other asset classes over 2 yrs

Cryptos are speculative stores of value. Coins are unique codes, not fiat currency backed by central banks. A coin can be broken up into fractions, each fraction defined by its unique code. Every crypto transaction is verified by a peer-process of blockchain matching, to see if a given coin is valid, if it is contained in a given wallet (the wallet-owner may be anonymous), and a given coin is not used in two transactions at the same time. READ MORE

10:11 AM

Rupee Opening

Rupee opens at 74.13 per US dollar vs Thursday's close of 74.27/$