Sensex gyrates 294 pts, ends 19 pts down; Nifty holds 15,900; IT, banks dip

The mid- and small-cap indices meanwhile, outperformed and ended over 0.4 per cent higher each

11:41 AM

IPO Update :: Tatva Chintan Pharma Chem IPO sails through

> The IPO opened at 10 am today

11:19 AM

Angel Broking rallies 12% on strong Q1 results; zooms 300% in three months

In Q1FY22, Angel Broking’s net profit more-than-doubled at Rs 121.4 crore from Rs 47.3 crore in Q1FY21. On a sequential basis, profit grew 19 per cent from Rs 101.9 crore in Q4FY21. Gross revenues grew 92 per cent year-on-year and 13 per cent quarter-on-quarter at Rs 474.50 crore. READ MORE

11:11 AM

BUZZING :: Bata India sees sudden spike after 0.2% equity exchanged on the BSE

11:02 AM

NEWS ALERT :: Paytm files DRHP for IPO with Sebi

> Paytm files DRHP for Rs 16,600 cr IPO

> Offer inclues fresh share sale of Rs 8,300 cr and OFS of Rs 8,300 cr

> May consider pre-IPO placement of Rs 2,000 cr

(Source: Bloomberg)

10:50 AM

Pharma shares in focus; Alkem, Divi's Lab, Syngene hit record highs

At 10:01 am, the S&P BSE Healthcare index was up 1 per cent, as compared to a 0.07 per cent rise in the S&P BSE Sensex. The healthcare index hit a new high of 26,364.82 in intra-day trade today. Thus far in the financial year 2021-22 (FY22), the healthcare index has rallied 24 per cent as against a 9 per cent gain in the benchmark index. Nifty Pharma too hit a fresh record high of 14,715 in intra-day session on National Stock Exchange (NSE). READ MORE

10:33 AM

Motilal Oswal on Tatva Chintan Pharma Chem IPO

We like TCPCL due its leadership position, wide product portfolio, strong client relationship and high entry barriers. The company is expected to witness strong growth for next 2-3 years given its expansion plans. It is well placed to tap opportunity in the fast growing specialty chemical space with increasing focus on green chemistry by leveraging its strong R&D capabilities. The issue is valued at 45.9x FY21 P/E on post issue basis, which appears reasonable compared to peers (avg. P/E of 59x), as it enjoys higher earnings growth (62% CAGR vs. avg. 38% CAGR for peers over FY18-21). Hence, we recommend Subscribe.

10:17 AM

Wipro hits new high on healthy Q1 results; surges 12% in 3 days

Wipro surpassed its revenue guidance for the first quarter (Q1), which it hailed as its best ever, as it reported a 35.7 per cent year-on-year (YoY) increase in consolidated net profit. This performance was aided by an acceleration in demand thanks to the cloud and digital transformation, and supported by the company’s new business strategy. Net profit grew to Rs 3,243 crore and was up 9.1 per cent sequentially. Revenue grew 22.3 per cent YoY to Rs 18,525 crore and was up 12.4 per cent sequentially. READ MORE

10:07 AM

MARKET CHECK :: Sensex turns negative after scaling record high in opening trade

9:48 AM

Buzzing stocks :: BSE 500

Company	PRICE(rs)	CHG(rs)	CHG(%)
Syngene Intl.	669.90	56.20	9.16
ITI	143.45	10.95	8.26
Happiest Minds	1549.00	72.25	4.89
Vodafone Idea	9.15	0.38	4.33
Cams Services	3491.90	135.65	4.04

9:47 AM

Edelweiss on Infosys

Infosys has posted stellar Q1FY22 numbers. Management highlighted that cloud is becoming a strategic priority for all industries. We believe Infosys, given its strong presence in cloud and digital transformation, will remain major beneficiary of this tech-upcycle which is going to last for three-four years. The stock trades at 28.7x FY22E. We maintain ‘BUY/SO’ and unchanged target price of Rs 2,124 (36x Q3FY23E).

9:46 AM

Edelweiss on L&T Technology Services

Management raised FY22 revenue guidance to 15-17% from 13-15%. We believe the momentum is likely to sustain for the remaining year, which will help LTTS deliver growth even higher than the top-end of its guidance. Hence, we are raising the target price to Rs 3,991 (from Rs 2,994) as we increase target multiple to 35x (from 30x), along with valuation rollover to Q3FY23E.

9:45 AM

Anand Rathi on BFSI sector

After the Covid-19 first wave, healthy recovery was visible in most lenders with disbursements and collection efficiency near pre-Covid?19 levels in Q4 FY21. However, the second wave led to massive disruptions, curbing credit growth and asset quality across the sector. Restrictions related to lockdowns and risk-aversion by banks led to systemic credit growth coming in single digits.

The absence of a moratorium is likely to have resulted in higher restructuring; however, the overall impact on asset quality would have been much less than during the first wave. Sufficient provision buffers made by lenders in the last few quarters would have minimized the impact of the second wave on their P&Ls. Top picks: Federal, DCB, KVB and IIFL Wealth

9:44 AM

Nomura on Infosys

9:42 AM

Sector update :: Pharma

Source: Jefferies

9:41 AM

Jefferies on June quarter result expectations

June quarter will bear the impact of the 2nd wave, but we expect a limited impact and estimate two-year earnings growth for Jefferies' coverage to marginally decline from 19% CAGR in March quarter to 15% in Jun quarter. Even domestic cos 2-yr earnings CAGR will likely decline small from +2% to -2% sequentially; as revenue CAGR declines from 6% to -2%. Sectors with double-digit 2-year earning CAGRs include IT, Pharma, commodities (O&G, metals) and lending financials.