Bull run continues; Sensex up 316 pts to end at 43,594, Nifty nears 12,750

All that happened in the markets today.

3:43 PM

SECTOR WATCH | Nifty Pharma rallies 3.6%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:28 PM

MARKET CHECK

3:19 PM

NEWS ALERT | Cabinet approves Rs 2 lakh crore PLI Scheme for 10 manufacturing sectors.

>> PLI stands for Production-Linked Incentive

3:13 PM

HIL surges 10%, hits 52-week high on strong September quarter numbers

Shares of HIL moved higher by 10 per cent to Rs 1,975, also its 52-week high on the BSE on Wednesday after the company reported 63 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 49 crore in September quarter (Q2FY21), on the back of the healthy volume and operational performance. The cement and cement products maker had a profit of Rs 30 crore in the year-ago quarter. READ MORE 

2:59 PM

India, China agree on a three-step disengagement plan from Pangong Tso

In a major development, the ongoing India-China border conflict may be resolved soon as the armies of the two countries have agreed for disengagement from parts of the Eastern Ladakh sector under which they would be moving back to their respective positions before April-May timeframe earlier this year. READ MORE

2:50 PM

Torrent Pharma advances 5%

2:49 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
AMARA RAJA BATT.	820.90	837.70	-1.45
BALKRISHNA INDS	1525.35	1574.15	3.47
ESCORTS	1352.80	1370.00	1.27
HDFC BANK	1395.30	1415.00	0.12
JSW STEEL	341.20	342.70	1.93

2:45 PM

NEWS ALERT :: Union Minister Prakash Javdekar to brief media on Cabinet decisions at 3:00 PM today

>> Finance Minister Nirmala Sitharaman expected to be present too

2:34 PM

BUZZING STOCK:: ITC at day's high

2:34 PM

IPO ALERT :: Gland Pharma IPO subscribed 1.6x till 2:15 pm on Day 3

2:28 PM

Steel stocks in focus; Tata Steel, SAIL rally 5% on healthy outlook

Shares of steel companies were in focus on Wednesday with Tata Steel and Steel Authority of India (SAIL) rallying 5 per cent on the BSE in the intra-day deals in an otherwise range-bound market on expectation of steady domestic steel production and consumption going forward. At 01:45 pm, the S&P BSE Metal index was up 2.3 per cent as compared to a 0.09 per cent decline in the S&P BSE Sensex. Hindustan Zinc, Hindalco Industries, JSW Steel, Vedanta and Jindal Steel and Power (JSPL) were up in the range of 1 per cent to 3 per cent. READ MORE

2:20 PM

Bank of Baroda announces reduction in MCLR by 0.05% across all tenors

State-owned Bank of Baroda on Wednesday announced reduction in the marginal cost of funds based lending rate by 0.05 per cent across all tenors. "The bank has revised marginal cost of funds based lending rate (MCLR) with effect from November 12, 2020," Bank of Baroda said in a regulatory filing. The one-year tenor -- which is the benchmark for all consumer loans such as auto, retail, housing -- has been reduced to 7.45 per cent from 7.5 per cent. READ MORE

2:20 PM

BSE Midcap index trades 0.5% higher

2:09 PM

Rupee Closing

Rupee ends weaker at 74.31 per US dollar vs Tuesday's close of 74.18/$

2:04 PM

NEWS ALERT | L&T bags orders in the range of Rs 1,000 cr-2,500 cr

Click here for details

1:56 PM

ICICI Bank first pvt lender to surpass Rs 2 trn in mortgage loan portfolio

Private sector lender ICICI Bank on Wednesday said its mortgage loan portfolio has surpassed Rs 2 trillion, making it the first private sector bank in the country to achieve the feat. In 2016, the bank had crossed the Rs 1 trillion mark in its mortgage loan portfolio.

 

Furthermore, the bank said, mortgage loan disbursements during September was at an all-time high, and surpassed pre-Covid levels. Following a similar trend, the bank witnessed highest ever disbursements in the mortgage portfolio in October. It is both in terms of the number of customers who have reached out to the bank as well as in terms of disbursement in value terms that the lender has seen highest ever disbursement. READ MORE
 

1:48 PM

Samvat 2077: Key stock market triggers that investors need to watch out

Recovery from Covid 19 shall be the key driver for the markets in Samvat 2077. Besides, improving economic indicators and earnings growth are expected to drive the markets LISTEN TO THE PODCAST

1:38 PM

Q2 EARNINGS | Bharat Forge's net profit drops 71.3% YoY to Rs 70.2 crore

-- Tax expense of Rs 18.9 cr vs Rs 6.3 crore (YoY)

-- Other income of Rs 31.3 cr Vs Rs 49.5 cr (YoY).

