MARKET WRAP: Indices rise for 3rd day, Sensex up 113 pts; IT stocks advance

All that happened in the markets today

3:44 PM

SECTOR WATCH | Nifty IT gains nearly 1.5%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 113 points, or 0.28 per cent to settle at 40,544 levels while NSE's Nifty ended at 11,897, up 24 points, or 0.20 per cent.

3:28 PM

MARKET CHECK

3:20 PM

Tech Mahindra trades 3% higher

3:10 PM

Sugar stocks in focus; Balrampur Chini, Avadh Sugar up over 5%

Shares of sugar companies rallied by up to 7 per cent on the BSE on Tuesday after the industry body, ISMA, raised its sugar production estimate to 31.0 million tonnes (MT) from earlier 30.5 MT in the 2020-21 marketing season starting this month. It has also increased its sugar sacrifice estimate from 1.5 MT to 2.0 MT. Among the individual stocks, Balrampur Chini Mills, Avadh Sugar & Energy and Dhampur Sugar Mills were up 5 per cent to 7 per cent on the BSE. EID Parry and Dwarikesh Sugar Industries were up in the range of 2 per cent to 3 per cent, as compared to 0.3 per cent gain in the S&P BSE Sensex. READ MORE

3:04 PM

PSU Bank stocks slide in a strong market

2:56 PM

IPO ALERT :: Equitas Small Fin Bank IPO subscribed 28% till 2:30 pm on Day 1

2:50 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ACC	1571.20	1622.00	0.54
AMBUJA CEMENTS	249.50	254.85	0.77
J K CEMENTS	1836.00	1858.90	2.20
JSW STEEL	317.30	319.65	1.20
SRF	4485.70	4524.00	0.81

2:46 PM

Equitas SFB IPO: YES Securities

Reco: Subscribe

While ESFB will see its profitability erode in FY21 on account of significant increase in credit cost and deceleration in growth, recovery in return ratios will ensue from FY22 as return to normalization begins. Strong capital buffer lends comfort on liquidity and growth fronts, and represents a substantial cushion to absorb even a worst-case credit shock. On post-money basis, the IPO has been priced at 1.2x current P/BV which we believe is attractive considering the long-term growth and profitability potential of the SFB. 

2:37 PM

HUL Q2 net up 9% YoY to Rs 2,009 crore; announces interim dividend of Rs 14

Hindustan Unilever (HUL) on Tuesday reported an 8.7 per cent year-on-year (YoY) rise in its net profit at Rs 2,009 crore for the second quarter of the current fiscal year (Q2FY21). The company had logged a profit of Rs 1,848 crore in the year-ago period. On a sequential basis, numbers grew 6.8 per cent. Revenue for the quarter under review came in at Rs 11,276 crore, up 16.1 per cent YoY. On a quarter-on-quarter (QoQ) basis, revenue increased by 8.3 per cent. READ MORE

2:28 PM

Strides Pharma Science arm gets USFDA nod for Ethacrynic Acid tablets

Drug firm Strides Pharma Science on Tuesday said its step down subsidiary has received approval from the US health regulator for Ethacrynic Acid tablets, used to treat fluid retention (edema). READ MORE

2:20 PM

Sept Quarter Result | Hindustan Unilever reports profit of Rs 2,009 crore

>> Revenue at Rs 11,442 crore

>> EBITDA at Rs 2,869 crore

2:20 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:13 PM

Verdict on Amazon arbitration plea over Future-RIL deal expected soon

A hearing of the arbitration took place at the Singapore International Arbitration Centre on October 16 after Amazon had slapped a legal notice on Future Group, alleging that the retailer's Rs 24,713 crore asset sale to Reliance Industries (RIL) violated an agreement with the e-commerce giant. READ MORE

2:03 PM

Rupee Closing

Rupee ends weaker at 73.46 per US dollar vs Monday's close of 73.37/$

1:57 PM

Sept Quarter Result | Kajaria Ceramics

>> Net profit comes in at Rs 89.6 cr vs Rs 93.1 cr YoY

>> Consolidated revenue at Rs 712.5 cr vs Rs 714 cr YoY

1:48 PM

Just Dial surges 67% in 17 days after promoter buys shares via open market

Between September 25 and September 30, 2020, Anita Mani purchased 679,677 equity shares of Just Dial for Rs 25.33 crore, according to disclosure made by the company to the stock exchange. The names of sellers were not ascertained immediately. READ MORE

