MARKET WRAP: HDFC twins lift indices; Sensex up 601 pts, Nifty tops 11,650

All that happened in the markets today

3:43 PM

Sectoral gainers and losers on the NSE

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 601 points, or 1.54 per cent to settle at 39,575 while NSE's Nifty ended at 11,662, up 159 points, or 1.38 per cent.

3:28 PM

MARKET CHECK

3:21 PM

Tata Motors up over 8%

3:14 PM

AU Small Finance Bank trades 10% higher

3:10 PM

MARKET CHECK | BSE Midcap index up 0.6%

3:01 PM

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

3:01 PM

Tata Steel slips nearly 2%

2:49 PM

MARKET UPDATE:: HDFC twins, ICICI Bank contribute the most to Sensex's 500-point surge today

2:41 PM

JSPL clocks highest-ever quarterly standalone sales of 1.93 mn tonnes in Q2

With the revival of domestic steel demand, JSPL recorded 29 per cent y-o-y growth in standalone steel sales with 1.93 million tonnes Q2 FY21 as compared to 1.49 million tonnes in Q2 FY20. READ MORE

2:34 PM

Market at 2:30 pm :: Sensex at day's high

2:30 PM

Swift economic recovery key to limit loan losses for Indian banks: Fitch

Swift economic recovery will be critical in limiting loan losses for Indian banks in what is likely to be a protracted period of weakness in the asset-quality cycle, says Fitch Ratings. Indian lenders face a tough operating environment in the near term, as stressed loans and write-offs increase as a result of the economic fallout of the coronavirus pandemic. READ MORE

2:24 PM

MARKET CHECK | Top losers on the BSE at this hour

2:12 PM

Thyrocare surges 15% on healthy revenue growth in September quarter

“Q2FY21 has witness a motivating numbers and increased turnover of COVID PCR and COVID Antibody testing, and the aggregate revenue for the quarter, has increased by about 37 per cent compared to Q2FY20. The low revenue in Q1FY21 has bounced back in Q2FY21 with a very healthy growth of 171 per cent over trailing quarter,” Thyrocare Technologies said in statement. READ MORE

2:04 PM

Rupee Closing

Rupee ends at 73.45 per US dollar vs Monday's close of 73.29/$

1:55 PM

Raining returns: Long-only AIFs beat long-short strategies in August

Long-only alternative investment funds (AIF) strategies outperformed long-short funds in August. The former gave average category returns of 4.3 per cent, in comparison to 0.2 per cent for the latter, shows data from PMS Bazaar. Of the 16 long-only funds, 14 managed to beat the Nifty50 returns of 2.8 per cent during the month, while all seven of the long-short funds underperformed the benchmark. For a 1-year period, Girik Multicap Growth Equity Fund has been the best performer, with returns of 21.5 per cent.

1:44 PM

Srikalahasthi Pipes, Electrosteel Castings dip up to 18% post nod to merger

The stock of SPL tanked 18 per cent to Rs 109.50 on the BSE in intra-day trade and was trading close to its 52-week low price of Rs 90.35 touched on March 25, 2020. Shares of ECL, on the other hand, slipped 11 per cent to Rs 20.60 in the intra-day trade. In comparison, the S&P BSE Sensex was up 0.85 per cent at 39,305 points at 01:17 pm. READ MORE

1:34 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADVANCED ENZYME	363.45	368.65	6.69
ASIAN PAINTS	2078.00	2090.00	2.51
BERGER PAINTS	606.05	609.05	2.61
BIOCON	460.05	469.00	0.33
BLISS GVS PHARMA	176.00	181.25	-1.65

1:25 PM

European indices open largely flat

1:24 PM

Axis Bank joins India's top private lenders to offer pay hikes up to 12%

Axis Bank Ltd. will increase staff salaries between 4% and 12% from Oct. 1 based on performance, according to people with knowledge of the plans. The Mumbai-based lender, which has about 76,000 employees, also paid bonuses to its staff, the people said, asking not to be identified because the matter is private. READ MORE

1:14 PM

HDFC, HDFC Bank, HDFC AMC: Here's how to trade HDFC group stocks?

