MARKET WRAP: Sensex tanks 540 pts in broad-based sell-off, India VIX up 5%

All that happened in the markets today

3:43 PM

SECTOR WATCH | Nifty Metal index cracks 3.5%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex tumbled 540 points, or 1.33 per cent to settle at 40,145.50 levels while the NSE's Nifty ended at 11,768, down 163 points, or 1.36 per cent. 

3:26 PM

BUZZING STOCK | Syngene rises nearly 6%

3:20 PM

BROKERAGE VIEW | Centrum Broking on Ambuja Cement

RATING: BUY | TARGET PRICE: Rs 261

We have valued ACEM on the basis of SOTP valuation (based on EV/EBITDA), valuing the standalone business at a EV/EBITDA of 10x and arrive at a target price of Rs 261/sh.  At our TP the stock trades at a replacement cost of Rs9bn/mnt CY22 capacities (SA). ACEM’s clinker capacity addition will address its current clinker shortage issues. Additionally, improvement in capacity utilization will aide cost savings (~Rs50/tonne). Additionally, cost savings measures with new railway siding in Rajasthan will only boost/maintain earnings (even in challenging times). Healthy balance sheet (cash of Rs80bn CY20E) and debt free status only adds comfort. Maintain BUY.

3:14 PM

Bajaj Auto trades 6% lower

3:10 PM

Power Grid gains over 1%

3:03 PM

Biocon dips 11% in three days on disappointing September quarter results

Shares of Biocon slipped 6.5 per cent to Rs 390 on the BSE on Monday, falling 11 per cent in the past three trading days, after the company reported lower-than-expected performance for the quarter, largely weighed by operational challenges for the quarter ended September 2020 (Q2FY21). Biocon reported 22 per cent year on year (YoY) decline in its consolidated net profit at Rs 169 crore in Q2FY21 against Rs 216 crore in Q2FY20. Revenue from operations grew 11 per cent at Rs 1,745 crore on YoY basis. READ MORE

3:00 PM

Oxford Covid-19 vaccine prompts immune response among adults: AstraZeneca

A vaccine that works is seen as a game-changer in the battle against the novel coronavirus, which has killed more than 1.15 million people, hammered the global economy and shuttered normal life across the world.

 

The Financial Times reported that the vaccine, being developed by Oxford and AstraZeneca, triggers protective antibodies and T-cells in older age groups. It cited two people familiar with the finding. READ MORE
 

2:55 PM

Future battle: Amazon set for face-off with Reliance for retail dominance

Ambani and Jeff Bezos, two of the world’s wealthiest men, want the stores and warehouses of Future Retail Ltd., which has penetrated Indian cities and small towns with sales of everything from grocery to fashion and electronics. Amazon, which owns stake in a Future unit, and Reliance have in recent months made pacts with the Future Group, which they say are now being violated. READ MORE 

2:46 PM

RIL, HDFC Bank contribute the most to Sensex's 600-point fall today

2:41 PM

Sept Quarter Result | SBI Life Q2 profit jumps from Rs 130 cr to Rs 290 cr

>> Premium income comes in at Rs 12,585 cr vs Rs 10,112 cr YoY

2:34 PM

Jindal Steel declines over 6%

2:28 PM

Stocks that hit 52-week high on BSE today in an otherwise feeble market

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
APL APOLLO TUBES	3000.00	3087.00	-0.43
CEAT	1111.10	1146.95	-1.05
CENTURY PLYBOARD	194.50	195.65	3.40
DR LAL PATHLABS	2260.00	2395.00	-1.76
HAVELLS INDIA	725.50	732.85	-0.03

2:23 PM

BSE Midcap index drops around 2%

2:14 PM

CDSL reports 68% jump in profit after tax at Rs 48.87 cr for Sept quarter

Leading depository CDSL on Monday reported a 68 per cent jump in profit after tax at Rs 48.87 crore for the three months ended September 30, 2020. In comparison, the depository had posted a profit after tax (PAT) of Rs 29.06 crore in the same quarter preceding fiscal, Central Depository Services (India) Limited or CDSL said in a statement. READ MORE