1:34 PM

Modi govt to ask Coal India, NTPC among others for cash via buybacks

Coal India Ltd., NTPC Ltd., NMDC Ltd., MOIL Ltd., KIOCL Ltd, and Engineers India Ltd. are among the eight companies that might be asked to buy back shares this year, the person said, asking not to be identified as the information is not public. The government, being the largest shareholder in these companies, will benefit from the transactions by tendering the equity it holds in return for cash. READ MORE

1:24 PM

HDFC Bank has sufficient financial heft to withstand economic shocks: S&P

“HDFC Bank’s result for the first half of 2020-21 (the financial year that will end on March 31, 2021) are resilient and in line with our expectations,” S&P said in a statement.

 

HDFC Bank has ample capital buffers, as reflected in its Tier-I capital ratio of 17.7 per cent as on September 30, 2020. The bank's S&P Global Ratings risk-adjusted capital ratio will be 8.5-9 per cent over next two years, compared with 9.4 per cent as on March 31, 2020. READ MORE

1:13 PM

European indices start weak

(Source: Reuters)

1:10 PM

HDFC Securities on L&T Tech

We maintain REDUCE on L&T Tech (LTTS), as valuations more than adequately factor in the recovery curve. 2Q print was slightly ahead of estimates, and the growth rebound (despite 3Q furlough uncertainty) is supported by a pick-up in deal activity (deal pipeline and wins higher by ~16% over the previous quarter). While LTTS has a strong pedigree in ER&D with a well-diversified service portfolio, factors such as business cyclicality, higher discretionary nature, and slower pace of large deal conversion result in sequential volatility.

The revised USD revenue guidance of -7% to -8% (-9% to -10% organic earlier) in FY21 implies +3.4 to 4.9% QoQ over 3Q-4Q and includes consolidation of Orchestra Tech (~2% QoQ in 3Q). Improvement in cash generation with a reduction in DSO (including unbilled) is positive. Our target price of Rs 1,585, is based on 18x Sep-22E EPS (DCF-implied at 18x and historical average at 19x).

1:08 PM

NEWS ALERT | PM Narendra Modi to address the nation at 6 pm today

1:05 PM

Tech, healthcare firms seen to be attractive IPO investments going ahead

Going ahead, companies in technology, healthcare and industrials segments are likely to attract investors. Further, companies which show resilience and adapt to the post-pandemic situation would also witness investor flocking towards them if they go public, said a report by EY. READ MORE

12:54 PM

Oberoi Realty rallies 15%, records sharpest intra-day gain in 6 months

While announcing the September quarter results, on Saturday, the management said that Oberoi Realty was seeing a consolidation of demand in its favour from customers who seek quality projects and value the financial stability of the developer when buying their dream home, especially in the Covid-19 pandemic times. READ MORE

12:46 PM

Kajaria Ceramics gains for third straight day ahead of Q2 results

The board of directors of Kajaria Ceramics is scheduled to meet today to, consider and approve the unaudited financial results of the company for the quarter ended September 30, 2020.

 

The nationwide lockdown and supply chain restrictions impacted the April-June quarter (Q1FY21) performance of tiles manufacturers. READ MORE

12:39 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ACC	1578.00	1622.00	0.97
AMBUJA CEMENTS	252.10	254.85	1.82
J K CEMENTS	1832.00	1858.90	1.98
TATA COMM	962.00	964.00	4.40

12:28 PM

Q2 RESULTS | Granules India's Q2 net profit rises 71% YoY at Rs 163.6 crore

-- The company says saw no material impact of the Covid-19 outbreak on Q2, H2 results

-- Revenue rises 22.7% YoY at Rs 858.1 crore

-- Ebitda up 78.6% YoY at Rs 256.4 crore

12:22 PM

Bata India, Relaxo, Khadim India: Time to step into footwear stocks?

Footwear stocks were trading mixed in the morning deals on Tuesday. While Khadim India, Mirza International, and Relaxo Footwears advanced, Bata India, and Liberty Shoes traded in the red. In comparison, the benchmark S&P BSE Sensex was quoting 0.55 per cent higher at 40,656 levels. In an interview to a television channel on Tuesday, Sandeep Kataria, CEO of Bata India said that most of their stores are now open. The company, according to Kataria, has opened 15 new stores after unlock has started and is planning to open 30 more by the end of the year. READ MORE

12:12 PM

MARKET UPDATE:: Broader indices underperform benchmarks