Shares of HDFC group have been on a roll since the past few sessions. On Tuesday, too, the HDFC twins were leading the charge among the S&P BSE Sensex scrips, with HDFC rising over 6 per cent. READ MORE

1:05 PM

BROKERAGE VIEW | Prabhudas Lilladher on Dr Reddy's

Rating: ACCUMULATE | CMP: Rs 5,160 | TP: Rs 5,648

We anticipate Kuvan to remain a three-player market and DRRD may likely capture gradually 20-40% market share with 50-80% price erosion from the branded market and may reach its peak sales up to US$45m. This leads to an EPS contribution of Rs 2.0/9.90/7.30 for FY21/22/23E. With limited information on the co-pay program and strategy to gain Rx traction for gKuvan, we wait for further clarity on their strategy (profitability in co-pay program) for US and EU (market size US$80-100m) before discounting in our earnings estimates. We have an Accumulate rating with TP of Rs 5,648 based on 24x(PE) of FY23E and Rs 262/share benefit from gRevlimid (using NPV method) over FY23-26E.

1:02 PM

BROKERAGE VIEW | Prabhudas Lilladher on Britannia Industries

Rating: BUY | CMP: Rs 3,830 | TP: Rs 4,279

We estimate EBIDTA CAGR of 19% and PAT CAGR of 13.8% due to lower other income and higher interest. FCF/Adj PAT at 63% (38.5% in FY18) is rising, although its lower than 83% for NEST, largest foods player. We cut target price from Rs 4,316 (SOTP based on 46xSept22 EPS) to Rs 4,279 (46xFY23 EPS). BRIT at 41.4xDec22 consol EPS trades at 22% discount to NEST. Retain Buy

1:00 PM

BROKERAGE VIEW | Emkay Global on HDFC Bank

RATING: BUY | TARGET PRICE: Rs 1,300

Overall business momentum for HDFCB remains healthy compared to the industry, but we believe that the asset quality trend and management transition will be the key things to watch out for in the near-to-medium term. Currently, we have a Buy rating on the stock with a TP of Rs 1300, given its strong stress management capability across cycles and superior return ratios.

12:57 PM

BROKERAGE VIEW | Nirmal Bang Securities on Marico

RATING: ACCUMULATE | TARGET PRICE: Rs 400

 
Within the domestic business, consumer demand in the core categories, which contribute more than 90% to the business, registered robust volume growth. International business clocked mid single digit growth in constant currency (cc) terms, led by double-digit growth in Bangladesh. The company expects to deliver healthy earnings growth in 2QFY21, led by robust volume growth and cost saving initiatives despite witnessing inflationary trends in key raw materials and ad spends going back to pre-Covid levels. The stock currently trades at 43.3x/37.5x/33.6x FY21/FY22/FY23 EPS. We value the company at nearly 38x Sept‘22 EPS, giving us a target price (TP) of Rs 400 (Rs 395 earlier). Maintain Accumulate rating.

 

 

12:50 PM

TCS Q2 preview: Ebit margin to see sharp expansion; buyback details eyed

Tata Consultancy Services (TCS) will kickstart the September quarter earnings of the fiscal year 2020-21 (Q2FY21) for the information technology (IT) companies as the firm is slated to announce its numbers on Wednesday, October 7. That apart, the IT major will also consider share buyback on the same day. On Monday, TCS' market capitalisation surged past the Rs 10 trillion mark for the first time and it became the second Indian firm after Reliance Industries (RIL) to achieve this milestone. The stock of the company hit a fresh record high of Rs 2,727 on the BSE in the intra-day trade READ MORE

12:43 PM

MARKET CHECK

12:31 PM

M&M shares gain 4% as bookings for All-New Thar SUV cross 9,000 mark

Shares of Mahindra & Mahindra (M&M) moved higher by 4 per cent to Rs 633 on the BSE in the intra-day trade on Tuesday after the company’s All-New Thar crossed 9,000 bookings in four days. The stock of cars and utility vehicles company was the second highest gainer among S&P BSE Sensex, which was up 0.76 per cent at 39,296 points at 11:50 am. READ MORE 

12:16 PM

UTI AMC IPO: Check your allotment status here

Applicants who applied for the Rs 2,160 crore-initial public offer (IPO) of UTI AMC (asset management company) can check their allotment status on either BSE website or Link Inktime website. The allotment status will be announced around October 7 or October 8, ahead of the expected listing on October 12. An applicant tracking BSE website (link here) can check on "Equity" box and select his/her "Issue Name" in the dropdown menu (UTI AMC). After that, the person needs to type his/her "Application Number" in the box, "Permanent Account Number (PAN No.)" and click on "Search" button. READ MORE