2:13 PM

Nestle gains over 2%

2:06 PM

Rupee closing

Rupee ends weaker at 73.85/$ vs Friday's close of 73.62 against the US dollar

2:05 PM

Weak start for European indices

(Source: Reuters)

1:57 PM

Muthoot Finance to raise upto Rs 2,000 cr via debentures

The proposed debenture issue will have a base issue size of Rs 100 crore with an option to retain oversubscription upto Rs 1,900 crores aggregating upto tranche limit of Rs 2,000 crore.

 

The issue opens on October 27, 2020 and closes on November 20, 2020 with an option to close at an early date or extend the date to be decided by the Board of Directors or NCD committee. READ MORE

1:56 PM

BROKERAGE VIEW | Emkay Global on JSW Steel

RATING: SELL | TARGET PRICE: Rs 256

We raise FY21 EBITDA estimate by 29% but leave FY22E largely unchanged. We believe strong cash flows will result in higher capex as JSW completes pending projects. High leverage with impending BPSL acquisition remains our key concern. Maintain Sell with a revised TP of Rs 256 (up from Rs161), driven by higher multiple (6.5x vs. 5.5x earlier) as steel remains strong but substantial price hikes are now difficult.

1:48 PM

Top losers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
JINDAL STEEL	190.20	-7.94
COFORGE	2199.20	-7.65
HERO MOTOCORP	2922.20	-6.01
BIOCON	393.20	-5.75
BAJAJ AUTO	2906.95	-5.71

1:37 PM

Nifty Auto index falls 3%

1:31 PM

Top gainers on the BSE at this hour

1:22 PM

Result Tomorrow :: Tata Motors may report up to Rs 3,212 crore loss in Q2 amid JLR's struggles

Tata Motors is scheduled to release its September quarter results on Tuesday and most analysts expect it to report muted numbers in year-on-year (YoY) terms, largely due to fall in JLR volume. On the other hand, sequential improvement is expected to be 'substantial' while standalone margins may turn positive. READ MORE

1:10 PM

MARKET UPDATE | India VIX jumps over 5% to 22.9 levels

1:02 PM

Market in a free fall; Sensex nosedives 560 pts

12:56 PM

BROKERAGE VIEW | Anand Rathi Shares on Polycab India

RATING: BUY | TARGET PRICE: Rs 1,228

Faster traction in the high margin B2C segments (wires/FMEG) and exports, premiumisation and cost-saving measures led to Polycab’s strong Q2 performance. Controlled WC and a healthy net-cash position (~Rs6.3bn) were other positives. On the faster recovery, we now expect 8%/13% CAGRs in revenue/PAT over FY20-22 with a 14%+ EBITDA margin. Strategic moves (inventory reduction, channel financing, etc) will aid in long-term sustainable growth. Thus, we are positive on Polycab and retain a Buy with a target of Rs 1,228 (18x/22x FY22e P/Es for C&W/ FMEG), earlier Rs 945. Profitable growth in FMEG will support a re-rating.

12:48 PM

JSW Steel: Strong operational performance lifts future prospects

JSW Steel's (JSW) better-than-expected performance for the September quarter (Q2) instigates confidence on its future prospects.

 

The steel major not only posted a good 9.6 per cent year-on-year (63.5 per cent sequentially) growth in its consolidated revenue to Rs 19,264 crore led by improving volumes and realisations, but operational performance also beat estimates. READ MORE

12:37 PM

Analysts hopeful of Rallis' growth prospects amid robust domestic revenues

The sharp fall in international revenues dented the September quarter performance of Rallis India. The segment, which accounted for 24 per cent of the company’s revenues (H1FY20 revenue share at 34 per cent) in the quarter, fell 29 per cent year-on-year (YoY).

 

The reason for the steep fall was a 30-40 per cent decline in volumes and realisations of herbicide metribuzin on the back of excess global inventory. READ MORE