Sensex ends above 58K for the first time; Nifty climbs 17,300; RIL zooms 4%

The BSE MidCap index closed 0.35 per cent higher after hitting a new peak of 24,454 in the intra-day deals

2:56 PM

NEWS ALERT :: Commerce Minister says mega textile parks scheme & PLI scheme will be approved soon

>> Scheme for 7 Textile Parks in advanced stages of approval

2:54 PM

Sensex @ 60,000 :: These are the immediate support and resistance levels

Sensex achieved another milestone of 58k and it is surprising the street by its ferocious move and creating new history almost every day. This bull run has more legs to go and it is just a matter of time when Sensex will cross the 60000 marks because we are in a roaring bull market that may continue for the next 2-3 years.

 

Technically, 58,700 is an immediate target level while 57,500 is immediate support. Moreover, 56,300-56,000 will be a strong demand zone at any correction.

Views by: Santosh Meena, Head of Research; Swastika Investmart

2:44 PM

Mazagon Dock will partner Zvezda for construction of commercial ships, says PM Modi

2:39 PM

IPO Update :: Ami Organics subscribed 30.6 times

2:31 PM

NEWS ALERT :: RIL gives Aramco real-time access to petrochem plant data

>> Aramco due deligence team inspected RIL petchem units

Source: Informist

2:23 PM

NIFTY FINANCIAL SERVICES worst performing sectoral index at this hour

2:08 PM

IPO UPDATE :: Vijaya Diagnostics sails through on final day

1:53 PM

ALERT :: SpiceJet employees go on a strike at Delhi airport

>> Section of employees met senior officials & issue is being resolved

>> Co says operations at Delhi airport functioning normally

1:40 PM

Reliance Industries hits record high of Rs 2,382; rallies 14% in one month

Shares of Reliance Industries (RIL) hit a fresh record high of Rs 2,382, up 3.8 per cent on the BSE in the intra-day trade on Friday, surpassing its previous high of Rs 2,368.80, touched on September 16, 2020, ahead of JioPhone Next smartphone launch.  READ MORE

Reliance Industries

1:23 PM

ALERT :: Jindal Power stake sale in Worldone approved by shareholders at EGM

1:15 PM

NEWS ALERT :: Maruti Suzuki to recall 181,754 units of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6

1:02 PM

STOCK ALERT :: RIL hits record high; m-cap surpasses Rs 15-trillion mark

>> RIL hits record peak of Rs 2,374

>> Surpassed previous high of Rs 2,369, touched on Sept 16, 2020

12:45 PM

Corporate Action :: Steel Strips Wheels Board approves share split in 1:2 ratio

Steel Strips Wheels Board has approved the Sub-division of equity shares of the Company from the existing 1 equity share of face value of Rs. 10/- each into 2 equity shares of face value of Rs. 5/- each
 

12:29 PM

YES Securities on HDFC Life post Exide Life acquisition

HDFC Life Insurance: Maintain ADD

 

CMP: Rs 733; TP: Rs 783, Upside: 7%

 

Our view – The rationale for Exide Life acquisition seems to make reasonable sense

 

We participated in the Conference Call hosted by HDFC Life Insurance’s (HDFL) top management and gleaned several takeaways. Some of the key takeaways include (1) Rationale for the acquisition seems largely sensible and includes the following key reasons (a) HDFC Life is focused on diversifying sourcing mix, especially agency force and the acquisition of Exide Life will add about 40% to agency-driven topline about 35% to the agent base. (b) There is significant complementarity in geographical presence as Exide Life has significant presence in the Tier 2 and 3 centres, which contribute more than 60% to their business. They also have significant presence in the South. (c) The combined entity stands to gain significantly from post-merger synergies on account of cost benefits from operating leverage, product mix changes, productivity and persistency enhancement. The total consideration of Rs 66.87bn for Exide Life, of which Rs 7.26bn is cash, values Exide Life at 2.46x current EV, given Exide Life June 2021 EV of Rs 27.11bn. We maintain ADD Rating for HDFL with a revised price target of Rs 783. We most prefer IPRU in the life insurance space.

12:25 PM

Biscuit maker Britannia's stock rally to continue on demand revival

Biscuit maker Britannia Industries’ stock has been one of the top performers in recent weeks. The price of its shares has risen up 20 per cent since the beginning of August, outperforming the benchmark BSE Sensex and the BSE FMCG index, which have risen 10 per each.

 

Britannia was an outperformer on Thursday, too, closing the day with gains of 1.8 per cent, against a 0.9 per cent rise in the Sensex. READ MORE