-- Revenue dips 30% YoY to Rs 881.4 crore

1:28 PM

MARKET CHECK

1:17 PM

Mayur Uniquoters gains 7% post Q2 results; board approves buyback

Shares of Mayur Uniquoters climbed 7 per cent to Rs 272 on the BSE on Wednesday after the company announced that it would be buying back 1.65 per cent of the share capital at Rs 400 per share. The company said it would buy shares amounting to Rs 30 crore, with promoters intending to participate in the buyback as well. The promoters held 61.48 per cent stake in the textiles company. The record date for the same is fixed as November 25, 2020. READ MORE

1:08 PM

Growth, value stocks are largely pricing in vaccine hope, says UBS

Global growth and value stocks are pricing in the development of a vaccine to combat the Covid-19 pandemic, says a November 10 note by UBS. "Value stocks are now pricing in 60 – 70 per cent possibility of a vaccine, while Growth stocks are at around 85 per cent. US Growth stocks are pricing in the most hope of normalisation, while European and US Value stocks are pricing in the least, and therefore should have more upside potential," analysts at UBS wrote. READ MORE

12:59 PM

Fall from intra-day high today in BSE500 stocks

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
TRENT	779.00	697.60	705.35	-9.45
VARROC ENGINEER	317.00	284.25	291.00	-8.20
INDUSIND BANK	842.00	770.25	775.95	-7.84
GE POWER	241.95	224.05	226.30	-6.47

12:50 PM

Passenger vehicle wholesale up 14% to 3,10,294 units in October: SIAM

According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales also rose 16.88 per cent to 20,53,814 units, compared with 17,57,180 units in the same month last year.

 

Motorcycle sales were at 13,82,749 units as against 11,16,886 units in October 2019, up 23.8 per cent. READ MORE

12:41 PM

IndusInd Bank at day's low, down 7%

12:38 PM

BROKERAGE VIEW | Nirmal Bang Securities on Gillette India

RATING: ACCUMULATE | TARGET PRICE: Rs 5,895 

GILL have seen a sharper-than-expected recovery in 1QFY21. There is 3.5%/3.1%/1.1% upward revision in our FY21E/FY22E/FY23E EPS, largely led by the beat seen in 1QFY21 (June-ending). Going forward, we expect the company to deliver even better growth in rest of FY21 due to lower base, market recovery, service levels already coming back to pre-Covid levels in 1QFY21, product innovations and strong execution. We retain our Accumulate rating with a revised TP of Rs5,895 (Rs5,770 earlier) on September 2022 EPS (assigning a P/E multiple of 50x), implying an upside of 7% from the CMP.

12:35 PM

BROKERAGE VIEW | Emkay Global on Consumer Durable companies

Better-than-expected demand recovery led to a revenue beat for most companies except for 4-5, while even companies that missed revenue estimates still posted EBITDA beat. The full benefits of cost reduction were visible across companies, while some of them recorded gross margin expansion as well. Our top high-conviction Buy-rated names continue to be Crompton and Dixon. We also like Havells, Voltas and Whirlpool due to their businesses, market share strengths and superior management execution capabilities, but their expensive valuations restrict us from rating them as Buy. 

12:33 PM

BROKERAGE VIEW | Prabhudas Lilladher on Mahindra & Mahindra

RATING: BUY | TARGET PRICE: Rs 728 

We are positive on MM as 1) better rural sentiments should help drive FES and auto segments over FY21-23 and 2) continued focus on exiting non core/loss making business bode well for re-rating. We increase FY21/22/23 EPS by 16%/4%/1% and built in EBITDA/PAT CAGR of 12.6%/19% over FY21-23E. We maintain BUY with revised SoTP based price target of Rs728 (v/s Rs703). The revision in TP is primarily led by increase in subs value to Rs180 (v/s Rs152 earlier, unchaged at 40% hold-co).

12:31 PM

BROKERAGE VIEW | Axis Securities on Maruti Suzuki India

RATING: BUY | TARGET PRICE: Rs 7,920 

MSIL has maintained its strong financial risk profile with a net worth in excess of Rs 50K crs and liquidity  of over Rs 37K crs as of FY2020. The company has a strong cash generating ability and negligible debt levels. Financial flexibility is  further enhanced by largely unutilized bank lines of Rs 3K crs. Due to the strong liquidity, MSIL is able to provide financial support to  its dealer and vendors to tide over the challenging business environment.

12:27 PM

BROKERAGE VIEW | HDFC Securities on GAIL (India)

RATING: BUY | TARGET PRICE: Rs 129 

Our BUY recommendation on GAIL with a price target of Rs129 is based on 15% CAGR expansion in gas transmission volume over FY21-23E to 137mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in the eastern and southern part of India. 2QFY21 EBITDA was 9% below our estimate owing to higher-than-expected operating expenses, offset by a 14% rise in revenue. However, APAT was 21% above our estimate due to higher- than-expected other income and lower-than-expected interest cost.