Sensex soars 385 pts, ends atop 66K; Nifty reclaims 19,700; L&T, banks lead

CLOSING BELL ON SEPTEMBER 07, 2023: The S&P BSE benchmark index has now gained 1,434 points, and the Nifty 473 points in the last five straight trading sessions.

9:41 AM

REC gains 2% on raising $1.15 billion in August

REC on Wednesday said it raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. 

9:37 AM

Biocon gains in a falling market; Biocon Biologics completes integration of Viatris biosimilar biz

The company’s subsidiary Biocon Biologics (BBL) said it has completed the integration of the acquired biosimilars business from Viatris in North America n:(United States and Canada) effective September 1, 2023. 

9:34 AM

PSB index top sectoral winner; Metals continue to see profit-taking

9:31 AM

Smallcap and Midcap continue to buck overall trend

9:28 AM

Tata Consumer top Nifty loser, falls 2% on refuting Haldiram acquisition reports

9:25 AM

Dr Reddy's, Adani Ports, Coal India lead Nifty gainers

9:21 AM

HEATMAP: SBI, Bharti Airtel defy weakness; JSW Steel top laggard

9:18 AM

OPENING BELL: Nifty falls below 19,600

9:17 AM

OPENING BELL: Sensex opens with nominal losses

9:08 AM

PRE-OPEN: Nifty broadly unchanged with negative bias

9:07 AM

PRE-OPEN: Sensex off to muted start

9:04 AM

CURRENCY ALERT: Rupee opens at 83.12/$ vs Wednesday’s close of 83.13/$

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9:00 AM

NSE-BSE IFSC units may file merger plea before NCLT by September-end

Insiders suggest the possibility of an all-share amalgamation of arch rivals READ MORE

8:55 AM

Bajaj Finance releases FY23 Annual Report

Bajaj Finance (BAF)’s FY23 Annual Report provides insights into the company’s business construct and the different elements of its Long Range Strategy, including its ambition, approach, philosophy, market share, and profit share. The company plans to execute this strategy by increasing business agility, establishing a more efficient cost structure, and expanding its share of wallet within its customer base.

MOFSL view:

>> During the challenging period of Covid-19, BAF seized the opportunity to transform its core identity, implementing a fully digitized Omni-channel strategy that seamlessly integrates its entire product and service portfolio.

>> The company delivered a healthy performance in FY23 through (a) effective capital management (Tier I of ~23%), (b) conservative liquidity buffers (~6% of average borrowings in FY23), (c) its strong underwriting capabilities, and (d) significant progress across various aspects of its omni-channel strategy, thereby, further strengthening its risk management capabilities.

>> We estimate an AUM/PAT CAGR of ~29%/26% over FY23-FY25 and expect BAF to deliver a RoA/RoE of 4.6%/25% in FY25. We reiterate our BUY rating with a TP of INR8,800 (premised on 6.5x FY25E BVPS).

 

8:52 AM

Sugar outlook turn sweeter on prospects of higher prices due to less rain

Sugar is the most highly controlled commodity in the Consumer Food Price Index (CFPI) basket READ MORE